Watch-Only Wallet

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Web3 Infrastructure • Tools • Interfaces

view-only monitoring without spending authority

Watch-Only Wallet is a type of cryptocurrency wallet that allows users to monitor balances and transactions without having access to the private keys needed to move funds. It’s commonly used for portfolio tracking or viewing activity on a cold wallet, ensuring security by keeping private keys offline. Watch-only wallets are ideal for passive monitoring without risking control of assets.

Use Case: A long-term holder tracks gold-backed balances from a watch-only wallet while keeping the spending keys secured offline.

Key Concepts:

Cold Wallet — Offline storage that keeps private keys disconnected from networks
Air-Gapped Wallet — Fully isolated device; signs transactions offline and exports via QR/USB
Hardware Wallet — Dedicated device that stores keys and signs offline
Multisig Wallet — Shared-control wallet requiring multiple signatures
Hot Wallet — Internet-connected wallet for active use with higher risk
Self-Custody — Direct control of assets without third-party reliance
Private Keys — Cryptographic keys absent from watch-only setups
Seed Phrase — Recovery words kept separate from watch-only access

Summary: Watch-only wallets let you monitor your cold storage holdings from any device without exposing private keys. They’re essential companions to air-gapped and hardware wallet setups, providing real-time visibility while maintaining maximum security on the signing side.

Wallet Type	Internet Access	Security Level	Ease of Use	Best For
Watch-Only Wallet	Online (view-only)	N/A (no keys)	High	Monitoring cold wallets
Air-Gapped Wallet	Completely offline	Maximum	Low	Ultra-secure storage
Hardware Wallet	Offline (connects when needed)	Very High	Moderate	Long-term with periodic access
Paper Wallet	Completely offline	High (if stored safely)	Low	Low-tech storage

How Watch-Only Wallets Work

monitoring without spending authority

Export

Import

Monitor

Secure

Step 1: Export Public Key
From cold/hardware wallet • Export xPub or public address • No private key involved • Safe to share publicly • One-time setup

Step 2: Import to Watch-Only
Add to tracking wallet/app • Wallet derives all addresses • Syncs with blockchain • No spending capability • View-only access

Step 3: Monitor Activity
See incoming transactions • Track balances in real-time • View transaction history • Get notifications • Portfolio tracking

Step 4: Keys Stay Secure
Private keys never exposed • Cold wallet remains offline • Zero spending risk • Convenient daily visibility • Best of both worlds

Key Insight: Watch-only wallets use your public key (safe to share) to track your addresses. Your private key (never share) stays on your hardware wallet. You can check balances anytime without touching your cold storage.

Watch-Only Use Cases

when and why to use view-only monitoring

Cold Storage Monitoring
• Track hardware wallet balances
• Monitor air-gapped holdings
• See incoming deposits
• Verify transactions arrived
• No need to connect cold wallet
• Check anytime from phone

Portfolio Tracking
• Aggregate multiple wallets
• Track total holdings
• Performance monitoring
• Tax reporting data
• Historical transaction log
• Multi-chain visibility

Air-Gapped Companion
• Create unsigned transactions
• Monitor after broadcasting
• Essential for air-gapped flow
• Verify confirmations
• Track pending transactions
• Complete the security circle

Shared Visibility
• Accountant access for taxes
• Partner/family oversight
• Business treasury monitoring
• Audit trail without risk
• Transparency without control
• Trust but verify

Practical Setup: Keep your Tangem or Ledger in cold storage, but import the public key to a watch-only app on your phone. Check balances daily without ever exposing your private keys.

Watch-Only Wallet Apps

tools for monitoring your cold storage

App	Platform	Networks	Best For
BlueWallet	iOS, Android	Bitcoin	Bitcoin watch-only
Sentinel	Android	Bitcoin	Privacy-focused BTC
MetaMask	Browser, Mobile	EVM chains	ETH/Flare monitoring
Zerion	Browser, Mobile	Multi-chain	DeFi portfolio tracking
DeBank	Web	Multi-chain	DeFi position tracking
Ledger Live	Desktop, Mobile	Multi-chain	Ledger device companion

Flare Users: Add your Flare address to MetaMask as watch-only, or use DeBank/Zerion to track cross-chain positions including FLR, sFLR, and LP tokens without connecting your Tangem or Ledger.

Setting Up Watch-Only

step-by-step for different wallet types

From Hardware Wallet
1. Connect hardware wallet
2. Open companion app (Ledger Live)
3. Find “Export xPub” or similar
4. Copy public key
5. Import to watch-only app
6. Disconnect hardware wallet

From Air-Gapped Wallet
1. Navigate to export on device
2. Display xPub as QR code
3. Scan with watch-only app
4. Verify addresses match
5. Air-gap maintained
6. Monitor without connection

Single Address (Simple)
1. Copy your public address
2. Open watch-only app
3. Select “Add Watch Address”
4. Paste address
5. Done—monitoring active
6. Repeat for each address

Extended Public Key (Advanced)
1. Export xPub from wallet
2. Contains all derived addresses
3. Watch-only derives same addresses
4. Automatically tracks new deposits
5. More comprehensive tracking
6. Best for HD wallets

xPub vs Address: Single addresses work for simple tracking. xPub (extended public key) automatically tracks all addresses your wallet generates—better for wallets that create new addresses for each transaction (Bitcoin) or have many derived accounts.

Watch-Only Security

what’s safe and what to be careful about

Safe to Do
✓ Share public address for receiving
✓ Import xPub to tracking apps
✓ Use on daily phone/computer
✓ Give accountant watch-only access
✓ Track on multiple devices
✓ Use web-based portfolio trackers

Never Do
✗ Confuse xPub with private key
✗ Import private key “just to watch”
✗ Enter seed phrase into tracking app
✗ Use fake watch-only apps
✗ Trust apps requesting signing
✗ Share xPub publicly (privacy risk)

Privacy Considerations
• xPub reveals all your addresses
• Anyone with xPub sees your balance
• Transaction history visible
• Share only when necessary
• Consider separate xPubs per use
• Not secret, but not public

What Watch-Only Can’t Do
• Send or spend funds
• Sign transactions
• Approve token spending
• Interact with dApps
• Access private keys
• Modify wallet settings

Key Distinction: Your xPub (extended public key) lets anyone see your balances but not spend. Your xPriv (extended private key) or seed phrase lets anyone spend everything. Never confuse the two—watch-only apps should only ever ask for public data.

Watch-Only + Cold Storage Workflow

the complete security setup

Component	Purpose	Internet	Contains Keys
Hardware Wallet	Signing transactions	Only when signing	Yes (secure element)
Air-Gapped Wallet	Ultra-secure signing	Never	Yes (isolated)
Watch-Only Wallet	Daily monitoring	Always online	No (public only)
Metal Seed Backup	Disaster recovery	Never	Yes (physical)

Daily Workflow
• Check balances via watch-only
• Receive funds to watched addresses
• Monitor for unexpected activity
• Hardware wallet stays in safe
• No keys exposed daily
• Full visibility, zero risk

Transaction Workflow
• Create tx in watch-only (unsigned)
• Transfer to hardware wallet
• Sign on secure device
• Broadcast from watch-only
• Keys touched only when needed
• Minimal exposure window

Recommended Setup: Tangem or Ledger for signing + phone watch-only app for monitoring. Check balances anytime, sign only when needed. Hardware wallet stays offline 99% of the time.

Watch-Only Checklist

setting up safe view-only monitoring

Setup Steps
☐ Export public key from cold wallet
☐ Choose reputable watch-only app
☐ Import address or xPub
☐ Verify addresses match source
☐ Enable notifications if desired
☐ Test with small incoming tx

Verification
☐ Confirm app only requested public data
☐ Never entered seed phrase
☐ Never entered private key
☐ Addresses shown match cold wallet
☐ Balance displays correctly
☐ Transaction history visible

Ongoing Use
☐ Check balances as needed
☐ Verify incoming transactions
☐ Monitor for unauthorized activity
☐ Keep app updated
☐ Don’t store sensitive data in app
☐ Remember—no spending from here

Security Setup
☐ Hardware wallet stores keys
☐ Tangem — tap-to-sign card
☐ Ledger — USB/Bluetooth device
☐ Watch-only for daily checks
☐ Seed backup in secure location
☐ Complete security circle

Remember: Watch-only wallets are windows, not doors. You can see in but can’t walk through. Your hardware wallet holds the keys—the watch-only just lets you check on things without unlocking the vault.

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