Best open source hardware wallets for BTC?

Abiky

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Not all users prioritize the same level of security or have the same technical knowledge when storing cryptocurrencies. I found that while Ledger did face criticism for their handling of the situation, the incident did not directly affect the security of the hardware wallet itself. The compromises related to the disclosure of customer data remain intact. It's worth mentioning that if open-source hardware wallets are your top priority, then you should consider Trezor, Coldcard Wallet, and BitBox. These wallets have been known for their commitment to open source principles, allowing the community to review and verify code for added security.

Ledger provided a whitepaper describing how its "recovery service" works. But I don't think that's enough to gain the trust of veteran crypto users like me. Why didn't Ledger decide to open source the firmware of its "Nano" devices? Is it because they're hiding something?

Anyhow, I'm glad we have plenty of open source hardware wallets to choose from. Things would've been worse if Ledger was the only manufacturer of hardware wallets. Closed source is the antithesis of crypto, in my opinion. Ultimately, time will tell us if Ledger will survive with stiff competition in the crypto/Blockchain space. As long as decentralization/censorship-resistance wins, we should have nothing to worry about. Wink

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It seems like when the Trezor wallet had an issue if I'm not mistaken, it was actually someone else who has control of our wallet account such as the word seed phrase and private key apart from the password of course.

There are many hardware wallets that can be used for us to trust, so always do your own research. There are many ways to know if it is safe or not. Of course, you will also balance which one has the most users of an open-source wallet, because I have only been using Electrum on my Desktop PC for a few years now.

Abiky

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Quote from: Casdinyard on June 11, 2023, 03:41:03 PM

Electrum's tried and tested but sometimes it just fails and when it does it fails horribly, so take using Electrum with a massive hand of salt.

Although I would agree with the fact that Hard Drive wallets are still good when it comes to saving your bitcoins. Been hearing lately that Trezor's the king but Ellipal could be as good as it in terms of security, plus the recent debacle with Trezor just rids them of that hard-earned trust and respect their users had for them, so I don't think you should dabble with this one too at least for now. Jade Wallet's great, when it comes to cost efficiency, and then Passport but that one's expensive with less features but the security I must say is top-notch.

Nothing compares to a hardware wallet in terms of security and reliability. Software wallets can be easily hacked as they're always online (although it's possible to use them offline for cold storage). The main selling point of hardware wallets is that you can use them as both a hot wallet and a cold wallet without fear of compromising your keys and/or seeds (depends if they're open source or not).

I'd take an open source hardware wallet anytime, even though most of them are expensive. Ledger will become history as competitors take its place on the market. Many people already lost confidence in it, so I doubt the company will survive with newcomers into the crypto/Blockchain space. Who knows what will happen in the future?

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Quote from: Pmalek on June 09, 2023, 12:14:36 PM

Well, Coldcard isn't open-source either. But unlike Ledger, Coldcard has a public and verifiable codebase.

Pardon me, but isn't verifiable codebase synonym to open-source? In the Github repository, you have everything needed to study the source code of the firmware. Why doesn't that count as open-source? Also, in bitcoin.org it marks it as open-source, but I do notice it's the only place that it's called that way.

Quote from: Casdinyard on June 11, 2023, 03:41:03 PM

Electrum's tried and tested but sometimes it just fails and when it does it fails horribly, so take using Electrum with a massive hand of salt.

Bitcoin Core and Electrum are the two most tested and reviewed Bitcoin software. Where does it fail? Open up an issue.

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Quote from: sokani on June 09, 2023, 08:41:30 AM

Quote from: Nwada001 on May 31, 2023, 11:33:17 AM

Try using either a desktop or mobile Electrum wallet for the main time and move all your funds from that of ledger to your newly acquired Bitcoin wallet. Before it becomes too late, when the ledge is either hit with a security bridge or any funny news from the SEC,

The mobile and desktop electrum wallets are actually good. But there was a time someone on this forum complained of losing funds on an electrum wallet because of not updating to the latest firmware. I don't know if this has been really proven to be true. I have tried looking up google for help but I have not really gotten anything concrete and I would appreciate if someone can help me out.

You may be referring to julerz12's case, posted here: I've been hacked (Electrum 4.3.2).

While the user did mention not updating his wallet to the latest version, it's important to consider that there isn't enough clear evidence to pinpoint the exact reason for his coin loss. From what I remember, julerz12 mentioned that he hasn't accessed his wallet for quite some time until he was alerted about coins being moved. This suggests that the leak of the wallet's private keys or seed phrase might have occurred prior to any potential "hack," if we can even label it as such.

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Quote from: Nwada001 on May 31, 2023, 11:33:17 AM

Well, in search of the best hardware wallet to use since ledger has broken their users trust, try using either a desktop or mobile Electrum wallet for the main time and move all your funds from that of ledger to your newly acquired Bitcoin wallet. Before it becomes too late, when the ledge is either hit with a security bridge or any funny news from the SEC,

Electrum's tried and tested but sometimes it just fails and when it does it fails horribly, so take using Electrum with a massive hand of salt.

Although I would agree with the fact that Hard Drive wallets are still good when it comes to saving your bitcoins. Been hearing lately that Trezor's the king but Ellipal could be as good as it in terms of security, plus the recent debacle with Trezor just rids them of that hard-earned trust and respect their users had for them, so I don't think you should dabble with this one too at least for now. Jade Wallet's great, when it comes to cost efficiency, and then Passport but that one's expensive with less features but the security I must say is top-notch.

Abiky

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Quote from: The Sceptical Chymist on June 08, 2023, 03:32:06 PM

No doubt about that--but I don't suspect that Ledger is ever going to release the numbers since they're not a public company and thus don't have to. Nor are they likely to further damage their brand by announcing a drop in sales or in users. But man, I really would like to know how much this debacle is (or is going to) hitting them as far as profits go.

And to Abiky I'd say with respect to HW wallets, closed-source code is a bad thing as Ledger has proven. Such code might be acceptable in other things, but not when it comes to crypto--at least not as far as I can see.

From everything I've read since this went down with Ledger, the best HW wallet brands for bitcoin are BitBox, Blockstream Jade, and Keystone. Some folks have mentioned others, but I'm pretty sure that's because they were paid sponsorships on Youtube. I'm pretty turned off by Ledger and HW wallets in general now, so I don't think I'll be buying any new ones (except perhaps as collectibles).

I like the Jade wallet very much. It has so many features for a very low price. And best of all, it's open source so you don't have to worry about Blockstream "going rogue" sometime in the future. I'd just start over by destroying the seed linked to my Ledger wallet, and make a new seed on the Jade wallet. That's without transfering my BTC funds first.

I've looked into Passport as well, but it's a lot more expensive than other open source wallets. But it's quite interesting to say the least. With plenty of alternatives on the market, who needs Ledger anymore?

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Quote from: Fivestar4everMVP on June 08, 2023, 02:26:08 PM

Right now, I can't point to a particular hardware wallet I can vouch for as open source, but one which I am personally looking forward to using is Arculus from chainge finance, Arculus is a hardware which I believe have not started shipping out, but from all I've read about it, it may likely be a great choice, though like I said , I've not confirmed if the wallet is open source or not.

I doubt that Arculus is open-source. According to our local Croatian hardware wallet topic, it's a credit card-type of device that works only in the USA. You need to use it together with the Arculus app, and the app doesn't work outside of the United States. I don't think you are American, so you should forget about this particular HW.

Quote from: Abiky on June 08, 2023, 02:55:20 PM

With governments getting their hands into the crypto industry lately, we should be prepared for the worst. They may compromise the company making the hardware wallet, but if the device is open source, their efforts will be futile in the long run.

I think the biggest concerns will be hardware compromises. We found out recently that Gigabyte mainboards had backdoors installed. I think that will be a huge problem in the future which could also impact the cryptocurrency industry.

Quote from: karabiber on June 09, 2023, 07:24:21 AM

...My choice would be Electrum...

The subject of this discussion is Best open source hardware wallets for BTC. Because of that, recommendations for software wallets aren't the way to go.

Quote from: mr.mister on June 09, 2023, 08:02:51 AM

Just to make things clear, Ledger wallet's firmware is not yet open source, and somewhat controversial after the announcement of the ledger recover product.

If you just want to store btc, then the Coldcard MK4 is your best option.

Well, Coldcard isn't open-source either. But unlike Ledger, Coldcard has a public and verifiable codebase.

Quote from: sokani on June 09, 2023, 08:41:30 AM

But there was a time someone on this forum complained of losing funds on an electrum wallet because of not updating to the latest firmware. I don't know if this has been really proven to be true. I have tried looking up google for help but I have not really gotten anything concrete and I would appreciate if someone can help me out.

There is no firmware with Electrum. Many users became victims of phishing scams in the past because they downloaded and installed fake Electrum wallets without verifying the signatures. This is phishing and social engineering, and is a user mistake.

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Quote from: sokani on June 09, 2023, 08:41:30 AM

The mobile and desktop electrum wallets are actually good. But there was a time someone on this forum complained of losing funds on an electrum wallet because of not updating to the latest firmware. I don't know if this has been really proven to be true. I have tried looking up google for help but I have not really gotten anything concrete and I would appreciate if someone can help me out.

It is good to update your electrum software if there is a new update, but using older versions are very safe, surely with newer versions you enjoy new additions and little bugs are fixed, but it does not mean your funds would be lost if you use older versions.

The person probably lost their Bitcoins because their wallet seed phrase or keys was compromised or because they downloaded a fake electrum software and not because they were using an older version of electrum.

sokani

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Quote from: Nwada001 on May 31, 2023, 11:33:17 AM

Try using either a desktop or mobile Electrum wallet for the main time and move all your funds from that of ledger to your newly acquired Bitcoin wallet. Before it becomes too late, when the ledge is either hit with a security bridge or any funny news from the SEC,

The mobile and desktop electrum wallets are actually good. But there was a time someone on this forum complained of losing funds on an electrum wallet because of not updating to the latest firmware. I don't know if this has been really proven to be true. I have tried looking up google for help but I have not really gotten anything concrete and I would appreciate if someone can help me out.

mr.mister

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Quote from: Abiky on May 31, 2023, 11:25:12 AM

Does anyone know of any good hardware wallets that are open source? I've been using a Ledger Nano for years but not being open source is a deal breaker for me. With the Ledger Recover feature meant to help restore people's private keys/seeds by complying with KYC, the hardware wallet could be compromised as we know it. If it's not open source, it cannot be trusted.

Any suggestions and/or recommendations would be greatly appreciated. Thanks in advance.

Just to make things clear, Ledger wallet's firmware is not yet open source, and somewhat controversial after the announcement of the ledger recover product.

If you just want to store btc, then the Coldcard MK4 is your best option.

karabiber

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Quote from: Fivestar4everMVP on June 08, 2023, 02:26:08 PM

I am not very much familiar with hardware wallets, but I've always believe ledger and trezor were the best of them all until recently when alot got revealed about ledger, and then, the issue of them not being open source came up, Trezor on the other hand have been doing quite well but several people believe they have some kind of privacy issue which originated from Wasabi's coinjoin services integrated into the wallet..

Right now, I can't point to a particular hardware wallet I can vouch for as open source, but one which I am personally looking forward to using is Arculus from chainge finance, Arculus is a hardware which I believe have not started shipping out, but from all I've read about it, it may likely be a great choice, though like I said , I've not confirmed if the wallet is open source or not.

When choosing a Bitcoin wallet you need to consider the right criteria. The first of these is undoubtedly security. It is very critical to research the wallet in order to recognize the wallet you intend to open an account with and to check whether it has been hacked in its history. If you do not want to take risks, it is very important to choose a more established and proven platform in its field.

My choice would be Electrum. Thanks to its open source software, it is among the reliable wallets. Investors who open an account on the platform have the right to determine their own security level. You can create a multi signature wallet with a 2 factor authentication system. The reason for my preference emerged very shortly after the establishment of Bitcoin and has survived to the present day with almost no changes. But it only works for Bitcoin. If you are not interested in other cryptocurrencies, you can choose this wallet for its security measures and convenient use.

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Quote from: Abiky on June 07, 2023, 12:55:18 PM

Quote from: Pmalek on June 06, 2023, 11:04:33 AM

I don't think they are. If Ledger is good at one thing, that's marketing and advertising their products and services. They did a lousy job with the PR for Ledger Recover the first time. I think they will hang back, gather their thoughts, and try again once the storm passes.

We are forgetting that many ideas shared by members of this forum is not what the regular crypto user thinks. The average person isn't going to run their own node, stay clear of centralized exchanges, never submit KYC, or worry too much about privacy-invasive software and services. I don't think they will see the dangers in sharing their seeds with multiple online partners either if you package it and sell it to them in a nice wrapping.

Ledger will probably lose a percentage of their current userbase because people have found out their hardware wallets aren't as safe as they trusted Ledger they would be. In the long run, they might make up for it with new users, like the millions of mothers Roll Eyes

looking to purchase hardware wallets where there is a system in place to correct their mistakes.

I guess you're right. The vast majority of crypto users want convenience on top of privacy/security/decentralization. While Ledger will lose customers because of its recovery service, it won't be much of a big deal compared to the rest of the people who really don't care about anything. For crypto veterans like myself, we would look into other alternatives that respects the true values of crypto/Blockchain tech. I'm glad there are plenty of open source alternatives on the market. This would make crypto stronger in the long run. Would you imagine hardware wallet companies being compromised by the government in the future? If there were no open source wallets, no one would be able to use a hardware wallet without giving away their privacy and freedom. I hope Ledger learns its lesson and decides to abandon plans to launch the recovery service. Maybe it will turn into an open source hardware wallet company in the long run? Roll Eyes

Interesting! Still, I’d argue that the crypto is diverse enough to accommodate a spectrum of user needs and preferences. While I acknowledge the flaws in Ledger's approach, isn't there room for a more varied ecosystem? Crypto veterans like us are likely to prefer open-source, non-custodial wallets for optimal security and control. However, there's a substantial chunk of crypto users who prefer a degree of convenience and user-friendliness, even at the expense of some privacy and control. Isn't the key here diversity? The more significant issue I see here is user education. Many newbies are unaware of the potential privacy risks associated with certain practices. Rather than demonizing Ledger, perhaps our energy should be focused on enlightening these users? Remember, a well-informed user is less likely to fall prey to pitfalls, right?

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Quote from: The Cryptovator on June 08, 2023, 03:20:28 PM

As a solution, I am now contemplating acquiring a Trezor wallet, which has a reputable standing and is open source.

Trezor are anything but reputable. They supported AOPP, and they actively fund blockchain analysis, mass surveillance, and government sanctioned censorship via their partnership with Wasabi. There is zero chance I would trust a hardware wallet from a company who are pro-government, pro-censorship, pro-surveillance, and anti-fungibility.

Quote from: The Cryptovator on June 08, 2023, 03:20:28 PM

With an open-source wallet like Trezor, there are no hidden vulnerabilities that could be exploited to steal our cryptocurrencies.

There are instead publicly known and unfixable vulnerabilities, which Trezor deliberately sweep under the rug and make no mention of in their set up guides, putting all new users at risk.

Trezor is a poor replacement.

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Quote from: Fivestar4everMVP on June 08, 2023, 02:26:08 PM

I am not very much familiar with hardware wallets, but I've always believe ledger and trezor were the best of them all until recently when alot got revealed about ledger, and then, the issue of them not being open source came up, Trezor on the other hand have been doing quite well but several people believe they have some kind of privacy issue which originated from Wasabi's coinjoin services integrated into the wallet..

Right now, I can't point to a particular hardware wallet I can vouch for as open source, but one which I am personally looking forward to using is Arculus from chainge finance, Arculus is a hardware which I believe have not started shipping out, but from all I've read about it, it may likely be a great choice, though like I said , I've not confirmed if the wallet is open source or not.

In my experience, the hardware is not useful because such type of wallet need big PC resources and the level of security is not more than online wallets. And if PC has an Internet connection, the security levels are reduced significantly.

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Quote from: Pmalek on June 06, 2023, 11:04:33 AM

Ledger will probably lose a percentage of their current userbase because people have found out their hardware wallets aren't as safe as they trusted Ledger they would be.

No doubt about that--but I don't suspect that Ledger is ever going to release the numbers since they're not a public company and thus don't have to. Nor are they likely to further damage their brand by announcing a drop in sales or in users. But man, I really would like to know how much this debacle is (or is going to) hitting them as far as profits go.

And to Abiky I'd say with respect to HW wallets, closed-source code is a bad thing as Ledger has proven. Such code might be acceptable in other things, but not when it comes to crypto--at least not as far as I can see.

From everything I've read since this went down with Ledger, the best HW wallet brands for bitcoin are BitBox, Blockstream Jade, and Keystone. Some folks have mentioned others, but I'm pretty sure that's because they were paid sponsorships on Youtube. I'm pretty turned off by Ledger and HW wallets in general now, so I don't think I'll be buying any new ones (except perhaps as collectibles).

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I have been using a Ledger device to store my cryptocurrency for quite some time. However, as I consider storing a significant amount of funds, concerns have started to arise. The fact that Ledger's code is not open source raises doubts about what might be hidden within it. Consequently, my sense of security with the Ledger device has diminished. As a solution, I am now contemplating acquiring a Trezor wallet, which has a reputable standing and is open source. With an open-source wallet like Trezor, there are no hidden vulnerabilities that could be exploited to steal our cryptocurrencies. Therefore, I have made the decision to transfer my crypto holdings from Ledger to the Trezor wallet in the near future.

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Quote from: Pmalek on June 07, 2023, 01:16:22 PM

Not to be harsh, but if closed-source is a deal-breaker, what have you been waiting for in all your years of using Ledger? The wallet was closed-source back then and still is now. The question is how has that affected your use of it? The real deal-breaker and reason to abandon Ledger is their upcoming Ledger Recover feature. I agree with that.

I didn't care back then because I've trusted the company. But that wasn't the case until I've discovered they were about to launch the recovery service. That made me vary of their methods to secure the private key or seed within the devide. It left me no other choice but to look for open source alternatives. With governments getting their hands into the crypto industry lately, we should be prepared for the worst. They may compromise the company making the hardware wallet, but if the device is open source, their efforts will be futile in the long run.

I've been considering getting myself a "Passport", but it seems that I'm only limited to Bitcoin. Not only that, but it's also more expensive than the Ledger Nano S. I guess you get what you pay for. Let's see what will happen with Ledger in the long run as competition grows in the industry. Maybe it will survive with a newly-fond crypto userbase?

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I am not very much familiar with hardware wallets, but I've always believe ledger and trezor were the best of them all until recently when alot got revealed about ledger, and then, the issue of them not being open source came up, Trezor on the other hand have been doing quite well but several people believe they have some kind of privacy issue which originated from Wasabi's coinjoin services integrated into the wallet..

Right now, I can't point to a particular hardware wallet I can vouch for as open source, but one which I am personally looking forward to using is Arculus from chainge finance, Arculus is a hardware which I believe have not started shipping out, but from all I've read about it, it may likely be a great choice, though like I said , I've not confirmed if the wallet is open source or not.

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Quote from: coolcoinz on June 08, 2023, 01:41:50 PM

The data breaches were related to customers who purchased their devices directly from ledger and all the breach revealed was their shipping addresses, so it wasn't such a big deal.

Not exactly, it also revealed email addresses, phone numbers, and possibly other personal data you enter into the form when you make purchases.

Quote from: coolcoinz on June 08, 2023, 01:41:50 PM

If you were actively using online stores for the last 10 years, your address is being included in hacked databases sold on deep web anyway.

It's not the same thing. If you bought books online, PC games, a carpet, sunglasses... and that information got leaked, it's not as serious as everyone knowing you bought a hardware wallet and that you are potentially holding larger sums of crypto you consider worth storing on such a device.

Consider what is more dangerous in the wrong hands.
A hacked database of anyone who has ever opened a bank account in bank A or a hacked database of the top 10 deposit holders in the same bank? Names, addresses, etc.

Topic: Best open source hardware wallets for BTC? (Read 662 times)