user68560: My understanding is that:

Your crypto is on the public ledger under a public key.
Your Hardware Wallet stores your private key (which is used to prove your ownership of the public key/wallet).
You create a password to protect your hardware wallet (something more easily remembered than a full private key hash).

What I don't understand, is that when creating a hardware wallet you're given a "recovery phrase" of 12 words you have to write down to recover your wallet if it gets lost.
How is this any different than just writing down your private key on the same piece of paper and foregoing the expensive wallet? If you have to write down what is essentially your private key anyway what exactly is the benefit/point of a hardware wallet?

user13866: The private key can be created from the recovery phrase.
The advantage of a recovery phrase is that people are less likely to mis-type familiar words than to mis-type a long meaningless mix of digits and letters.
None of this depends on the wallet being a hardware wallet. Some software wallets, which can be obtained at zero cost, also support the use of recovery phrases (AKA seed-phrases).
The advantage of a hardware wallet is that, properly used, it is immune to typical PC malware.

68560: <p>My understanding is that:</p>
<ol>
<li>Your crypto is on the public ledger under a public key.</li>
<li>Your Hardware Wallet stores your private key (which is used to prove your ownership of the public key/wallet).</li>
<li>You create a password to protect your hardware wallet (something more easily remembered than a full private key hash).</li>
</ol>
<p>What I don't understand, is that when creating a hardware wallet you're given a &quot;recovery phrase&quot; of 12 words you have to write down to recover your wallet if it gets lost.</p>
<p>How is this any different than just writing down your private key on the same piece of paper and foregoing the expensive wallet? If you have to write down what is essentially your private key anyway what exactly is the benefit/point of a hardware wallet?</p>
 13866: <p>The private key can be created from the recovery phrase.</p>
<p>The advantage of a recovery phrase is that people are less likely to mis-type familiar words than to mis-type a long meaningless mix of digits and letters.</p>
<p>None of this depends on the wallet being a hardware wallet. Some software wallets, which can be obtained at zero cost, also support the use of recovery phrases (AKA seed-phrases).</p>
<p>The advantage of a hardware wallet is that, properly used, it is immune to typical PC malware.</p>
