Trezor or Paper Wallet? - page 2. | Bitcointalksearch.org

vintages

full member

Activity: 966

Merit: 153

Well, there is no way to check and know if my device had previously been tampared with. The hardware has always been on my possession. I have never lossed it, though I have recklessly placed it on places i shouldn't. And I perfectly trust my family members. But I can't say for my colleagues whom I always travel with.

Anyway, I will follow your procedure. Hey HCP, thanks man for putting me through. Its unfortunate we don't get notifications for replied post, my replies would have come sooner. I just thought i should check out this thread before I begin. Glad to see your reply

HCP

legendary

Activity: 2086

Merit: 4316

Be aware that simply resetting the device will not make you "safe" if your device had previously been tampered with... As there is a possibility that your current seed had been generated by a compromised firmware.

So, what you would need to do is reset it, reload the firmware and then to be completely sure you were "OK", you would need to create an entirely new seed once you were sure you were on a "clean" firmware and then move all your coins to the addresses generated by the new seed.

The problem with trying to move from one seed to another with only one device is that it can require a fair bit of time. Assuming you have already updated to latest "patched" firmware, the process would look something like:

1. Reset device
2. Set up new seed
3. Get new addresses for all the coins you need to transfer
4. Reset device
5. Restore OLD seed
6. Send all your coins to new addresses from Step 3.
7. Reset device
8. Restore NEW seed
9. Live happily ever after Wink

vintages

full member

Activity: 966

Merit: 153

Quote from: HCP on March 31, 2018, 07:10:51 PM

It isn't "unsafe"... There was a vulnerability discovered that had the potential to be exploited. However, there were a specific set of things that needed to be done for that "exploit" to be utilised. Specifically, the attack would need physical access to your device... and would need to load a custom firmware onto it.

Resetting the device upon delivery and updating the firmware would effectively remove a "bad" custom firmware that had been loaded using the exploit. Additionally, the vulnerability has since been patched as of version 1.4.1 of the Ledger firmware.

Oh! I see. At least the uncertainity is getting better than before. I was thinking the hardware could be attacked anywhere, anytime without any physical contact. I was meaning to transfer my coins but I guess I should leave it then.

Now, since I already have and using the hardware, I should probably reset it; this won't cause any danger right? (I know i am been paraniod but just want to be on a safer fence.) Though, this will be my first time of resetting it cause I never gave it a thought to reset it when I got it months ago.

pimacoin

copper member

Activity: 14

Merit: 0

Pimapay-Pimacoin::

ledger Nano is a great device. I can give it a try. But my advice will be to exchange you bitcoins for precious metals.

HCP

legendary

Activity: 2086

Merit: 4316

It isn't "unsafe"... There was a vulnerability discovered that had the potential to be exploited. However, there were a specific set of things that needed to be done for that "exploit" to be utilised. Specifically, the attack would need physical access to your device... and would need to load a custom firmware onto it.

Resetting the device upon delivery and updating the firmware would effectively remove a "bad" custom firmware that had been loaded using the exploit. Additionally, the vulnerability has since been patched as of version 1.4.1 of the Ledger firmware.

vintages

full member

Activity: 966

Merit: 153

Now, its really getting confusing. I am not sure of the one to stick to or use anymore myself because I read in this thread; https://bitcointalksearch.org/topic/m.33348015 about how a guy descovered how unsafe it is to store cryptos in a hardware wallet. I have used both (Ledger and Trezor) but later chosed Ledger because of it metal nature.
And haven't really considered the paper wallet because of the tendency of fire outbreak (you never can tell what might happen) but with that recent discovery, I'm just confused of the one to stick to.

bob123

legendary

Activity: 1624

Merit: 2481

Quote from: zakalwe on March 29, 2018, 02:39:29 PM

or i would do something similar like craving the key on metal or something like this.

There are already 'wallets' available which are made out from metal (e.g. ledger cryptosteel https://www.ledgerwallet.com/products/ledger-cryptosteel)

Quote from: zakalwe on March 29, 2018, 02:39:29 PM

paper wallets are easy to deal with.

They may be easy to store. But its not intuitive to spend from them.
Especially not for new members. A lot of people have lost funds because of a change address which they havn't backed up.

Quote from: zakalwe on March 29, 2018, 02:39:29 PM

on another hand hot storage like Ledger Nano S can be very expensive and vulnerable at the same time.

~60$ doesn't seem too much for me.
Especially if you consider all the pros it has. You get an isolated device.
The private key never leave the device. It is convinient and safe.

While it is true that vulnerabilities have found.. nothing is bulletproof safe.
Vulnerabilities will always be found. In each kind of wallet. This does not mean hardware wallets are bad.

Quote from: zakalwe on March 29, 2018, 02:39:29 PM

i can print multiple keys with paper and place it all the secure place for back up. i cant do that with hardware wallets. though paper wallets serves best back up option.

Hardware wallets are initialized with a 12/18/24 word seed. This seed is used to restore all private keys.
This seed should be backed up in paper form. Not much different from a private key printed on paper?

pratik009

full member

Activity: 365

Merit: 108

Quote from: Dudeperfect on September 01, 2017, 10:08:04 AM

Hello Folks,

I am looking to invest in some top alt coins along with my Bitcoin holding for the long term. I have stored my Bitcoins on paper wallet now but I would like to give a try to the Trezor wallet.

Can you please help me with my queries,

1) Assume, I am going to hold 50% and spend rest 50% of my cryptocurrency fund on a regular basis, so should I keep all the Bitcoins in a single trezor wallet and spend using that wallet? or should I move savings in the paper wallet?

2) Which is better? I am worried about Trezor's sustainability for years. I can keep paper safe but worried about the electronic device.

3) What if I lose my hardware wallet or if it is accidentally destroyed? Can I recover my funds using the PIN and recovery phrase?

4) What are the pros and cons of using a Trezor wallet?

5) Any other suggestions for a Trezor noob?

P.S - As I am looking to hold at least top 10 alt-coins, I have heard that Trezor has limited support whereas ledgerwallet supports more alt-coins. Please guide in this regard too.

Best,
Dudeperfect

Trezor(hardware wallet) and paper wallet bothe are secure abut Trezor is more secure than any of paper wallets. So i fyou think to hold some altcoins then i suggest you to use Trezore wallet.
1:- yes you can store your all funds into trezor wallet and spend it whenever you want it.
2:-Trezor is more safe than paper wallet.
3:-yes you can recover yoir wallet with your privat keys.so don't worry about it.
4:- Trezor is very safe and secure than any other wallets.
5:- yes ledger wallet supports more altcoins so if you want to buy more altcoins then i suggest you to buy it.

zakalwe

sr. member

Activity: 445

Merit: 251

Always paper or alternate way of cold storage. i cant really trust with hot storage devices for certain reason. i will just print my keys, laminate them and place them fire secured place. or i would do something similar like craving the key on metal or something like this. paper wallets are easy to deal with. on another hand hot storage like Ledger Nano S can be very expensive and vulnerable at the same time. i can print multiple keys with paper and place it all the secure place for back up. i cant do that with hardware wallets. though paper wallets serves best back up option.

HCP

legendary

Activity: 2086

Merit: 4316

It's not "not okay"... but whether or not it is actually "safe" depends on a number of factors...

- How were the bitcoin private keys/addresses created? Created "offline" with sufficient entropy (ie. dice) or simply exported from a wallet on computer?
- How were the paper wallets generated? Written by hand or printed on a "smart"/networked printer?
- Is the safe really "safe"? fire proof? bolted down? water tight? air tight?
- What are you trying to prevent? Physical damage (ie. fire or water damage)? Physical theft?
- Quality of paper and/or ink used?

Having said all that, as long as your storage method satisifies YOUR particular requirements, then your solution should be "okay".

Undamobil

newbie

Activity: 107

Merit: 0

Quote from: pinkflower on September 04, 2017, 03:43:38 AM

Honestly just go for the paper wallet. I own a Trezor and I still havent used it. I have an ordinary USB that I have encrypted and it contains all the wallet files and the private keys for my cold storage needs.

Backing up your private keys and storing them well is all you really need. I dont see the value of buying more than $100 for a hardware wallet.

Is it okay if I keep all the bitcoin wallet addresses with paper and in a safe?

HCP

legendary

Activity: 2086

Merit: 4316

Quote from: BitcoinWomen on October 10, 2017, 10:50:47 AM

whats the benefits to having it vacuum sealed?

Basically, it is a form of laminating... the idea being to protect the paper inside a plastic covering to protect it from wear and tear, ink/paper breakdown and the danger of water etc.

By vacuum sealing or laminating your paper wallet, you make it less likely to be damaged to the point that you can no longer read it. It is one of the major drawbacks of a "paper" wallet... while they are more "robust" in some ways that desktop or hardware wallets... they are vulnerable in others.

Benezim

full member

Activity: 420

Merit: 142

I have used trezor for a few months now and decided to move everything from electrum and paper wallets into trezor.

It‘s very user friendly and the myetherwallet integration is flawless.

I would recommend anyone to make this small investment, it saved me a lot of hassle with private keys. I also prefer this over desktop wallets because I have small kids who occasionally play with my stuff (and potentially push my notebook? Not concerned on them destroying my trezor)

hakuna

member

Activity: 112

Merit: 10

Quote from: BitcoinWomen on October 10, 2017, 10:50:47 AM

Quote from: Paashaas on October 10, 2017, 10:22:42 AM

Paper wallet for ultra longterm storage. (vacuum sealed)

Trezor ore Ledger for all other needs, you will feel very secure with one of those. Copy youre 24 word seed and move them on 2 separated save places.

You can also add a large password on youre Trezor for extra security.

whats the benefits to having it vacuum sealed? and which is better Trezor or ledger?

Both Trezor and Ledger have pros and cons.
Ledger is cheaper, and, when you flip the cover to close it, it protects the screen.
Trezor is a little bit more expensive, but I feel that keys are stronger than the Ledger ones.

I would say, if you are a beginner and do not want to spend a lot, go for Ledger.

Alternatively, you can check on YouTube, it's full of videos which demonstrate their features and the supported tokens.

BitcoinWomen

newbie

Activity: 9

Merit: 0

Quote from: Paashaas on October 10, 2017, 10:22:42 AM

Paper wallet for ultra longterm storage. (vacuum sealed)

Trezor ore Ledger for all other needs, you will feel very secure with one of those. Copy youre 24 word seed and move them on 2 separated save places.

You can also add a large password on youre Trezor for extra security.

whats the benefits to having it vacuum sealed? and which is better Trezor or ledger?

Paashaas

legendary

Activity: 3463

Merit: 4429

Paper wallet for ultra longterm storage. (vacuum sealed)

Trezor ore Ledger for all other needs, you will feel very secure with one of those. Copy youre 24 word seed and move them on 2 separated save places.

You can also add a large password on youre Trezor for extra security.

Welsh

staff

Activity: 3276

Merit: 4111

I've always been a fan of a paper wallet. Trezor requires investment whilst a paper wallet is free. I've had several paper wallets which were created on a live Ubuntu cd and then stored in a secure location for many years. I've recently only opened them after around 3 years of inactivity and moved the funds around.

As long as you do the paper wallet right, and store it in a safe location from theft but also accidental damage. Then you really can't go wrong. Of course this only applies if you are not going to need constant access to the funds. So for holding Bitcoin it's a good investment. But, if you want to access the wallet and specifically send funds to others, then a trezor or a general wallet could be the best option.

9ine

full member

Activity: 122

Merit: 100

you also have other options like nano ledger and keepkey now, you should research them all !

Betfair

sr. member

Activity: 812

Merit: 260

Ordered ledger nano s last week and got it, just threw all my altcoins in it and leave there at least for few months.You wont be regret for having ledger trust me.

the rise

sr. member

Activity: 2198

Merit: 273

Vave.com - Crypto Casino

Quote from: warningsigns on October 07, 2017, 08:49:24 PM

I actually prefer a paper wallet. Electronic wallets are good and nice and secure but like any other electronic gadget they are at risk of being damaged or corrupted. Some of them are also not future-proof and might not work on future systems. So keeping them forever as your sole bitcoin repository might not be a good idea.

In defense of these electronic wallets, they have more features than a simple paper wallet and allows one to spend directly from such wallets. They are also good cold storage wallets.

As for a paper wallet, you can keep multiples of the recovery phrases or private keys in a safe location or even ask family members to keep them in different places. A paper wallet is cheap but ultra secure.

As we know, the era is evolving with digital transactions, paper wallets are becoming obsolete patterns, and trezor offers safer storage, so far paper wallets are ineffective and thriving because people prefer to transact online and do not need physical paper, just wasting your time.

Topic: Trezor or Paper Wallet? - page 2. (Read 4594 times)