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Table of Contents
How to set up a cold wallet
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What is a cold wallet and why do I need it?
A cold wallet is the safest way for most individuals to store their cryptocurrencies. The idea of a cold wallet, is that you store your coins in a place that is not connected to the internet. This makes it different from a hot wallet, which is instantly accessible and in sync with the blockchain.
A simple cold wallet - CLI
- https://github.com/Chia-Network/chia-blockchain/wiki/INSTALL the latest Chia version from https://github.com/Chia-Network/chia-blockchain/releases
chia keys generatechia keys show –show-mnemonic-seed- Take note of your 24 word passphrase (see topics below)
- Deactivate you venv ''
A simple cold wallet - GUI
Paper cold wallet
Think about physical durability. Metal > Wood > Paper. Can also be a double copy
Hardware wallet
Hardware wallets such as Ledger or Trezor are currently not available for Chia, as storing these safely relies on an implementation of the newest BLS signatures on the side of these companies. Integration is expected soon.
Best Practises
The Gold Standard
New device, never connected to the internet with a known good OS. Download Chia on another computer and transfer through USB to this device.
Multisig wallets
Multisignature wallets (or multisig, for short), are cryptocurrency wallets that require two or more private keys to sign and send a transaction. The storage method requires multiple cryptographic signatures (a private key’s unique fingerprint) to access the wallet. The most notable disadvantage to these type of wallets, is that all parties need to be aligned when tranfering founds out of the wallet.