Software Wallets and cold storage can be easy and secure with SafeLedger+. A software wallet typically has a few vulnerable points that we need to be addressed. One problem is that you may get an email with a backup link. If someone were to compromise your email account they would be able to quickly access and empty your software wallet. A software wallet also is typically on a desktop or mobile device. If someone where to get access to your desktop or mobile device they could also empty your software wallet. Keeping those wallets in cold storage is easy and prevents the potential for attacks.
First Things First
The first thing we want to do is get any back up links out of your email inbox. You can save those links in the notes section of your SafeLedger+ by clicking on your profile, selecting the wallet you are moving into cold storage, and adding the link to the notes.
Backup Words Are Important
The next thing you want to do is make sure you have your backup words or seed words saved for that wallet. This is typically 12 to 24 words long. As a recovery method, you can enter these words into the software wallet during a recovery set up. Sometime's these words are numbered and the recovery question will ask for each word by it's assigned number. Make note of the number or order the words are given to you.
Double Check Your Recovery
Once you have the back up link, password, and recovery seed words saved on SafeLedger+, you can delete the email with the URL, and also remove the program from your computer. Before doing this, it is usually recommended that you test the recovery process on another computer or device. Once you confirm you have the correct information you can safely delete the software wallet. Congratulations, you are now in cold storage.
To understand why Cold Storage is important, check out our other blog post.