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RE: New Wave of Cryptocurrency Hacks | 100% PowerUp
Very useful post, thank you for writing and sharing with everyone.
One query- What happens if your laptop/desktop hard drive crashes? Should we have a secondary backup process or weekly backup of hardware wallet?
So, in the case of a hardware wallet, there is absolutely nothing on your laptop/computer hard drive. These are specialized devices that conceal your private keys within the device itself.
Even you won't have access to the private keys. The wallet itself signs the crypto transactions within the device itself and then broadcasts them. The only thing that you would need to keep safe is a 12/24 word seed phrase. This would need to be written down on paper and stored safely away from anyone.
This seed phrase is what you will be used to restore your wallet if the hardware wallet fails due to some kind of damage or theft.
I am planning on making a complete guide on some of the popular hardware wallets out there. So, I think I would be able to explain things more clearly over there.
PS: A hardware wallet is a safe haven for cryptocurrencies because you can use it on even hacked computers and your funds would still be safe and no hacker can gain access to it without the seed phrase that I mentioned earlier.
Thanks for stopping by. Steem on!
Thank you for sharing more information. Very useful.