I need clarification on something. On the Trezor website, it clearly lists coins like ADA as one of those supported:
I’m very new to this, so when I saw the check-mark under the Trezor Model T column, I thought “I’m good to go with ADA being stored on the Trezor.” However, after going through the steps to receive ADA off an exchange, it appears that I have to use a third-party wallet (AdaLite or Yoroi) to store my ADA. I’m I correct about this???
Hi @packetpinger. That is correct! In order to recieve/store/send or dedicate your ADA in the stake pool you need to use 3rd party wallet such as AdaLite, Yoroi or Daedalus. However there is no need to export your private keys to any of those wallet.
For more information have a look at following link: Cardano (ADA) - Trezor Wiki
Thanks for that info. I have a few follow-up questions about this:
With this arrangement, wouldn’t I be storing my cryptocurrency in a hot wallet?
With this wallet being online, isn’t it possible for my cryptocurrency to be hacked/stolen?
How can I be sure they’re not pulling my private keys when I connect to their website? I read it’s an open-source wallet, so people can look at the code, but I’m still hesitant to store my ADA on a third-party wallet (which is the reason I bought the Trezor Model T).
The Model T’s firmware supports ADA, meaning it can perform operations for that coin on your device. Your private key never leaves the Trezor when using these third party wallets. In short, you are still using a hardware wallet (your Trezor) with these third party wallets (such as AdaLite or Yoroi). As long as you follow the security best practices and navigate carefully, your funds are safe.
And also, Cardano support in Trezor Suite is on the roadmap (see here). No third party wallets needed soon
So, just so I’m clear, because my private key isn’t kept in the AdaLite, my coins are safe on their wallet (taking into account the other safety measures you noted)?
Am I correct in stating that, in respect to a Trezor, the AdaLite wallet works a little differently than a typical hot wallet in that with with the way Trezor implements this, the private key is not stored in the AdaLite wallet, but with other hot wallets, the private key IS kept in those other hot wallets?
I’m guessing there’s no time frame on when Trezor Suite will support ADA? Does the fact that I see mention of git hub on that link you provided indicate that Trezor software is open source?
Who agrees with me that it is misleading for Trezor to sell a Hardware wallet with the statement of “The safe place for your coins.” + 1,000 more when for the most of them (like ADA), the coins are NOT actually stored on the Trezor Device, but on the ADA wallet.
Please correct me if I am wrong, but in the case of ADA - which is a coin saying it is supported (under the 1,000 more) list, you need to chose one of the wallets and then connect those wallets to the Trezor (for the Trezor to provide some additional security access). “Information stored online can be copied & stolen”. “Go offline. Store your coins with Trezor”. - So if we are unable to store our ADA and “Other” coins with Trezor, then what is the point here? It should be “Use Trezor for a handful of coins to be saved offline”
Actually, if we’re talking about hardware wallets, like Trezor, all coins and tokens are stored in their respective blockchains, not in the wallet itself. Hardware wallets are just the key to your funds in the blockchains. There’s nothing misleading about SatoshiLabs’ claims about Trezor. You’ll never find them saying that your ADA or any other coin or token are actually stored in the Trezor wallet itself.
The ADA wallets suggested in the Supported Coins & tokens list all store your ADA in the blockchain too, if you connect your Trezor to them.
The reason you must use a third party wallet to see and interact with your ADA is because Trezor Suite (and Trezor’s online wallets) don’t support it yet, although the Firmware in your Trezor device support ADA and makes sure it’s stored properly in the blockchain.