Saturday, February 6, 2021

Can someone explain in depth how hardware wallets actually send and receive bitcoin?

I've been doing research on here and watched youtube videos / visited websites (Trezor and ledger specifically) and the one question I still have is: How does sending and receiving crypto on a Trezor or Ledger work?

I tried to find a full video of the process but have yet to find one and currently know nobody who has their own hardware wallet. I have never sold any bitcoin over the last 2 years, however I will sometimes send some to the website Bovada which is a gambling wesbite, because they accept (and prefer) bitcoin transactions. They provide me with the long random wallet address, which I then copy and paste into coinbase to send however much bitcoin I want to them, and when I win money back I then copy my coinbase address and withdraw my winnings off the website back into my coinbase wallet.

That long random wallet address is the part of hardware wallets I'm most confused with. If I'm using a Trezor or Ledger to receive my bitcoin, will I have to literally type out my cold wallets long random wallet address to send my bitcoin to my cold wallet, and vice versa with sending bitcoin out of my wallet back onto an exchange in the event that I need to sell? Same question for the 12 word keys needed to access my funds, is it a lengthy and tedious letter by letter typing in process on these current hardware wallets? The 12 word key seems reasonable like that but typing out the random wallet addresses letter by letter and checking over and over seems insane to me


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