Hardware Wallets vs. Software Wallets

bob123

legendary

Activity: 1624

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Quote from: HCP on July 05, 2018, 06:12:10 PM

Except the "unhackable" BitFi Hardware (Brain)wallet Tongue

Please..
Everyone knows this wallet is unhackable and doesn't need to store private keys longer than the fraction of a second.
Why would such a superior wallet only used by superior minds need a backup ?

It is ultimatively secured without the need of a backup. Cool

Note: That was Sarcasm. This wallet is a money grab and is as secure as a brain(fart) wallet.

HCP

legendary

Activity: 2086

Merit: 4361

Quote from: bob123 on July 04, 2018, 07:21:33 AM

Each hardware wallet (or software wallet) does prompt you to backup a 12/18/24 word seed.

Except the "unhackable" BitFi Hardware (Brain)wallet Tongue

In all seriousness... this seems to be one piece of FUD that never dies in relation to hardware wallets. People seem to think that you lose it, or it is damaged and your coins are gone, which simply isn't true. As long as your have your seed mnemonic, you can recover your coins... and you don't even need another hardware device to do so.

bob123

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Quote from: pxo.011 on July 01, 2018, 12:57:13 AM

hardware wallet is more secure but if you accidently busted your wallet there is no way to access that wallet.

Thats not fully correct.

While you can't actually use the hardware device once it is broken, you still CAN access your private keys (and therefore all of your bitcoins stored on the hardware wallet).
Each hardware wallet (or software wallet) does prompt you to backup a 12/18/24 word seed.
This seed can always be used to generate your private keys (using a specific 'function', which is described in BIP32/BIP38 (can be found here: https://github.com/bitcoin/bips)). Even without the physical device.

Rath_

legendary

Activity: 1876

Merit: 3132

Quote from: Zandra on June 30, 2018, 11:14:48 PM

But to secure my funds or big assets I choose hardware wallet, because I know hardware wallet is the most secured wallet.

The biggest problem is choosing a proper wallet. Every hardware wallet manufacturer claim that their wallet is the most secure one. Even the most popular hardware wallet had some critical vulnerabilities which were quickly fixed but thousands of users could have lost their money.

Yesterday, I created a guide on choosing a hardware wallet. Actually, it's more like a description of various popular wallets because it all depends on the use case.

dunfida

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Merit: 1140

Quote from: dupee419 on June 30, 2018, 08:41:49 PM

Give me 2-3 minutes of your time to explain what software wallet is and what hardware wallet is, Now I am just going to give you guys the exact information about what software wallet and what hardware wallet is.

Software Wallets - A software wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.

Hardware Wallets - A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.

Now I have searched this information clearly on Google and I have to say that the info is quite clear and easy to understand right? Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there, but for now let's talk about these 2 types of wallets which is the hardware and the software, which one do you prefer?

Edit: Please do refer to the replies below as their information is more accurate than what I have shown above.

Both!

I do make use either of those wallet basing on my own needs. Software for active transactions and hardware for long term aspect.It does depend on how you would use it and how you would handle your funds as long you do know the things or risk related to those wallets then its good. Just be sensible on how you would keep it safe yet money is being store on there.

pxo.011

member

Activity: 266

Merit: 10

maybe it has a advantage and this advantage both software wallet is easy to use however you are phrone to the hacker, hardware wallet is more secure but if you accidently busted your wallet there is no way to access that wallet. so it is up to you what is your decision.

dupee419

sr. member

Activity: 1344

Merit: 261

Quote from: pooya87 on June 30, 2018, 10:06:04 PM

Quote from: dupee419 on June 30, 2018, 08:41:49 PM

Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there,

these are not different types of wallets. these are just different categorization of the same wallets.
for example you can say Electrum is a software wallet (although i don't like the term). then if you use it on your desktop of a computer that is connected to internet it becomes a "hot wallet". if you use it on a computer that is never connected to the internet it becomes a "cold wallet".

Pretty much right on this one, I apologize for the lack of info given but again my only focus around this topic is mainly on hardware wallets and software wallets.

Zandra

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Quote from: dupee419 on June 30, 2018, 08:41:49 PM

Give me 2-3 minutes of your time to explain what software wallet is and what hardware wallet is, Now I am just going to give you guys the exact information about what software wallet and what hardware wallet is.

Software Wallets - A software wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.

Hardware Wallets - A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.

Now I have searched this information clearly on google and I had to say that the info is quite clear and easy to understand right? Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there, but for now let's talk about these 2 types of wallets which is the hardware and the software, which one do you prefer?

Actually I choose both.
But to secure my funds or big assets I choose hardware wallet, because I know hardware wallet is the most secured wallet.

Romeotom

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Activity: 821

Merit: 20

SOL.BIOKRIPT.COM

Hardware wallet best safety for me,we are know that There are many hackers have in the cryptocurrency world.many Hackers always try to hack our wallet then we are need to good safety for our wallet. Best for my choice hardware wallet.

rollingstorm45

member

Activity: 448

Merit: 17

wallet hardware has a layered security system, while the wallet software prioritizes a simple security system, I highly recommend to use wallet hardware, to keep your funds safer
because your money is your life, do not you let the thieves take it from you

yron51

newbie

Activity: 168

Merit: 0

I choose Hardware wallet for the better security for many hackers all over the world that hack our funds. I recommend to use hardware wallet like trezor or ledger to protect your funds better.

Gogochen

member

Activity: 238

Merit: 10

Yes, the definition of hot and cold wallets really does depend on whether you're connected to the Internet, as other people say.
Most of the time I prefer hardware wallets because they are more secure.

pooya87

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Activity: 3472

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Quote from: dupee419 on June 30, 2018, 08:41:49 PM

Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there,

these are not different types of wallets. these are just different categorization of the same wallets.
for example you can say Electrum is a software wallet (although i don't like the term). then if you use it on your desktop of a computer that is connected to internet it becomes a "hot wallet". if you use it on a computer that is never connected to the internet it becomes a "cold wallet".

Grayy

member

Activity: 322

Merit: 12

This is just a rough overview of the types of the aforementioned wallets. Check this thread at the Beginners & Help section for a better explanation to the types of wallets https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151

kotajikikox

full member

Activity: 2548

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Quote from: dupee419 on June 30, 2018, 08:41:49 PM

Give me 2-3 minutes of your time to explain what software wallet is and what hardware wallet is, Now I am just going to give you guys the exact information about what software wallet and what hardware wallet is.

Software Wallets - A software wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.

Hardware Wallets - A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.

Now I have searched this information clearly on google and I had to say that the info is quite clear and easy to understand right? Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there, but for now let's talk about these 2 types of wallets which is the hardware and the software, which one do you prefer?

I choose software wallet than hardware wallet the reason why is clearly easy to recover the software wallet the the hardware wallet if your computer hardware become damage is very difficult to recover the coins stored from the computer hardware have possible can't repair the system, unlike software wallet is easy to open from different computer with have software and internet connection all we need to do is make strong security password to avoid lose from the hackers.

dupee419

sr. member

Activity: 1344

Merit: 261

Give me 2-3 minutes of your time to explain what software wallet is and what hardware wallet is, Now I am just going to give you guys the exact information about what software wallet and what hardware wallet is.

Software Wallets - A software wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.

Hardware Wallets - A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.

Now I have searched this information clearly on Google and I have to say that the info is quite clear and easy to understand right? Anyways there are also other wallets and not only hardware and software, there are also hot wallets, cold wallets and desktop wallets and many more types of wallets out there, but for now let's talk about these 2 types of wallets which is the hardware and the software, which one do you prefer?

Edit: Please do refer to the replies below as their information is more accurate than what I have shown above.

Topic: Hardware Wallets vs. Software Wallets (Read 227 times)