- Can I use my seed on any wallet?
- Do I need a software wallet if I have a hardware wallet?
- Which wallet uses 24 word seed?
- Can you have 2 hardware wallets?
- Does Coinbase use seed phrase?
- Can seed phrase be hacked?
- What is the difference between a software wallet and a hardware wallet?
- Can hardware wallets be hacked?
- Can someone guess my seed phrase?
- What are BIP39 wallets?
- How secure is a 12-word seed?
- Can you share hardware wallet?
- Do I need a different wallet for each cryptocurrency?
- Can I use the same hardware wallet for multiple blockchain Systems Why?
Can I use my seed on any wallet?
As long as you have your seed phrase, you have your crypto. If you lose a hardware wallet on a bus or break a phone containing a software wallet, you haven't lost your crypto — you can simply enter your seed phrase into another wallet.
Do I need a software wallet if I have a hardware wallet?
While you are not required to store your bitcoin on a hardware wallet, we highly recommend it. Even for small amounts, hardware wallets are a good investment because they protect your private keys and give you peace of mind that is not possible when using software wallets.
Which wallet uses 24 word seed?
The Trezor One and Ledger Nano S generate new word seeds that are 24 words long.
Can you have 2 hardware wallets?
If you own multiple hardware wallets, you can make them copies of each other. They will store the same cryptoassets, private keys, public addresses, accounts and transaction history. ... A Trezor hardware wallet and a Ledger hardware wallet can store the same cryptoassets.
Does Coinbase use seed phrase?
Coinbase uses a 12-word recovery phrase which is also known as a "seed." If you lose access to your recovery phrase, you will need to create a new account in order to continue using Coinbase Wallet.
Can seed phrase be hacked?
Can someone hack my seed phrase? Although seed phrases are not encrypted, they are composed of non-sequential words, making it difficult (but not impossible) to brute force the seed phrase. However, since seed phrases are not encrypted, seed phrases can be accessed by other people who know the seed.
What is the difference between a software wallet and a hardware wallet?
Software wallets: Software wallets are applications you install on your computer or smartphone. ... Hardware wallets: Hardware wallets store your bitcoin keys on a piece of hardware that has been specially designed for bitcoin transactions.
Can hardware wallets be hacked?
Although hardware wallets are designed store cryptocurrency keys offline while being unhackable or susceptible to malware, they still have the risk of being compromised in the following ways: Phishing Scams – There are many scammers that attempt to trick users into giving them the private keys to their wallets.
Can someone guess my seed phrase?
Statistically speaking, the chance of winning the lottery every week is higher than that of guessing a recovery seed phrase. ... That means that your 12-word seed phrase has an iteration of 2,048 words. Therefore, it's almost impossible that someone could successfully guess your seed phrase.
What are BIP39 wallets?
BIP39 is the use of a mnemonic phrase -- a group of easy to remember words -- to serve as a back up to recover your wallet and coins in the event your wallet becomes compromised, lost, or destroyed. This is also known as a mnemonic seed, seed phrase, recovery phrase, wallet back up, master seed, etc.
How secure is a 12-word seed?
In terms of security 12-word recovery seed is safe enough. 12-word seeds provide 128 bits of security, 24-word seeds provide 256 bits of security. While Bitcoin utilizes 256-bit private keys, the security of the elliptic curve is around half of the used bits, so 128 bits for the secp256k1 curve that is being used.
Can you share hardware wallet?
A hardware wallet is highly individual and never share it with anyone.
Do I need a different wallet for each cryptocurrency?
Do Different Cryptocurrencies Need Different Wallets? The short answer is yes. You need a Bitcoin wallet for your BTC, an Ethereum wallet for your ETH, and a Cardano wallet for your ADA. You cannot store BTC in a Cardano wallet (or even send it there), and vice versa.
Can I use the same hardware wallet for multiple blockchain Systems Why?
Many Assets, One Location
A hardware wallet can work with multiple blockchains simultaneously. This allows you to manage Ethereum & Alt. Coins, Bitcoin, Lumens, and more, all on the same device. All of them can be backed up easily with a single recovery phrase.