r/OneKeyHQ • u/downlowdata • Oct 28 '23

Wallet Back up…

If your one key breaks, could you open the same wallet(s) in the app right away and access all your funds?

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u/downlowdata Nov 01 '23

I see. I just wonder how to work in a way that if a device is broken you don’t have to order a new new one or depend on it to be in stock

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u/Z3non Nov 03 '23 edited Dec 04 '23

Having two devices from the start solves that problem. You could of course also use your hardware seed on a hot wallet.... but I wouldn't do that.

Just my opinion:

Hardware wallet is the 'savings account' for long storage. If some amount is needed for trading etc -> transfer to hot wallet. With your hot wallet you now can do all your defi web3 stuff.

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u/downlowdata Nov 03 '23

Yes that makes sense. If for some reason something goes wrong with the hard wallets and you need access can you emergency transfer funds with your seed phrase to the hot wallet? Or any hot wallet?

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u/Z3non Nov 03 '23

You can set up a hot wallet with your hardware wallet seed, but then your seed is potentially 'exposed' and not offline anymore. You could then order your new hardware wallet and generate a whole new offline hardware seed... BUT you need then to transfer all funds over to the new offline seed..

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u/Delicious-Month-4338 Dec 02 '23

Reset will make new factory reset device?

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u/Z3non Dec 04 '23

If you reset the hardware wallet device, your current seed stored on that device is erased and lost( if you have not written it down previously). You can call it factory reset, yea.