Hardware Cold Wallet vs Paper Cold Wallet

MarvinHagler

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Quote from: dkbit98 on July 01, 2024, 04:59:44 PM

Quote from: Cryptomultiplier on June 28, 2024, 03:36:38 AM

A hardware wallet like Etherum, Ledger, Nano X, Trezor Model T, and KeepKey are examples of good hardware wallets

Etherum is NOT a hardware wallet Roll Eyes

Ledger is not a good example of hardware wallet, they are making only closed source devices and ledger Nano X is one of the worst hardware wallets ever, that has many issues with poor battery.

Could you recommend what the safest offline hardware wallet would be?

Is there a thread on this forum? I have only heard of Ledger, Nano X and Trezor tbh so not sure what is reliable and what isn't.

MarvinHagler

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Quote from: dkbit98 on June 28, 2024, 07:47:43 AM

Paper wallet is inferior because it only has one private key and one wallet address.
If you don't plan to accept more coins in same cold storage than paper wallet should be fine basic option.
However, I prefer using hardware wallets or generating seed words offline and writing them on paper or metal plates, multiple addresses can be generated this way.

What about if I purchase more crypto in the future. How can I transfer it from the online exchange to my offline wallet safely? Won't by hardware wallet be compromised once it is connected to the internet?

tabas

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Quote from: hd49728 on June 30, 2024, 11:13:23 PM

Quote from: tabas on June 30, 2024, 12:15:07 PM

Yeah, basically it will matter depending on his budget and I've heard safepal before and there has been good feedback about it. But if he can add some of his budgets, Trezor Model One is $59 and Trezor Safe 3 is $79. However, still, it's best to check the feedback about the hardware wallets that he may choose as his. And about where to purchase it, it's important to do it because it might not be called for but in the past there have been cases and became victims of preloaded HWs.

Understand about security and advice on it before choosing a hardware wallet.

Bitcoin security & resources.
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Cost is not main concern because if we don't have budget to buy a hardware wallet we want, we can use free wallet software like Bitcoin Core or Electrum.

Great additions about securities and other stuff about choosing a hardware wallet. While it's true that cost isn't the main issue here, the reality is there are folks that don't want to pay that much because they think that it is an unimportant factor. Well, it depends on the actual need that OP or anyone out there for its usage but mostly, if it's for the long term, those are the good ones to pay and they're worth the buck. And as a good alternative, you've mentioned the two most common wallets but the most used I guess is Electrum.

dkbit98

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Quote from: Cryptomultiplier on June 28, 2024, 03:36:38 AM

A hardware wallet like Etherum, Ledger, Nano X, Trezor Model T, and KeepKey are examples of good hardware wallets

Etherum is NOT a hardware wallet Roll Eyes

Ledger is not a good example of hardware wallet, they are making only closed source devices and ledger Nano X is one of the worst hardware wallets ever, that has many issues with poor battery.

mu_enrico

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A few years ago, I'd stick to paper wallets since hardware wallets were expensive in my country. But now, I recommend a hardware wallet because they are more affordable* and readily available. Plus, they are easy to use and more secure for newbies. Moreover, while you might want to HODL now, you may change your mind as the price fluctuates. With a hardware wallet, you can easily add more coins to different addresses, enhancing privacy since your funds aren't pooled into the same address. If you want to transact, you don't need the hassle of swiping your paper wallet. It's worth the money if you can afford it.

*I don't vouch for the security of cheaper brands though so do your own research since there are so many brands nowadays.

Pmalek

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I would take a quality hardware wallet over a simple paper wallet every time. If you want more security, you can buy an airgapped hardware wallet, like the Foundation Passport, the Seedsigner, or the Jade. These devices won't connect to the internet.

Securely generating and setting up a paper wallet requires having an airgapped computer. If not, you are doing it on an internet-connected device that could leak your keys. It's not safe. If you want to go down that road, you should have an airgapped computer where you can either generate your paper wallet properly or install Electrum or Bitcoin Core.

ajiz138

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Agreeing with others that hardware wallets are better so if you have the money to buy one then that's what you should do buy on the official website for better security.

I have a few hard wallets as a collection especially a Betnomi Ledger bought from someone but this wallet is not used just for collection, while for storing long-term assets it is on Trezor.

hd49728

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Quote from: tabas on June 30, 2024, 12:15:07 PM

Yeah, basically it will matter depending on his budget and I've heard safepal before and there has been good feedback about it. But if he can add some of his budgets, Trezor Model One is $59 and Trezor Safe 3 is $79. However, still, it's best to check the feedback about the hardware wallets that he may choose as his. And about where to purchase it, it's important to do it because it might not be called for but in the past there have been cases and became victims of preloaded HWs.

Understand about security and advice on it before choosing a hardware wallet.

Bitcoin security & resources.
Securing your wallets
Bitcoin Q&A: Key Storage Best Practices

Cost is not main concern because if we don't have budget to buy a hardware wallet we want, we can use free wallet software like Bitcoin Core or Electrum.

tabas

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Quote from: PX-Z on June 29, 2024, 07:32:20 PM

Quote from: tabas on June 29, 2024, 05:28:51 PM

The community will definitely tell you to get a hardware wallet if you can afford that. For which I think that you can and that's why you're asking whether you should purchase it or not.

As low as $40 people can buy a hardware wallet which is the cheapest price i know for a hardware wallet, safepal s1, which is probably worth it.

And yes, buying only on official website, official affiliated retailers will give you assurance of receiving the item good and intact. If ever receiving a defective one, preloaded HW, contacting the support to get a new one is better than using the wallet even if you reset it to have a new set of seed phrases.

Yeah, basically it will matter depending on his budget and I've heard safepal before and there has been good feedback about it. But if he can add some of his budgets, Trezor Model One is $59 and Trezor Safe 3 is $79. However, still, it's best to check the feedback about the hardware wallets that he may choose as his. And about where to purchase it, it's important to do it because it might not be called for but in the past there have been cases and became victims of preloaded HWs.

BlackBoss_

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Quote from: Saint-loup on June 29, 2024, 04:46:36 PM

An HW wallet of course, especially if you hold several types of cryptos

Hardware wallet of course

But open source is important to choose a hardware wallet and of course, Ledger wallet is not my choice.

Ledger has very bad data leaks in the past and last year they launch Ledger Recover product that breaks basic of wallet security.

Ledger Recover: What the hell is happening?

PX-Z

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Quote from: tabas on June 29, 2024, 05:28:51 PM

The community will definitely tell you to get a hardware wallet if you can afford that. For which I think that you can and that's why you're asking whether you should purchase it or not.

As low as $40 people can buy a hardware wallet which is the cheapest price i know for a hardware wallet, safepal s1, which is probably worth it.

And yes, buying only on official website, official affiliated retailers will give you assurance of receiving the item good and intact. If ever receiving a defective one, preloaded HW, contacting the support to get a new one is better than using the wallet even if you reset it to have a new set of seed phrases.

tabas

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The community will definitely tell you to get a hardware wallet if you can afford that. For which I think that you can and that's why you're asking whether you should purchase it or not. And as you buy it, buy directly from the manufacturer or to the affiliated and listed resellers of it. I'd avoid buying the HW of your choice on amazon, eBay, Alibaba, or any other e-commerce websites. Since you're still new and asking about this, why I'm telling you that? because you might be a victim of a preloaded HW. While common folks who have experienced will definitely not use those preloaded seeds/phrases you as a newbie might see it come in handy and will use that. The scammer is just gonna wait for you to deposit in that wallet and they'll sweep your money out and that's why it is important to know where you're going to buy it.

Saint-loup

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An HW wallet of course, especially if you hold several types of cryptos. If you possess several different altcoins, you would need to download several wallets, one software wallet for each coin. And to learn how to use them for this purpose. It wouldn't be convenient at all, and you're very likely to get some malwares with the wallets if you are dealing with small cap coins.

Peanutswar

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If your goal is to hold for a long time ideally recommend using a hardware wallet because you will feel secure, you have your own seed, also you can easily make a deposit and withdrawal base on the current network fees unlike in exchange there's a fixed rate. Currently, I'm using a Trezor and i haven't experience any trouble which is more secure but also takes time too to check what are their supported coins because not all coins supported by their platform you can check it here

Quote

trezor.io/coins

hd49728

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Quote from: Crypto Library on June 28, 2024, 07:03:02 AM

I agree and I want to also say that I haven't mentioned that kind of suggestions to op for buying second-hand hardware wallet.

I did not imply you said this. I wanted to warn OP that there are two main choices: use open source, non custodial wallet, free; purchase hardware wallet. But with the second option, ONLY purchase official and completely new wallet to use. NEVER purchase a second-hand hardware wallet, with risks mentioned.

Quote

Those who buy second hand hardware must be fool public. I will suggest second hand hardware wallet only when someone wants to buy it as a show piece at home. And thinking that a person will be completely safe by buying a hardware wallet is not correct, the device with which the hardware is integrated must also be safe. Moreover, the links that you have shared are effective to keep the fund secure.

They at least try to secure their fund and knew that hardware wallets can help them to do this but they did not know all things.

Open source wallets must be another important thing for them to consider.
Risk of second hand hardware wallets must be known.

If you spend money a wrong way, it won't help you.

dkbit98

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Quote from: MarvinHagler on June 27, 2024, 01:44:09 PM

To the more experienced crypto bros, would you recommend a hardware wallet or a paper one?

Paper wallet is inferior because it only has one private key and one wallet address.
If you don't plan to accept more coins in same cold storage than paper wallet should be fine basic option.
However, I prefer using hardware wallets or generating seed words offline and writing them on paper or metal plates, multiple addresses can be generated this way.

Crypto Library

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Quote from: hd49728 on June 28, 2024, 06:46:40 AM

Quote from: Crypto Library on June 28, 2024, 06:28:08 AM

Obviously hardware wallet . I will recommended you to purchase hardware wallet if you have ability

Purchase hardware wallet does not mean it is good practice if you buy second-hand (used) hardware wallets.
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I agree and I want to also say that I haven't mentioned that kind of suggestions to op for buying second-hand hardware wallet. Those who buy second hand hardware must be fool public. I will suggest second hand hardware wallet only when someone wants to buy it as a show piece at home. And thinking that a person will be completely safe by buying a hardware wallet is not correct, the device with which the hardware is integrated must also be safe. Moreover, the links that you have shared are effective to keep the fund secure.

hd49728

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Not your keys, not your coins!

Quote from: Crypto Library on June 28, 2024, 06:28:08 AM

Obviously hardware wallet . I will recommended you to purchase hardware wallet if you have ability

Purchase hardware wallet does not mean it is good practice if you buy second-hand (used) hardware wallets.

Security is most important so ONLY purchase a completely new hardware wallet from official stores. If the budget is not enough or you are not ready to spent it, simply use Bitcoin Core or Electrum wallet.

Cold storage, multisig wallet can be set up with Electrum wallet.

[Guide] Verify and download Electrum wallet
The paranoid user's security guide for using Electrum safely.
Creating a multisig wallet
Creating a cold storage wallet

Crypto Library

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Quote from: MarvinHagler on June 27, 2024, 01:44:09 PM

Hi Guys,

I'm looking at purchasing a Cold Wallet to store some of my crypto (currently on an exchange).

I am not interested in trading or accessing it, I just want to HODL.

I have done my research and am leaning towards the latter.

To the more experienced crypto bros, would you recommend a hardware wallet or a paper one?

Thank you.

Obviously hardware wallet . I will recommended you to purchase hardware wallet if you have ability hardware wallet is the best awesome for holding especially for you are scaling up your hand amount. And if you can't afford to buy hardware wallet or these devices are illegal in your country then in that case I would suggest you to use paper wallet else hardware wallet will be better for you. Moreover, if a hardware wallet is damaged, there is a possibility of recovery, on the other hand, there is a possibility of losing the wallet as a result of damage to a paper wallet.
I have also hope to buy my own hardware wallet but currently I can't because of its crypto currency and related devices illegal in my country.

Cryptomultiplier

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Quote from: MarvinHagler on June 27, 2024, 01:44:09 PM

Hi Guys,

I'm looking at purchasing a Cold Wallet to store some of my crypto (currently on an exchange).

I am not interested in trading or accessing it, I just want to HODL.

I have done my research and am leaning towards the latter.

To the more experienced crypto bros, would you recommend a hardware wallet or a paper one?

Thank you.

A hardware wallet like Etherum, Ledger, Nano X, Trezor Model T, and KeepKey are examples of good hardware wallets that generates private keys for cryptocurrencies such as bitcoin to be stored securely and independently.
While a paper wallet is just as the name sounds, it would require the user to print the seed phrase or keys and QR codes used to access the coins in ones wallet, on a printed paper, literally.

Even with the inclusion of the software wallet or hot wallet, I think the security and ultimate privacy that a user demands will finally boil down to how cautious and careful they are in their dealings with cryptocurrency and their environment in general.

Topic: Hardware Cold Wallet vs Paper Cold Wallet (Read 284 times)