Do you support hardware wallets?
Yes, we do! Any kind of hardware wallets, be it Ledger, Trezor, Ballet, or even paper wallets (which are not hardware, but cold wallets that we also support). You will receive your funds even if the wallet is offline.
How does it work?
All cryptocurrency wallets have two things: public addresses and private keys. When you open a new wallet with Ledger or Trezor, its public address is generated by the same rules as for any online wallet: for the blockchain, there’s no difference if your wallet is a device or a program.
The only fundamental difference between cold and hot wallets is where your private keys (not Bitcoins!) are stored — on a device that is disconnected from the internet 99.9% of the time (cold hardware wallets) or on a laptop or mobile device (hot online wallets). The amounts of cryptocurrency itself are assigned to specific wallet addresses on the blockchain, not to the devices. That’s why people can send money to any address no matter if their holder is online or offline.
If you have a hardware wallet, you will receive the money even if the device is offline. When you insert it into your computer, it will connect to the blockchain and update you on the sum available. But to send the money, you need to use your private key that is stored on the device — so you can receive money when your Ledger or Trezor is offline, but to send it, you need to connect to the internet.
Should I use a hardware or an online wallet for NOWPayments?
It’s completely up to you: for us, there’s technically no difference which one you set in your account. Use wallets that you prefer for any other type of activity in the crypto market.
How do I set the wallet in my account?
To add a new wallet, head on to the Store Settings in your account and scroll down to the Outcome wallet section. For details, see this FAQ.
Want to know more about cryptocurrency hardware wallets? Check out our article.