For Monero specifically, the hot/cold split works a bit differently than BTC because of how the view key works.
Recommended setup:
- Primary wallet (Feather or official GUI): Your main spending wallet. Synced, online. Keep only what you need for near-term use here.
- Cold wallet (air-gapped, created offline): Long-term storage. Can be a paper wallet with just the seed, or Feather running on an air-gapped machine.
The Monero-specific advantage: You can give someone your view key to watch the cold wallet balance without exposing spend authority. So you can monitor incoming funds without ever bringing the cold wallet online.
Hardware wallets: Ledger and Trezor both support Monero now. Works well if you want the hardware security model. Feather has clean Ledger integration.
For your paper wallet question: Yes, generate offline (e.g. on a Tails live USB with no network), write down the 25-word seed. To check balance without importing the spend key, restore as a view-only wallet using just the public address + view key. To spend, restore the full seed on an air-gapped machine, sign, then broadcast via a watch-only wallet (Feather supports this with USB transfer).
The main risk with Monero cold storage is the 25-word seed — treat it exactly like cash. If someone gets it, funds are gone, and unlike Bitcoin there's no way to trace the theft.
The Electrum air-gap pattern you described translates to Monero with a few differences worth knowing.
Hot/cold wallet split for Monero
Monero uses spend keys and view keys separately. This maps cleanly to an air-gap setup:
The workflow:
Hardware wallet option
Ledger and Trezor both support Monero now (Trezor Model T/Safe 3, Ledger Nano S Plus/X). The hardware wallet acts as your cold device. Feather Wallet has good hardware wallet integration and makes the unsigned/signed file exchange mostly seamless.
Paper wallet caveat
Monero paper wallets are possible but checking your balance requires importing the view key somewhere — which means at minimum a view-only wallet on an online device. Worth understanding before you go that route.
Practical recommendation
For most people: hardware wallet (Ledger or Trezor) + Feather Wallet on desktop. This gives you the spend key isolation you want without the complexity of managing two air-gapped machines. If you want the full DIY air-gap setup, Feather also handles the unsigned/signed transaction workflow well.