While I was studying about the difference between the hot wallet and cold wallet, I got some questions about their security.

  1. If I create one private key using a cold wallet then restore the same key using another hot wallet, would it be giving up the security property of the cold wallet?

  2. If I create a wallet using any mobile wallet this time, and then restore the same one using a cold wallet, is it safe to keep using my cold wallet as long as I own my cold wallet in a safe place?

1 Answer 1

  1. If you create a private key using a cold wallet like Trezor, Ledger, etc., and then you import that private key or mnemonics into a hot wallet, you basically defeated the purpose of a cold wallet. The mnemonics generated by your cold wallet should stay secret at all times, stored in a safe place.

You could keep all or most of your balance in a cold wallet, and then transfer some or little balance to a hot wallet to use on a daily basis, knowing that if you lose it would not be a big deal.

  1. If you create a wallet/private key/mnemonics using a mobile wallet and then you export that to a cold wallet, it could work, but I wouldn't trust that so much.

Your most important private key or mnemonics should never see the light of the day. And copying it from a hot wallet to a cold wallet, and from a cold wallet to a hot wallet, may compromise it. So, be very careful.

As I said, you could have little balance in hot wallets, and most of your balance in a cold wallet. You can have as many wallets as you need, so you can transfer some balance from your cold wallet to your hot wallet to use on a daily basis.

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