Topic: There must be some don't do with hardware wallets or there is none? (Read 309 times)

For those who are focused exclusively on Bitcoin, this is actually an advantage, not a disadvantage. Trezor even has something called "Bitcoin-only firmware", which in my opinion is a very good option, because you should take into account that multicoins support carries with it certain risks in the form of possible attack vectors.

One of the more famous vulnerabilities was discovered a few years ago in Ledger HW, and it was precisely the multicoins support that caused the possibility that the user was convinced that he was sending an altcoin transaction, while in fact, a malicious wallet would sign a Bitcoin transaction.

Just take this with one mind, hardware wallet id the best solution to every challenges you could come across in terms of security and privacy, the only little lapse i see in using it is that some don't support multicoin, while others that do were being selective because shitcoins are much out there and their main target is not to accommodate such, but all hardware wallets fully support bitcoin with few altcoins when others don't support altscoins.

Exactly, every action on the device itself (HW) must be approved by the owner by pressing a button, and this includes checking the coin address, the amount we send in the transaction and fees, and the final confirmation that we want to make the transaction. With this, we can prevent the clipboard malware from replacing the destination address and thus stealing the amount we want to send.

However, the biggest benefit of the hardware wallet is that it generates a backup (seed) in a secure offline environment and that this seed is not displayed anywhere else except on our device (HW) only once when the device is initialized.

The real problem is in the way users keep/save that seed, which is often the cause of the so-called hacking of hardware wallets. As I have already written several times, the weakest link in all this is the user himself.

Hardware wallets can save the users funds even if the device is affected with malicious software and that is actually the primary reason for the existence of hardware wallets if I am not wrong. But since its a physical thing it can be stolen from you even someone who don't know what it actually is, just think it as a fancy storage device so keep it safe, and if possible in a vault.

Just because you now have a hardware wallet does not mean you are free from any type of attack, dont go around and plug your hardware wallet into a infected PC or Laptop, also you still need to keep your wallet key safe too.

I will highlight these OP as you're still a newbie. Owning a hardware wallet doesn't make you exempted from having the malware on your PC or laptop. This is a very common attack to everyone, newbies and not.

So be always wise whenever you're about to send as you use that hardware wallet, check the address that you're about to send the funds for. Because if you're too confident and you haven't noticed that there's a malware on your PC.

As you copy and paste the address, it will be automatically changed to the hackers address. It had happened to many and they're not aware of it so please be mindful about that. Always check the characters of the address for several times before pressing that send button.

I guess you already have the insights into what might happen in your HW if you're going to mishandle this one. Not only in the case to avoid hacking ( that is still possible if you let someone borrow) but also you can lose access with if it will damage. Thorough care is very important, and that should be on top of our minds or else, make yourself regret it.

It has a number of advantages but can't just forget its disadvantages as well. And keep remembering that golden advice posted above.

Congratulations on your purchase. Now you have got rid of some problems, but have found completely new ones. There is nothing universal in the world and therefore, hardware wallets allow you to protect your funds in one direction, but create vulnerabilities in another. Not necessarily directly affecting your money, but for example, personal data, which many will undoubtedly not like.

It is not so easy to briefly describe all the features and disadvantages of hardware wallets. It will be better if you take the time to read the topics and discussions in the dedicated section -   Hardware wallets

It will be better for you if you become familiar with the weak points of your device and take the necessary actions to minimize the impact.

I would be curious to know which model of hardware wallet and from which manufacturer did you purchase?

I do not think you can even use Coinomi to connect to any hardware wallet, if you connect your hardware wallet with Electrum, you can only use it for bitcoin, you will need to connect it to individual wallet apps to use it with the coin it support. But hardware wallet can have its own app which you will be able to connect more coins of it supports multiple cryptocurrencies, like Trezor Suite and Ledger Live. But if talking about bitcoin, I will recommend using Electrum wallet.

I don't know what exact model of hardware wallet you purchased, but they can all have disadvantages, some more than others.
I would never buy closed source hardware wallets like ledger or safepal, and I would be very careful purchasing anything online with your real information like name and address, if you don't want your data leaked.
Hardware wallets are in principle safer than hot wallets, but there is extra complexity with address and transaction confirmation, and some wallets can have flaws with this.
My suggestion is to use hardware wallets with passphrases for better safety, and never enter your seed words on any online website.

As members have already given you lot of useful tips that you must do and avoid in order to secure your HW and keep the funds safe in them but it totally depends on how you take these security steps and avoid any attack.

1)So be sure to have mainly have backup of your seeds on offline storage at multiple facilities in case it's damaged at one place.

2) Use additional passphrase for the security but also remember it and save it along with your seeds for proper safety of your funds.

3) Don't give anyone physical access to your wallet whom you don't trust which is direct attempt to steal your funds and your negligence could cause problems for you.

Apart from these steps there are some afterwards steps also which you need to take as we know they have apps and they sometimes update their system so in ask customer to make changes but in recent times there have been some fake attempts through it stealing funds from Hardware wallets so check out these:

Watch out for Fake Trezor Suite!

New Ledger phishing mail targets individual users

The users data is stolen as they have used third-party software for storing customer data and hackers exploit it and then mail you with these phising mails or fake suites which will ask you for seed phrases portraying them as real company but in actual they are scammers trying to hack your funds but be safe from them in any case.

Rest they are best to use but have the legit one and that without any big problems for you.

Perhaps one of its drawbacks is that it does not give you false security that your coins are safe, so always DYOR.
Make sure that you have purchased a device directly from the company without intermediaries, that the device is locked, you have updated firmware, and that you do not use old seeds before.

After that, make sure that your computer does not contain viruses, and do not download or click on random links.

A couple minor additions to what’s already been said:

-   Keep an eye out for firmware upgrades, and understand if and when you need to apply them (normally one will want to upgrade). Historically, I recall cases of Ledger devices not being able to work with Ledger Live because they had skipped a bunch of prior upgrades (see this thread for example), although not upgrading has allegedly been a benefit in some specific cases).

-   Hardware wallets may break, even if you handle them with care. Buttons and screens are sensitive and may degrade or simply break. Your real fallback guarantee is your very well hidden seed mnemonic.

-   Revise the addresses & other info used in TXs, contrasting what you see on the hardware wallet’s screen with your pc/laptop/phone. It may seem a bit of a pain, but that’s what the feature is for.

I will like to contribute to this

Do not connect your recovery seed to wallets like coinomi and other, the only one I trust when it comes to hardware wallet is Electrum, depending on what type of hardware wallet you got you can add some chains on hardware wallets today like Matic and Solana.

Avoid control C and control V malware, which means avoid clipboard malware. Still be safe and do not totally trust hardware wallet, your trust should be in you as an expert against malware and how to use wallet safely

There are hardware wallet that use secure chip, secure chip can be close source but it will be hard for anyone that steal your hardware wallet to know the seed phrase.

Some wallets use MCU, they can be open source like Trezor but physical attack can make the attacker to know the hardware wallet seed phrase, this is why it is good to use passphrase with this type of wallet. If the passphrase is lost, the wallet is gone as bad as if the seed phrase is lost.

Some wallets use both secure chip and MCU, it is will be hard to know the seed phrase with the physical attack on this type of wallet.

That is true but we should know that if having big sum of coins, we should use cold wallet, it can be hardware wallet or paper wallet or any other type of cold wallet. Paper wallet is free to use.

Is it possible in cryptocurrency to use something, as you write, without worries?
Above, you were given answers that would be no different from using any wallet. If you know how to properly store your keys, and passwords, be attentive to the security of your computer and send transactions correctly, you will be fine.
Otherwise, any wallet from an inexperienced person will look like a grenade in the hands of a monkey.

Let me add some more to this list.

Never give your device to anyone.
Keep it safe and always update to the last firmware and software, and be sure to update from the official sources.
If you have a significant amount to store in it, then buy a second hardware wallet for backup.
Hardware wallets are great, but they also have their flaws.

Assuming you bought a genuine open-source hardware wallet from an official store or from a reliable retailer, there still might be some concerns:
1) During the initial setup, make sure there are no cameras around you that may intercept your seed words;
2) Make sure that the USB cable, with which you connect your hardware wallet to a PC, is also genuine;
3) When you make a transaction, make sure that an address on a screen corresponds to an address shown by your hardware wallet. Don't click "sign transaction" if you aren't sure the addresses match.

I will add to mk4 list:

* Make sure you use the HW with a new seed generated by that HW, not a seed you've used somewhere else, especially if that seed was in a hot wallet
* Reset your hardware device and make sure you don't just get a pre-existing seed (there were cases the HW already had a seed and it was known by seller or a previous owner who has returned it).
* After writing down the backup 24 words, verify them: force the HW restore from seed and make sure you get the same addresses
* If you live in an overly humid place, store the HW in a sealed plastic bag
* When you sign a tx with HW make sure you check good enough what's displayed there (addresses, fees, whatever); a HW still doesn't protect you from clipboard malware or your mistakes

They're safe enough assuming you actually do everything right.

1. Though they're pretty hard to fake, make sure you actually bought a legitimate hardware wallet
2. Only write down the 24-word backup. Do NOT store them digitally (.txt file, .word file, notes app, email, etc)
3. Make sure you're downloading the correct software from the wallet manufacturer's website. Or to be safe, connect your hardware wallet to Electrum instead
4. Use a good enough PIN (don't use something stupid like 0000 or 1234)

Hardwallet is safe in my opinion as it cant be penetrated with such malicious links easily. Also if its broke, as long as you have the mnemonic phrase or private keys with you then you are safe. Losing it might compromise your asset within the hardware wallet.

I bought a hardware wallet finally but honestly, you guys can't tell me that hardware wallets don't have any disadvantages, is it safe to just use them without zero worries or let me just ask by saying what are the Don't Do of hardware wallets?