5 Reasons Why I Prefer a Bitcoin Mobile Wallet - page 3.

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Quote from: nelson4lov on June 11, 2020, 02:18:59 PM

Hardware or Mobile wallets? I'd say it doesn't really matter so far it does get the job (safekeeping our cryptocurrencies) done. Obviously both wallets have their pros and cons. Hardware wallet for example comes packed with much security features. Mobile wallets on the other hand provides ease of access to the wallet and that's a big plus since Mobile is the new trend.

Well I don't see any cons of using hardware wallet, not even the accessibility unlike with the mobile wallets since hardware wallets are made to be fully secured. I'm not saying that mobile wallets are not secured, but they are less secured compare to hardware ones. Besides there were cases where mobile wallets are being hacked, funds stealing and the worst I've seen is that the whole software was injected with a virus leaking the user database. Just a suggestion when using mobile wallets, just stick with the old and reputable ones.

Quote from: nelson4lov on June 11, 2020, 02:18:59 PM

I'm currently using a mobile wallet and it does get the job done. What most people don't realize is that is both wallets are vulnerable to attacks to a certain extent and users play a vital role in keeping their wallets secured at all times.

Me too, so far I don't encounter any issues with it aside from sudden maintenance for upgrades and promotional ads. My mobile wallet from the beginning of my journey in crypto is still my wallet until now. I guess it's an achievement right? haha Grin

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Quote from: TopTort777 on June 12, 2020, 06:49:36 AM

Quote from: davis196 on June 12, 2020, 01:33:41 AM

My number one reason why I don't want to buy a hardware wallet:
Because it costs money. Grin

Having a hardware wallet makes sense only if you have 1+ BTC and you wanna have the absolute best security measures(even though there's no such thing as 100% security).
I simply don't HODL that big amounts of BTC,so it's pointless for me to buy a hardware wallet.
On the other side,I think that mobile wallets are less secure than online wallets.
I've been using online wallets for about 4 years and I never had any problem.

Have you tried calculating how much you have paid in fees while using online wallets ? If you frequently send bitcoin via online wallet, you should have noticed, that commission is higher that just sending satoshi/byte. Maybe you have spent on fees more than mobile wallet cost.

For example once I've withdrawn about $600 from BitGo wallet and paid $20 for it Angry

3-4 transactions like that and one could buy himself a brand new ledger Cheesy

Wow this is something to look at,but my question is does using hardware wallet gives free transactions in every sending of bitcoin to other wallet?example i need to pay you bitcoin and i have hardware wallet if i send you the amount i will not be asked for transaction fee?sorry but i have not tried using HW wallet thats why i wanna know this matter so i will purchase mine as well.

I use local wallet and yeah i need to pay for fee everytime i need to send as payments for other peoples wallet and if you are correct then i can same too much money if i started my own online business in future.

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Quote from: davis196 on June 12, 2020, 01:33:41 AM

My number one reason why I don't want to buy a hardware wallet:
Because it costs money. Grin

Having a hardware wallet makes sense only if you have 1+ BTC and you wanna have the absolute best security measures(even though there's no such thing as 100% security).
I simply don't HODL that big amounts of BTC,so it's pointless for me to buy a hardware wallet.
On the other side,I think that mobile wallets are less secure than online wallets.
I've been using online wallets for about 4 years and I never had any problem.

Have you tried calculating how much you have paid in fees while using online wallets ? If you frequently send bitcoin via online wallet, you should have noticed, that commission is higher that just sending satoshi/byte. Maybe you have spent on fees more than mobile wallet cost.

For example once I've withdrawn about $600 from BitGo wallet and paid $20 for it Angry

3-4 transactions like that and one could buy himself a brand new ledger Cheesy

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Quote from: finaleshot2016 on June 12, 2020, 06:03:42 AM

Same with me, almost 3 years of using mobile wallet but there's nothing happened.

We're the same experienced, I'd never use hardware wallet even though I wanted to use it because I'd read different suggestions that hardware wallet is more safe and reliable to store Bitcoin. One reason is, I can't afford to purchase and I'm contented to use with the open-source wallets and I didn't store Bitcoin for long term purposes.

We're all entitled to choose whatever we want and I respect those insights of what OP said, there's no problem with mobile wallets or let say custodial wallets if this is for short term holding of your crypto assets. There are no ending arguments because all of these have pros and cons. Everything can be hacked once we are on the internet, negligence will make your crypto asset lose.

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Quote from: davis196 on June 12, 2020, 01:33:41 AM

Quote

My Five REASON Why I do not want to buy them?

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.

My number one reason why I don't want to buy a hardware wallet:
Because it costs money. Grin

Having a hardware wallet makes sense only if you have 1+ BTC and you wanna have the absolute best security measures(even though there's no such thing as 100% security).
I simply don't HODL that big amounts of BTC,so it's pointless for me to buy a hardware wallet.
On the other side,I think that mobile wallets are less secure than online wallets.
I've been using online wallets for about 4 years and I never had any problem.

That's what I've thought also but If you're aiming to save a lot of bitcoin, you can actually buy it now. It doesn't require to have 1 BTC before you buy it, as long as it has a sale ongoing, you should grab your own hardware wallet now. The reason why it costs a lot because of security, and obviously if the user is just a bounty hunter or earning BTC through airdrop and such, he/she doesn't need this and will just cost a lot. But if you're an investor and want to have a long-term investment on bitcoin, then it's a sign that you should have one.

Same with me, almost 3 years of using mobile wallet but there's nothing happened.

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Quote

My Five REASON Why I do not want to buy them?

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.

My number one reason why I don't want to buy a hardware wallet:
Because it costs money. Grin

Having a hardware wallet makes sense only if you have 1+ BTC and you wanna have the absolute best security measures(even though there's no such thing as 100% security).
I simply don't HODL that big amounts of BTC,so it's pointless for me to buy a hardware wallet.
On the other side,I think that mobile wallets are less secure than online wallets.
I've been using online wallets for about 4 years and I never had any problem.

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Quote from: Sadlife on June 11, 2020, 07:33:25 PM

Indeed there are pros and cons to hardwallet and it's a problem to keep safe especially if you're neglectful. Yes, mobile wallets are much easy to use and accessible but if its becomes regulated they can easily freeze your Bitcoins that's the problem with central authority.
For me, i'd rather not put all my asset in one wallet.

If you want to use a mobile phone wallet, I think you should use the other mobile phone which you don't use to communicate, so you don't have to carry the mobile phone anywhere because that will be too risky. You don't know if you can take care of the phone or not, so it is better to leave the mobile phone at your home, and you don't have to worry about losing the phone. Yes, we need to spreads the asset into many wallets, but we can also store it in one wallet, but we don't have to tell other people that we own that wallet. Just remember that you don't have to keep all of your assets in the exchange because we don't know if they still running for the long term or not.

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Indeed there are pros and cons to hardwallet and it's a problem to keep safe especially if you're neglectful. Yes, mobile wallets are much easy to use and accessible but if its becomes regulated they can easily freeze your Bitcoins that's the problem with central authority.
For me, i'd rather not put all my asset in one wallet.

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Hardware or Mobile wallets? I'd say it doesn't really matter so far it does get the job (safekeeping our cryptocurrencies) done. Obviously both wallets have their pros and cons. Hardware wallet for example comes packed with much security features. Mobile wallets on the other hand provides ease of access to the wallet and that's a big plus since Mobile is the new trend.

I'm currently using a mobile wallet and it does get the job done. What most people don't realize is that is both wallets are vulnerable to attacks to a certain extent and users play a vital role in keeping their wallets secured at all times.

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Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

Everyone recommends a hardware wallet to store Bitcoin, which Bitcoin wallet is good to safeguard your investment for free is a question? maintaining those hardware wallets is a pain in the wrong place.

As of my experience, these are
My Five REASON Why I do not want to buy them?

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.

If you think I am wrong with my opinion then do comment.

Thanks.

One of the Members compared my 5 reasons with his reason why a hardware wallet is better? and I replied to that member adding 5 more reasons.

Questions

Quote

2. Same with mobile wallets, if you lose them, you will lose all your coins unless you made a backup or stored your keys (if provided).
3. Using both Hardware and mobile wallets are easy to understand. It depends on a user's ability to understand the interface. You don't have a hardware wallet right? How come you conclude they are not easy to operate.
4. Same with mobile wallets, you have to update it regularly. I don't see any mobile wallets that don't need an update.
5. Same with mobile wallets, they are also prone to hack.

Answers

Quote

2. The chance of losing a mobile phone is very less as they are no more a palm device like hardware wallets. Another best thing about mobile devices now days is that they can be tracked and as well as disabled remotely.
3. Why would you want to make your life complicated using both devices? Choose one which has multiple usages like a mobile device.
4. They get auto-updates periodically which you do not need to monitor. You have to manually update and monitor updates.
5. Both android and iOS have firewalls they cannot get hack automatically unless the user downloads a malware. But, hardware wallets can be easily detected by that same malware when you are trying to update it.

In the end of all this is that either hardware wallets or mobile wallets are we using the most important thing is how we managed to took care of our assets here.

there are complete answers above about the advantage and disadvantage of Both hardware or mobile wallets but the bottomline is what we wanted to use and how we use it.

There are no need for debates,Let us Use what we want and respect our decision as easy as that.

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I do think one should understand that , if you are not holding a huge amount of Bitcoins in your wallet then there is nothing wrong in using mobile wallets . Some Mobile wallets do provide you with instant buying and selling which is good for long term and short term trading.
The whole idea is :

It takes approximately 30 minutes for Bitcoins to be transferred from a hardware wallet to exchange therefore I do doubt that one would want to miss out on an opportunity where they can actually earn a lot .

The price changes every second sometimes and therefore I don't think that they should be used if your main focus is trading .

But if you do have a lot of money and you are going to hold your BTC till you become a millionaire then go for it ofcourse , they are amazing and very secure.

They are not a liability ! If you think correctly everything is a liability , it does depend on how you handle things.

Hardware wallets are not hackable until and unless you do know how to operate them rightfully. Even your mobile can be hacked , it does depend on the user at the end of the day and therefore I do think that one can go both ways , there won't be one right option.

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Quote

There is actually no need to create a thread just to say you don't want to buy them. Of course, not everyone can afford to buy it.

Yes, there was a need to create a thread, beginners are foolishly wasting their money because everyone here is recommending it without even using one. I also did the same and regret it.

Quote

About maintaining those hardware wallets, may I know your opinion about what are those things that makes it difficult to maintain?

My 5 reasons are sufficient for you to understand.

Quote

2. Same with mobile wallets, if you lose them, you will lose all your coins unless you made a backup or stored your keys (if provided).
3. Using both Hardware and mobile wallets are easy to understand. It depends on a user's ability to understand the interface. You don't have a hardware wallet right? How come you conclude they are not easy to operate.
4. Same with mobile wallets, you have to update it regularly. I don't see any mobile wallets that don't need an update.
5. Same with mobile wallets, they are also prone to hack.

2. The chance of losing a mobile phone is very less as they are no more palm device like hardware wallets. Another best thing about mobile devices is that they can be tracked and as well as disabled remotely.
3. Why would you want to make your life complicated using both devices? Choose one which has multiple usages like a mobile device.
4. They get auto-updates periodically which you do not need to monitor. You have to manually update and monitor updates.
5. Both android and iOS have firewalls they cannot get hack automatically unless the user downloads a malware. But, hardware wallets can be easily detected by that same malware when you are trying to update it.
[/quote]

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Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.

Hardware wallets are for long term holders of not just Bitcoin but other cryptos for me so if you are just a bounty hunter, buying a hardware wallet isn't necessary anymore.

Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

2. They are a liability as if, you lose it you will lose your investment.

The chances of being scammed or hacked if you are using a mobile wallet is higher compare to a hardware wallet. As you use your mobile, there is still a possibility that you can download some malware or viruses that may get your information. That being said, using hardware wallet reduces the risk of getting scammed or hacked.

Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

3. They are not easy to operate and most exchanges do not support them.

I will assume that you are a bounty hunter here or a trader as you are thinking about exchanges. Like I said, for me hardware wallet is for those long term holders. Having a mobile wallet would be better if you want to sell your coins. Just my opinion though. I think they are easy to operate though isn't it? They are user friendly I think.

Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

5. They can still be hacked if you are using them online for trading or other stuff.

This is possible but the chances are low if you aren't using it that much. I think that hardware wallets are very hard to hacked as what I'm hearing with the experts here.

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A matter of preference. Argument could mostly be said to be invalid since you aren't really saying anything that could make me want to use Mobile Wallets, instead, what you stated just persuades me not to buy Hardware wallets. Not using hardware wallets doesn't really mean that I would need to use Mobile Wallets after all. Besides, most of the reasons you've stated are actually just negatives of you (the person) being irresponsible. It isn't like there's a negative in the wallet itself (most of the time), it's just you being darn lazy and careless. And if for argument's sake let's say that I'm actually wrong, my points being wrong doesn't really mean that your points are right, or that mobile wallets are better.

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We already know that if you don't have the seed, you don't own it.

It is true there are a lot of mobile wallets that provide you with good connections to maybe some platforms where you can use your Bitcoins. But when you say you prefer it, I don't think it is that great. Its been years since people are actually saving their Bitcoins in their hardware wallet or the cold ones and it is much better. I think if you really need it you can send some to your mobile wallet but I don't prefer my Bitcoins to be saved there.

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Well my dear, for the number one reason I don't think anyone will buy the hardware wallet to work it as a bounty hunter !! The hardware wallet is used to store Coins in the long run.
For Reason No 2, this defect is present in all wallets, whether a web wallet or a mobile application wallet, the mobile can also be lost and the wallet lost. But of course you can get it back if you own the wallet's private key.
for number 3, I told you the wallet is used for storage, not for bounty or exchanges.
for No. 4, what is prevented from updating the wallet? The update process is easy and not expensive.
for No. 5: all wallets, whether a web wallet, a mobile application wallet, or a desktop wallet, can be hacked via the Internet, not just the hardware wallet.

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Quote from: supine on June 11, 2020, 01:31:17 AM

Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

Everyone recommends a hardware wallet to store Bitcoin, which Bitcoin wallet is good to safeguard your investment for free is a question? maintaining those hardware wallets is a pain in the wrong place.

As of my experience, these are
My Five REASON Why I do not want to buy them?

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.

If you think I am wrong with my opinion then do comment.

Thanks.

Your title is misleading you should change it to "My five reason why I do not want to buy hardware wallet"

I do not think the title is misleading, it only needs us to read the content with it, you will be able to draw out the fact that pakhitheboss see mobile wallet more convenient than any other wallet because people can easily access wallet through the phone apps, and you will be able to draw out that he does not like the fact that hardware wallets are expensive while he can access some reputed wallets through phone apps. But, from the replies, we have known how hardware wallets are so important especially for those that store high amount of cryptocurrencies for not to panic.

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You have mentioned here all the disadvantage of Hardware wallet, but why you haven't bothered to mention advantage of mobile wallets since your title indicating for that? Same all the disadvantages goes for the mobile wallet as well and mobile wallet would be on more risk than Hardware wallet comparatively. You could lost your mobile devices as well and it's very easy to hack any online machines than hardware wallet. Lost hardware wallet doesn't mean lost of your fund if you keep secure you seed phrase on multiple place rather than save on single place.

Anyway its something like discouragement post about hardware wallet. There would many reason why you don't like hardware wallet, but there would many reason why O don't like to store any funds to mobile wallet for me. Just keep in mind any offline wallet is safer than any online wallet. The fact is how you are going to secure your wallet credentials.

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no one doubts the security of hardware wallets. But using a hardware wallet is primarily beneficial to those cryptocurrency users who send Bitcoin for cold storage and also store large amounts of coins. In other cases, the use of a hardware wallet in my opinion will not be rational. In turn, I use Blokchain.info and am quite happy with this resource, as this wallet offers multi-level security. At the same time, I can use this wallet not only through the website, but also using the mobile application.

In the sense of small users/investment Blockchain wallet can performed and sustained your needs to keep your small assets
safe, as they also have features where you can add securities.
Setting up 2fa and emails to make sure that it's you who are trying to access your wallet gives confidence if you only have
small funds to store or use for your daily trading.
Though it's no doubt that if you are into big investment having your own cold storage / hardware wallets to make sure that
you are the one who's in control of your assets provides more securities to your money.

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Quote from: pakhitheboss on June 10, 2020, 11:38:03 AM

Everyone recommends a hardware wallet to store Bitcoin, which Bitcoin wallet is good to safeguard your investment for free is a question? maintaining those hardware wallets is a pain in the wrong place.

As of my experience, these are
My Five REASON Why I do not want to buy them?

1. They are costly if you are paid in Bitcoin as a bounty hunter or for a gig.
2. They are a liability as if, you lose it you will lose your investment.
3. They are not easy to operate and most exchanges do not support them.
4. They have to be updated periodically or you will never see your Bitcoin in them.
5. They can still be hacked if you are using them online for trading or other stuff.

If you think I am wrong with my opinion then do comment.

Thanks.

Your title is misleading you should change it to "My five reason why I do not want to buy hardware wallet"

Okay so here is my answer to your opinion.
Hardware wallet is the best and have the highest security when it comes to crypto wallet.
Compare to online and mobile wallet it is much more harder but it is much more secure.
All of the things that you mention could also be said to the mobile wallet but the 5th reason is much more easier to be done in a mobile wallet I don't know if there is a record that would show us how many mobile wallet or online wallets has been hacked over the past few years and compared it to the hard ware wallets.
But it is your choice every wallet have their own advantages just like in mobile wallet it's advantage is if you are using or sending/receiving Bitcoin regularly it is the wallet that you should use.
But if you are using your crypto often and wants to hold it for a long time then hardware wallet would be the best since they have high security and isn't easy to be hacked.

Topic: 5 Reasons Why I Prefer a Bitcoin Mobile Wallet - page 3. (Read 1093 times)