I want to roll my own hardware wallet using a USB stick. I have some concerns:
- Do I need to download the entire blockchain in order to create a new wallet?
- Do I need to download and store the entire blockchain on the USB in order to send and receive funds?
- Do I need to plug in the USB wallet in order to send funds?
- Do I need to plug in the USB wallet in order to receive funds?
- I'm hoping that the answer to the first question is "no", as I really am not keen on downloading and maintaining a local copy of the entire blockchain. It's such a waste of space.
- I'm hoping that the answer to the second question is "no". Because again, I really don't want to spend time and bandwidth downloading the entire blockchain, and also I don't want to have to store it. Those are gigabytes that could be spent on something else.
- I'm hoping that the answer to question three is "no" for security reasons. I don't want random cυnts on the other side of the world transfering my money without my consent.
- I'm hoping that the answer to question four is "yes" for convenience reasons. I don't want to have to plug in the wallet every time someone sends me money.
My understanding is that there is the public key for receiving, and the private key for sending. Am I correct in thinking that the only thing you fundamentally have to keep secure is the private key? If that's the case, surely I don't have to download the entire blockchain?