Welcome to my first blog :)
In this Blog we will be talking about the basics of a Hardware Wallet, for example what it is and how it works and the technology to help you make sure your Crypto is safe and secure.
Firstly, What is a HardWare Wallet?
A hardware wallet is a cryptocurrency wallet which stores the user's private keys (critical piece of information used to authorise outgoing transactions on the blockchain network) in a secure hardware device. The main principle behind hardware wallets is to provide full isolation between the private keys and your easy-to-hack computer or smartphone.
Private and Public Keys
The most common question relates to the location of the cryptocurrencies. When you own cryptocurrencies, what you really own is a “private key.”
Your “private key” is comparable to an actual key: this key unlocks the right for its owner to spend the associated cryptocurrencies.
As it provides access to your cryptocurrencies, it should – as the name suggests – remain private. The same way you wouldn’t share the key to your bank safe with anyone, you should not share this private key with anyone.
In addition to a private key, there is also a public key.
There is a cryptographic link between the public key and the private key. It’s possible to recover the public key if you own the private key. However it’s impossible to find the private key using only the public key.
So there is a “private key” and “public key” set. That still doesn’t answer the question, however: Where are my coins?
Where are my coins?
When you save a picture on your phone, there is a file stored in the phone’s memory. When you use Outlook there is a local copy of your emails on your computer.
Your crypto assets are not physically present anywhere, nor stored in any folder. There is no physical entity representing your cryptocurrencies.
Instead, there is a relation between the public key and the associated coins, much like a certain amount is held within your bank safe. Blockchain technology makes it possible to know the balances associated with a public key.
This information is distributed and replicated across a network of computers machines (for instance, several thousands in the case of the Bitcoin network).
People are used to store bills and coins in their wallet, but in the blockchain world, your wallet doesn’t contain coins – it contains private keys
I hope this small explanation has helped you with how you will store Crypto in the near future & How public and private keys work
If you would like to buy a HardWare Wallet I have left a couple links below to help you decide, and they will give you extra information that I couldn't fit on this blog, click on the links below:
Ledger Nano S
Ledger Nano X
