I am new to the bitcoin/altcoin world...
After I bought litecoins and bitcoins, I read about why it is better to have a hardware wallet. Of course a script/hack/lokal user can copy your profile with all your softwarewallet settings and restore them on antoher computer. Maybe even bypass any pin codes...
Since I did a long time investment (and I will not be checking my wallet for a long time), I wonder...
1) Can I can just delete everything from my computer as long as I got my "seed"-words? (the ones that look like "chair moon Earth cat etc....")
2) Can I restore my wallet using this seed-password with the same program in lets say 5 years? And is this program-sensitive?
I mean.. if I use electrum-LTC, can I restore it in 5 years with another program that has support for LTC? Like JAXX? Or are the seed words only compatible with the wallet that I used? Or are there different "seed Word standards", so some programs are compatible with another?
3) Is there any form of time out when you are not using your wallet? Not checking your wallet for 5 years has no negative effect?
4) The reason why I am thinking of doing this is simple... No Active wallet in use = no vulnerabilities. Am I thinking wrong here?
Friendly greetings,
The pizza guy
1) If you're using a HD wallet ( Electrum), yes, you can. The seed recovers everything. I'm not too sure about other wallets.
2) That depends on the wallet you used to generate the seed. There are alot of wallets who use different BIPS to generate the seed, some wallet programs are compatible with each other, others aren't.
3) Unless there would be a fork which only allows you to claim within X time, i don't see any reason why there should be.
4) I wouldn't say that there are no vulnerabilities, nor would i say that there are a lot less compared to holding your bitcoins on a hardware wallet such as trezor / nano.
I think you should maybe use a paper wallet, which saves the hassle/frightening moments of trying to import your seed in 5 years.
See
https://www.coindesk.com/information/paper-wallet-tutorial/