Hardware Cold Wallet vs Paper Cold Wallet

MarvinHagler

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Quote from: dkbit98 on July 01, 2024, 03:59:44 PM

Quote from: Cryptomultiplier on June 28, 2024, 02:36:38 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, 06:47:43 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?

Quote from: dkbit98 on July 01, 2024, 03:59:44 PM

Quote from: Cryptomultiplier on June 28, 2024, 02:36:38 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.

tabas

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Quote from: hd49728 on June 30, 2024, 10:13:23 PM

Quote from: tabas on June 30, 2024, 11:15:07 AM

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, 02:36:38 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, 11:15:07 AM

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, 06:32:20 PM

Quote from: tabas on June 29, 2024, 04:28:51 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.

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Quote from: Saint-loup on June 29, 2024, 03:46:36 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, 04:28:51 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.

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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, 06:03:02 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, 12:44:09 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, 05:46:40 AM

Quote from: Crypto Library on June 28, 2024, 05:28:08 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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Quote from: Crypto Library on June 28, 2024, 05:28:08 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.

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The paranoid user's security guide for using Electrum safely.
Creating a multisig wallet
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Crypto Library

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Quote from: MarvinHagler on June 27, 2024, 12:44:09 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, 12:44:09 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.

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Quote from: MarvinHagler on June 27, 2024, 12:44:09 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.

I recommend a hardware wallet, but choose only Bitcoin wallets like Blockstream Jade, Coldcard, or Foundation Passport. Stay away from wallets that support scam altcoins like Ledger. Such wallets are not focused solely on Bitcoin and its security; they have too many shitcoin applications, which increases the attack vectors. Usually, such wallet manufacturers lack ethics because they add apps for various scam shitcoins even though they know they are scams. For example, Ledger publicly stated that no one could extract the seed phrase, and then they announced that it is actually possible. Use only Bitcoin open-source wallets.

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Quote from: MarvinHagler on June 27, 2024, 12:44:09 PM

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

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

Hardware wallet is the best, if you can have money to buy a hardware wallet to use. Don't consider a paper wallet that is not safe. Especially if the fund is big, a hardware wallet is more like a must condition.

Hardware wallets are many brands, you must choose open source hardware wallets to buy and use.

[LIST] Open Source Hardware Wallets

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I personally would prefer to have a hardware wallet instead of a paper one because it's not going to be as safe as having an actual device. I have 2 different devices for different purposes so it depends on how you are going to use your wallets.

Quote from: Sim_card on June 28, 2024, 12:21:54 AM

Quote from: nelson4lov on June 27, 2024, 04:56:57 PM

Paper wallets and hardware wallets are almost the same imo. Foe instance, Ledger wallets. Yes it's a hardware wallet

It is not advisable to use any Ledger wallet product because they can access your private keys.

Can you point me to evidence where they can access the private keys? I'm really interested in your claim. I wouldn't be buy Ledger if that's the case.

Sim_card

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Quote from: nelson4lov on June 27, 2024, 04:56:57 PM

Paper wallets and hardware wallets are almost the same imo. Foe instance, Ledger wallets. Yes it's a hardware wallet

It is not advisable to use any Ledger wallet product because they can access your private keys.

Quote from: BlackHatCoiner on October 22, 2023, 09:45:40 AM

Nobody should be using Ledger to begin with.

- Closed-source.
- Their email database was leaked in the past, and phishing emails were sent across the globe.
- They support centralized shitcoins.

Recipe for disaster. Now I'm reading they can access private keys? Is that confirmed? Hopefully not. Otherwise, it is officially the worst piece of Bitcoin hardware you can get.

If you have an old PC, it is better that you set up electrum cold storage wallet on an airgapped device a d use watch only wallet to monitor, track and broadcast your transactions.

https://electrum.readthedocs.io/en/latest/coldstorage.html

However, if you know how to set up a paper wallet and keep it safe from damage, you should go for it.

adaseb

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Honestly if you are going to hold it for many many years and you are just going to hold bitcoin, you can get away with a paper cold wallet.

Back in 2015 or 2016 or so I basically downloaded the HTML code for Bitaddress (no idea if it still exists) and just ran it on an offline computer, did the randomness by moving the mouse and printed about 20-30 address, multiple copies and later on I threw away that printer just in case. It was basically a $10 printer which had a sample ink cartridge so it wasnt a big loss. Honestly throwing away the printing was a little over board but I didnt know if there was any memory storage on the printer so why risk it.

I loaded the addresses up and years later they worked when I sweeped them. Only issue is that you can only use each address once when you spend it, then you need to move everything to a new address since that private key was exposed. So for holding long term you can just get away with a paper cold wallet.

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Quote from: shield132 on June 27, 2024, 02:44:22 PM

If you save it properly and are confident that you'll take care of it and it will be extremely safe in a place where you'll store it, then you can go to it but I personally suggest you use a hardware wallet. Hardware wallets have hundreds of benefits, it's more secure, you can plug-in into your computer, and you can securely send and receive Bitcoin while still using an air-gapped wallet device. Definitely go with a hardware wallet.

I wouldn’t say the the hardware wallet is more secure than the paper wallet, the only thing that stands out is the way the paper wallet is generated. People do mistake and generate it poorly and later could get it compromised but if the whole process is done on an airgapped device then it is definitely save, the convenience will be if you wish to regularly send funds that’s where hardware wallet comes in handy, but should you only want to receive you can simply set up a watch only wallet for that paper wallet to monitor the wallet.

The backing up of the seed phrase is basically the same, even hardware Wallets needs its seed phrase and private keys to be stored offline and on a metal too, so that it doesn’t get damaged

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Paper wallets and hardware wallets are almost the same imo. Foe instance, Ledger wallets. Yes it's a hardware wallet but when the time comes where you'd have to store your seed phrase, you'll be asked to write those words down in a paper and store offline. That said, a hardware wallet is more or less a paper wallet with convenience. So for OP, you should get a hardware wallet since it offers much more than a regular paper wallet.

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Quote from: re-start on June 27, 2024, 02:21:31 PM

If you have a paper wallet, the risk of losing it is high. On the other hand, I feel more secure with hardware wallets since they are less likely to be hacked. While you may use a paper wallet for years without any issues, hardware wallets are a wiser choice.

Hardware wallets offer convenience, but paper wallets can be just as secure, if not more so, for long-term storage. Since paper wallets are an offline storage method in a non-digital medium, they cannot be hacked. There are some other vulnerabilities (such as loss, theft, physical damage, etc.) but hacking is not one of them.

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Quote from: MarvinHagler on June 27, 2024, 12:44:09 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.

You can use your hardware wallet as cold wallet and you can use paper as cold wallet but the question is, can you properly back up your paper wallet seed phrase and still keep the paper in a safe place just in case your back up have problem in the future. If you can, then go for the paper wallet, do back up recovery in a safe place and should not be in paper but a metal plate and deposit the amount of Bitcoin you want and you may import the wallet address on online device as watch only just to monitor your wallet.

However, if you have large amount of money, why not just go for the hardware wallet because if you can invest some KS of dollars into Bitcoin, I don't think hardware is going to be your problem. Remember, safety comes before your investment, if not Bitcoin investment might be compromised later in the future. As long as you don't trade or connect your wallet to anything, your hardware wallet will remain in cold state and nothing will happen to your funds.

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Quote from: MarvinHagler on June 27, 2024, 12:44:09 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.

HODL means long-term holding. Good quality paper stored in good conditions will last you a long time but you have to consider that it can easily get wet or cut or you can easily lose it. If you save it properly and are confident that you'll take care of it and it will be extremely safe in a place where you'll store it, then you can go to it but I personally suggest you use a hardware wallet. Hardware wallets have hundreds of benefits, it's more secure, you can plug-in into your computer, and you can securely send and receive Bitcoin while still using an air-gapped wallet device. Definitely go with a hardware wallet.

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If you have a paper wallet, the risk of losing it is high. On the other hand, I feel more secure with hardware wallets since they are less likely to be hacked. While you may use a paper wallet for years without any issues, hardware wallets are a wiser choice.

Z-tight

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If you are a newbie, then you probably wouldn't know how to generate a paper wallet in a safe enviroment and that could cost you your funds. A paper wallet is secure if you know what you are doing and if you generate your keys in an offline machine, and if you also use a recommended tool to generate your keys.

However, hardware wallets are more popular than paper wallets these days and they are easier to use, especially for a newbie, i would recommend you buy a good hardware wallet, or just run electrum in an airgapped device and back up your seed phrase in a safe location.

mk4

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Hardware wallet. So you know it'll actually be done correctly, and so you can transact with your bitcoin if you need to. Contrary to popular opinion, paper wallets aren't secure if you just print them out using your personal computer and your printer. For a paper wallet to be secure, you need to generate your wallet on an air-gapped device.

read: https://chainsec.io/wallets

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If you can keep the paper wallet safe from anyone and safe from any damage why not use a paper wallet?
If you want to spend you can also do a cold storage instead of buying a hardware wallet.

This is just me but I am more safe to have a wallet on a offline or cold wallet than buying a hardware wallet.

Charles-Tim

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Hardware wallets are more useful for frequent transactions but in a way your private keys are safe than on online wallets. If you do not want to spend the coins but hold it instead, you can create an airgapped device and install Electrum on it. Electrum is preinstalled on Tails OS. Create your wallet on the airgapped device, delete and reinstall the OS after you created and backup the wallet seemed phrase offline.

Quote from: OmegaStarScream on June 27, 2024, 01:02:27 PM

You can create the paper wallet and go for stainless steel or Titanium seed phrase backup option together with laminated seed phrase backup in different locations.

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My advise to you is to just go with a hardware wallet if the amount is big. I personally would be too paranoid with a paper wallet, even with all the safety precautions one could take. Paper wallets are also easier to damage or lose.

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My recommendation will be based on which one you can keep very safe and allow you to hold your bitcoin for a long time without losing it due to carelessness. All that matters is if you can keep it safe from hackers.

For a large amount of holding hardware, wallets have been the most recommended since they're more secure in terms of security, and not just any hardware wallet but those of open source, whose code can be checked and verified by other developers.

MarvinHagler

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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.

Topic: Hardware Cold Wallet vs Paper Cold Wallet (Read 302 times)