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General questions about hardware wallets
What is the difference between HEX and IBAN addresses?
Both HEX and IBAN addresses can be used. IBAN addresses (sometimes also referred to as ICAP) are safer to use because they have an extra checksum to check for typing errors in addresses. HEX addresses do not have this check yet, but IBAN cannot be used everywhere.
What happens in case I lose my wallet or the device breaks?
During the installation of your hardware wallet, you will make a backup of your seed. This seed is used to generate all of the private keys used by the wallet. When you have your private keys, you will have access to your coins. Because all private keys are derived from your seed, the seed enables you to recover your coins. The number of coins that belong to an address is stored on the blockchain. Because of this, the device always knows how many coins you own after restoring your wallet. Even i
What happens to the coins on my hardware wallet in case of a hard fork?
In a hard fork event, all private keys with their associated coins will be copied to a new chain. This means that, when you own your private key, you will have the same number of coins on both the old and new blockchain. A hardware wallet like the Ledger Nano S / Blue, Trezor T / One, Digital Bitbox, or KeepKey, is, in fact, a device designed specifically to store private keys. When you use a hardware wallet to store your coins, you are always in possession of your own private key. In case of a
Can I use my hardware wallet to receive returns from mining?
No, unfortunately, hardware wallets are not designed to receive a large number of very small transactions. Doing so can disturb the synchronisation of the hardware wallet which may take a long time or can even crash it completely. Of course, you can save your returns from mining on a hardware wallet, but it is best to receive these in a software wallet first. From here, you can send your collected returns to your hardware wallet using fewer but larger transactions.
How can I test if I wrote down my seed correctly?
It is a good idea to test your seed before you begin using your wallet. This way, you know that your backup will restore access to your wallets before sending any coins over. Step 1 Open the software that goes with your wallet. Look at the receiving address for one of your coins. Write down this address. You can have multiple addresses for some coins and these can change after a transaction. Do note that you will sometimes need to check multiple addresses. Step 2 Reset the hardw