Using an old phone as a cold storage device \ stacker news ~bitcoin

Using an old phone as a cold storage device

111 sats \ 4 comments \ @cristaiji 26 May 2023 bitcoin

Can this ever be as secure as buying a dedicated HWW?

220 sats \ 1 reply \ @DarthCoin 26 May 2023

An old phone will have old OS and usually wallet apps are not supporting anymore.

What is a hardware wallet?

A signing device that keep the keys offline and secured, separate from any daily use.
a place where you store your keys, and you DO NOT use them every day, only exceptionally when you really need to move the funds from that wallet.

So why would use this HODL wallet as your regular wallet? There's no need for that Why do you open it with your keys anytime you need to deposit? There's no need for that.

Always use the 3 levels stash of your BTC: hodl (vault), cache (coin control/income), spending. https://i.postimg.cc/MTL2kvT0/3level-stash.jpg

Create a cold/hodl wallet and save its xpub. Then use any simple wallet app as watch-only, with that xpub (public master key) so you could only deposit to that wallet, WITHOUT the need to open it. Save your cold wallet in a safe place, never touch it. Use the cache and spending wallet to manage your funds for regular use.

Here 3 guides you should read:

0 sats \ 0 replies \ @cristaiji OP 26 May 2023

Thanks. One option I’m looking to play with is the Airgap Vault app and potentially pair it with the Airgap wallet app running on another device.

20 sats \ 1 reply \ @nymkappa_ 27 May 2023

You could use that old phone as part of a 2 of 3 multi sig wallet, just for backup in case you loose access to one of the other two signing devices.

Otherwise just use it for your regular spending, not for long terms cold storage.

0 sats \ 0 replies \ @cristaiji OP 27 May 2023

Thanks. The issue with long term cold storage on an old phone seems to be not getting software updates when planning to keep it off line and so apps not working properly. Your idea makes more sense for sure. 🙏