The price of the wallet has nothing to do with security, the high cost of hardware wallets does not make bitcoin safer, what is important is trust so people are looking for popular wallets that have a great deal of trust.
It is not important that the wallet be more expensive in order to be more secure, but this is a psychological state in people where they always believe that the most expensive things are the best, but in my opinion this is not necessary.
Take the Ledger wallet, for example. It was the most expensive and favorite of everyone until recently, as everyone thought it was the best, but negative news about privacy and security began to appear, and Ledger's popularity declined.
Topic: Does Price Determine Security? (Read 218 times)
The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.
The price of a wallet might not determine how secure it will be. It is like assuming that because you bought an expensive car, it is safe from accident or theft. The user of such a wallet has the responsibility of ensuring that he abides by the safety rules of the wallet. It is also possible that the manufacturer of a reliable hardware wallet might be doing promotional or discounted sales which could lead to buying a good wallet at a cheap or discounted price. It is generally believed that expensive items or reliable manufacturers are the sure ways of identifying a good product but that might not be the case at all times. It is also good to follow up on information about the wallet you use because these wallet developers can come up with an unreliable update or change their terms of service. An example is the new Ledger Recover seed phrase recovery service option by Ledger Wallet.
Nevertheless, vigilance must be upheld in every aspect, including software updates and alterations to the terms of service. Ledger' recent seed phrase recovery option, for instance, might require a closer look for potential vulnerabilities.
Bitcoin, being the gold standard of cryptocurrencies, deserves nothing less than the highest security measures. Ensuring the robustness of wallet security, regardless of the price, is integral to sustaining Bitcoin' value and integrity.
You can secure your coins with a free "Paper wallet" with almost better security, IF you know how to do it securely. (Air-gapped computer) ....so it is not even necessary to buy expensive hardware wallets.
It just depends on your needs and how regularly you use your coins. Hardware wallets are convenient for people who wants to regularly use their coins, with very good security. (Trezor and Ledger are your best bet)
It just depends on your needs and how regularly you use your coins. Hardware wallets are convenient for people who wants to regularly use their coins, with very good security. (Trezor and Ledger are your best bet)
Most times the security of our wallets lays in our hands there are some things we needs to avoid, and secondly the price of the wallet doesn't determines the security of your wallet rather how secure you yourself is because, when your device is being compromised you don't expect your funds to be secure.. You need to take some precaution for you to last long with your wallet.
Your operational security would count for nothing if you buy a fake hardware wallet that has a malicious code in it to steal funds once it is deposited, that's because funds would be immediately moved into the scammers address once you deposit into it, so the security of funds starts with the wallet you use or buy. I believe that's why op has asked this question, the price of the hardware wallet may not be a good way to be certain of how secure it is, so it is better to research about the manufacturers and check if it is recommended by the community before using it. 
"Not your keys, not your coins" is what we would say. Take your bitcoins off exchanges so you can sleep peacefully at night. I know about software wallets like Electrum, but this is not about them; it's about hardware wallets, assuming they are my preference.
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
I am not sure I would ever buy a $5 hardware wallet, so in a certain way the price plays a role. Anyway if you take a closer look many hardware wallet work in a very similar way, oftentimes some are more expensive than others just because they spend more money in advertisements and marketing, so somehow they need to get that money back, and how do they do that? Increasing the prices of course. Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
If I should understand you clearly, I would rephrase your words to be, will my coins be more secured if I use a more expensive hardware wallet?
If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.
If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.
I respect your opinion in this matter. Price alone does not determine the security of your assets. Security is a multifaceted concept influenced by various factors. While a higher price may indicate the value or perceived value of an asset, it does not guarantee its security. Asset security depends on factors such as the underlying technology, encryption protocols, regulatory compliance, access controls, , and the overall robustness of the system protecting the asset. Additionally, external factors like market conditions, economic stability, geopolitical events, and technological advancements can impact asset security. It is crucial to consider a comprehensive approach that encompasses both the intrinsic qualities of an asset and the broader context in which it operates to assess its security.
The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.
The price of a wallet might not determine how secure it will be. It is like assuming that because you bought an expensive car, it is safe from accident or theft. The user of such a wallet has the responsibility of ensuring that he abides by the safety rules of the wallet. It is also possible that the manufacturer of a reliable hardware wallet might be doing promotional or discounted sales which could lead to buying a good wallet at a cheap or discounted price. It is generally believed that expensive items or reliable manufacturers are the sure ways of identifying a good product but that might not be the case at all times. It is also good to follow up on information about the wallet you use because these wallet developers can come up with an unreliable update or change their terms of service. An example is the new Ledger Recover seed phrase recovery service option by Ledger Wallet.
Some schools of thought will say that Bitcoin's security is determined by the higher the cost, the more secure. I do not agree with the school of thought totally but Before buying a hardware wallet to keep huge amounts in it for a long time transaction, it is very good to check the vulnerability.its good to play safe
The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.
If I should understand you clearly, I would rephrase your words to be, will my coins be more secured if I use a more expensive hardware wallet?
If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.
If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
Wallet is wallet, be it HW or not the security of your wallet definitely comes from our end if you can't control and secure your HW very well then you can still lost your funds. For wallet with keys phrase and private keys are often being controlled by the end user which is you that holds the keys saved in private and secret place where only you have the access to copy or to use it.
Sometimes what we think are original and expensive are mostly easier to have fault and get damaged so in my opinion, if you get a HW and you didn't protects it carefully there is every tendency the entire HW could get stolen and you know what that means to you, this simply shows that your coin are gone.
What I derived mostly from some post over here in this forum, is for you to first secure your wallet that should be your first priority despite having all forms of wallet but if not properly taken care of there are still chances for you to misplace your funds.
Most times the security of our wallets lays in our hands there are some things we needs to avoid, and secondly the price of the wallet doesn't determines the security of your wallet rather how secure you yourself is because, when your device is being compromised you don't expect your funds to be secure.. You need to take some precaution for you to last long with your wallet.
It seems that all people who give opinions about whether the price determines a hardware wallet security, the answer is no, and I agree on it.
But if indeed about the price it changes with the number of requests from the market, of course, before the number of requests from the market, it will be tested first by the institution/someone who understands in the security of the device's wallet itself.
Previously, the prices of hardware wallets that were available today that have expensive prices, previously did not have prices like now. Basically it has been tested, making people believe and demand increase which makes prices also rise.
Even so I will be very careful with a cheap hardware wallet.
But if indeed about the price it changes with the number of requests from the market, of course, before the number of requests from the market, it will be tested first by the institution/someone who understands in the security of the device's wallet itself.
Previously, the prices of hardware wallets that were available today that have expensive prices, previously did not have prices like now. Basically it has been tested, making people believe and demand increase which makes prices also rise.
Even so I will be very careful with a cheap hardware wallet.
Op this would have been dropped in this Board, for my own understanding, Hardware Wallet price can not determine the security of your bitcoin but even at that you have to buy recommended once so that there will be no hacking stories. Don't buy any one you see in the market but the ones recommended here in the forum. And you can check the ones people are using in the above link or whenever you are ready you can ask here for the best one to acquire.
Actually the price of a Bitcoin hardware wallet does not determine the guarantee that your bitcoin assets remain safe from any risk, usually they consider the "open source" factor from leading hardware wallet manufacturers, but there are some other things you should review before using a particular brand of hardware wallet, like the feature of using a secure chip to protect your private keys, strong encryption but maybe not everyone has the ability to analyze wallet security to that extent.
It's simple, you just have to choose a hardware wallet from a leading manufacturer with a trusted reputation based on ratings on the Bitcointalk forum as the largest crypto discussion community will recommend you to choose the right hardware wallet, and still prioritize buying hardware wallets from official stores.
It's simple, you just have to choose a hardware wallet from a leading manufacturer with a trusted reputation based on ratings on the Bitcointalk forum as the largest crypto discussion community will recommend you to choose the right hardware wallet, and still prioritize buying hardware wallets from official stores.
It's not about the price, but it's about the project.
If you worried the hardware wallet might be scam or not trustworthy, you should create your own cold storage using old or cheap PC and use an open source non custodial wallet.
If you worried the hardware wallet might be scam or not trustworthy, you should create your own cold storage using old or cheap PC and use an open source non custodial wallet.
Not really, all the famous Bitcoin Hardware Wallets are safe to use, if it wasn't they wouldn't been selling them at any point.
Not really, ledger is one of the most famous hardware wallet aside than Trezor and Ledger recently update about share encrypted recovery phrase to third parties which is nothing safe because there's a chance your recovery phrase could be compromised by hacker. 
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
I believe that the cost of a hardware wallet is determined by its popularity. We are all aware that when demand is high and supply is limited, the price of a product rises. So my response to the Ops question is "it depends." By the way, hardware wallets are far better to software wallets since software wallets, even though being open source, are still vulnerable to viruses or hacker assaults. That is why most cryptocurrency users advocate hardware wallets if you intend to retain a large amount of assets for an extended period of time. 
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
It's far beyond that; to some extent, we all believe things that are considered original are always more expensive than those thatare not up to their standard.To me, price doesn't really matter; what matters is the wallet's features and its security measures. If the hardware wallet is open source and it's been verified that there is no vulnerability detected that could be used to hack the wallet, nothing like data backing up to the wallet developer's database, then to me, it's all good.
The rest of the security is now based on how you handle the wallet; that is what will make your security stronger. The top security is now left for the user of the wallet; if the person is careless with the wallet, then even the most expensive wallet funds can still be stolen from it. But if our backup phrase can be stored and protected effectively, and the hardware wallet is also not connected to any infected device, then everything will be considered safe to some extent.
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
This thing kindly categorize with the Supply and demand the number of demand it is the shortage the supply so the price gets expensive additional on it is the scalpers or the hoarders when they see the potential of this to get a good additional profit in getting a lot of if so they grab the opportunity, this thing happens before the Axie infinity supports the use of the hardware wallet Trezor and that time tons of players want to have this because its one of the issue is the hacking of the wallets so the number of request for their product is in demand. In the end its a win win situation to you if you have this make sure its your coins because you have the private keys.
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?
It also depends on the user in my opinion in using it. It is common for us to hear about this in the discussion room about security.Hardware is known to be safer as a wallet for storing assets, but if we can take good care of it, using software like Electrum can work too.
Usually the price level is also related to quality.
Jump to: