I don’t get it. Is my crypto actually stored on my hardware wallet?
Mike Mulhall Changed status to publish
I don’t get it. Is my crypto actually stored on my hardware wallet?
This is one of the most misunderstood concepts for new users of crypto.
The short answer is: nope.
Your coins / tokens are just digital records stored on the blockchain. To access those records and, for example, send your friend 1 Bitcoin, you have to access those records with a private key, which is a really long line of characters that is REALLY hard to remember. I’ve tried. It didn’t work.
The private key is what is stored on your hardware wallet. The hardware wallet, like the Ledger Nano S, provides a safe and secure place to store that hard to remember key.
So think of your hardware wallet as the “key” that allows you to access your crypto on the blockchain.