Is a hardware wallet really worth it?

Hispo

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Quote from: excro on September 06, 2021, 12:10:12 PM

Hello all, I've been thinking of buying a hardware wallet to store my Bitcoin in (ColdCard), but I'm not sure if it's really worth it.

First of all, what are the advantages of using a hardware wallet, and is it really worth it?
I know security is one of them, but other than that, is there anything else?

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

Regards, excro Wink

So far coldcard is a very good choice for people who has a significant quantity of Bitcoin and do not plan to buy altcoins.
It has interesting features, like signing transacctions on the device without being connected to the computer and then you can broadcast them, ect.

It also include self-destruction instructions in case you want to dispose of the wallet in an emergency situation, by signaling the chip or part of the wallet with are supposed to "destroy"

Quite exotic if you ask me.

bpovtmg

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Stick to a proper secured and stored paper wallet.

Finally, you just need your private key to own your bitcoin.

If your hardware wallet breaks, finally you will need again your seed phrase or private key from your memory or a written note :-)

exhort

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If you have a good amount of crypto that would hurt you if they were gone (like 500-1000$), you should get a hardware wallet.

Yes, you need to create a new wallet with a new seed, otherwise the benefit of the hardware wallet would be gone.

dupee419

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Quote from: mich on September 12, 2021, 04:11:57 AM

A hard wallet is absolutely the the best way to go.
You can store your keys securely and I think it is the safest because it is stored off-line.
I would absolutely look into buying one in 2021 if you have not done so by now.

Hardware wallets have been here for a long time, I currently own a single wallet, it's actually convenient and all, just don't forget to place it in a safe spot/place, in my opinion, owning a hardware wallet today is actually necessary.

mich

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A hard wallet is absolutely the the best way to go.
You can store your keys securely and I think it is the safest because it is stored off-line.
I would absolutely look into buying one in 2021 if you have not done so by now.

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Quote from: suboo112123 on September 08, 2021, 01:23:35 PM

What are the best hardware wallets that I can get to the store may cryptos? But I have a question about the hardware wallet that is, If the hardware wallet will be out of service then can I recover my BTC?

Try to read the thread, especially the begining part. Again, Trezor will be best because it is completely open source, but you should add passphrase while using it to generate keys and addresses which can help against physical attack that can reveal its keys, adding passphrase will make the seed phrase to generate different keys and addresses entirely through salting and the no physical attack will be able to penetrate the wallet.

Quote from: Anguwa on September 10, 2021, 02:08:20 PM

Hardware wallets really worth to be used, reason being that, the wallets are reliable due to not been connected directly to internet, they can not be penetrated easily.

A reputed hardware wallet like Trezor do not connect to the internet at all, its seed phrase, private keys and addresses are always offline, the reason they are one of the offline wallets.

Quote from: Anguwa on September 10, 2021, 02:08:20 PM

Private keys being the most important thing to be kept secured in order to avoid loosing fund can be safely saved in an hardware wallets, because the wallets can also have external security pin protecting it even if someone have access to it, your privacy is still intact.

You can not save seed phrase on hardware wallet, the best is to save it offline like on paper, laminated paper, metallic sheet and the likes in a ways it will be resistant to damage and attackers, and best to have like two other copies in different locations.

For Trezor, make sure you add passphrase while generating the wallet because of the reason stated above.

Anguwa

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Hardware wallets really worth to be used, reason being that, the wallets are reliable due to not been connected directly to internet, they can not be penetrated easily. Private keys being the most important thing to be kept secured in order to avoid loosing fund can be safely saved in an hardware wallets, because the wallets can also have external security pin protecting it even if someone have access to it, your privacy is still intact.

Hispo

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They are totally worth it.

Quote from: suboo112123 on September 08, 2021, 01:23:35 PM

What are the best hardware wallets that I can get to the store may cryptos? But I have a question about the hardware wallet that is, If the hardware wallet will be out of service then can I recover my BTC?

I personally like Trezor, it is good if you plan to hold Bitcoin and ETH tokens.

It is open source, which is important.
Most hardware wallets are non-custodial, which means that it does not matter whether the wallet provider goes out of business, you will be always able to recover your funds with your seed.

You are the only one in control of your funds.

suboo112123

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What are the best hardware wallets that I can get to the store may cryptos? But I have a question about the hardware wallet that is, If the hardware wallet will be out of service then can I recover my BTC?

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Quote from: swiftbits on September 08, 2021, 10:12:38 AM

If I have a significant amount of bitcoin to save for a long-term holding, it would be great to have a hardware wallet for safety.
Some devices are affordable but should be taken seriously, we don't know what these random online sellers are selling.
It's great for security as our assets are not readily available to liquidate, making them safe from hackers.

- Online sellers can install spyware, it is better to buy from reputable brands so that when there are such problems, the law will be the best solution, and although we will not directly face the risk of hackers and the vices of addiction to trading leverage but our selves are a weapon that can particularly damage hardware wallets when essentially recovery phrases and codes are sometimes easy to lose and forget. Optimization is still the concept of dividing assets everywhere to control

swiftbits

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If I have a significant amount of bitcoin to save for a long-term holding, it would be great to have a hardware wallet for safety.
Some devices are affordable but should be taken seriously, we don't know what these random online sellers are selling.
It's great for security as our assets are not readily available to liquidate, making them safe from hackers.

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Quote from: excro on September 06, 2021, 12:10:12 PM

Hello all, I've been thinking of buying a hardware wallet to store my Bitcoin in (ColdCard), but I'm not sure if it's really worth it.

This is an interesting question, than surprisingly doesn't come up as often as it should or doesn't get the attention it deserves.

Quote

First of all, what are the advantages of using a hardware wallet, and is it really worth it?
I know security is one of them, but other than that, is there anything else?

Yes, security is the main advantage to using a hardware wallet. Beside that there is not much added benefit, though even with the funds stored in a hardware you're not going to be secure proof as you could still (by mistake or unknowingly) share the key and then be done for.

Or worse forget the recovery phrase, or never writing it down. As you can see, some probably see more risks than benefits but that depends on personal preference and choice.

As for ColdCards, I haven't used one - my preferred choice is the Ledger Nano S (it enables alts storing also which I like).

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Quote from: wissy on September 08, 2021, 06:25:07 AM

I myself am using a hardware wallet and i much calmer then having my coins on exchange or regular wallet.
Biggest draw back for me is that you should save your seed in two different physical locations in case of fire or water damage. Also, hardware wallets usually don’t offer staking, or if they do, its for a small APY.

Storing Bitcoins in hardware wallets is safer than storing them on exchanges, therefore we will feel much calmer if we use a hardware wallet.
I feel the same way, and I only keep a small amount of Bitcoin on exchanges for trading purposes only. Of course it's best to store the private key
in two different locations, so if something goes wrong there's still a backup. If you want to staking, you can't use hardware wallets, but you can use
popular exchanges that have a good reputation.

wissy

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I myself am using a hardware wallet and i much calmer then having my coins on exchange or regular wallet.
Biggest draw back for me is that you should save your seed in two different physical locations in case of fire or water damage. Also, hardware wallets usually don’t offer staking, or if they do, its for a small APY.

slaman29

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I'm admitting here I've never used a hardware wallet in my life. In fact, I haven't even seen anyone I know use one, or even seen one physically, but I guess that's because of where I am and the lack of users in real life.

All I can say is, if the majority of people I knew had started using Bitcoin, I would insist they use hardware wallet.

I trust myself and my device, but I know I should get one at some point if I start hodling more.

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Quote from: xSkylarx on September 08, 2021, 02:52:29 AM

Agreed, hardware wallets were unknown a long time ago, but because of the new hacking styles, even if it was just a simple phishing and social engineering, there will be getting hacked. Also, hardware wallets are good to keep because, in the past, they would tell you to write your seed phrase on a piece of paper and store it somewhere safe, but now it is easy to lose or misplace it because it is so small, so here are the hardware wallets, which are far superior to traditional ones. If you have enough money, you should purchase one for your own security.

Of course, they were unknown. Hardware wallets had not existed before the creation of bitcoin because no one thought that we would ever have something digital that would serve as reliable savings technology. Later, it became clear that we actually need a tool to manage our keys relatively safely. Hardware wallets proved to be suitable for most people regardless of the level of their technical competence. No matter how experienced you are in terms of interactions with cryptocurrency space, in most cases you're gonna be better off using hardware wallets instead of software or web-based solutions. However, it doesn't mean you should use a hardware wallet as "a physical backup" of your seed phrase. Ideally, it should be kept separately from your hardware wallet. The backup should be written down on a piece of paper or, for example, engraved on a more durable thingy such as stainless steel plate.

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Quote from: Kong Hey Pakboy on September 08, 2021, 01:40:46 AM

If you value your assets not getting lost because of online hacks in online storages, then you should probably consider buying at least one of them because who knows when will an attack or a hack happen to you, better safe than sorry.

Agreed, hardware wallets were unknown a long time ago, but because of the new hacking styles, even if it was just a simple phishing and social engineering, there will be getting hacked. Also, hardware wallets are good to keep because, in the past, they would tell you to write your seed phrase on a piece of paper and store it somewhere safe, but now it is easy to lose or misplace it because it is so small, so here are the hardware wallets, which are far superior to traditional ones. If you have enough money, you should purchase one for your own security.

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Quote from: pawanjain on September 07, 2021, 12:09:47 PM

A hardware wallet is certainly the most secure way of holding your cryptocurrencies. You can buy it if you think you are not that good with security.
If you hold more than $500 of coins and you are planning to hold it for a long term then you can consider holding your coins in a hardware wallet.
On the other hand, if you are geek and if you are very good at security then I dont think there's a need for you to purchase a hardware wallet although it provides additional security than any other way of holding cryptocurrencies.
So it all depends on your needs and yourself.

For me hardware wallet is the safest wallet where we can store our assets even if we are just planning to keep it for a short term or for a long term and even if I have a not so big assets I will going to transfer it to my hardware wallet no matter what simply because I am caring for my hard earned assets. It's just that simple reason why we are considering hardware wallet and it's for the secureness of our funds. This is also the other way around for a not at good digital security of their assets, it's always better be safe than sorry.

Cvetik56

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It's absolutely worth it. Security is a big thing especially if you holding a big amounts of BTC. Never spend not enough money of your security.

Kong Hey Pakboy

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If you value your assets not getting lost because of online hacks in online storages, then you should probably consider buying at least one of them because who knows when will an attack or a hack happen to you, better safe than sorry.

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