What is a hardware wallet? How it keeps crypto keys offline
By SendPay Business · · 2 min read
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A hardware wallet is a small physical device that stores the private keys to your crypto. The keys stay on the device and never touch your computer or phone, so malware on those can't read them.
How it works
- The device creates your private keys and keeps them inside it.
- When you send crypto, your computer or phone prepares the transaction.
- The device shows the details on its own screen and you confirm with its buttons.
- It signs the transaction inside the device and sends back only the signature.
Hardware wallet, app wallet or exchange account
An app wallet keeps keys on an internet-connected phone or computer, which is handy for small, frequent payments. An exchange or platform account means a custodian holds the crypto for you, which is simplest but means trusting that custodian. A hardware wallet is the usual choice for larger amounts people want to hold for themselves.
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Mistakes that lose crypto
The device is backed up by a seed phrase. Anyone who gets that phrase can take the crypto, so never type it into a website or share it with anyone claiming to be support. Lose both the device and the phrase, and the crypto is gone for good. Buy devices only from the maker or an approved seller, never second-hand.
Where SendPay fits
SendPay platforms let your customers buy, sell and hold crypto in your branded app, with assets held with regulated partners and a trading fee you set. Customers who want to hold coins themselves can still use their own wallets alongside it.
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Questions people ask
Would a multisig set-up be safer?
See how many keys you can lose and how many a thief needs.
Multisig wallet calculator →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.