Topic: The way you handle it determines it's life span (Read 161 times)

Yea, there are not lost, I have seed, I mean I ought to.

Still it works but screen has gotten dim (can't see anything unless in dark environment), characters appear broken, buttons work fine.

Because of the importance of a wallet mnemonic seed or private key, any Bitcoin user who are using a non-custodial wallet, must back up a wallet and make sure the backups will work for recovery later.

Back up can be done with
- A wallet file (encrypted or non encrypted, should be encrypted). With an encrypted wallet file, a wallet password will be needed to access that file.
- A wallet mnemonic seed backup or a private key backup.

A wallet file can not be used later too so a second back up type (mnemonic seed, private key backup) is more important for wallet recovery later.

How to back up a seed phrase?

Having a recovery phrase is the only way to ensure that in the future you can still access it, whatever happens to the wallet you currently use. There is no guarantee that every device created by humans can be used forever (nothing is eternal). You need to take good care of it and store it in a safe place, this is one of the best ways to protect your assets by keeping your hardware wallet in good condition. You also need to care for it with proper handling. Hardware will last a little longer if used regularly.

In general it is designed to be independent and resistant to online threats, but if the intensity of our use is too frequent, as you say, there could be loopholes that can be entered. Yes, there is no single system that is safest when used and related to activities in this digital world. If it is safe, then we never hear of bad incidents in the crypto market related to online threats.

At that point it is smarter to buy an used old computer for sub 80 Dollars and a few dozen used keyboards for sub 3 Dollars each.  Airgap that computer and you can even punch the hell out of that keyboard, throw it against the wall.  Replace it with the next and you are good to go.

How much is a hardware wallet, and how long do you plan to use it? If you are the type that doesn't know how to maintain a gadget, then you should always keep spare money to replace them before they get too bad.
 
Device beinf faulty and how long it last before it becomes faulty is based on who is handling it. That's where they are device; they are not meant to last forever, and for the time being, you have it. Try as much as you can to protect it, and if you have enough funds in it, you can always have to replace anyone that's beginning to give you issues before they get worse. The button developing fault is not an excuse to not use any one at all, or do you prefer losing your holding over stressing your fingers?

Why five years at most?  A Hardware Wallet should still be usable after even ten years.  Depending on how often you use it however, it may fail quicker than for the average user.  Or maybe it will last more if you use it less.

But also remember it is just a very small piece of hardware we handle.  And they are not the most rugged build.  These buttons last more in theory if you press them more carefully.  If you push the hell out of them every time you need to click you will get them damaged very soon.

I agree about drop damage.  But there are some Hardware Wallets that were produced with very low quality.  Ledger had some very bad quality issues before.  And even if a LOT of users complained.  Ledger ignored the voice of the community and continued producing the same defective products.

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If some body purchases a piece of hardware it is their responsibility to take care of it.  No matter how cheap or expensive.

It is hardware after all.  You can not slap a monitor every day and think it will work like new after years of slaps.  You either take care of the technology you buy or you will have to spend money out of your own carelessness.

Gladly you don't need anymore to worry about hardware wallets life span because nowadays they all implement the Hierarchical Deterministic seed feature from BIP32 and BIP39 specifications, so even if you accidentally drop your hardware wallet or if you lose it, you are not likely to lose any fund unless you've back up and safely stored your seed outside your hardware wallet. Because your funds are actually not stored inside the device but on the blockchain, and you just need the HD seed of your funds addresses in order to access them from anywhere.

People will care for things they priotise maybe because of the price or other reasons but in the end it all depends on individual preference, hardware wallet is expensive to some while others not really so. For me being able to take care of your property is discipline especially things like this, cars, phone, laptop and others. Though this maybe expensive to the individual still yet they may not be able to properly care for it and they start  saying this doesn`t last long wth me

Absolutely, taking care of your hardware wallet is most important for all wallet holders. Just like we take care of our smartphone by covering the screen with glass we should do the same thing to protect our hard wallet from screen scratching and button issue. If we take care properly I hope we can use it for a long time(more than 10 years). Your friend's experience shows the importance of proper maintenance of a hard wallet. when we  press buttons regularly and expose the hardware then it can really impact hardware longevity. we have to remember that when we save our hardware wallet, It is not just about protecting a device but it is about saving your assets(our future happiness). Thanks OP for sharing this reminder to handle hardware wallets with the care they deserve.

I am using a Safepal wallet which is not a good wallet (not open source) but I purchased it for airdrop purposes. I am taking care of my wallet so much and always keep it in a small Leather wallet. I have been using it for more than two years but still it looks like it's been purchased a month. ago

You can use Black Friday offers^[1] to get discounts on purchases and try to use a good hardware wallet that is resistant to physical attacks and how to store and use it. These are all factors that will increase the lifespan of these devices to an average of 5 years. During this period, it is better to buy new hardware wallets because of the large variables that may occur during these years and that the value These currencies will appreciate over time.

[1] https://bitcointalksearch.org/topic/best-blackfriday-deals-to-buy-a-hardware-wallet-5475231

Your friend might actually have treated that hardware wallet too roughly. Hardware wallet most properly are kept in save places that you don’t necessarily need to look at them just everyday and so. You check them once in a while to see if they haven’t been tampered with and only need to bring them out when you need them to sign transaction. To track your wallet addresses or balance you just need to import the address into any software wallet which will make create a watch only wallet there to be able track incoming transactions and broadcast your signed transactions. So you don’t necessarily need to have your hardware wallet at hand everyday except you sign transactions everyday.


He should be able to recover those funds because almost all reputable hardware wallets have recovery seed phrases and private key that you can recover funds on it from either on another hardware wallet or even software wallets. The only way he can’t recover them is if he lost the seed phrase or forgot or also lost the passphrase if it was added. Damages or wear to hardware wallets is one of the reason why it is advise to back up recovery phrases offline and properly

That would depend on how he uses it. But if the case is like your friend's wallet, he may need a new wallet and can look after it well.

Maybe a beginner doesn't really need a hardware wallet because many wallets can be used on smartphones. He can save money by buying a low-entry or mid-entry smartphone. Then, he can install the wallet on the smartphone. But please note that the smartphone is not used for daily purposes. But if you have money to buy the hardware wallet, then buy it and store your coins in that wallet.

I agree that how you handle your hardware wallet will determine its lifespan. If you can be careful when storing and using it, the hardware wallet is still good and can function normally.

So in short your funds there got lose? I think it can still be recoverable right since it has a paraphrase keys? I had ledger also but since Ive got no extra fund for keeping or storing I didnt use and only stays only the cabinet. Since I mostly used of my funds for trading and staking. But I doubt that hardware wallets are created for rugged. Of course they made that to keep users fund safe at all.

It's always been strange to me that most people constantly complain that hardware wallets are too expensive, and now it's obviously the turn to see how much we can actually use them before they break. At the same time, people have no problem changing their smartphones, computers or other devices very often, and if this is already the case, does it make sense to save money on devices that store your cryptocurrencies?

As it is the case with any device, technology is always advancing and you have to adapt to it, and what was considered good and safe 5+ years ago may not be anymore today. I have HW that are about 5 years old and still in perfect condition, but of course it depends on the person - some people just know how to store/handle their stuff much better than others.

You have many options to store your bitcoin because there are many bitcoin wallets for you to use. Hardware wallets are only one of Bitcoin wallets to use.

The bottom line is you must backup your wallet so that you can use backup to recover your wallet later. Like in a situation when a hardware wallet is broken, a computer or laptop is broken. With a usable backup, you can recover your wallet on another device.

[LIST] Open Source Hardware Wallets
Choose your wallet
Security checklist

Why warn people that the thing in their hands may break at some point? Isn't that logical? Is something eternal? The way you handle this or that thing only speaks to your accuracy. In the wrong hands, even the most successful car breaks down in a short time. Do we need to come up with phones, hardware wallets, or anything else that is in daily demand—things that will withstand high and low temperatures or the onslaught of a tank or exposure to fire? Can you understand how much such things will cost? Hardware wallets do not cost a fortune, so those who find them very expensive should use them more carefully; in other cases, everything always belongs to a replacement.

I had assumption that hardware wallets are rugged devices and can handle rough usage but it turned out so wrong when I my ledger nano s got f'ked on it's own due to lying idle in humid climate (it's likely the reason, but I'm not 100% sure).

For beginners who are still trying to buy a hardware wallet, if you don't know, I think you should, hardware wallets do worn out in time depending on how you use it, a friend came to me showing me his ledger wallet and how clunky the buttons feel today, he complained that making transaction on it is now harder as he have to press button more than once.

Also the little screen color that was once vibrant have now faded like reduction of the screen color, I think this is one of the bad side of hardware wallet, he claimed he bought it three years ago, but I told him he is to be blame, because the max year for a hardware wallet should be up to five years if you use it well, I end up telling him to get another one.

Looking at the hardware wallet, I don't like the sight of it, too many scratches, and I asked him why it looks so ugly, he claimed it fell few times before, like man, you can't be this careless with a hardware wallet.

The best part about hardware wallet is you can abandon the old one by importing your recovery phrase into the new hardware wallet, it's that easy to do and viola! You now have a new hardware wallet with you same old wallet address and assets.

Handle your hardware wallet very well, they hold your assets for you and if you want them to last longer handle them with care, even if you get the most costly hardware wallet, do not let them fall, some come in screens like phone only, no physical buttons to press, imagine letting such hardware fall, if the screen ain't responsive anymore it's over, you will need to spend money again to buy another.

The way you handle your hardware wallet is what will determine its life span.