Hardware wallet demand increases in 2022 bear market as exchange scramble

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Quote from: pawanjain on July 31, 2022, 07:28:26 AM

Quote from: justdimin on July 29, 2022, 01:09:15 PM

Quote from: pawanjain on July 28, 2022, 12:01:12 PM

In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount.

So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed.

So you are basically doing it all in reverse. If you look at it from a perspective of security then the least amount of coins should be held on exchanges.
Most of the coins should be held in a non-custodial wallet or in a hardware wallet.
If the exchange gets hacked then you lose all your coins whereas there are less chances of getting a hardware wallet hacked.

Besides we need to think about this logically, who is a bigger target an exchange or a small retail trader? And the obvious answer is the exchange, so exchanges are facing attacks all the time and coins are lost from time to time, a retail trader which did not told anyone about his coins and used a hardware wallet or a safe OS will have very low chances of being targeted and being hacked, as it is simply not worth the time of hackers to go after someone with such a low amount of money.

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Quote from: Wiwo on July 31, 2022, 04:16:57 PM

Quote from: pawanjain on July 31, 2022, 07:28:26 AM

Quote from: justdimin on July 29, 2022, 01:09:15 PM

Quote from: pawanjain on July 28, 2022, 12:01:12 PM

In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount.

So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed.

So you are basically doing it all in reverse. If you look at it from a perspective of security then the least amount of coins should be held on exchanges.
Most of the coins should be held in a non-custodial wallet or in a hardware wallet.
If the exchange gets hacked then you lose all your coins whereas there are fewer chances of getting a hardware wallet hacked.

Yes, I was thinking @justdimin is going to say the large portion of his funds in a hardware wallet or a mobile wallet with private keys saved personally, but with what ops wrote it seems he has high faith in binance which is a centralized exchange and that does provide key to restore the wallet. So basically since it, is not your keys it is not your wallet so what I can say is to hold the big amount in the personal wallet and only store trading coins in an exchange for ease of trading.

You should bare or accept the risk because if you have decided on storing up your coins on any centralized platform or custodial ones then you wont really be having that full control of your wallet or simply with your funds which isnt something that we do really like for it to happen because once they do experience problems then there's no way that you could get a hold of your coins which
we dont really like and there's high chance that you would lost all of those coins that you had been long time accumulating which isnt something a right thing to be done.
When you do make out some trades then transfer only the amount which is supposedly to be used for that manner and try to separate the funds which are intended for long term holds.

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Quote from: pawanjain on July 31, 2022, 07:28:26 AM

Quote from: justdimin on July 29, 2022, 01:09:15 PM

Quote from: pawanjain on July 28, 2022, 12:01:12 PM

In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount.

So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed.

So you are basically doing it all in reverse. If you look at it from a perspective of security then the least amount of coins should be held on exchanges.
Most of the coins should be held in a non-custodial wallet or in a hardware wallet.
If the exchange gets hacked then you lose all your coins whereas there are fewer chances of getting a hardware wallet hacked.

Yes, I was thinking @justdimin is going to say the large portion of his funds in a hardware wallet or a mobile wallet with private keys saved personally, but with what ops wrote it seems he has high faith in binance which is a centralized exchange and that does provide key to restore the wallet. So basically since it, is not your keys it is not your wallet so what I can say is to hold the big amount in the personal wallet and only store trading coins in an exchange for ease of trading.

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Quote from: justdimin on July 29, 2022, 01:09:15 PM

Quote from: pawanjain on July 28, 2022, 12:01:12 PM

In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount.

So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed.

So you are basically doing it all in reverse. If you look at it from a perspective of security then the least amount of coins should be held on exchanges.
Most of the coins should be held in a non-custodial wallet or in a hardware wallet.
If the exchange gets hacked then you lose all your coins whereas there are less chances of getting a hardware wallet hacked.

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A hardware wallet is a best and most secured way of keeping your Bitcoin because exchange or third-party wallets are not reliable or secured enough to store large amounts of Bitcoin.

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Quote from: pawanjain on July 28, 2022, 12:01:12 PM

Quote from: Piesel on July 26, 2022, 07:26:41 PM

Quote from: pawanjain on July 17, 2022, 09:31:46 AM

What do you mean by personal wallets? If you mean non-custodial wallets then it's because hardware wallets are more secure than non-custodial wallets.

In terms of security hardware wallets provide more security than other non-custodial wallets such as trust wallets and the rest, but a large number of Bitcoin holders who see ledger cold wallet as an expensive wallet to buy will rather store their coins in a noncustodial wallet and have the keys properly protected and never connect to an unsecured network, to avoid data compromised.

Yes ofcourse. In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

Majority of people would definitely ignore this kind of safe keeping of their coins and would only out some action on the time that the had lost something.Hardware wallet arent expensive compared into the amount

that you are holding for long term.It would really be just worth nor that common sense thing for you to store it into something which isnt centralized or having the full control or access in the wallet and no other
people does have the right on doing so unlike when you are making centralized platforms to be your wallet then it would be an another story.Doesnt matter if the demand gets high or not but we know that
these HW existence is really relevant and it is something mandatory or do really need but sometimes people doesnt really care when they arent experiencing any problems.

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Quote from: pawanjain on July 28, 2022, 12:01:12 PM

In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount.

So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed.

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The demand for hardware with wallets have increased over the years. This in particular is due to the increased demand for cryptocurrency usage. From the days of pandemic people have started to explore online and find all possible ways of investment. As a result bitcoin is one among the much trusted investment and to keep it secure more wallets are in need.

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Quote from: Piesel on July 26, 2022, 07:26:41 PM

Quote from: pawanjain on July 17, 2022, 09:31:46 AM

What do you mean by personal wallets? If you mean non-custodial wallets then it's because hardware wallets are more secure than non-custodial wallets.

In terms of security hardware wallets provide more security than other non-custodial wallets such as trust wallets and the rest, but a large number of Bitcoin holders who see ledger cold wallet as an expensive wallet to buy will rather store their coins in a noncustodial wallet and have the keys properly protected and never connect to an unsecured network, to avoid data compromised.

Yes ofcourse. In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.

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Quote from: Darker45 on July 27, 2022, 09:08:42 PM

~snip~
On the other hand, many of those who are attracted of the idea to self-custody lack the complete knowledge to do so. I have to admit, it sounds easy but it probably isn't. The nitty-gritty of security is much more complex than it seems. For example, one may easily fall to a scammer who introduced himself/herself as an official Ledger staff.

Especially after hundreds of thousands of their customers are faced with a data leak, and hackers have had a database to target individual users for some time. Regardless of all possible warnings, there will always be those who are too naive to believe in cheap tricks. However, online threats are on a completely different level than the physical ones, which can arise from the fact that the information that a certain person owns HW is publicly available.

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Quote from: Lucius on July 27, 2022, 07:02:00 AM

Quote from: Darker45 on July 26, 2022, 11:04:05 PM

~snip~
I don't mind if exchanges are drained of supply. I don't mind if an exchange run is happening. I don't mind if these platforms are losing. What's important is that people are beginning to realize and be free.

It is definitely better that as many people as possible become their own bank, but in my opinion the problem is that many of them do not understand the difference between custodial and non-custodial storage. The prevailing opinion is that HW are cold wallets, and that crypto funds (private keys) are 100% safe on them, which is far from the truth.

People still don't understand how important it is to make backups and save them safely, and not to share that backup with anyone. Besides, how many times have we heard that users claim that someone hacked their HW, when in fact they became victims of clipboard malware that they didn't even know existed.

That's right. In general, being our own bank has yet to penetrate our culture. And there are a number of reasons why this is the case. For one, a lot of people don't mind. They don't mind keeping their funds in banks. It gives them a certain level of comfort. Even those technology-savvy individuals who are very much aware of the option to self-custody don't seem to embrace it.

On the other hand, many of those who are attracted of the idea to self-custody lack the complete knowledge to do so. I have to admit, it sounds easy but it probably isn't. The nitty-gritty of security is much more complex than it seems. For example, one may easily fall to a scammer who introduced himself/herself as an official Ledger staff.

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It's good that the share of hardware wallets is growing, but if it's due to the bear market and people moving their money for hodling, doesn't it mean the trend can change when things get better on the market? Moreover, can the change fully be attributed to people living exchanges and opting for hardware wallets or could it be that the adoption of hardware wallets is growing, but not at the expense of exchange users?
Wallets are of course much better for storing coins. But if people do trading, they'll likely still use centralized reputable exchanges for that, and hardware wallets aren't a competitor in this regard at all.

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Quote from: Darker45 on July 26, 2022, 11:04:05 PM

~snip~
I don't mind if exchanges are drained of supply. I don't mind if an exchange run is happening. I don't mind if these platforms are losing. What's important is that people are beginning to realize and be free.

It is definitely better that as many people as possible become their own bank, but in my opinion the problem is that many of them do not understand the difference between custodial and non-custodial storage. The prevailing opinion is that HW are cold wallets, and that crypto funds (private keys) are 100% safe on them, which is far from the truth.

People still don't understand how important it is to make backups and save them safely, and not to share that backup with anyone. Besides, how many times have we heard that users claim that someone hacked their HW, when in fact they became victims of clipboard malware that they didn't even know existed.

Darker45

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This is good news!

So the call to withdraw coins from exchanges and other centralized platforms have been positively heeded to by a lot of Bitcoin supporters. The call to self-custody, to solely own and control the private keys over one's funds, have been received well by the people.

I don't mind if exchanges are drained of supply. I don't mind if an exchange run is happening. I don't mind if these platforms are losing. What's important is that people are beginning to realize and be free.

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This is to note that Bitcoin investment is growing. And these investors are aiming to hold long-term which makes them to decide use hardware wallets for better security. It was just to know that people have been doing research in regards to holding funds and they found out that this is the solution to hacking incidents that mostly happen to online wallets. I was glad to see this and to know that holders are then able to listen to what is best for them.

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Quote from: pawanjain on July 17, 2022, 09:31:46 AM

What do you mean by personal wallets? If you mean non-custodial wallets then it's because hardware wallets are more secure than non-custodial wallets.

In terms of security hardware wallets provide more security than other non-custodial wallets such as trust wallets and the rest, but a large number of Bitcoin holders who see ledger cold wallet as an expensive wallet to buy will rather store their coins in a noncustodial wallet and have the keys properly protected and never connect to an unsecured network, to avoid data compromised.

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This is evident because wallets are prone to getting hacked and they are also implementing strict policies now. This is good as people are now more aware of the situation.

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The Hackers are always finding ways to breach the wallets and take control of the funds. Recently in a thread read about an user losing his funds from trust wallet. Those are connected to the network which makes them easy accessible for the hackers.

We've got different exchanges and different wallets for storing cryptocurrencies. Resembling the real UI of the exchange and wallets there were phising websites. This is the major way through which wallets were taken under control. So, additional precaution need to be taken whenever we enter the wallet. For all these situations hardware wallets can ease the work and give better security for the funds.

Soon some might start creating duplicate trezor/ledger wallets. In all things the additional effort we take will keep our funds secure.

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Quote from: BITCOIN4X on July 16, 2022, 06:20:13 AM

Quote from: abel1337 on July 16, 2022, 01:38:09 AM

I believe that if your assets worth is at least 10-15x than the cheapest mass produce hardware wallet (Trezor/Ledger) it would be better to buy and have one for the sake of peace of mind. I'm not saying that paper wallet such as electrum is bad actually it's good! but hardware wallet provide way better security.

Yes, I've considered buying it too. But for the time being I still feel comfortable and safe to store it in electrum which I have dedicated as my long term storage wallet.

For the current price I think Trezor is still quite affordable for me, around $100-$300 in various online stores. So it might be good to have it soon after this. Security is a major issue to consider for anyone looking to invest in the long term, so as you said above, it will make bitcoin or crypto owners feel safe.

Honestly? I just did an exchange approach and I am fine with it. I know it sounds risky and all, but doesn't feel that bad to me. Think about it this way, I put all my money on Binance and it is a great place and if any person would hack into binance, they would be more than powerful enough to hack into mine as well.

Yes, I am leaving my future up to Binance, which is someone else and not me, but that is still fine by me and I do not feel like that's a trouble. All in all I believe that we shouldn't be shocked about what we are doing, just focus on what you feel the most comfortable with and you will get it done. I felt most comfortable with Binance, over all software and hardware wallets.

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But we need to be aware now because I see lot of influencers are promoting hardware wallets for cryptos now and some of them are really new so I won't trust them.Its obvious that people will either go for ledger or trezor since they are here for long time so kind of trust but if anyone is buying then make sure its from the official platform and not tampered.

Topic: Hardware wallet demand increases in 2022 bear market as exchange scramble (Read 717 times)