The price of a hardware wallet does not determine its security, the security of your hardware wallet is determined on where it was purchased, who are the manufacturers, community recommendation and your own operational security. You can buy a hardware wallet for either $20 or $70 and yet it has things that can steal your crypto in it, because you bought it in the wrong place.
Don't be tricked into a buying a hardware wallet that you know nothing about because it is cheap, and don't buy any hardware wallet and think it is safe only because it is expensive, do your own research and check everything before buying, that's the only way to be safe.
Topic: Does Price Determine Security? - page 2. (Read 256 times)
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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 don't think any hardware wallet company will sell their product at a low price if they have worked hard on it and invested in making user friendly. Of course, development needs investment, and this is where price should vary from wallet to wallet. Also, it does matter when it comes to building quality. Wallet developers had to work on their software and ensure no security issues. If some companies offer way cheaper than the standard price, you could have avoided them. Because to give you the inferior product, they also had to decrease their expense. You don't know where they reduced the costs. It might be on security improvement. 
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them?
Just as a cheaper smartphone can work better than one at twice the price or you can survive in a 5k car while the other guy ends up dead there is really no specific rule that the price guarantees something. A wallet can cost more if it offers more features but those features don't mean security as much as accessibility, a wallet with more altcoins supported won't matter for somebody who only owns BTC and the thing can go on and on!
Of course, a wallet costing more might mean the team has spent more time testing, better materials, and better eveythign but that's not a rule, see the $ 1,790 Balenciaga trashcan pouch.
That being said, as ETFbitcoin mentioned I would stay away from very cheap wallets and of course, the ones given away for free by no-name manufacturers at conventions or web promos and competitions as there are high chances those have been tampered with and they are just fishing for victims. They can afford to give away a thousand if they manage to trick somebody who has a few BTC on them.
"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?
Base on series of past stories that I have heard, I will gladly say that the price of a hardware wallet does not determined the security of a hardware Bitcoin wallet, but the reputation of that wallet, online reviews and what a large population of people are saying about that exact same wallet you intend to buy, and also, where you buy a wallet from greatly determines how secure or less secure it could be, because I have heard series of complaint about people both on & off this forum who bought these "Hardware" wallets from a third-party website such as Amazon and got their funds stolen through hacking. Which is why its good that people buy these wallets from the official website of the company itself e.g Trezor or Nano-x Bitcoin hardware wallet.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?
Moreover, other features to look out for when trying to buy a hardware wallets include the; security features (which I just explained), Supported cryptcurrencies, compatibility, Backup and recovery options and last but not the least, buying from it's official website.
"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?
The cost of a Bitcoin hardware wallet should not be used as a yardstick in judging how secured a wallet is. The fact that hardware wallet A is more expensive than hardware wallet B doesn't make wallet A more secured than wallet B. Whoever that has been harbouring such misconception should delete it. The most important factor that can be used to determine the security of a hardware wallet is the openness. An open source hardware wallet is more secured because if there is a bug in the code, there's a greater tendency of it being found and corrected on time before a hacker uses it to create havoc because there are lots of eyes looking into the source code. 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 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?
Not always true but it's true and you can not deny that a cost of a product, item is decided mainly by its quality and functionality. However this statement can be not correct with new products, new brands or old brands but with new upgrades like Ledger wallet with Ledger Recovery Service. It is not correct when people are FOMO with a new brand, new products.Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them?
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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?
Being open source, being old enough to be tested, reviewed by community, developers and users, being tested by hackers are important for quality and security of a wallet.If a product is bad or an upgrade is bad, that brand will lose its value in the community and price will fall.
JUST don't buy used (second hand) hardware wallets from any brand. It is bad security.
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 all about reputation of the hardware wallets but as we all know the higher they go in demand the more expensive they become, so most of the time the open source hardware wallets and reputable ones are expensive. But in terms of security I still think it is down to how you use them. All the reputable hardware wallets might almost immune to hack but once your maintenance culture or usage is kind of careless no kind of hardware wallets you use that will stop you from getting your funds comprised.
So just get the reputable ones suggested by the forum that matches your price target and then exercise good maintenance culture
Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them?
No, although personally i would be more cautious with hardware wallet which has extremely low price ($5 or less).
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?
Also no. And while i find open source software or device usually more secure, don't automatically assume open source hardware wallet is secure.
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?
The cost does not matter, the reputation is what that is important. But hardware wallet are expensive. If you have large amount of bitcoin to hold, getting one is good.It is good to use the open source hardware wallet, everything about bitcoin should be trustless and verifiable.
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. Open source hardware wallet is preferred as it allows users to find vulnerabilities and report it as soon as possible. In short, the cost of your bitcoin hardware wallet is not related to the security of your Bitcoins. It's personal preference in the end.
"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?
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?
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