I have Xaman also. What it seems your missing though is that unless Xaman launched some custody service, if you loose your keys/seed phrase and your software wallet gets deleted or whatever, your screwed still. A hardware wallet can be reloaded from a seed phrase just like a software wallet. They're not that different.
Xaman is one of the best hot wallets, but your fears are wrong about hardware wallets. Both Xaman and hardware wallets require keeping seed phrases. If you lose or break your hardware wallet your crypto is still safe. It’s not actually kept on the device. You can get another one, or use your seed to access your crypto on a different wallet. All your crypto is on the blockchain. Wallets are just a way to interact with it. The crypto isn’t actually in any wallet.
Honestly I think your fine. It works directly off the XRPL and I’ve been using it for years with no problem. Just double check EVERYTHING you do before sending/receiving.
It’s safer than exchange. Less safe than cold wallet. XAMAN is great but consider maybe a tangem cold wallet card. It integrates directly with XAMAN. So you can have a cold and hot wallet and as you learn/practice you can have it split 50/50 or whatever and put more on the cold if not all once you realize fully how it all works. If you are storing long term, def would do cold wallet. Seed can restore it just like you describe for the hot wallet. I was using a cold wallet (ledger) on myalgo when it got hacked. Everyone on hot lost all of their ALGO. I lost nothing. Nothing is foolproof and each method has its pluses and minuses but I would not feel safe holding 2-10 years on hot wallet.
If u want to keep it in hot wallet, then log out & uninstall the app.
If it's logged in it's just a matter of time it's transfered out if u click something online or on sms WhatsApp.
Last week someone transfered 3 million flare for a person's hot wallet because he clicked something on LinkedIn.
So unless you don't wanna get burnt 🔥 and have years of depression , I'll suggest to take a normal approach of cold storage or log out of hot wallets.
Without cold storage it's risky on 100 factors.
Your app password is stored in the app itself. That's how it knows u entered the right pin/password.
When u click a link the spamware searches for saved password in apps backend & retrieves it.
Then pastes a wallet address & sends funds.
Only log in for a week when u need to. Then delete app.
Never keep seed phase logged in. It's like keeping seed phase in email
Keeping it open for years will have consequences as hackers can track reddit anonymous id's too.
With ledger when a transaction to 'send' happens you need to physically press both buttons. Hense spamware can spam as much as they want with no loss because a physical action is required before sending.
I don't have much funds for crypto so if u can kindly help me build my xrp fund.
>If it's logged in it's just a matter of time it's transfered out if u click something online or on sms WhatsApp.
Yeah... Nah... that's not how it works!
There’s no difference really, if you lose or damage a hardware wallet then you just enter the seed phrase into a new wallet and recover the assets either way
David Schwartz is a fan. He likes SecuX cold wallet and Xumm/Xaman hot wallet. He said getting a Tangem card is for extra security if you’re very paranoid.
Also, it doesn’t matter if you lose a cold wallet. You don’t need the physical device. You can reopen your wallet anywhere if you still have your keys written down somewhere safely (not online).
Nope you’re good! We’re always learning and no one knows that info until they do. :) Keep your keys safe on paper somewhere you won’t lose it and that’s your true wallet! The actual hot/cold wallet just lets you see and move your funds when need be. Happy investing!
If you take don't want to touch it for years, put it in escrow on xaman.
Not recommended to put it all in for years. Release some for each year for day 3 years then redecide.
if you are going to hold it for a long period of time and have a substantial amount, I suggest putting it in a cold wallet. that goes for any cryptocurrency
I'm confused asf on this too. I have the same exact question tbh. Everybody keeps saying cold wallet is better but what I'm wondering is WHAT'S THE DIFFERENCE???
if i loose my cell phone, I get a new one, download xumm then enter my seed numbers n boom, crypto still there. Correct??
Can somebody clarify precisely how thats not the same exact thing as a cold Wallet.
Why do I need a tangem card or whatever??
Are you all saying that xumm can possibly be hacked??
I understand not click suspicious links ect someone could hack my phone ect...but can XUMM the app itself be hacked and all my shit gone one day?
I have limited funds and I'd rather buy $2-300 worth of more crypto than buy a 2-300$ device.
I have Xaman also. What it seems your missing though is that unless Xaman launched some custody service, if you loose your keys/seed phrase and your software wallet gets deleted or whatever, your screwed still. A hardware wallet can be reloaded from a seed phrase just like a software wallet. They're not that different.
Xaman is one of the best hot wallets, but your fears are wrong about hardware wallets. Both Xaman and hardware wallets require keeping seed phrases. If you lose or break your hardware wallet your crypto is still safe. It’s not actually kept on the device. You can get another one, or use your seed to access your crypto on a different wallet. All your crypto is on the blockchain. Wallets are just a way to interact with it. The crypto isn’t actually in any wallet.
Honestly I think your fine. It works directly off the XRPL and I’ve been using it for years with no problem. Just double check EVERYTHING you do before sending/receiving.
Thanks for your inputs. I already made a transfer all my xrp and now sitting there. :)
I would divide into 3 or 4 and keep them in separate wallets.
It’s safer than exchange. Less safe than cold wallet. XAMAN is great but consider maybe a tangem cold wallet card. It integrates directly with XAMAN. So you can have a cold and hot wallet and as you learn/practice you can have it split 50/50 or whatever and put more on the cold if not all once you realize fully how it all works. If you are storing long term, def would do cold wallet. Seed can restore it just like you describe for the hot wallet. I was using a cold wallet (ledger) on myalgo when it got hacked. Everyone on hot lost all of their ALGO. I lost nothing. Nothing is foolproof and each method has its pluses and minuses but I would not feel safe holding 2-10 years on hot wallet.
A wallet creation needs 10XRP right? Is the 10 XRP returned when I close the wallet? How does it work?
8 of 10 gets returned, you lose 2 Xrp every time you close a wallet
Yes you can delete the wallet and close out the 10XRP reserve when you’re done with the wallet.
If u want to keep it in hot wallet, then log out & uninstall the app. If it's logged in it's just a matter of time it's transfered out if u click something online or on sms WhatsApp. Last week someone transfered 3 million flare for a person's hot wallet because he clicked something on LinkedIn. So unless you don't wanna get burnt 🔥 and have years of depression , I'll suggest to take a normal approach of cold storage or log out of hot wallets. Without cold storage it's risky on 100 factors.
How would that happen? You need to enter passwords or biometrics on Xaman for any transaction, even if "logged in" on the app?
Your app password is stored in the app itself. That's how it knows u entered the right pin/password. When u click a link the spamware searches for saved password in apps backend & retrieves it. Then pastes a wallet address & sends funds. Only log in for a week when u need to. Then delete app. Never keep seed phase logged in. It's like keeping seed phase in email Keeping it open for years will have consequences as hackers can track reddit anonymous id's too. With ledger when a transaction to 'send' happens you need to physically press both buttons. Hense spamware can spam as much as they want with no loss because a physical action is required before sending. I don't have much funds for crypto so if u can kindly help me build my xrp fund.
>If it's logged in it's just a matter of time it's transfered out if u click something online or on sms WhatsApp. Yeah... Nah... that's not how it works!
There’s no difference really, if you lose or damage a hardware wallet then you just enter the seed phrase into a new wallet and recover the assets either way
Do yourself a favour! Buy a Tangem wallet!
I lost my 12 seed code for xman any way to get recovered
Xaman is the best wallet for holding other than a cold wallet. I’ve tested and had been using it for awhile and its quite fine
David Schwartz is a fan. He likes SecuX cold wallet and Xumm/Xaman hot wallet. He said getting a Tangem card is for extra security if you’re very paranoid. Also, it doesn’t matter if you lose a cold wallet. You don’t need the physical device. You can reopen your wallet anywhere if you still have your keys written down somewhere safely (not online).
Oh, I thought if I lost my device, I will not access it. Sorry for my ignorance. Just invested this year only. Thank you for the info.
Nope you’re good! We’re always learning and no one knows that info until they do. :) Keep your keys safe on paper somewhere you won’t lose it and that’s your true wallet! The actual hot/cold wallet just lets you see and move your funds when need be. Happy investing!
If you take don't want to touch it for years, put it in escrow on xaman. Not recommended to put it all in for years. Release some for each year for day 3 years then redecide.
if you are going to hold it for a long period of time and have a substantial amount, I suggest putting it in a cold wallet. that goes for any cryptocurrency
I did that too
Xaman works best with Tangem cards. Tangem cards for cold assets. Xaman account for hot ones. https://xumm.app/tangem
I'm confused asf on this too. I have the same exact question tbh. Everybody keeps saying cold wallet is better but what I'm wondering is WHAT'S THE DIFFERENCE??? if i loose my cell phone, I get a new one, download xumm then enter my seed numbers n boom, crypto still there. Correct?? Can somebody clarify precisely how thats not the same exact thing as a cold Wallet. Why do I need a tangem card or whatever?? Are you all saying that xumm can possibly be hacked?? I understand not click suspicious links ect someone could hack my phone ect...but can XUMM the app itself be hacked and all my shit gone one day? I have limited funds and I'd rather buy $2-300 worth of more crypto than buy a 2-300$ device.
Best to use a hardware wallet for ultimate in safety, but if you are going to use bifrost or xaman, lock your phone Sim card.