Topic: My First Wallet. - page 3. (Read 651 times)

The wallets will be safe forever until you keep the private keys secured but the problem with hardware wallet is we need to trust the manufacturer for the data we are giving while we buy and IP logs used to buy are stored in their online services so just like any hacks the data stored in the Trezor and any trusted manufacturer may be stolen and it will be a threat to our privacy. So you can keep the assets safe even with data leaks cause the private keys are stored in the device alone not anywhere in the online just like our data.

This is not true, wallets don't get weaker the longer you use them, but what can happen is that the wallet developers can introduce bad implementations as time goes on, this is what happened to Wasabi, Ledger and even Trezor, if that happens you can stop using the wallet and switch to a different one that still maintains the BTC standard.

If you are using a recommended open source wallet that didn't make any negative changes to how they operate, there is no need changing wallets regularly, you should only do that when it is necessary. Take note that spreading your assets into too many wallets gives you the problem of too many backups.

Ledger is toasted my friend, not recommendable anymore, maybe you aren't aware of what just happened with ledger hardware wallets? I have this feeling that anything can still happen to any wallet at any time, the moment you start using them is the safest, the long er you use them for the weaker they get, this is just how I feel and that is why I use a wallet not more than a year and I switch to a freshly created wallet, I still have hardware wallet though but I prefer spreading my assets out instead, Vulnerability can happen at any time, even with open source secured wallets.

At least assuming that you want a hardware wallet to further secure your assets, it's still a good thing, although there's still some debate about whether or not Safepal is recommended.
That's a good thing in my opinion even if there are some conditions where you have some problems about this before so you decide to buy this wallet.
I also have safepal and am still using it at the moment even though it is with sober bitcoins But so far I am quite fine as long as we are careful and not careless in the seed I still feel it is worth using.

To be honest, I haven't heard about Safepal, and I'm not sure if it's a truly safe choice for storing your Bitcoin. However, after i did some research, I discovered that it has received positive reviews and is considered reliable. It appears to be a good option, but it's important to be careful while using it and ensure that you don't disclose your seed phrase or any sensitive information online.

Personally, I am currently using an airgapped device and so far I haven't encountered any issues with it. Since transactions are performed offline and manually using the Electrum wallet, it provides a high level of security. I also believe that hardware wallets like Trezor could be an excellent alternative. Unfortunately, they do not ship to my country which is why I am using an airgapped device at the moment.

What you wrote here is not too clear to me, but take note that backing up your seed phrase on paper takes the same process in a software wallet as in a hardware wallet, you must have a back up of your seed phrase written down and stored in more than one location. What do you mean by "copying the existing seed"? The seed phrase in either an Electrum software wallet or a recommended hardware wallet isn't pre-generated, it will be generated as you set up the wallet.

OP, based on the search I have carried out for the best hardware wallet to use, Trezor has always been the top reference. Even a few old folks that I happen to know as old-time Bitcoiners use the Trezor. Safepal is not usually at the top of the list of recommended hardware wallets, and I believe the reason why it's so is because it's not very safe compared to Trezor and Ledger.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Congrats on having your first hard wallet and looks like you surely are worried and taking care well of your bitcoins which might you consider holding for the long term since you bought a bitcoin hard wallet. Anyway, just don't forget to research how to protect and secure your crypto assets with that wallet because nowadays you also need to have updated knowledge concerning protecting your hard wallet because hackers and scammers always come out with new ideas to steal your bitcoins from you.

My thoughts too, when it comes to hardware wallets I believe only two names comes to mind for me.. which is Trezor and Ledger especially if one has to consider compatibility with other Blockchains.
And a Google search of bitcoin hardware wallets will also narrow it down to these two, which shows how popular and reliable they are.

Thanks for the share...

Took a quick peep of what's available, wondering why the Secure Wallet isn't as popular as Trezor or Ledger wallets...I mean  the wallet has support for over a 1000 cryptocurrencies and nobody talks about them Did these guys do something wrong..maybe lose someone's coins or something??

After the unsuccessful and canceled purchase of trezor, you had to choose hardware wallet among the many other ([BIG LIST] Hardware wallets (80+)) that currently exist. So what was the reason for the choice in favor of SafePal? What advantages did you see in this device?

I know almost nothing about this device, so you could share your opinion, after your personal experience of using it: what you like and what you don't like.

This topic is best placed in section Hardware wallets.

Though Safepal has never open-sourced their software, they are planning to do so in the near future but the backing from Binance is one of the biggest selling point for them. On the other hand, the first wallet which you have purchased (Trezor) is completely open source including it's hardware and software which allows us to verify the code rather than trusting the makers blindly in storing our assets.

Since you are unable to find an official reseller for Trezor/Ledger in your country yet, it is always better to purchase them straight from the official website instead of trusting Amazon where the fake sellers deliver us with malicious products which can be risky for storing larger amount of funds. With regards to storing the seedphrase, one viable solution for storing them safely is to engrave them in simple metal washers and to load them onto a screw and locking them with a nut at the bottom.

@fillippone has written a great detailed thread on Securing Your Seed Phrase with Washers and it has helped really a lot of people in storing the seeds safely in a secure location. You can purchase a Blockmit Jig from cryptocloaks for $8 instead of 3D printing them on your own as well. The maximum cost for creating such a secure way of seed storing would cost no more than $25 for you and probably you can reuse the Jigs and Metal stamps for recreating your seeds indefinitely.

Yep, at first I thought it was a scam because honestly I've never ordered anything from overseas before except maybe from some e-commerce which usually does ship immediately but this was a little different so it was something new for me.
Thanks for the link I'll have a look at it and I do realise all forms are not as safe as they are made out to be so I'm going to start being more cautious about this and it'll probably just be a temporary wallet before I get something I think is worth it.

It's like I said, it will be fine actually because there are still many who use electrum but with my laziness, especially for electrum, which is just copying the existing seed, I am sometimes lazy to rewrite it and that is indeed one of the main problems I have.
As for this, I am a little more intentional because this must at least be written so that we do not lose our seeds.

For the condition about Safepal I will pay more attention to the suggestions of some friends and I will review first whether this can continue to be done here or not but btw thanks to the suggestions you gave I will pay attention to this.

I can't be sure whether the call was genuine or not but certainly after the call was from a person claiming to be a customs employee and asking for some money on the grounds of taxes etc. and I didn't serve it automatically my order seemed to be returned by force and my money was also returned because I failed to get the package I wanted.

This is my consideration to strengthen security with a hardware wallet.
Indeed, sometimes about a product (in this case a hardware wallet) there will definitely be pros and cons when talking about satisfaction and security and trust but that can still be said to be reasonable because all have their own opinions and experiences but for now I will probably use this because this is my first hard wallet but it does not rule out the possibility of looking for a hardware wallet that can be said to be better like Ledger or some other suggestions from people who have experienced it in the future.

Actually there are several reasons because for some hard wallets such as Ledger or Trezor I still haven't found an official reseller in my country it makes me a little hesitant if I buy in some e-commerce that I see here Ledger Reseller and Trezor Reseller while Safepal already exists.
for the second reason maybe because I have failed when buying trezor before so I want to try to anticipate the same thing happening actually.
and the last one is from the actual price My condition is not good in finance these few months but I still want a Hardwere wallet. Although I realise when the price is cheap there will definitely be some weaknesses but for now I still feel it is still good enough.

Hardware wallet is one of the most ideal investment because in the long run this is the most secured you have your own private keys actually this is my first time seeing that kind of wallet its seems like larger than the usual hardware wallet like the Trezor and Ledger. Well keep your keys safe duplicate as possible so you won't regret when you lose it there's coin inside of it.
Congrats with your hardware wallet!

I also bought Trezor on the official website at the beginning thinking that I would not be asked for shipping by the sender but after the goods arrived I was confirmed that I had to pay approximately $35 for this item to be sent immediately, I was forced to pay and the goods arrived at my home, but I was also surprised to have to pay a large customs fee, maybe that has become a regulation.

But strangely when I bought goods from GazetaBitcoin at a more expensive price that I bought on the Trezor site only asked for $2 to redeem it, I was a little strange how come the goods were cheaper the customs bill than the big price?

Is buying from individuals and companies different? Ah well.

But congrats on the first wallet my friend.

When people feel comfortable about hardware wallets I always laugh, do you know think that you are hack proof? Don't fool yourselves, you still need to be extremely careful how you use that hardware wallet and you still need to worry about the maker themselves, hopefully they don't mess thing up through software updates and other.

If anything beats offline wallet like paper wallet I will like to know what it is, even if it's airgapped or whatever, your worries isn't the end because where you are going to keep your seed is very important, talk less about owning crypto in the public too to avoid dangerous attention.

Believe me, after a hardware wallet it's not over still, it's the beginning,  the beginning of your cautiousness.

Take note that there is no "Electrum air-gapped wallet", Electrum is an online software wallet, but you can set it up as an air-gapped wallet yourself if you know what you are doing. The difference between setting up your own air-gapped wallet and buying a hardware wallet is that the former is hard for newbies to set up and use in a safe enviroment, while the latter is easier for them to use.

Wallets are tools for you to store your coins. You can use free or paid wallets but don't think if you buy a wallet, it is better than a free wallet software. It depends on what wallet you buy or use. If you buy a bad hardware wallet, it is not better than you use a free open source non custodial wallet.

Electrum wallet is safe and you can use the Electrum wallet as your hot wallet or your cold wallet.

People lost their coins because they are careless, it is not because quality of Electrum wallet. They can learn and use Electrum wallet with multisig or cold wallet.

Creating a multisig wallet
Creating a cold storage wallet

According to what I know about the wallet, which is S1, which is SafePal's hardware wallet rather than Trezor, I think it would be better for the OP to use the Electrum airgap wallet rather than the SafePal hardware wallet because of a security flaw that was discovered about the wallet years ago.

Trezor has official resellers in multiple countries so that could be one way of avoiding import taxes if you live in one of those countries. There also have Amazon shops, although it is only in the US and some EU countries version of Amazon so you would still have to pay a fee if you're outside those regions.

Safepal is a wallet I have seen advertised a lot and have seen some YouTube videos about this wallet. It is a fully offline wallet that communicates to internet connected devices through QR codes. It is a secure wallet if you are looking to store altcoins. For Bitcoin it is still good enough but it is not as fully featured as a Trezor, Ledger, or ColdCard.

Software wallets are not physical devices like hardware wallets, with software wallets you just have to download the wallet software on your mobile or desktop device and run it, it is hardware wallets that holds your keys in a physical device. With either of them though you have to back up your seed phrase in more than one secure location.
No, Safepal wallet hasn't earned the trust of the community, it is not a recommended hardware wallet to buy.