Topic: Is it worth having more than one hardware/paper wallet if you hold just one curr (Read 171 times)
March 05, 2018, 07:49:12 AM
It doesn't matter if you only have bitcoins or you have other more in your hardware wallet. If you feel unsafe with your current wallet, why not try other methods of storing bitcoins. Like a cold storage in an offline computer. Or maybe a paper wallet. Better to keep it in many ways.
March 05, 2018, 07:35:40 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
There is no need another hardware wallet if you are going to hold the same currency but it is not a bad idea to another brand of hardware but all hardware wallets are safe to store our coins and no matter of how much bitcoin you are holding one wallet is enough. I’ve thought about it for safety reasons.
March 05, 2018, 07:33:03 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
I’ve thought about it for safety reasons.
I think you're thinking good,two hardware wallets is certainly better than one just in case one is for some reason stop working.It is true that you have option to recover your wallet using your seed on some desktop wallet,but from the security aspect typing seed in any desktop/online wallet represents a security risk.I am also thinking to buy another one,as you say it is a relatively small investment and a small price for safety.
March 05, 2018, 07:26:28 AM
Yes, you must have minimum 2 hardware wallets, suppose your main wallet is stolen, lost or damaged so you will be in rush to recover as you don't have another wallet at that time and it will take time to get delivered your another purchased wallet to your doorstep, so most probably you will try to recover it in web or online wallet which is not secured as hardware wallet is. But in parallel if you have spare wallet you can just easily restore in it. Another advantage of keeping two hardware wallet is that you can make a clone, first wallet identical to the second wallet. Then second wallet can be kept as a backup anywhere you feel it will remain safe and the first wallet with you every time. So now you have multiple hardware wallet with same seeds to access your funds if one gets stolen/damaged the second one will save your life. 
March 05, 2018, 07:20:07 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
I’ve thought about it for safety reasons.
It also makes sense in case of theft. And I mean in-person attack forcing you to give your hardware wallet and seed, like discussed here.
In such case it may also worth having more paper wallets or hardware wallets.
But this makes sense if we talk about really big amounts, I guess...
March 05, 2018, 07:14:27 AM
For me the second wallet's unnecessary. If you'll have 2 wallets, think of the transaction fee that you'll be spending when you're gonna transfer BTCs between them. I'd say just use one paper wallet. Unless you'll be using the other one for like business or payment acceptance or something, one should be fine.
March 05, 2018, 07:12:20 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
One hardware wallet is more than enough to protect your investment. If you want to store separately you can buy another wallet else do not buy one more hardware wallet. Because one hardware wallet is easily transact number of high amount transaction. So don't waste your money in hardware wallet. Few peoples are buying 2 hardware wallet it depends on our portfolio. I’ve thought about it for safety reasons.
March 05, 2018, 06:59:39 AM
Hi,
It won't be safer to store several currencies. Generally speaking, people invest in different cryptos to mitigate the risk and to avoid complete loss in case of erratic moves for one currency.
But your wallet won't be more secured if you have several cryptos.
Please, remember that bitcoin is not merely about trading. Most cryptos have a purpose and represent something. There were created for a reason, so learn about it before investing!
Hi m0gliE, I think that the OP ment buying another hardware wallet, not buying another cryptocurrency, for security reasons.It won't be safer to store several currencies. Generally speaking, people invest in different cryptos to mitigate the risk and to avoid complete loss in case of erratic moves for one currency.
But your wallet won't be more secured if you have several cryptos.
Please, remember that bitcoin is not merely about trading. Most cryptos have a purpose and represent something. There were created for a reason, so learn about it before investing!
Anyway one scenario that I can see a benefit of having two hardware wallets is using one to hold your founds and using the other for everyday expenses or to sell some of your bitcoins to localbitcoin dealers - it may not be very safe to go around with all your crypto holdings on you.
March 05, 2018, 06:47:40 AM
Hi,
It won't be safer to store several currencies. Generally speaking, people invest in different cryptos to mitigate the risk and to avoid complete loss in case of erratic moves for one currency.
But your wallet won't be more secured if you have several cryptos.
Please, remember that bitcoin is not merely about trading. Most cryptos have a purpose and represent something. There were created for a reason, so learn about it before investing!
It won't be safer to store several currencies. Generally speaking, people invest in different cryptos to mitigate the risk and to avoid complete loss in case of erratic moves for one currency.
But your wallet won't be more secured if you have several cryptos.
Please, remember that bitcoin is not merely about trading. Most cryptos have a purpose and represent something. There were created for a reason, so learn about it before investing!
March 05, 2018, 06:34:47 AM
you don't need to have another if you feel safe with your current one. i have about 7 btc in a single desktop wallet i didn't even have a hardware wallet, i didn't even try to acquire one. i'm also suspicious about these hardware wallet companies. the only i have is the bitcoin core which also take time updating that is why i kept updating it every time.
March 05, 2018, 06:33:02 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
I’ve thought about it for safety reasons.
I don't know. I personally don't have a big amount of funds invested in crypto, so I'm not using a hardware wallet for now. If I do get more coins, I will probably buy one, but I don't know why you would need several wallets. If they malfunction you can recover your coins with your seed, so what's the point in having more than one? If one gets hacked, which is unlikely, then your other wallet could get hacked as well. Maybe having more than one brand makes sense, but it's probably not necessary. Anyway, they are not that expensive, so if you have a lot of BTC then it's probably worth it. On worst case scenario it won't add any extra level of security, but it won't make your coins less safe either.
March 05, 2018, 06:27:16 AM
Hardware wallets are pretty safe as-is, however, personally, i haven't put all my eggs into one basket either 
It never hurts to have 2 brands of hardware wallets if you hold enough crypto imho...
The thing is that it is not the hardware wallet device that is the most vulnerable part of a hardware wallet setup. The most vulnerable part is the 24-word recovery list. It never hurts to have 2 brands of hardware wallets if you hold enough crypto imho...Did you know that you are actually not vendor-locked when you purchase a hardware wallet? You can recreate your wallet on a new device from a new vendor using the same recovery wordlist.
The devices are very secure even if stolen or lost. But if anybody gets to the wordlist, you are screwed.
So the best precaution is to (1) securely store your wordlist and (2) use a 25th word stored in some other, physically separate location. The more wordlists you have, the greater risk you are exposed to. So I wouldn't get crazy with a number of hardware wallets initiated to different wordlists.
March 05, 2018, 06:20:57 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
I’ve thought about it for safety reasons.
here is a thought: why not combine different types of wallets and have multiple forms of them. for example you can buy a hardware wallet and hold some part of your bitcoins there and then you can use a paper wallet to store some other part of your bitcoins there.
the hardware wallet can be coins that are in cold storage but easier to access in case you needed them and paper wallet can be the ultimate cold storage where you don't touch it at all.
March 05, 2018, 06:15:07 AM
Your main purpose is to secure higher amount? IMHO, there's no need of getting another one except you want to try that another brand of hardware wallet. But if that is what makes you feel comfortable and secured, its up to you. 
Yes, to secure a higher amount. I have my seeds written and stored in two different safe places but I suppose I will end up buying another wallet in the future, just for the psychological sensation of safety. After all, they just cost around 100 €.
March 02, 2018, 05:02:04 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
In my opinion, owning two or more hardware wallet will be good. Why? it is because hardware wallets can be damage physically so the purpose of having another one is for backup, so if your main hardware wallet become unusable/damaged you can easily restore your cryptocurrencies because you already have backup on it in your other hardware wallet, it is also to avoid sweeping your private key or seed to a wallet that you don't even no if it is worth trusting your private key. If you are going to have massive amount of different cryptocurrency to store don't hesitate to avail another hardware wallet. I’ve thought about it for safety reasons.
March 02, 2018, 04:29:54 AM
you won't get any additional security if you have more than one hardware wallet as long as there are no bugs in their software. if there is a bug then yeah having more than one means the bug may be exploited while you are using the one and you will lose the funds in that one hardware wallet and the other one will remain intact if you don't use it. but that is "paranoid thinking" in my opinion. you can keep up with the news and be careful with the way you use your wallet. of course bugs are rare but they happen.
legendary
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March 02, 2018, 04:26:50 AM
Your main purpose is to secure higher amount? IMHO, there's no need of getting another one except you want to try that another brand of hardware wallet. But if that is what makes you feel comfortable and secured, its up to you.
Yes, to secure a higher amount. I have my seeds written and stored in two different safe places but I suppose I will end up buying another wallet in the future, just for the psychological sensation of safety. After all, they just cost around 100 €.
March 02, 2018, 04:14:44 AM
Hardware wallets are pretty safe as-is, however, personally, i haven't put all my eggs into one basket either It never hurts to have 2 brands of hardware wallets if you hold enough crypto imho...
It never hurts to have 2 brands of hardware wallets if you hold enough crypto imho... March 02, 2018, 04:12:32 AM
Your main purpose is to secure higher amount? IMHO, there's no need of getting another one except you want to try that another brand of hardware wallet. But if that is what makes you feel comfortable and secured, its up to you.
legendary
Activity: 1288
Merit: 1491
The first decentralized crypto betting platform
March 02, 2018, 04:10:18 AM
Just now I only have bitcoin, stored in a hardware wallet, and I was thinking of getting another one when I have a higher amount, but, does it make sense?
I’ve thought about it for safety reasons.
I’ve thought about it for safety reasons.
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