What exactly is the difference between:
I already have a Seed & Use a Hardware Device?
-snip-
I would like to use the hardware wallet (Specter Shield), unfortunately it is not compatible with Electrum, but if I enter the Specter Shield seed manually into Electrum, I could still use the Specter Shield as a signing device, right?
"
Use a hardware device" requires a specific transaction-signing protocol that's unique to the hardware wallet to be implemented in Electrum (
usually as plugin)
"
Use a master key" (
import an extended (master) public key) or import a "
skeleton wallet" exported from the hardware wallet opens for the following transaction signing options:
- Via QR Code, the hardware device has to produce and accept the base43 encoded transaction data contained in the compatible QR code with Electrum. (AFAIK Shield uses UR2.0)
- Via "Micro SD" transaction export, it's could be compatible as long as it's in "PSBT" format.
Using "
I already have a seed" will create a wallet containing the seed that can derive all of your keys for signing.
PS:
I think I'm making a mistake in my thinking, if I use a MultiSig with Electrum Coldwallet + Specter Shield and I enter the seed from the Specter Shield manually into Electrum, then I don't need the shield at all, since I can sign with both seeds with Electrum
Yes, the alternative is to use your hardware wallet's master public key and see if you can export PSBT transaction if you want separate signing devices.