Does anybody know about cold wallet hardware and being compatible with chia wallet or not?
None that I have heard of. Just found the first web wallet the other day though. Definitely not what your looking for though lol. It’ll come. Might take a little time.
As far as I know the only Chia wallet so far is the one from Nucle that is also financially supported by the Chia team.
Keys and suck are made client side (havent checked this myself) but it runs on a browser.
In their own words it’s meant as a daily use wallet, not cold storage.
I believe sooner or later cold wallet hardwsre support will come for chia.
Thank you for your time guys,
At the moment my approach after observing the 250 XCH heist is to use a RPi4 which is always disconnected from internet to act as a truly cold wallet.
If I ever want to use the coins, I will enter the mnemonics on nucle.io from a (hopefully) secured PC and immediately send the XCH to a second cold wallet created on the RPi4, leaving a small amount I actually want to use - rather troublesome approach but I don’t have a better idea.
A truly cold wallet wouldn’t be connected to the internet. Pretty sure you’re supposed to just create a wallet, copy the wallet address and then take it offline completely. After that you setup your hot wallet to transfer any XCH to your cold wallet address automatically (or do it manually).
Whenever you need to access your cold wallet, you enter your mnemonic into chia software, perform your transactions, and then take it offline again.
The keys (mnemonic) to your cold wallet would be stored physically, on a piece of paper or something.
problem is that your cold wallet is now no longer cold.
If you want to keep secure storage (again) then whenever you use your cold wallet, you have to create a new true cold wallet and transfer the funds there.
You would have to access the cold wallet somehow, and you cant transfer funds from your cold wallet without entering the transaction into the blockchain. So, what else can you do?
In the strictest sense a cold wallet is one you never access…until the day you trade them all in for $$$.
What I mean is that when you take your cold wallet out of cold storage, you should/could create a new one to keep cold again.
Let’s say you have 100 chia in your cold wallet A and you want to sell 10 of them.
So you sync your cold wallet A and transfer 10 XCH to an exchange.
But at the same time you also transfer the other 90 XCH to a new cold wallet B that you just created on an offline machine.
You stop using A and now have cold wallet B with 90 XCH, which is fully secure again.
Was just reading the post about the poor guy who had 250XCH stolen. No clue how they did it.
To make a secure cold wallet. Youd have to make a new wallet on a freshly made virus/malware free operating system. Print off the mnemonic and then destroy the OS (farmat it? Take a hammer to it?).
Maybe a raspberry pi 4, minimum OS install, with all updates, chia software, sync blockchain, make wallet, copy wallet address, print off keys, destroy the sd card data.
Some people say use a VM because you can delete it. But if you have a key logger or malware already on your system it might already be compromised.
Or maybe something similar can be achieved with a linux live boot usb…
Really depends on how paranoid you are…
Yes the reality is that keeping crypto truly secure is very hard and mostly when it is secure online, it means it is vulnerable offline (your piece of paper gets stolen, lost or you forget your hardware wallet password)
To the point that some people keep it in a safety deposit box, otherwise know as “the bank” aka the thing crypto is meant to replace…there’s some irony for ya
This might be a dumb question, but how do you initiate transfers from a cold wallet down the line? Do you not need a fully-synced wallet to be able to do that? Only ask because I used a VM to setup a cold wallet, and pretty much never launch it. I’ve transferred small amounts to it, and I know they go through, but this transaction question is one I need to solve long term, because keeping it offline (shutdown in this case) means it’s not synced.
You would have your sync your cold wallet and make the transfer. But at that point, your cold wallet is no longer ‘cold’.
Ideally, you don’t access your cold wallet until the day you trade all your XCH for $$$. Or, as someone mentioned earlier, you create a new cold wallet.
Another solution for this is to keep enough funds in your hot wallet to perform your day-to-day transactions, that way your cold wallet stays cold.