Multiple Cold Wallets

[SammI]

Hi,

 I have seen a lot of offers for 2-3 Nano S cold wallets sold as a package. Can the same coin info be stored on each one kind of like 2 mac cards for the same account? Or say you have 10 B/Cs can they all be stored on multiple wallets or would you have to divide your coins with some on one wallet and the rest on the other? It's kind of risky business to have everything on 1 wallet if it gets lost or destroyed.

 I've also noticed a rise in cold wallet prices since the latest moonshot in price.

 Thanks for taking the time to read this and if you are able to share any info.

[1715271783]

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[1715271783]

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[1715271783]

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[oxygen88]

Since you already decided to buy a couple of cold wallets, it would be better to store your bitcoins separately into each cold wallets, so you won't lose all your bitcoins if you lost one of your cold wallet.

[mocacinno]

Hi,

 I have seen a lot of offers for 2-3 Nano S cold wallets sold as a package. Can the same coin info be stored on each one kind of like 2 mac cards for the same account? Or say you have 10 B/Cs can they all be stored on multiple wallets or would you have to divide your coins with some on one wallet and the rest on the other? It's kind of risky business to have everything on 1 wallet if it gets lost or destroyed.

 I've also noticed a rise in cold wallet prices since the latest moonshot in price.

 Thanks for taking the time to read this and if you are able to share any info.

You made a small mistake, you're talking about hardware wallets, not cold wallets. Maybe you can edit your title to, that way you'll get more to-the-point answers.

To answer your question: personally, i'd initialise each hardware wallet seperately, generate a seperate seed, and put 1/3th of my BTC on each ledger... However, it should be possible to initialise one ledger wallet, create a seed, and restore the other 2 wallets using this seed. This way, each wallet has controll over the same addresses (and unspent outputs), but has a different pin code.
This scenerio would come in handy if you have a business, and each partner would like to have full controll over all funds... Or if you want to give one to your wife or something...

BTW: a ledger nano S comes with a security card on which you write down your 24 word seed. If your ledger gets destroyed, you can use this seed to restore your wallet, so i wouldn't worry to much about losing or destroying your wallet... As long as you have those 24 words, you're fine

[Velkro]

It's kind of risky business to have everything on 1 wallet if it gets lost or destroyed.

Thats true, but you have to keep safe only one hardware wallet.
If you have three, you either keep them in one place (so no purpose to have 3 of them) or you must keep safe three locations where you store ur wallets.

[kolloh]

Yeah, there really isn't a need to have multiple hardware wallets unless you want one as a backup in case the other is damaged. Perhaps the multipacks are for people that want to set up multi-sig wallets or designed so that you can get multiple and give the others to friends or family.

[SammI]

Thanks To All,

 I never got the Nano S wallets I ordered. I thought I had purchased 2 @130.00 each last month. Turns out it was a BS offer, so I'm glad It fell through. I'm getting 1 Nano S today ($240ish). There is a lot of good info on You Tube (Best site ever) on set up.

Mocacinno isn't kidding about hardware wallet prices. The Cryptos aren't the only things exploding in price. The Nano S was like $85.00 not that long ago. But I will sleep much better knowing I have done what I can to improve the survival chances for my coins and tokens.

A bit off topic but I'm going to build a Faraday Cage to store my Nano in. (Worried about sun spots not nukes.)   I was hoping the Nano would fit into one or 2 of those Credit Card security sleeves as a quick patch until then.


Thanks for all the experienced info. I'm doing the same with people I care about by trying to get them to invest some bucks in cryptos.

[Cruxer]

You made a small mistake, you're talking about hardware wallets, not cold wallets. Maybe you can edit your title to, that way you'll get more to-the-point answers.

agree, im using cold wallets because i can't afford hardware wallets.
this is not more or less secure, hardware wallet is more fancy and maybe easy to use.
whatever you choose, 2-3 wallets are better than one usually