I Got My Hive Cold Wallet Set Up with Ledger!
Ledger For Hive!
Finally, I have my cold wallet for Hive. Thanks to @engrave, Hive is now supported in Ledger and we have an added layer of security in terms of our Hive wallets. This means that any wallet transactions need the intervention of this hardware device to get approved.
a cold wallet is a wallet that is not connected to the internet and therefore stands a far lesser risk of being compromised. These wallets can also be referred to as offline wallets or hardware wallets. (Investopedia)
The idea is to set up a separate account where you will store your Hive and HBD, kept for savings and HP delegations, perhaps. It is not recommended to link the account you use for posting (such as this) because the Hive frontends like peakd and hive.blog do not support Ledger integration yet.
Setting Up Hive Wallet on Ledger
This process is fairly easy, thanks to the very straight forward tutorial by engrave:
How to create cold storage wallet with Ledger Nano and earn 20% HBD stable coin interest by engrave.
It is as easy as 1-2-3:
- Install Hive app on your Ledger device.
- Create a new Hive account.
- Update the account with keys derived from your hardware wallet
Again, full description on engrave's tutorial post linked above.
Hive Ledger Wallet
Linking the new Hive cold account to Ledger should be done via the Hive Ledger Wallet - https://hiveledger.io/
This is also where you can interact with your cold Hive wallet to check your balance, stake, and savings.
The dashboard looks like this. Take note, you can link several accounts to your Ledger which I find very beneficial since I am planning on making separate wallets for my children too. Near the bottom of this page, you will find an "associate another account" button.
The Balance page shows the liquid balance on the account and the transaction history with links to https://hiveblocks.com/ of the validated wallet transactions. You can also transfer balances to other accounts here (with your Ledger harware wallet "waiting for the command").
Staking for me will come by eventually since I have most of my Hive power in this main account. Again, a good suggestion was to keep Hive Power in this cold wallet and delegate to the account that you use to curate.
Saving HBD for 20% APR
Ultimately, one of the main reasons I created this new cold wallet is to keep HBD savings and take advantage of that sweet, sweet 20% interest.
The Savings tab of the Hive Ledger wallet shows you your savings balances, and the savings rewards accumulated. You can also manage savings (deposit and withdrawals) through this page.
Hive has changed my mindset in many ways and I am very happy to be part of this community. The objective is to save as much as I can and take advantage of the perks (heyyy 20% interest!) to get closer to our financial goals. The added security from the Ledger hardware device, an extra layer of protection to our Hive assets just makes it even better!
How about you, have you gotten your Ledger hardware wallet yet? And no, I don't need to ask you if you're getting into HBD savings coz you should. 😉
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That is awesome! I have been thinking to get myself one but always postponed. Saving this for reference hehe
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Do check from time to time they have offers, like a family bundle and free delivery. ❤️
Thank you and I'll remember that :)
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Uhm, so we can't link our current Hive account to the ledger?
Can we run transfers from our current Hive account to the new one while the new one interacts with the ledger?
You can connect your current account to ledger but if you replace all the keys, you won't be able to interact with other frontends like hive.blog or peakd.com. And if you don't replace all your keys, it's not a cold storage ;)
And yes, you can send transfer to the account connected with ledger. It's just a normal Hive account. It's just a matter of where you store the keys.
Oh no, I am the human who loves using peakd alot. But if this ever happens... Which frontend will I be able to use?
Only Hiveledger.io for now (which is strictly a wallet, not social-media frontend like peakd.com).
Oh no! oh no!! oh no!!!🙆
Gosh ... Imagine if someone had no idea... There is no way it can be reversed right?
There is no reason to panic, you can always change your keys again. Or you can start a recovery mechanism (which is not necessary but possible). What I recommend is to get familiar with private-public key pairs and key roles on Hive. This should explain a lot: https://hiveonboard.com/what-is-hive
Oh ohk. That's a relief. Thanks for the link.... I'll read through. Thanks for responding too. I appreciate you giving me your time.
Amazing to see HIVE added to the Ledger wallets and great that both HIVE and HBD are available there. This is what I was waiting for in order to hold there the liquid HIVE that I might trade in the future along with HBD Savings on which I want to build a fund for pension. All for the better and more secure!
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True. Been waiting for this for some time now. It's finally here. Thanks to engrave.
Really cool for those who desire passive earning from Hive. They just connect their device when they wish to take profits.
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I'm glad that the tutorial was helpful and you were able to create cold storage wallet :) Nice to see other people using a wallet that I spent so much time developing :D
And thank you for the efforts. It is really a great project.
Such a great solution for improved security. The guide post reblogged for future visibility.
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This is really nice to experience in the blockchain
Yes. An added layer of security is a plus, especially these days. Lots of ill intent people around.
cool!
Thanks!
Really awesome job spreading the knowledge on how to do this and I definitely approve thank you very much for your continued content! And thank you very much for the knowledge.
Thanks! I've been waiting for this feature on hive and now it's here, I can't let it pass.
That is definitely the best way to spread knowledge is to pass it on.
Thank you very much and have an amazing day
Enjoy your day!
I love my Ledger, what an invention!
Such a wonderful and powerful little thing. 🙃
weeeee sana ol hahaha nice one sis!
Haha. Bili ka na ng ledger sis. Para mas safe ang milyones mo. Pwede cia link sa binance chain, polygon, at smart bch sa metamask.
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Thanks so much for this. This is truly a helpful article.
I agree
Thanks. Glad to know you find it useful.
This is a great news, I did not know that now there was the possibility of inserting HIVEs in a Ledger wallet. Thanks for this information
Yes, now it's finally here, ready for us to use. 🙂
Wowzer!!
I am saving this for when I do it ;D
For extra peace of mind when keeping our crypto millions. LOL.
How to link your account to your ledger device
If you already know your Hive login, you may use your ledger device to safeguard it by changing all of your keys to the ones generated by it.
In the example below, we'll link the device to an existing account called test.ledger. You'll need the current owner's private key in WIF format, which Hive supports.
Connect your smartphone, unlock it, then launch the Hive app.
Go away spammer.
Really interesting to know Hive now has a Cold wallet. Thins are moving quite fast and its positioning Hive for mass adoption even in the corporate world.
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Really true. It is just a matter of time Hive will be more successful than ever with all the development happening on the chain.
Security is the main argument for buying a crypto hardware wallet because these devices offer cold storage: The cryptographic secrets and seeds are never online, they stay in the device and do not leave it. The delivery of the devices is secured. Ledger embeds intrinsic countermeasures against many known attacks, making it tamper-proof and resistant to hacks.
Looks like I have another reason to dust off my ledger! Thanks a ton for this!
Hehe. Same with me. Go get that Ledger and shake off the dust. :D