Is a hardware wallet really worth it? - page 3.

swiftxi

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Quote from: Charles-Tim on September 06, 2021, 02:49:02 PM

Quote from: bitmover on September 06, 2021, 11:26:38 AM

I strongly recommend that all newcomers buy a hardware wallet if they want to invest more than $ 1000.00 in cryptocurrency. You will not be hacked and your funds will be safe.

I too will recommend this because hardware wallet seed phrase and private key are stored offline, they are resistant to malware, but people should still be mindful of clipboard malware, I have also read in few sites about QR code malware. Both malware will still be able to to change recipient's address to a hacker's address even while making transaction on hardware wallet which an lead to bitcoin to be sent to a hacker's address. Regardless of it being a hardware wallet, people should make sure their computer is not having malware and maintain safety, also checking and re-checking the recipient's address is very important so to know if there is any change of address. @excro, this quote is for you as bitmover already knows what I am posting about.

Quote from: swiftxi on September 06, 2021, 02:21:15 PM

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

Blockchain.com is a web wallet, the most vulnerable wallet type are web wallets, hardware wallets like Trezor and Ledger Nano are safer and are worth buying.

Edit: You are using exchanges for coin storage, not you key not your coin, do not use any exchange to store your coins. I meant blockchain.com wallet is a web wallet. Also Exodus wallet is not recommended. Even if you will have to use online wallet, Electrum is recommended.

Yes , i keep it in online wallets / exchanges.Never had problems, but the ammounts are not astronomical.

dkbit98

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Quote from: excro on September 06, 2021, 11:10:12 AM

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.

You need to decide that for yourself, but it is worth to own hardware wallet if you have more Bitcoins you are willing to hold long term, and it is much better than holding coins on exchanges or web wallets.
If you don't have airgapped computer and you want some balance of security and usability than hardware wallet would be a good choice.

Quote from: excro on September 06, 2021, 11:10:12 AM

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?

Not all hardware wallets are created equal and not all of them are good, but they have advantage over hot software and web wallets because they are not connected with internet.
They are portable so you can bring them everywhere you want, or you can buy new device and import your seed words anywhere in the world.

Quote from: excro on September 06, 2021, 11:10:12 AM

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

ColdCard is one of the better hardware wallets, never connected with internet or with your computer, and even if you lose your ColdCard it would be very hard for anyone to extract your keys from that device.
Do your own research before purchasing anything and follow this Guide for purchasing Hardware Wallet the right way to avoid leaking of personal information.

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Quote from: v3liana on September 06, 2021, 09:53:00 PM

I wouldn't use a hardware wallet.
There is always a risk of a hardware failure and you still have to secure the password and seed phrase. Which means you've just solved one problem with an admittedly low risk of failure and now need to secure your password / seed phrase.

Your thinking makes some sense if we could compare hardware wallets (in terms of security) to desktop or mobile, or maybe even online crypto-wallets. So while it is true that such a device can always fail, and that a backup (seed) must be kept with great care - for now, it has been unequivocally proven that a wallet generated on such devices (those with a reputation), is the safest way (and simplest) for the average user.

Of course, there are always reasons for and against something, but your reason is not something that should deter someone from using a hardware wallet - my strategy is that if one device breaks down, there is always one in reserve - crypto security should not have a price, especially if we are talking about amounts of $50 or $100.

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Quote from: yazher on September 06, 2021, 09:27:57 PM

Quote from: swiftxi on September 06, 2021, 02:19:41 PM

Depends on your needs, online services offer a range of reliable wallets.If you move a lot , travel , possibly a hard wallet isnt for you.If you have a solid place that you never leave, it could be good for you.
I personally dont want a hardware wallet , its much easyer to remember an email and password.

The problem with those exchanges is they have some histories of hacking where they lose your assets and sometimes close their exchanges for months. I experience putting my crypto assets in one of the leading exchanges hoping for the price to rise after few months since I don't need it back then. But suddenly they disable the withdrawal button which makes us suffer for 1 month I think. We don't know what's going on and thankfully they allowed their users to withdraw after 1 month of keeping their assets on their exchange. We can avoid such things happening if we have a personal hardware wallet. we can hodl as long as we can and no one can stop us from doing so.

It is very risky to store our coins on exchanges, because there are many incidents where exchanges have been hacked, even exchanges as big as
Binance have been hacked. This means that the risk of us losing our coins is getting higher, there are even some exchanges that have been proven
to be fraudulent. Maybe the person who suggested storing coins on exchanges has never had a bad experience with exchanges, but those who
have experienced it, including myself, recommend storing coins in a hardware wallet.

v3liana

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I wouldn't use a hardware wallet.

There is always a risk of a hardware failure and you still have to secure the password and seed phrase. Which means you've just solved one problem with an admittedly low risk of failure and now need to secure your password / seed phrase.

yazher

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Quote from: swiftxi on September 06, 2021, 02:19:41 PM

Depends on your needs, online services offer a range of reliable wallets.If you move a lot , travel , possibly a hard wallet isnt for you.If you have a solid place that you never leave, it could be good for you.
I personally dont want a hardware wallet , its much easyer to remember an email and password.

The problem with those exchanges is they have some histories of hacking where they lose your assets and sometimes close their exchanges for months. I experience putting my crypto assets in one of the leading exchanges hoping for the price to rise after few months since I don't need it back then. But suddenly they disable the withdrawal button which makes us suffer for 1 month I think. We don't know what's going on and thankfully they allowed their users to withdraw after 1 month of keeping their assets on their exchange. We can avoid such things happening if we have a personal hardware wallet. we can hodl as long as we can and no one can stop us from doing so.

Fundamentals Of

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Quote from: excro on September 06, 2021, 11:10:12 AM

I know security is one of them, but other than that, is there anything else?

Even if there is nothing else aside from security, it doesn't mean it is not worth it. It is enough to say that a hardware wallet is worth it because it provides security. Security is everything. It is everything that your Bitcoin savings is all about. Security is of utmost priority that you cannot just simply ask what else could a hardware wallet give aside from security to make it worthy. Well, it also gives you peace of mind.

FinneysTrueVision

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It is totally worth it. I've had software wallets on devices that eventually stopped working. Luckily I haven't lost my backup phrase so I could always recover my funds on a different device but it is always a worry I have. With a hardware wallet there are still some risks but it is a specialized device that is resistant to issues like malware and other things that affect software wallets.

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Quote from: excro on September 06, 2021, 02:41:50 PM

Who do you think created those online wallets? Of course, people. Web wallets are NOT decentralized, the owners could lock you out of your wallet at any time. Be careful not to spread misinformation please.

While it is rare, some 'web wallets' are open source and you can run them offline. Some of them also store your wallet file on your computer, so it's just running as a UI, such as sollet. But yeah, it's not a good idea for long-term storage (or just general crypto activity in general, you should use it as a last option). If you compare it with HW, HW is obviously a better choice. I'd suggest you buy Ledger Nano S if you're just planning to store one or two coins for years.

Mahanton

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Quote from: Vaculin on September 06, 2021, 06:22:50 PM

Quote from: Myleschetty on September 06, 2021, 05:34:41 PM

Both Coldcard and hardware wallet really worth it but if you choose Coldcard, you need to make sure the card vendor is someone trusted. However, 97% of all crypto enthusiasts will advise you to get a hardware wallet cause it is one of the safest wallets but you still need to avoid human error though.

It makes no sense and worthless buying this hard wallet if you don't know how to use it and care about it. Thus, if you are not a techie person you better not to any of them but I suggest must have learned it someday especially when you are planning to store a huge amount of Bitcoin. Well, it was preferred to have hardware wallet than Coldcard as this was the safest stuff in doing like this. But as it has been said, it matters also how you handle this thing.

Not that really technical for you to understand on how it works because it does only require a little bit of basics and some simple or mix of common sense then you would really be finding out to be easy.
Of course hardware wallets are worth to consider and since they are cheap then it wouldnt really be much of a matter for you to buy one but if you do saw your coins arent really worth for you
to store up for long term then its just understandable that you wont really be needing one but if you do hold lots then its just a default thing for you to consider.

JustAnOtherLoser

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In short: YES! I would even recommend to use mutilple Wallets at some point.
Detailed answer: It depends on your amount of stored BTC / Krypto. If you'll lose 1-100k, maybe buy a wallet. If you lose 100$, maybe wait. Every other thing has been explained already. Cold storage is what makes BTC free.

Vaculin

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Quote from: Myleschetty on September 06, 2021, 05:34:41 PM

Both Coldcard and hardware wallet really worth it but if you choose Coldcard, you need to make sure the card vendor is someone trusted. However, 97% of all crypto enthusiasts will advise you to get a hardware wallet cause it is one of the safest wallets but you still need to avoid human error though.

It makes no sense and worthless buying this hard wallet if you don't know how to use it and care about it. Thus, if you are not a techie person you better not to any of them but I suggest must have learned it someday especially when you are planning to store a huge amount of Bitcoin. Well, it was preferred to have hardware wallet than Coldcard as this was the safest stuff in doing like this. But as it has been said, it matters also how you handle this thing.

Myleschetty

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Both Coldcard and hardware wallet really worth it but if you choose Coldcard, you need to make sure the card vendor is someone trusted. However, 97% of all crypto enthusiasts will advise you to get a hardware wallet cause it is one of the safest wallets but you still need to avoid human error though.

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Quote from: excro on September 06, 2021, 02:41:50 PM

Did you just say web wallets are decentralized?
Who do you think created those online wallets? Of course, people. Web wallets are NOT decentralized, the owners could lock you out of your wallet at any time. Be careful not to spread misinformation please.

Decentralization and security are two different things, you just conjugated two different things together.
A decentralized wallet means the wallet gives you your private key and you are free to use your keys anywhere you want.
If you are able to keep your keys you can import/export them in any open-source wallet, which means you have full control of your funds. Most of the Open-Source web wallets don't hold the keys they just give full freedom to their users, that's why they are decentralized and pseudonymous.

But keep in mind though a web wallet might be decentralized but it is always less secured to use. It could be hacked, could be stopped their service, could run away with your funds but can't Seize your funds cause it is decentralized.

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Common HW on where this community is been aware off except to those who do know about Coldcard but as long it do fits out as a hardware wallet then it would be considerable.

Common HW:
https://www.ledger.com/
https://trezor.io/

Is it really worth it? Yes for the security of your coins and heck they are only cheap if you do really mind about holding for long term then this
thing would really be considerable.

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Quote from: swiftxi on September 06, 2021, 02:21:15 PM

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

Do you mean to say that you're using these wallets for your safe keeping? you better stop doing that. You don't keep your coins in exchanges if the idea is all about keeping them for the long term. In blockchain.com wallet, there are users that have reported about that glitch that happened to them.

@OP, it's worth a shot. I've bought my old hardware wallet, the ledger brand S and until now I'm using it. Coldcard is suggested by https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware but I haven't used since it's there then probably it's also a good choice.

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Quote from: bitmover on September 06, 2021, 11:26:38 AM

I strongly recommend that all newcomers buy a hardware wallet if they want to invest more than $ 1000.00 in cryptocurrency. You will not be hacked and your funds will be safe.

I too will recommend this because hardware wallet seed phrase and private key are stored offline, they are resistant to malware, but people should still be mindful of clipboard malware, I have also read in few sites about QR code malware. Both malware will still be able to to change recipient's address to a hacker's address even while making transaction on hardware wallet which an lead to bitcoin to be sent to a hacker's address. Regardless of it being a hardware wallet, people should make sure their computer is not having malware and maintain safety, also checking and re-checking the recipient's address is very important so to know if there is any change of address. @excro, this quote is for you as bitmover already knows what I am posting about.

Quote from: swiftxi on September 06, 2021, 02:21:15 PM

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

Blockchain.com is a web wallet, the most vulnerable wallet type are web wallets, hardware wallets like Trezor and Ledger Nano are safer and are worth buying.

Edit: You are using exchanges for coin storage, not you key not your coin, do not use any exchange to store your coins. I meant blockchain.com wallet is a web wallet. Also Exodus wallet is not recommended. Even if you will have to use online wallet, Electrum is recommended.

excro

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Quote from: Imran232 on September 06, 2021, 01:52:51 PM

Yeah i know sir. And that is called web wallet. Which is online based wallet. And that is also secured too because that are decentralize too. ~snip

Did you just say web wallets are decentralized? Man, get out of here.

Who do you think created those online wallets? Of course, people. Web wallets are NOT decentralized, the owners could lock you out of your wallet at any time. Be careful not to spread misinformation please.

swiftxi

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Quote from: Upgrade00 on September 06, 2021, 01:43:57 PM

Quote from: excro on September 06, 2021, 01:11:44 PM

I'm more of a hodler myself, and I plan on holding quite a lot of funds on there, so a hardware wallet would definitely be worth it then.

If you plan on holding large funds, you should use multiple addresses to store them rather than keeping it all in a single address. For privacy reasons you can also use multiple keys. However start from the basics, so you don't get an overload of information.

Quote from: Imran232 on September 06, 2021, 01:35:51 PM

If it is decentralized. So where we get this decentralized obviously in hardware wallet. Only you have the control. But in centralized wallet the company has the control of your account. So now you decided is it worthy or not?

There are a couple other decentralized wallets which are not hardwares, but gives you full control of your funds.

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

swiftxi

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Depends on your needs, online services offer a range of reliable wallets.If you move a lot , travel , possibly a hard wallet isnt for you.If you have a solid place that you never leave, it could be good for you.
I personally dont want a hardware wallet , its much easyer to remember an email and password.

Topic: Is a hardware wallet really worth it? - page 3. (Read 608 times)