Topic: Hardware wallet demand increases in 2022 bear market as exchange scramble (Read 747 times)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

I think as more and more strict regulations are implemented on Crypto currencies, people will start to look for alternative ways to store their Private keys and they are also getting more familiar with the concept of controlling their own Private keys and not giving that power to 3rd party Exchanges.

The Crypto exchanges are the weak link in the Pseudo anonymity of Crypto currency holdings and people are recognizing that now. We cannot discount the fact that criminals are also buying more hardware wallets to protect their proceeds from criminal activities. 

I can't comment on the numbers and estimates, but I will take your word for it. Luckily (in this case), the awakening doesn't happen simultaneously and people realize little by little that it's wrong and dangerous to store your coins on exchanges. So we don't have to worry about exchange users flooding the mempools with withdrawalal transactions. Not yet at least.   

I know. I have mentioned a few times that there are differences between the earlier Nano X batches and the more-recent ones that started having battery and charging issues. 

I do remember reading about a few broken Trezor cases and I have a picture in my head of a user duct tapping the USB cable to the device because it wasn't working otherwise. Maybe that exact picture is posted somewhere in my showoff your hardware wallet thread, or I saw it elsewhere else. But nothing significant. I am sure you could find problems with Trezor's as well if you dig for it on Reddit. I am not really interested in that though.

Perhaps, the idea of moving your funds into a more secure wallet which is a hardware wallet has been gaining more recommendations and suggestions. As if you are a bag holder and of having a huge amount of Bitcoin your mind now is to think to find a safe wallet to protect it and seeing/hearing people talking about hardware wallets gives them an interest and this is what is happening now. This is not actually surprising for I know that this will come as the market continue to develop where new technology could possibly hit the market. Imagine how these computers have been a growing industry.

It create huge demand because many people got afraid on what will happen to their coins stored their since there are scenarios that exchange scam or hold the balances of their users for long years. And people cannot afford that it will happen to them that's why this series of events is not surprising because many people want to secure their funds and wait until the bull run came safely.

Not surprising where people do mind off about total security on the times where hacking accidents and losses because of stolen funds is really becoming that rampant which these steps should
have done earlier.As anticipated where people do only learn up things when unfortunate things happen again. Me whether its a bull market or bear then i have secured out my hardware wallet
and save up my assets which are good for long term.Only the amounts that i do put up on any platform or custodial wallets are the amounts which i do tend to rolling it out
to make some profits and those profits would be sent out on my HW for long term purposes.

It would not surprise me all that much if the hardware wallet rise in demand came from the extremely painful lessons some people have made in the past few weeks and months regarding the all important law of "not your keys, not your coins". I am of course talking about fiascos like the Celcius withdrawal freezing and bankruptcy declaration. People need to understand that only they are responsible for their money, nobody else.

Although I would be careful with new scams and hacks regarding hardware wallets bought from third partys in the coming months. I would not trust to buy a hardware wallet unless its directly from the source or a reputable vendor.

I had a ledger nano for years and it works as intended. The problem with hardware wallets is that they require some sort of software and that software is more vulnerable than the device itself.
Trezor is not much better because there's a video on youtube where some guy managed to hack into it by physically altering the device, so with the right knowledge and tools it's possible to fool it into thinking that it should verify the transaction.

Bear markets usually look like this. People don't want to trade in this market so they move coins back to their wallets for safety. It's more about choosing not to participate in the market than being afraid that governments could shut down exchanges.

That is also an important point because the number of individuals' wallet usage is also a determination towards the existence of exchange storage to personal wallets with the keys. After all, those wallets are recoverable and users are in total control of their coins.

But come to think of it, not that hardware wallets have it own  challenges.

It would be interesting to know if the number of people installing a wallet like electrum is also going up as many people simply do not have enough money to justify buying a hardware wallet but they could still want to secure their coins, so this would be a good metric to see if those people are also leaving exchanges behind.

However wanting to get complete control of our coins should not need a bear market but it is nice to know that people are striving to reach that goal and get control over their coins once again.

Those who use the exchange, those who want to exchange one coin for the other see exchanges as a bus stop and a transfer ground. But for storing Bitcoin almost every investor and holders know the vulnerability of exchange and the risk involved in leaving your coins on the exchange since you don't have the private keys to the wallet, but with a hardware wallet, one can store Bitcoin for as long as possible without fear of hack or phishing attacks.

Perhaps, many users of the ledger's products will agree with you and also don't experience any problems with their hardware wallets, but still, breakdowns do occur. I don't think that this is a statistical error, but more like the poor quality of the materials used, as you say. A cracked display or a plastic case, as well as failed buttons, are not the most expensive elements in the design of this devices. It would seem, why not improve their quality. After all, it doesn't require a lot of financial investment for this. But if we take into account the multi-million dollar sales of ledger's devices, then saving even on such trifles will result in a large amount. Really, business in the most ordinary greed? But on the other hand, this company's support service, apparently, works flawlessly and is ready to provide a completely new device during the warranty period - https://bitcointalksearch.org/topic/m.59864720. Without having to send a broken device, which deserves special praise.
 
In a world in which there is a very large information flow, such the data leak news is very quickly forgotten and, of course, remains unknown to new potential buyers of ledger devices. Such problems are discussed only in thematic forums and sections, in which there are not so many views. Most often, users look into these sections only when they have personal troubles with their HW devices, which leaves these the lledger's data leak news out of the information flow of new investors.

It seems that this is also true. This company has already occupied a very large market share and new companies (which appear from time to time and offer their own unique solutions) are not able to compete with them on a serious level and on such a scale. Which, in my opinion, is not good, because it reduces the variability of devices, allowing the emergence of new hardware wallets with completely unique solutions and operating principles.

In modern society, it has become important not only to provide a "cool product", but to be able to make it stand out from the competition and attract buyers. Even if there are questions about the quality of devices, as is the case with the ledger company. Still, buyers pay a lot of attention to the "cover" and appearance.

It is also the merit of this manufacturer that they better studied the needs of their customers and offered exactly the design that began to be in great demand. It seems to me that the company understood better than its competitors how to "serve a dish" and in "what form", which, accordingly, allowed it to dominate sales of HW devices.

I faced immense problems when I was living in India and the exchange suddenly stopped functioning when the government decided to make cryptocurrencies like Bitcoins obsolete and illegal so I had 0.1 BTC but had to somehow sell them at a much lower rate using p2p transactions because the exchange gave a limited to take all your Bitcoins out and unfortunately wasn't able to do it at a much better rate and I thought they are not going to ever allow cryptocurrencies so I didn't look into hardware wallets or paper wallets but then I realized that I should have been more intellectual and had them stored in a hardware wallet since this would prevent such situations from happening indefinitely.

As I already wrote, our devices were made in a different time when materials were cheap and easily available, and the demand for HW was probably not like today - so even though they are the same devices, according to everything I could see and read these the new ones seem to be of lower quality. I am not aware if Trezor has such problems, although I have to admit that I can't remember anyone on the forum complaining that they have a broken Trezor, or that something on the HW is broken or doesn't work as it should.

After all it doesn't make sense bear market is encourage people to use hardware wallet since there's no relation at all and there's no recent big exchanges got hacked on 2022. What I think is many people fear of those so called decentralized e.g. DAPP are losing all of their tokens after they connected to fake sites and the recent hack where you downloaded random files on discord or telegram, your token will wiped out.

Or this might just a framing news where Bitcoin adoption keep increase, that's why hardware wallet demand are increases because there's always a few people who want to hold his coins on wallet, not exchanges.

Looks like people are most likely preparing for long-term investment and at the same time, they want to hold it for themselves and not trust any 3rd party exchanges to secure their funds. This is obviously a courageous act and an intelligent work from this year's investor because, with the news of continuous phishing and hacking going on, you should consider keeping your crypto assets as safe as possible to avoid tragedic loss which is to get victim by those hackers where their techniques are always updated and who knows maybe one day, the exchanges you're keeping your coins with will get the hack.

That brings the next problem: available block space. If 100 million people want to transfer Bitcoin from an exchange to their own wallet, and then make a transaction by themselves, that's 15 GB and takes months to process on-chain.

Interesting fact, but I think education is the main factor driving this phenomenon. Many people don't consider themselves very computer savvy and think that running a wallet themselves is rocket-science. I think the number of people holding Bitcoin in self-custody will increase.

I salute the members of the forum who make their part by promoting the "Not your keys, not your bitcoins" campaign.

I think that at least 50-60% of the negative and bad posts and threads there are about Ledger hardware wallets in that sub section come from dkbit98. He probably gets a warm and fuzzy feeling in his belly when he sees something bad about Ledger.
But that doesn't change the fact that they messed up big time and in numerous occasions.

Regarding the build quality of the devices. I can only speak for myself and I don't want to jinx my Nano S, but it has been working fine for many years. And you also have Lucius stating that his Nano X is working just fine. So there you have it. I don't bother myself too much with negative comments on reddit because I have my own experience to fall back on. I am pretty sure that I am not special and that God and other forces are not protecting my Nano S in all these years. There are many like me out there who are satisfied with their products, but you don't hear such voices on reddit. 

Centralized exchange will never be good and safe to store assets in long term because these are trading platform which will never give full control to asset owners. I think that reason must be the right mindset why holders should not keep their assets long term in a centralized exchange and by far HW is the best storage wallet ever. Every investor and long term holder should know it and they should be aware of it for one thing, not your keys, not your assets.

The bitcoin price crash is not the main reason why demand for HW increase during 2022, but I think this increase can be interpreted as an increase in awareness and knowledge among users ^{[investors and holders]} about why not to store their assets long term in a centralized exchange. There are many reasons why it is increasing, but the first one I think is bitcoin users are starting to know and realize not to choose a centralized exchange for long term storage of their assets.

@PrivacyG, Trezor supports 1816 coins&tokens, but I'm not sure what that number is with Ledger, although some claim that the number is really much higher. If the reason for better sales is just shitcoins mania, then someone is going to be in big trouble when things go downhill. What I like about Trezor is the "Bitcoin-only firmware" option, which is one step higher in security considering possible attack vectors in combination with all coin apps that can be installed on the device.

I also have a small theory that potential customers prefer the Ledger design in the form of a classic USB stick, rather than the design developed by Trezor - which attracted me to buy Ledger at the beginning.

Good to see the thread has been moved to the right section, this information serves as a warning alert to most newbies and even experience Bitcoin investors and users. Nice move ops hope to see further updates as regards records of other hardware wallet companies.

I've seen claims of up to hundreds of millions of Bitcoin users, while there are only 42.5 million funded Bitcoin addresses. If those claims are true, it can only mean the majority of Bitcoin "users" treats Bitcoin as a stock, keeping "their" coins at an exchange/broker.

Comfort over anything else.  Ledger offers some features Trezor does not.  For example, Ledger Live on Mobile.  Plus, Ledger supports many Shitcoins which I suspect the masses are holding.  Maybe if Trezor supported these Shitcoins as well, they could lead the sales.  But when you have everyone holding all sorts of Shitcoins and willing to choose comfort over security and basically anything else that should in theory be prioritized, Ledger of course does a great job at selling their devices.

-
Regards,
PrivacyG

As for the quality of the device that I bought a few years ago, I can't say anything bad, because nothing broke and everything works as it should from day one. It is possible that problems in quality and functionality arose as a result of the use of lower quality materials, and possibly a less experienced workforce.

I also thought that Ledger will lose the user's trust after the data leak scandal, but it's obvious that most people don't value their privacy enough to blacklist such a company. And as you say, a good advertising strategy still keeps them on top and probably targets those completely new investors in the crypto world who are probably not aware of anything that happened in the past.

Another fact that works in their favor is that, apart from Trezor, they have no real competition that can offer a product for the masses at a more favorable price, and at the same time gain more trust in the short term. I can only say that my next HW will not be from Ledger.

Despite this bitcoin migration out of custodian wallets to non-custodial wallets, there will still be many people using the custodian wallets. For example, there is a popular direction for those who want to get rich by crypto trading or ordinary users, most often beginners (those who being verified by KYC for the convenience of converting and withdrawing crypto into $ to bank cards).

Their devices may be cheaper, but the quality is very questionable. Housing and display failures are a common occurrence, not to mention that the ledger has repeatedly fallen into incidents with users' personal data. Most of the troubles in Hardware wallets section are dedicated to the products of this company. All this together should have stopped crypto users from using ledger devices, but as we see from this news, it turns out the other way around and a hardware wallets with mediocre quality leads in sales. I see only one explanation: the influence of advertising and the good work of the marketing department with many other shortcomings of ledger.

Bear market or not, exchanges should be used for exchanging coins, and non-custodial wallets should be used for their safekeeping. It's going to take some time for people to realize that, but hopefully we are getting there.

It's the other way around. People are moving their coins from custodial wallets to non-custodial wallets. Custodial means that someone else is in control of the private keys. Non-custodial means they aren't, but you are.

Ledger has sold more hardware wallets than any other HW manufacturer in the world. Despite their recent problems, I am sure that trend continued even in 2021-2022. Trezor is probably sitting on #2. Ledger puts a lot of emphasis on marketing and their devices are are cheaper than those of their competitors. If you do a google search for the term "hardware wallet", Ledger's website is the first search result. Trezor, for example, is almost at the bottom on the first page.

It would be interesting to see statistics on sales of hardware wallets from other manufacturers for 2022 and compare with the results of the ledger. Does this company dominate the HW device market in terms of HW device shipments?

This news from the ledger demonstrates that even in a bear market, you can make good money. It would seem that sales of hardware wallets should be reduced due to a decline in interest in cryptocurrency due to falling prices, but it turned out differently. Demand for HW devices has increased due to the desire of people to single-handedly own their cryptocurrency and secure themselves by removing it from the exchanges. Which, in general, is not at all surprising.

The more known bitcoin becomes, the more the threats against users' funds.
Also people start becoming aware that keeping their funds on custodian services can easily be a bad idea.
And we, here on bitcointalk, suggest a lot the use of HW, since most people are not technical enough to properly safeguard their funds.

So this development is, by far, not a surprise.

Bitcoin holders are moving the coins from non-custodial wallets to custodian wallets where they have their private keys, remember this is not your keys, not your wallet. Exchanges have lost huge liquidities due to hacks and the rest of it so a cold wallet is the best option.

I had some coins in binance Earn, with 10% interest rate for some stable coins, and withdrawal everything a few weeks ago.

I am afraid some exchanges will face financial and regulatory problems in this bear market. When the price is falling it is the perfect timing for politicians create new laws against crypto to "protect the population".

In this scenario, a lot of users will be withdrawing to their personal wallets as well, and hardware wallets are the way to go to most users. Easy to use and safe.

As the 2022 bear market persists, crypto exchanges announce losses in revenue such as coinbase and binance.
A Hardware crypto wallet firm LEDGER has announced the highest shipment of its hardware wallet in 2022, amid the present bear market the CEO Pascal Gauthier went further during an interview with coin telegraph that the 2022 bear market has a heavy impact on centralized exchanges since users of those exchanges are moving funds off the exchange because of the fear losing they funds and optioning to store them on a hardware wallet where they have control of the private keys this results into the increase in the demands of the ledger hardware wallet presently.
https://cointelegraph.com/news/hardware-crypto-wallet-sales-increase-as-centralized-exchanges-scramble