Topic: Hardware wallet demand increases in 2022 bear market as exchange scramble - page 2. (Read 717 times)

Investors especially those who are into long-term investments already know where to store their funds during this bearish season. They know that it will take time before the market recovers so they prefer keeping their funds safe in hardware wallets where they could access them safely and privately. Scammers are everywhere and the risk of exchanges getting hacked is still possible so better be safe than sorry.

Why do you think that there's an increase in hardware demand ?
It's probably because people either people want to transfer their existing coins to a hardware wallet or buy more coins and then transfer them to a hardware wallet.
All in all they are planning on to hold their coins for a long term which is why the demand in hardware wallet is rising.


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.

I guess most long-term Bitcoin holders will prefer to hold their Bitcoin in a cold wallet because a hardware wallet remains the most secured wallet to store Bitcoin for long periods. Exchanges are used for buying and selling Bitcoin and other cryptocurrencies but are risky to be used as a personal wallet since exchanges don't give users private keys to the wallet.

Kinda makes sense actually, most people are content with the investments they made and are not planning any additional investments/transactions until the market goes up, so they want to store that somewhere where it's much safer than online, and a hardware wallet is a perfect option. But to be honest, a hardware wallet is a must-have from day one.

I agree that there is a weak situation where KYC makes sure you are known and how much you have is known. But that is a bit of a needed thing not because just drug lord or something like that, but for the fact that people do scam others in crypto as well. Like I remember last year when there were fake situations with DeFi projects, there were some scam projects that rug pulled and they had to pay all of that back basically via binance.

Because, they worked on BSC and they had to move their money into fiat and into their bank accounts to claim success. Some of them moved it to Binance and Binance blocked those accounts and found who it was. That's how it works.

I believe the ops is nit talking about altcoins storage, the member is talking about the increase in hardware demand. But the most confusing part of this thread is that the record on the article does not include another personal wallet usage,  because that wallet also provides high security that can only be accessed by the owner with the private keys just like the ledger wallets too.

That only means that people are more aware now that holding coins on exchange is very dangerous. It also tells that they know this is the best opportunity to accumulate for the next market cycle. I hope that these people buying hardware wallets keep it in a safe place that they won't forget. If they lose access on those wallets like they forgot the recovery phrase, then those crypto will be lost forever.

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.

Seems like people are accumulating coins at lower prices and transferring to wallets.
This seems like a good news to me because the more number of people hold coins in non-custodial wallets the lesser chances of a dump.
This is directly contributing to a hold mentality and will lead to a pump in the near future.
Also, holding coins in an exchange is bad all together since it more less contributes to panic sell at times of a dump.

I believe you have them both mixed up "With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours. With a custodial wallet, another party controls your private keys. Most custodial wallets these days are web-based exchange wallets."
Custodial vs. Non-Custodial Wallets
So you see, where you have the PK and are in control or in charge of your crypto assets is the non-custodian like the Ledger, and Trezor wallets, and some more.

New crypto users now believe that non-custodial wallets is by far safest than those exchange wallets, It's been proven and believed by crypto enthusiast. On the bull market season, There is anm outstanding number of people who entered and learned about cryptocurrency. Hacks during bull market were significantly high and it makes people curious on how to protect their cryptos. Obviously with simple googling they found out that Hardware wallet is one thing to improve your coins security. This cause massive influx of buyers of hardware wallet. I remembered during the recent bull market, Hardware wallets in my country is having shortage that make sellers increase their prices by 1.5x and people still buying it.

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.

the number of hardware wallets should increase if the demand of crypto keep higher up not just bear market in my opinion as like everyone said "Not your keys not your coin" especially happen with recent news like Celcius or other platform that pending withdraw their money

With exchange you don't have a wallet, because not your keys not your wallet and exchange does not offer good security to secure funds and most exchanges hot wallets are always hacked into and millions of dollars are stolen from exchanges frequently, so that raised a lot of worries for long term holders. That is why attention is now shifting to hardware wallet since hardware wallet offers user strong security and holders are in control of the wallet with the private keys.

I believe hardware wallets experiencing huge demand means the crypto market will be incredible in the next few years because crypto enthusiasts appear to have abided by the idea of "not your keys not your coin"
Having said that, I'm unaware of the listed exchange loss but what you said explains the reason why they started no trading fee on BTC last week and there's still no point in their no trading fee if they didn't stop their ridiculous withdrawing fee which is totally unfair.
I don't want to talk about Coinbase because it is never an exchange from my end.

Good security reasons are one of the reasons why hardware wallets are becoming the choice of cryptocurrency users. Moreover, the increase in bitcoin users (traders, investors) during last year's bull market is the reason why there is an increase in demand for hardware wallets. Looking back at how bad it is to store assets on a centralized exchange should also be a holder's consideration to owning a hardware wallet, so those are some of the reasons that support the increasing demand for these wallet.

Unfortunately I don't have any hardware wallets so far, but still think it's safe to store some of my bitcoins on electrum not connected to the internet. I might have it soon, but maybe not right now.

Trezor's supported Altcoins are mostly Binance Smart Chain or Ethereum Tokens.  Natively supported coins are very few. Ledger on the other hand has a ton of apps on their Live software for tons of Shitcoins that are not supported by Trezor although they have been very popular at least once before.  This is why I mostly say they choose Ledger over Trezor for Altcoins.  If you check out Trezor's list of supported coins excluding BSC and ERC Tokens, there are only very few that are actually supported.  That is, except coins that have bridges to BSC and ERC which I obviously do not count.

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Regards,
PrivacyG

Keeping your cryptocurrency investments safe is extremely important today, and thanks to the many established organizations that have provided crypto enthusiasts with secure storage options via hardware wallets.
hardware wallets add an extra layer of security to protect your cryptocurrencies from unwanted incidents especially hacking.
it may be in an uncertain bear market situation, and the purpose of a hard wallet is to keep its holdings for a long and safe period of time and also wait until the market returns to bullish.

I find this a very good news.

This only shows that many are starting to be well educated on how risky it is to keep their funds into exchanges. Many of us have been voicing that for years until the majority of hacks had come and now it's worse, exchanges disabling the withdrawals of users money.

I think that the demand for hardware wallets will continue to increase even for the next years.

It's reasonable if you think about it. I mean we are talking about a bear period where it would not make sense to spend money on buying something, and there are plenty of people who do not sell neither. So, if you are not trading it, then why keep it in an exchange? This is why many would be on the way of "keep your money safe" and buying some hardware wallets.

It is only logical for people to have some crypto saved aside at these type of periods and I understand it. This doesn't mean that we are not going to make any type of profit at all during this period, but trading is a lot more riskier right now than any time before, so it would be smarter to just store it in a hardware wallet.

bitocin addresses july 2021-2022 was 37m to 42m = 5m difference
the article claims of $1m a day revenue
which is about $80 a ledger single unit which is 12500 units a day = 4562500.. so its in the realms of possibility of acceptable numbers that they suggest are buying ledgers in the last year




error one
imagining all 100mill exit an exchange at the exact same moment to all be waiting "months"
~1700tx a block * 144 blocks = ~240k tx a day
4days per 1m = 400days for 100m users
(^math of YOUR bias assumption)

but here is the thing. 100m people dont all buy bitcoin in one day
coinbase over 8 years only has(suggested)80m customers(reality more like 60m)
using that 80m suggested number .. thats only 10m a year meaning if everyone each year exited coinbase
=27.4k a day.. which is only a 11.2% of a blocks data
which is manageable. especialy when coinbase batches tx's into multiple outputs per tx. to also reduce that bloat per day/block to below a 4% mempool increase


error two
thinking that in the era where people have terrabyte hard drives you stil think that 15gb for "months" of data is alot
sorry but one 2 hour blue ray movie.. yep just 2 hours.. is 50GB+
a PC game or PS5 is not small..
(F1.. assassins creed, Call of duty.. all are over 100GB each)

HD youtube video streaming. twitch live streaming is not small..

put things into actual context

error three
its becoming obvious by the usual crowd you socialise with that your biases against bitcoin form purely to promote another network. so please try to put things into a proper prospective and not a altnet leaning prospective.