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CSC to the Nano Ledger

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54 minutes ago, Zenkert said:

Attractive :classic_biggrin: :heart:
Why Nano is my question again. It´s like admitting you do not trust yourself. You can mess up anything, Paper wallets, whatever one choose to call SAFE.
It is all in your own mind.

All I know is that when my CSC are worth many million$, I want them away from EVERYONE but me, or I would not sleep...

 

P A P E R  :clapping:

 

C

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9 hours ago, Zenkert said:

Attractive :classic_biggrin: :heart:
Why Nano is my question again. It´s like admitting you do not trust yourself. You can mess up anything, Paper wallets, whatever one choose to call SAFE.
It is all in your own mind.

Hi Zenkert, sure, security isn't an absolute thing. Also, it isn't one tool or one method. Of course I can't talk for others, so let me just share my take on the choice for the Ledger Nano hardware wallets. Disclaimers: I have no interest with their company, but I've been employed in ICT for a fairly long time. Thanks to @FlyingFox and @BCRevolution for their posts. I agree with them, so a large part of what I say probably overlaps with their posts regarding the Nano.

From the time I entered crypto (2017) till last week I used desktop wallets for the largest part of my crypto investment. As I don't use non-UNIX desktops, regularly make backups, use a firewall etc. I was fairly comfortable and confident using desktop wallets. However, even so there's a fair chance that in time your desktop gets hacked. In that case the attacker possibly has access to all the files on your desktop and he can deploy software like keyloggers to catch your credentials like usernames and passwords.

One of the things the Nano does, is separate access to your DA from your desktop. So even if your desktop gets hacked and the attacker has access to your files, he won't be able to transfer any of your crypto. If you yourself want to make a payment from your account, you'll need the Nano hardware to authorise the payment. This makes it a lot harder for an attacker to intervene!

If someone would steal your Nano, or if someone would have access to your desktop and Nano, he still couldn't access the account on the device at once as it's protected by a 4 to 8 character PIN (to be entered by two little buttons on the device itself).

If you lose your Nano or if the device gets broken you could restore your account on a new Nano using the seed phrase (a 24 words phrase). Sure, if you'd store the seed phrase in plain text, that would be an easy target. That's why I encrypted my seed phrase (using AES encryption and after that I base64 encoded the resulting file in order to make it printable).

In case of an emergency (e.g. if you wouldn't have received a new Nano yet), it would still be possible to access your crypto via a BIP39 compatible software wallet as @FlyingFox already said (converting the seed phrase to the required key). This procedure isn't very difficult, though probably not that easy for non ICT people.

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4 hours ago, Rey said:

That's why I encrypted my seed phrase (using AES encryption and after that I base64 encoded the resulting file in order to make it printable).

Nice! So I presume that the keyphrase for the AES remains only in your head? Or is simply printed and kept somewhere without any context to provide clues on what it unlocks?

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1 minute ago, Fidgetspinner said:

Nice! So I presume that the keyphrase for the AES remains only in your head? Or is simply printed and kept somewhere without any context to provide clues on what it unlocks?

Thanks, well, there's a close family member who has stored the key phrase in a separate location (without mentioning what it is). We both know, though :classic_smile:

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