People who don't use hardware wallets: Why not? - page 2.

mendace

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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.

Maybe you should review your percentages because many still don't quite understand what an exchange is and the difference between custodial and non-custodial wallets. So first you need education to understand which wallet is suitable for your needs. Those who hold a lot of funds do well to rely on a hardware wallet but those who are approaching, for example, electrum may be fine.

Viscore

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Quote from: Darker45 on December 04, 2022, 02:16:52 AM

In the same manner that you can also ask, why do people who have Bitcoin don't know anything about Bitcoin? I know of someone who invested money in Bitcoin but doesn't have a clue about what it is. I know of another who has Bitcoin herself but doesn't know what a hardware wallet is. She hasn't even heard of the Lightning Network yet. So if they don't even know what Bitcoin stands for, how surprising it would be to know that they don't have a hardware wallet?

Those were exactly the people who only go with the hype and just invest for quick profits, without even thinking the risk of having it especially if they never care saving their coins in a hardware wallet. So it’s not surprising really that some lose instead because they never know how to secure their bitcoin and put it in a secured and private wallet. While others are extra careful, some are not even mindful and would even care to keep their coins in a centralized exchange rather than having a secured and safe wallet.

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In as much as I am still dealing with small amount of bitcoin used for daily transactions I don't think there is any reason or any need to acquire a hardware wallet because I am contented with the services offered by trusted and reputable online wallets, however if there a need to buy a hardware wallet I will do so provided that I am in possession of huge amount of bitcoin thus I will be able to keep my key, of course I have a safe where I kept many of my security gadgets such as Token a hardware used for receiving OTP from my bank thus I wouldn't have any problem with regards to using a hardware wallet.

noorman0

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For my personal reasons, I'm not very good at storing small goods the size of a flash drive. My environment is not too private to store something valuable.
The potential risk to lose small goods by people around me is very high, otherwise they are not very good at operating computers.

xSkylarx

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People don't have spare money to buy a hardware wallet since it is very costly, but you will improve your security once you have one. I also don't have a hardware wallet, firstly because I don't have spare money to buy it, and, at the same time, I don't want to be less cautious because I am thinking that I do have a hardware wallet, so they can't touch my wallet. Though if I have the opportunity, it is fine with me, but for the time being, I am focusing on improving my security and being cautious about everything.

Ziskinberg

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Quote from: Genemind on December 05, 2022, 03:29:08 AM

For me as long as you get to keep your private key/seed phrase buying a hardware wallet is just like an option for additional security. If you don't have thousands of dollars of crypto investment, buying a hardware wallet is not cost-efficient. Another thing, not everyone is aware of it or how to set it up. I bought a hardware wallet about a year when I first started in cryptocurrency, it's a hassle to set it up every time you need to close or open your wallet for transactions.

Many people are preferred to keep their assets online and never think about the risk of keeping them there because they believe that having these seeds and private keys gives them enough security. And I was indeed to believe it as well. Maybe if I own 5BTC or let's say $100k worth of Bitcoin, I never hesitate to buy a hardware wallet but since I don't have it, I don't think it was necessary to acquire it. Practically, having a hardware wallet will depend on how much you have and the capability to have it. Because in reality, though we know that this could give us a higher level of security, however, we can't be too confident that we are free already from hackers, unless we no longer use it for online transactions.

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

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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.

That is reason is just stupid because some hardware wallets are under 50 USD. If you invest less then that in Bitcoin you can basically not invest altogether. You Investment return will more or less be eaten up by transaction fees that can sometimes be even a few dollars, so you won’t even be able to send money without loosing a significant amount of your investment.
In any case it is still clear that there are also secure ways to store crypto without a hardware wallet.

ultrloa

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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.

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Using a hardware wallet can be compared to convenience. People have different attitudes toward different kinds of amenities. Someone prefers to sleep on a hard mattress, knowing full well that there are good beds. Someone drives an old car or eats food that has expired. Anyone who values their health will never allow this. By saying the phrase "I can do without it," people show how they do not love themselves. Namely, this is what says that those who use improved methods of storing bitcoin, namely hardware wallets, understand both the value of their deposits and the value of bitcoin itself. But life very often teaches people lessons, after which saving and a careless attitude towards oneself become unacceptable factors in one's existence.

hZti

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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.

Genemind

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For me as long as you get to keep your private key/seed phrase buying a hardware wallet is just like an option for additional security. If you don't have thousands of dollars of crypto investment, buying a hardware wallet is not cost-efficient. Another thing, not everyone is aware of it or how to set it up. I bought a hardware wallet about a year when I first started in cryptocurrency, it's a hassle to set it up every time you need to close or open your wallet for transactions.

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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.

Hardware wallets are considered the safest of all wallets today, but I think many people are used to software wallets and during use they have almost no problems, so they will have no reason to buy hardware wallets.
I still use a hardware wallet because in my opinion it is the best way to protect my bitcoins but I have a friend and he is also an investor but he uses Electrum and runs it on a computer without internet connection. He says he feels safe using that storage method and he hasn't had any problems with it since he entered the market so far. I advised him to equip himself with a hardware wallet which would be more secure, he said he would buy but didn't say when.

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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.

Hardware wallets also have their drawbacks.

Hardware wallet software may not be perfect. Developers and testers can make a mistake in their work, as a result of which your funds that you store using hardware wallets can be stolen.

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

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.

dothebeats

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People mostly use bitcoin for short-term use that buying a specialised hardware to store whatever they have is somewhat counterintuitive. Not everyone has their sights set towards long-term, and not everyone has enough coins that a hardware wallet is required. So maybe that's why not, because not everyone is as hardcore or as serious as us here. Perhaps eventually we'll see a lot of people switching towards hardware wallets as the need becomes evident but now? Everyone is still kinda testing the waters.

coupable

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There are many reasons, of course, and I think one of the most important is the lack of interest of the majority in protecting their savings in the safest way. Others may not even be aware of the existence of this type of wallet.
There is another type who is aware of the importance of these wallets and unfortunately cannot obtain them. For example, I live in a country whose citizens suffer from countless problems with customs and the customs administration, which refuses to allow individuals to acquire electronic devices, even if they are in the form of a gift. The only solution is to get out of my country so that I can buy the wallet and then return, because it is not even useful to recommend someone to buy it for you, given the specifics of protection.
Fortunately, there are other safe methods that can be used until the time comes to purchase a hardware wallet.

S A KHAIR

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I don't know why people don't buy hardware wallets but for me the reason is that I am using Electrum software wallet and I keep it on an old computer that has no internet connection and I have never encountered any any incidents in the past 5 years. I never thought I would have to buy hardware wallets and take care of them while staying safe with Electrum and an old computer.

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They think it's not worth it with the amount that they hold and it's quite expensive for them, so, instead of buying a hardware wallet and it secured. What they do is they're keeping it on exchanges but those with the right concerns, as of the moment, they're all good with the desktop wallets like electrum.

The latter is doing a good job for using that type of wallets.

qwertyup23

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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.

I am actually quite guilty of this- as someone who truly advocates a hardware wallet for maximum security, it is actually essential that every person who owns cryptocurrencies should at least have it. Unfortunately, I do not have one at the moment as I have no idea on how to actually use it.

Given the circumstances, I also hope that a person could teach me on how to purchase it locally in my country and use it. Though I do rely on my local exchange for the security of my BTCs, this kind of practice is potentially dangerous long-term given the nature of exchanges being prone to hackers.

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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.

Now --they are 88% why? Because of the FTX and Binance CEO.
People learned how to keep their coins in the right wallet --they studied and researched for this.
They think that because custodial wallet has a staff to contact when they need to ask, that is why they think that their wallet is safe. Though I admit that I am one of them before but I learned and know how to keep my coins safe and perhaps this scenario will do the same to them one day they will realize such a problem.

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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.

I haven't used any of these hardware wallets because it was not necessary for me. I use an online wallet like Electrum and for me, it was safe already. Maybe if you are holding a lot of Bitcoin this absolutely needed but for those who have not, I don't think so. If we talk about safety, even using HW couldn't give you 100% safety assurance OP as it will depend on the person who uses it. You might be safe of getting hack but not for the scammers - sometimes they will trick you out.

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