People who don't use hardware wallets: Why not?

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: worle1bm on December 11, 2022, 08:17:51 AM

Quote from: fennic on December 04, 2022, 01:48:23 AM

3) most people do not trust hardware wallets.

As you can see it ranges from 150 to 300 dollars and that's the reason mostly people do not know about this.

I don't see any point why they will not trust hardware wallets when they are one of the safe mode to keep your coins and the main problem with them is they buy/sell over these exchanges and have trust on them for keeping your coins which is more dangerous and can loose their funds.

But as you said it's expensive or we can say many don't have idea about how it works so they are keeping up the flow with the same old traditional way of securing their funds.

Before the collapse of FTX it is likely that many people do not even considered the idea of using one because they thought, why spend hundreds of dollars in one when you can just store your coins at an exchange and secure your coins for free? But now those people have their answer, if an exchange does not want to give you your coins back then it is going to be very difficult to recover them, while on a hardware wallet this is not even an issue as you are the one in control.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: fennic on December 04, 2022, 01:48:23 AM

3) most people do not trust hardware wallets.

As you can see it ranges from 150 to 300 dollars and that's the reason mostly people do not know about this.

I don't see any point why they will not trust hardware wallets when they are one of the safe mode to keep your coins and the main problem with them is they buy/sell over these exchanges and have trust on them for keeping your coins which is more dangerous and can loose their funds.

But as you said it's expensive or we can say many don't have idea about how it works so they are keeping up the flow with the same old traditional way of securing their funds.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Quote from: BALIK on December 11, 2022, 01:14:37 AM

Quote from: Despairo on December 11, 2022, 12:36:12 AM

Quote from: Pezroly on December 10, 2022, 01:32:42 PM

Why not hardware wallets ? See below

Quote from: Nrcewker on December 04, 2022, 05:02:00 AM

The main reason for which many people don’t use hardware wallets is due to the necessity of the users. Most of the time, users don’t have large amount of Bitcoins. They basically hold a couple hundred dollars worth Bitcoins. Now in order to store it, they aren’t gonna buy a 200$ worth of wallets. Moreover Desktop or paper wallet can also be a good and free alternatives to these wallets, and majority of the users use this for it’s flexibility.

Of course it doesn't make sense if someone use almost all of his money to buy hardware wallet while they only hold small amount money, although I agree most people who hold Bitcoin aren't rich, but there's many cases where a rich people who invest around $10K on Bitcoin doesn't even understand what is wallet and decentralization. They will leave their funds on centralized exchange since they think it's safe with 2FA, KYC, etc. While actually it doesn't help you when the exchange got hacked and you lose all of your funds.

There are many reasons why many investors do not use hardware wallets, and one of the reasons you give is correct, I have encountered many such cases. Simply put, many people invest in bitcoin, they only care about how to make a profit, and they don't care about privacy or protecting their own assets. Like forex traders, they only need 2FA, a good security email, they consider it safe. Many investors still don't know the difference between bitcoin and other traditional investment models.

I do have a hardware wallet but I still often use Online wallet for my movable assets or assets I used for investment and trading while my hardware wallet is for my assets for lomg term holding. My reason? For my lifestyle, online wallets are more and easily accessible even with my phone although I'm aware that it is more prone to 'hacking' problems. But I myself lost things easily so I decided not to carry my hardware wallet most of the time just to be sure. These are just my insights and might somehow support the side of investors who are not using hardware wallets. I also asked my friend to buy one but he's guilty of investing such amount especially if there is a cheaper alternative; online wallets. He's also aware of the risk by the way so maybe it is just a matter of picking your own poison.

BALIK

copper member

Activity: 2282

Merit: 608

🍓 BALIK Never DM First

Quote from: Despairo on December 11, 2022, 12:36:12 AM

Quote from: Pezroly on December 10, 2022, 01:32:42 PM

Why not hardware wallets ? See below

Quote from: Nrcewker on December 04, 2022, 05:02:00 AM

The main reason for which many people don’t use hardware wallets is due to the necessity of the users. Most of the time, users don’t have large amount of Bitcoins. They basically hold a couple hundred dollars worth Bitcoins. Now in order to store it, they aren’t gonna buy a 200$ worth of wallets. Moreover Desktop or paper wallet can also be a good and free alternatives to these wallets, and majority of the users use this for it’s flexibility.

Of course it doesn't make sense if someone use almost all of his money to buy hardware wallet while they only hold small amount money, although I agree most people who hold Bitcoin aren't rich, but there's many cases where a rich people who invest around $10K on Bitcoin doesn't even understand what is wallet and decentralization. They will leave their funds on centralized exchange since they think it's safe with 2FA, KYC, etc. While actually it doesn't help you when the exchange got hacked and you lose all of your funds.

There are many reasons why many investors do not use hardware wallets, and one of the reasons you give is correct, I have encountered many such cases. Simply put, many people invest in bitcoin, they only care about how to make a profit, and they don't care about privacy or protecting their own assets. Like forex traders, they only need 2FA, a good security email, they consider it safe. Many investors still don't know the difference between bitcoin and other traditional investment models.

Despairo

hero member

Activity: 1064

Merit: 843

Quote from: Pezroly on December 10, 2022, 01:32:42 PM

Why not hardware wallets ? See below

Quote from: Nrcewker on December 04, 2022, 05:02:00 AM

The main reason for which many people don’t use hardware wallets is due to the necessity of the users. Most of the time, users don’t have large amount of Bitcoins. They basically hold a couple hundred dollars worth Bitcoins. Now in order to store it, they aren’t gonna buy a 200$ worth of wallets. Moreover Desktop or paper wallet can also be a good and free alternatives to these wallets, and majority of the users use this for it’s flexibility.

Of course it doesn't make sense if someone use almost all of his money to buy hardware wallet while they only hold small amount money, although I agree most people who hold Bitcoin aren't rich, but there's many cases where a rich people who invest around $10K on Bitcoin doesn't even understand what is wallet and decentralization. They will leave their funds on centralized exchange since they think it's safe with 2FA, KYC, etc. While actually it doesn't help you when the exchange got hacked and you lose all of your funds.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Added to what others have said about people not having "much money" on Bitcoin, etc.
I would like to mention that in many cases Bitcoin has found acceptance and harbor in countries where it has the utility to safeguard from inflation, economical crisis or economical instability; Venezuela, Argentina, Nigeria, etc.

People from those nations initially only get into Bitcoin with a few dollars, besides the price, it is more difficult for us to buy on internet at the official online shops.
In the end, many people stick to software wallets even though their holdings could increase, because they have gotten used to that wallet and believe it is unlikely their keys will get stolen, because it has not happened to them yet.

Lillominato89

hero member

Activity: 882

Merit: 860

Quote from: arbiter5 on December 04, 2022, 12:18:48 AM

Just purely out of curiosity. 99% of people who don't know how to properly create an airgapped device should be using hardware wallets.

let's say that a hardware wallet is quite useful, but there are a few things to keep in mind

if you need to store a few hundred dollars in crypto, you can do without it
use open source devices and do not rely on companies that produce devices with closed source code

let's say these are the prerogatives that everyone must take into account, in my opinion there are more secure methods than hardware wallets, and many in this thread have already told you about it

Pezroly

jr. member

Activity: 66

Merit: 8

Why not hardware wallets ? See below

Quote from: Nrcewker on December 04, 2022, 05:02:00 AM

The main reason for which many people don’t use hardware wallets is due to the necessity of the users. Most of the time, users don’t have large amount of Bitcoins. They basically hold a couple hundred dollars worth Bitcoins. Now in order to store it, they aren’t gonna buy a 200$ worth of wallets. Moreover Desktop or paper wallet can also be a good and free alternatives to these wallets, and majority of the users use this for it’s flexibility.

Maaz Sultan

jr. member

Activity: 140

Merit: 1

In my opinion it depends on how much they've invested in bitcoin. For example someone who has bought a couple of hundred dollars worth of bitcoin is never going to pay for a hardware wallet. It makes more sense for those who have large amounts of bitcoin.

Another thing to consider is how many times you are going to want to access your funds. A paper wallet is more suitable for "storage" that you don't want to touch while a hardware wallet is more suitable for those who want to regularly access the funds.
[/quote]

Yes I agree with your words lots of people didn't use hardware wallets because they don't feel to buy them. Lots of people save their funds in exchanges ( keeping your funds in exchange is not good idea ).So it totally depends upon you how you save your funds.

Apocollapse

hero member

Activity: 1190

Merit: 803

Quote from: Tubicolous on December 08, 2022, 06:10:28 AM

That’s true. Hardware wallets are mostly used by those who want to hold on to their coins for a long term. For traders, merchants and others who frequently buy and sell cryptocurrencies are better off using a hot wallet. But there are also people who are using both. Being a merchant, I accept crypto payments, so I have to convert or withdraw them quite often. This is why I have kept them in a hotwallet, Capitalwallet which is quite convenient. The coins which I want to hold for long term investment, I prefer to keep them in the cold wallet - ledger nano X. It all depends on the requirements.

Capitalwallet? I don't a project that mislead their users, it's not even a wallet, but an exchange. It's remind me with freewallet aka scam exchange.

If you're a trader, there's no choice since you need a liquidity so you need to hold it on the exchange, but make sure you only hold for small amount that need to trading purpose.

If you have a merchant, you can use Bitcoin payment processor like BTCPayserver, it will increase your security and privacy rather than just use a single wallet that generate one address.

Ultegra134

hero member

Activity: 1778

Merit: 907

Quote from: ultrloa on December 05, 2022, 06:51:10 AM

Quote from: ?? on ??

I am sure that the main reason is distrust, and rather even fear for one's own funds. Those who have not had experience in using this can, quite rightly, be worried.

Not that they didn't trust hardware wallet since this is much recommended to have for people which have huge money entered in cryptocurrency. But the problem for other user is they cannot afford to buy it since they only use small amount of money which they can afford to lose that's why we see so many people not using it because some of them think that its pricey to have and they think cloud wallets or apps is much user friendly wallets to have.

It's not only for people with larger amounts of money. Till recently, I also believed (without any prior research) that hardware wallets were expensive and limited to people with large portfolios. However, this couldn't be any further from the truth. They are actually quite affordable for the average investor, even starting at approximately $60 (Ledger and Trezor are the two largest competitors). I almost lost my money due to malware on my computer, and I'm not willing to take any more chances. If you're not able to have an airgapped wallet, hardware ones are the way to go.

buwaytress

legendary

Activity: 3010

Merit: 3724

Join the world-leading crypto sportsbook NOW!

Quote from: Smartprofit on December 05, 2022, 02:53:28 AM

In addition, the very fact that you have a Ledger or Trezor indicates that you have a cryptocurrency. This information can be used by attackers.

You may very well already be advertising you likely own Bitcoin simply by: having a forum account, KYC'd at an online service, even Tweeted about Bitcoin.

A hardware wallet used properly already prevents wannabe attackers from accessing it online. I'd wager the number of people falling victim to Bitcoin theft from a hardware wallet wouldn't show up on a pie chart of ways people lost their Bitcoin to thieves.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Smartprofit on December 05, 2022, 02:53:28 AM

To buy a hardware wallet, you need to make an official money transaction using fiat currency.

Are you speaking from personal experience or have you never visited any of the websites of well-known HW manufacturers and seen that they even accept Bitcoin as a means of payment?

Quote from: Smartprofit on December 05, 2022, 02:53:28 AM

Disclosing the purchase of a hardware wallet will also put your financial security in question. In addition, your hardware wallet can be misused while being sent by mail.

You won't risk anything if you pay in Bitcoin and use a PO box, it's certainly one option that everyone should consider. Also, if you have an official seller in your country who has a physical store, you can buy HW for cash.

Quote from: Smartprofit on December 05, 2022, 02:53:28 AM

In addition, the very fact that you have a Ledger or Trezor indicates that you have a cryptocurrency. This information can be used by attackers.

If you've used any of the methods listed above and you're not someone who brags about things you shouldn't, then you can consider yourself pretty safe. People really find all sorts of excuses not to spend $50+ on something, but when they lose their BTC they surely regret not doing it differently.

Bobrox

sr. member

Activity: 1246

Merit: 262

I don't used hardware wallet because my trading priority with short term and not hold Bitcoin or cryptocurrency assets for long term and not really required with hardware wallet. Transaction will delay and take longer time when saving Bitcoin and cryptocurrency in hardware wallet actually when Bitcoin confirmation on busy, need almost one hour above for depositing success in exchange market.

I think have risk when saving fund in exchange wallet only because our fund controlling by the owner and some time could be scam like FTX, but when saving Bitcoin assets in hardware wallet we are the only one have access and controlling our fund ability to withdraw whenever we want.

Tubicolous

newbie

Activity: 17

Merit: 0

That’s true. Hardware wallets are mostly used by those who want to hold on to their coins for a long term. For traders, merchants and others who frequently buy and sell cryptocurrencies are better off using a hot wallet. But there are also people who are using both. Being a merchant, I accept crypto payments, so I have to convert or withdraw them quite often. This is why I have kept them in a hotwallet, Capitalwallet which is quite convenient. The coins which I want to hold for long term investment, I prefer to keep them in the cold wallet - ledger nano X. It all depends on the requirements.

Ale88

legendary

Activity: 2576

Merit: 2880

Catalog Websites

Quote from: fennic on December 04, 2022, 01:48:23 AM

Quote from: arbiter5 on December 04, 2022, 12:18:48 AM

Just purely out of curiosity. 99% of people who don't know how to properly create an airgapped device should be using hardware wallets.

There are many reasons behind that people are not using hardware.wallet. And let me show you these,
1) First Of All All people are not aware of Hardware wallets like ledge nano wallet etc.
2) hardware wallets are not cheap and they cost some hundred bucks. And low volume users cannot afford to buy these wallets.
3) most people do not trust hardware wallets.

As you can see it ranges from 150 to 300 dollars and that's the reason mostly people do not know about this.

Actually you can find the Ledger Nano S Plus for less than $80, and if you wait some holiday discount or Black Friday probably you can even get it for like $50, which is a very reasonable price. If people are not aware of hardware wallets maybe they shouldn't even be in the crypto world in the first place.

DanWalker

hero member

Activity: 1960

Merit: 547

DGbet.fun - Crypto Sportsbook

Quote from: hZti on December 05, 2022, 03:31:21 AM

Quote from: DanWalker on December 05, 2022, 03:23:41 AM

Hardware wallets are considered the safest of all wallets today,

Thats not true at all. Hardware wallets just offer the highest user friendliness while keeping a pretty high protection against theft of your coins. There are many more secure ways to store your coins, but basically all of them require to just store the coins and not have outgoing transactions.

We only have a hardware wallet and software wallets. If comparing them, what is wrong with saying hardware wallet is more secure? And how to use a secure wallet depends on how we use it?, not just having a hardware wallet means that our assets are automatically safe.
Apart from using these two wallets, would you happen to have a way to store our assets more securely? Can you share? I used software wallets for a while, then switched to hardware wallets, and I really feel my assets are incredibly safe compared to software wallets.

Leviathan.007

hero member

Activity: 1806

Merit: 722

Leading Crypto Sports Betting & Casino Platform

If you ask me the reason is very much clear most people who own lots of bitcoins or other worthy cryptocurrencies they prefer to buy a hardware wallet because it is worth it for them and they care about the security of their bitcoin, while other people don't buy these hardware wallets because they have to pay money for it, for example, if you own only 10 dollars of bitcoin id doesn't make any sense if you pay money for a hardware wallet, also some other people really trust the software wallets and they see no reason for paying money for a hardware wallet.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

I have Ledger Nano S. But my mistake back then is that I’ve forgotten to transfer all of my assets to Ledger Nano S due to being complacent with Metamask and Trust Wallet.

As a result for not being careful nor doing my due diligence, I’ve accidentally clicked that fake PDF malware and my assets are siphoned to the hacker’s wallet after. It was one of the worst experiences I’ve ever had in the crypto space.

Now I’ve learned my lesson, I’ve put most of my assets in Ledger Nano S and the rest are in my new non-custodial wallets in which I use them to swap, buy and sell NFTs, etc.

TanhyaTrudy

newbie

Activity: 14

Merit: 0

I didn't use to use hardware wallets because I was afraid I'd lose my bitcoins by mishandling them, now I don't use them because I lost them after I put them on an exchange and switched to altcoin. I'm so stupid.

Topic: People who don't use hardware wallets: Why not? (Read 507 times)