I connected my Specter Wallet using the instructions in my Umbrel account (it used umbrel as username, then gave me the password and host info to input.
My question: is the info that was provided while I was logged in specific to my node vs some general Umbrel node? If so, I assume that the password and host were created unique to my account.
It seemed odd that I wouldn’t put in my own umbrel log in info, so I just want to confirm that my wallet is connected to my own node.
Yes, that is the RPC access and is based on your seed words.
But be aware: that is not access to your node wallet. is just a RPC access to use your node blockchain. The wallet you will create in Specter is not stored or used in your node in any way. Is a total different wallet.
One other semi-related question re Wallets and Umbrel.
I understand part of running a Node is that when you send funds to your cold storage device (Trezor, Ledger, etc) you won’t be pinging those companies’ nodes, but instead your own (which increases privacy).
So, if I have Specter running with my Umbrel Node, and a Trezor connected to the Specter wallet, how would I (for instance) send money from the Exchange, to my Specter, to my Trezor, without the Trezor Suite being involved (and instead, it’s my Node only dealing with these transactions)?
Thanks for any advice or info you (or others) can provide!
quote=“MrBones, post:4, topic:6394”]
I understand part of running a Node is that when you send funds to your cold storage device (Trezor, Ledger, etc) you won’t be pinging those companies’ nodes, but instead your own (which increases privacy).
[/quote]
Yes, this is right. You understand it perfectly.
Simple: just click on receive in your Specter, will generate a new BTC address.
Exchange will make the payment to that address and broadcast it to the mempool.
Miners will pick it up and include it into a block.
Once the block is mined, will be broadcasted back to ALL nodes in the network, including yours. Exchanges do not know which ones is yours.
Your node will sync that block and include it into your node blocks and will appear in your Specter/Trezor.
Done
Thank you, I appreciate your knowledge and helpful attitude!
That last bit is still unclear regarding it moving to my Trezor.
I understand the Receive will go into the Specter Wallet, but then do I need to connect the Trezor and somehow send the sats to that for cold storage? And if so, what is that process and how does that maintain the privacy and avoid the Trezor Suite and pinging their node?
Just connect trezor to specter. When you click on receive, it will generate an address from your trezor wallet.
Trezor suite have nothing to do with this.
The communication is done only through your node and specter. ONLY you have that info.
So Specter got the public addresses from my Trezor when I connected it. Now, when I receive into Specter, it’s automatically actually putting that into a Trezor-created address, that is connected to my Seed on the blockchain. This means funds going to my Specter wallet, are actually going to the Blockchain, related to my Trezor seed.
Do I have this right?
If so, IF I wanted to keep some funds in Specter as a Hot Wallet, how would I receive funds that stay in the Wallet vs automatically going to my Trezor/Seed/Blockchain address?
Still not clear though if I can keep funds in Specter for trading or paying for things, or if it all goes in the Trezor, and I’d need to connect the Trezor any time I want to send funds? (And I know it’s not really “in” the Trezor, so really just wondering about the Send part I guess).
Thanks. Hope I’m not missing something obvious from your answers. Just want to be crystal clear in my mind.
A cold wallet is named “cold” for a reason. That reason is very clear: you do not use that wallet as a regular wallet.
You just setup the wallet, save the MPK (master public key) for using it as “watch-only” or “deposit-only” and that’s it, you keep that damn hardware wallet into a safe, hidden and do not touch it anymore. Only in SHTF when you really need to move funds from there.
It is really stupid to stay all the time with HW opening, signing etc. For more you will use that piece of hardware, less life will have.
Use the 3 levels of stash: HODL (that piece of hardware), cache (where you split your income) and Spending (from where you spend all days)
Yes, I understand those three levels you mention, and the reason for cold storage for HODL.
So, for the Cache and the Spending, are those Sats sitting in the Specter, and not on the Trezor, and they are left in Specter until I want to move them into cold storage?
I’m just not getting the part that is not the Cold/Trezor, but instead the “using it via Cache or Spending” and where those sats sit when not in Trezor for caching or spending.
No, seems that you didn’t understand. You are always going back to Spectar / Trezor. And you should not.
Pay attention to that guide. I explained clearly what and which is a HODL wallet, which is cache and how to use it.
Specter is just a simple app interface for your wallet. That’s all, nothing stays in Specter.
No. You still don’t get the term of “watch-only” and still don’t understand what really does Specter.
Specter is just an app, like door, like a keychain that allows you to use that wallet. It doesn’t not “store” or do anything else with your coins, than sign the transactions and check the balances.
“Watch-only” wallet means a wallet that YOU CANNOT spend from it, only deposits or just check the balance. That means you are using ONLY the public keys, you do not have any acces to the private keys (the ones that are in Trezor for example).
Even a simple BTC address can be considered as a “watch-only” wallet, you just deposit to it, cannot be used to pay with.
That means and I repeat now:
you setup your wallet in Trezor and HIDE IT into a safe.
save some public BTC addresses to be used for deposit only, in a txt file or
just use the MPK (Master Public Key) into an simple app like Bluewallet, Sentinel, Electrum and create a “waatch-only” wallet. That means, your private keys are still on that Trezor and nobody can move your coins from there.
So you don’t even need to see, use, open that Trezor. That’s why is name COLD WALLET. Is cold, you can’t touch it, is your damn hidden treasure.
