Trezor or Paper Wallet? - page 5. | Bitcointalksearch.org

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: TryNinja on September 01, 2017, 02:26:23 PM

Quote from: Dudeperfect on September 01, 2017, 02:11:08 PM

Thanks, that really makes sense. I am avoiding Bitcoin core as I have issues with over 145 GB bandwidth and I am not sure if electrum is going to take that much of space or not. I was planning to use Trezor with the chrome extension and above-mentioned plan sounds perfect as 5% holding on the web wallets is not an issue at all.

Just FYI, Electrum is a SPV wallet, which means that you don't need to download the whole Blockchain before using it. You will probably be able to manage your coins instantly after downloading the wallet.

What is a SPV wallet:

Quote from: https://bitcoin.stackexchange.com/questions/4649/what-is-an-spv-client

A Bitcoin implementation that does not verify everything, but instead relies on either connecting to a trusted node, or puts its faith in high difficulty as a proxy for proof of validity. BitCoinJ is an implementation of this mode.

I would still recommend you to just store your coins in Trezor. It is meant to be a hardware wallet that allows you to spend your coins in the day-by-day if you need to. And not necessarily to be a locked cold storage.

You still need a wallet like electrum that is compatible with the trezor in order for the trezor to ever be at a state where it is able to sign transactions. I'd suggest a web wallet only if the transaction fees are 0 (I'm not sure if there are still some wallets online that enable this but it means you bypass treansaction fees). These can exist by using the bitcoins you input as an investment to produce an income for themselves that's fairly stable (I'm not sure if there are wallets that still do this, coinbase used to).

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: Dudeperfect on September 01, 2017, 02:11:08 PM

Thanks, that really makes sense. I am avoiding Bitcoin core as I have issues with over 145 GB bandwidth and I am not sure if electrum is going to take that much of space or not. I was planning to use Trezor with the chrome extension and above-mentioned plan sounds perfect as 5% holding on the web wallets is not an issue at all.

Just FYI, Electrum is a SPV wallet, which means that you don't need to download the whole Blockchain before using it. You will probably be able to manage your coins instantly after downloading the wallet.

What is a SPV wallet:

Quote from: https://bitcoin.stackexchange.com/questions/4649/what-is-an-spv-client

A Bitcoin implementation that does not verify everything, but instead relies on either connecting to a trusted node, or puts its faith in high difficulty as a proxy for proof of validity. BitCoinJ is an implementation of this mode.

I would still recommend you to just store your coins in Trezor. It is meant to be a hardware wallet that allows you to spend your coins in the day-by-day if you need to. And not necessarily to be a locked cold storage.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Quote from: jackg on September 01, 2017, 01:57:36 PM

Quote from: Dudeperfect on September 01, 2017, 01:48:49 PM

Quote from: jackg on September 01, 2017, 12:41:26 PM

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

Ledger is said to be of a higher security than trezor, although, the trezor allows you to control it from the handset (but it has to be plugged into a computer). I don't know if the new ledger is any good (they have a touchscreen version they've just brought out), but the previous ones are said to have more altcoin support. However, it is said that the previous ones need you to uninstall one wallet to install the next one.

Paper wallets are quite secure (unless they're physically stolen) but they have to be poduced on a computer that will eventually touch the internet. You can try to use actual wallets like the bitcoin version of electrum and any altcoins that are made that copy a similar code and run that on a cheap/old offline computer.

If you're wanting to use the trezor or ledger, note that it will definitely fail at some point so you'll have to ensure you write down and store the seed somewhere safe (though, that's just 12-13 random words that need storing). If your trezor fails/breaks/gets stolen, these words are used to regenerate your wallet for you. I think you should be able to use the same seed across the different altcoins as they should all use BIP39.

Thanks for your thoughts, As I mentioned above, I have generated paper wallets securely for Bitcoin and altcoins and even maintained a backup in soft as well as in hard copies and kept in a secured place.

That makes less flexible when it comes to the spending Bitcoins, and as of now, I am using web wallets to make regular transactions which are not so secure as we know thus I think I will go with both the options.

Hodling Bitcoin and altcoins in paper wallets (which I mentioned above) for the longer period such as 5 to 10 years and using the Trezor wallet for storing Bitcoins for short term/regular transactions.

If I am not wrong then hodling coins in the paper wallet for the long term and hodling in Trezor wallet for the same term is almost similar. I have to keep paper wallet secure in the first option and seed/passphrase in another option for that period as I am not going to touch it in between.

Trezor would help me to work with similar characteristics as that of the paper wallet but in a more flexible way to mitigate the risk of hodling the funds on web wallets.

It might be an idea to store your day-to-day use coins on your actuall computer in a wallet such as electrum - instead or as well as the trezor (most likely, you'll be using electrum with the trezor anyway - though it has said not to be working with the latest versions of electrum).
Say you buy 10 bitcoins, you hodl 50% like you said onto your paper wallet, you hodl another 45% on your trezor, and then put the other 5% on the other wallet (either electrum or a web wallet) as 5% would be a reasonable amount of money you'd need. And you can keep on topping that up from the trezor if necessary.

Thanks, that really makes sense. I am avoiding Bitcoin core as I have issues with over 145 GB bandwidth and I am not sure if electrum is going to take that much of space or not. I was planning to use Trezor with the chrome extension and above-mentioned plan sounds perfect as 5% holding on the web wallets is not an issue at all.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Dudeperfect on September 01, 2017, 01:48:49 PM

Quote from: jackg on September 01, 2017, 12:41:26 PM

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

Ledger is said to be of a higher security than trezor, although, the trezor allows you to control it from the handset (but it has to be plugged into a computer). I don't know if the new ledger is any good (they have a touchscreen version they've just brought out), but the previous ones are said to have more altcoin support. However, it is said that the previous ones need you to uninstall one wallet to install the next one.

Paper wallets are quite secure (unless they're physically stolen) but they have to be poduced on a computer that will eventually touch the internet. You can try to use actual wallets like the bitcoin version of electrum and any altcoins that are made that copy a similar code and run that on a cheap/old offline computer.

If you're wanting to use the trezor or ledger, note that it will definitely fail at some point so you'll have to ensure you write down and store the seed somewhere safe (though, that's just 12-13 random words that need storing). If your trezor fails/breaks/gets stolen, these words are used to regenerate your wallet for you. I think you should be able to use the same seed across the different altcoins as they should all use BIP39.

Thanks for your thoughts, As I mentioned above, I have generated paper wallets securely for Bitcoin and altcoins and even maintained a backup in soft as well as in hard copies and kept in a secured place.

That makes less flexible when it comes to the spending Bitcoins, and as of now, I am using web wallets to make regular transactions which are not so secure as we know thus I think I will go with both the options.

Hodling Bitcoin and altcoins in paper wallets (which I mentioned above) for the longer period such as 5 to 10 years and using the Trezor wallet for storing Bitcoins for short term/regular transactions.

If I am not wrong then hodling coins in the paper wallet for the long term and hodling in Trezor wallet for the same term is almost similar. I have to keep paper wallet secure in the first option and seed/passphrase in another option for that period as I am not going to touch it in between.

Trezor would help me to work with similar characteristics as that of the paper wallet but in a more flexible way to mitigate the risk of hodling the funds on web wallets.

It might be an idea to store your day-to-day use coins on your actuall computer in a wallet such as electrum - instead or as well as the trezor (most likely, you'll be using electrum with the trezor anyway - though it has said not to be working with the latest versions of electrum).
Say you buy 10 bitcoins, you hodl 50% like you said onto your paper wallet, you hodl another 45% on your trezor, and then put the other 5% on the other wallet (either electrum or a web wallet) as 5% would be a reasonable amount of money you'd need. And you can keep on topping that up from the trezor if necessary.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Quote from: jackg on September 01, 2017, 12:41:26 PM

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

Ledger is said to be of a higher security than trezor, although, the trezor allows you to control it from the handset (but it has to be plugged into a computer). I don't know if the new ledger is any good (they have a touchscreen version they've just brought out), but the previous ones are said to have more altcoin support. However, it is said that the previous ones need you to uninstall one wallet to install the next one.

Paper wallets are quite secure (unless they're physically stolen) but they have to be poduced on a computer that will eventually touch the internet. You can try to use actual wallets like the bitcoin version of electrum and any altcoins that are made that copy a similar code and run that on a cheap/old offline computer.

If you're wanting to use the trezor or ledger, note that it will definitely fail at some point so you'll have to ensure you write down and store the seed somewhere safe (though, that's just 12-13 random words that need storing). If your trezor fails/breaks/gets stolen, these words are used to regenerate your wallet for you. I think you should be able to use the same seed across the different altcoins as they should all use BIP39.

Thanks for your thoughts, As I mentioned above, I have generated paper wallets securely for Bitcoin and altcoins and even maintained a backup in soft as well as in hard copies and kept in a secured place.

That makes less flexible when it comes to the spending Bitcoins, and as of now, I am using web wallets to make regular transactions which are not so secure as we know thus I think I will go with both the options.

Hodling Bitcoin and altcoins in paper wallets (which I mentioned above) for the longer period such as 5 to 10 years and using the Trezor wallet for storing Bitcoins for short term/regular transactions.

If I am not wrong then hodling coins in the paper wallet for the long term and hodling in Trezor wallet for the same term is almost similar. I have to keep paper wallet secure in the first option and seed/passphrase in another option for that period as I am not going to touch it in between.

Trezor would help me to work with similar characteristics as that of the paper wallet but in a more flexible way to mitigate the risk of hodling the funds on web wallets.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

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

Ledger is said to be of a higher security than trezor, although, the trezor allows you to control it from the handset (but it has to be plugged into a computer). I don't know if the new ledger is any good (they have a touchscreen version they've just brought out), but the previous ones are said to have more altcoin support. However, it is said that the previous ones need you to uninstall one wallet to install the next one.

Paper wallets are quite secure (unless they're physically stolen) but they have to be poduced on a computer that will eventually touch the internet. You can try to use actual wallets like the bitcoin version of electrum and any altcoins that are made that copy a similar code and run that on a cheap/old offline computer.

If you're wanting to use the trezor or ledger, note that it will definitely fail at some point so you'll have to ensure you write down and store the seed somewhere safe (though, that's just 12-13 random words that need storing). If your trezor fails/breaks/gets stolen, these words are used to regenerate your wallet for you. I think you should be able to use the same seed across the different altcoins as they should all use BIP39.

Dudeperfect

hero member

Activity: 1190

Merit: 534

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

Topic: Trezor or Paper Wallet? - page 5. (Read 4594 times)