Paying vendor from Tangem wallet

[bada bing]

Are there any drawbacks to sending payment straight out of a Tangem wallet, rather than routing it through Exodus?

I realize that using an exchange to pay directly is generally seen as a bad idea. What about a cold wallet such as Tangem?

 

[bluewater]

bada bing said:

Are there any drawbacks to sending payment straight out of a Tangem wallet, rather than routing it through Exodus?

I realize that using an exchange to pay directly is generally seen as a bad idea. What about a cold wallet such as Tangem?

In my view, there are only benefits. When I attempted to pay a vendor straight from Coinbase, Coinbase blocked it. After that, I moved to my Tangem Cold Wallet and haven't used anything else since.

 

[Camlbacker]

Could someone explain what a Tangem cold wallet actually is, and in what ways it can be used that set it apart from something like Exodus?

 

[bada bing]

It's a hardware wallet that comes with an app for your phone. Your crypto stays in your own custody, rather than being held in your name at an exchange or a web based wallet like Exodus. They're available on Amazon, and there are videos about them on YouTube

 

[5byfive]

It makes no difference either way. Both are simply separate companies offering basically the same service. Tangem is a cold wallet, meaning it isn't kept online, while Exodus is a hot wallet — yet for the transaction itself this changes nothing.

A cold wallet offers better security (and is more of a PIA), but when it comes to buying off the gray market, there's no practical difference between the two.

 

[bada bing]

I'm thinking about getting another Tangem and keeping it solely for crypto transactions. The idea behind this is that the amount I hold on my current Tangem is larger than what I feel comfortable putting at risk through online purchases. Are there any crypto experts here who can say whether doing this is unnecessary or not?

 

[bluewater]

bada bing said:

I'm thinking about getting another Tangem and keeping it solely for crypto transactions. The idea behind this is that the amount I hold on my current Tangem is larger than what I feel comfortable putting at risk through online purchases. Are there any crypto experts here who can say whether doing this is unnecessary or not?

No additional Tangem purchase is necessary, since the one you already own can handle this. On a single Tangem, you're able to set up several named accounts, each serving a distinct role. Take this setup:

Trading Account

• BTC
  
• Solana
  
• Ethereum
  
• Sui

Main Account

• BTC
  
• USDC
  
• Other long-term holdings

Peptides Account

• BTC
  
• USDC

With that arrangement, all research purchases would come from the Peptides account while your main holdings stay untouched. Compartmentalising funds this way is straightforward and avoids the need for a second Tangem. Since it's a cold wallet, funds can't leave your crypto account to a third party unless someone physically has your Tangem Card. That makes it very secure and low risk from that angle.

 

[bada bing]

bluewater said:

bada bing said:

I'm thinking about getting another Tangem and keeping it solely for crypto transactions. The idea behind this is that the amount I hold on my current Tangem is larger than what I feel comfortable putting at risk through online purchases. Are there any crypto experts here who can say whether doing this is unnecessary or not?

No additional Tangem purchase is necessary, since the one you already own can handle this. On a single Tangem, you're able to set up several named accounts, each serving a distinct role. Take this setup:

Trading Account

• BTC
  
• Solana
  
• Ethereum
  
• Sui

Main Account

• BTC
  
• USDC
  
• Other long-term holdings

Peptides Account

• BTC
  
• USDC

With that arrangement, all research purchases would come from the Peptides account while your main holdings stay untouched. Compartmentalising funds this way is straightforward and avoids the need for a second Tangem. Since it's a cold wallet, funds can't leave your crypto account to a third party unless someone physically has your Tangem Card. That makes it very secure and low risk from that angle.

I appreciate that. It clears things up quite a bit. Guess I should have looked into how the Tangem actually works instead of skimming over the details.

I keep a small amount of USDT set aside for buying from vendors, and my plan was to keep it separate from the BTC I'm sitting on.

 

[bluewater]

bada bing said:

bluewater said:

bada bing said:

I'm thinking about getting another Tangem and keeping it solely for crypto transactions. The idea behind this is that the amount I hold on my current Tangem is larger than what I feel comfortable putting at risk through online purchases. Are there any crypto experts here who can say whether doing this is unnecessary or not?

No additional Tangem purchase is necessary, since the one you already own can handle this. On a single Tangem, you're able to set up several named accounts, each serving a distinct role. Take this setup:

Trading Account

• BTC
  
• Solana
  
• Ethereum
  
• Sui

Main Account

• BTC
  
• USDC
  
• Other long-term holdings

Peptides Account

• BTC
  
• USDC

With that arrangement, all research purchases would come from the Peptides account while your main holdings stay untouched. Compartmentalising funds this way is straightforward and avoids the need for a second Tangem. Since it's a cold wallet, funds can't leave your crypto account to a third party unless someone physically has your Tangem Card. That makes it very secure and low risk from that angle.

I appreciate that. It clears things up quite a bit. Guess I should have looked into how the Tangem actually works instead of skimming over the details.

I keep a small amount of USDT set aside for buying from vendors, and my plan was to keep it separate from the BTC I'm sitting on.

It also took me quite a while to find out that this option existed. So you are in good company.