Topic: What is the best wallet for cryptocurrency, hardware or software and why? (Read 330 times)
December 25, 2020, 01:11:00 AM
Both hardware and software wallets have a specific purpose, which is to generate random numbers, store random numbers, sign messages with random numbers, manage random numbers, monitor random numbers. Your keys are random numbers and wallets will help you to control them. The main difference between software and hardware wallets is that the environment your keys are stored. If you are paranoid who care about privacy, anonymity, security, and similar stuff, then you should choose a hardware wallet. If you are less paranoid and eager for convenience of usage while preserving a decent level of security, your choice is software wallets installed on your PC or smartphone. Software wallets can also be used as an interface for hardware wallets, which is going to be the best solution for most.
December 25, 2020, 01:10:44 AM
The most important part is keep your private key and recovery seeds safe, hardware wallets won't keep you safe if you lost your private keys, I'm satisfied with any wallet that is open source that gives users their Mnemonic seed and private keys
December 25, 2020, 12:50:01 AM
I kept over 10,000$ worth of crypto assets in a software wallet for more than 4years now and it's safe, I believe if you don't get careless with your private key and recovery seed nothing bad will happen to your asset, the different between hardware wallet and software wallet isn't much.
December 24, 2020, 07:58:03 PM
what is wrong with hardware wallet cost? an hardware wallet hardly cost $100. and you can safely store millions of dollars worth Bitcoins and other coins in it. if you can't afford an hardware wallet that would mean you don't have much coins to store. and for small amount of coins and tokens. it's always better to use software wallets.
I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)
It's easier to say for you because you can afford a hardware wallet, many people can't and that's a fact, software wallet costs nothing and the only danger using software wallet is misplacing your keys or falling victim to phishing, if one list his or her hardware wallet recovery seed the fund isn't safe anymore either I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)
Most cryptocurrency users can afford a hardware wallet. I'm not rich and I have one. If you participate in bounties or signature campaigns the cost of a wallet is covered by just a week of casual posting.
The golden rule is to spend at least 1% of your money to secure the rest. This means that if you're holding up to 1000 USD worth of cryptocurrencies you can use a software wallet like electrum. If you're holding 2-3 thousand you should consider buying a hardware wallet.
December 24, 2020, 06:59:27 PM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
For me, I use software wallet and the best software wallet so far is Im token Wallet because It supports different kinds of blockchain wallet. Safe and secure and also support different kinds of bitcoin wallet.
December 24, 2020, 06:24:04 PM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
All way is safe how your treat the wallet hardware or software.I think it's back to yourself to willing saving your cryptocurrency and how you will use them.
Yes there's such take cost quite high, but you can take other alternative such saving your money on paperwallet.
Tip: You can buy hardware quite cheap once their have such promo by biggest event.
December 24, 2020, 05:26:46 PM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
Hardware wallets are good for beginners, but they are not fool-proof, there were many attacks recently, like malicious extensions that targeted transactions made by hardware wallets or third-party resellers who try to sneak in their own addresses into the wallet. And let's not forget Ledger's screw up, which is not an attack on the wallet, but still a really bad thing that wouldn't happen with software wallets. If a person can learn to verify digital signatures and install Linux on a spare computer, then they are fully ready to make a cold storage with software wallet. And those things are actually very simple if you just invest an hour or two into reading the guide and figuring it all out.
December 24, 2020, 12:55:33 PM
I understand that because of ledger hack everyone is afraid that they are going to be hacked and everyone is afraid that they will have nothing in their account anymore, however I doubt that is the case. I feel like the biggest chance is that hardware wallet is still one of the best wallets there is. Obviously if you could get one of your own USB sticks and download all the wallets of any token or coin you want and just use that instead, you could have one that is decentralized, only known by you, and nobody could hack into it, or at least aim it.
This is why "hardware" wallet is still the best, but the way you want to do it will depend on you, if you trust yourself you can have just one usb and you could do that but if you are not sure about how great you can do that, you could just buy from someone else like trezor or ledger and you can use that.
This is why "hardware" wallet is still the best, but the way you want to do it will depend on you, if you trust yourself you can have just one usb and you could do that but if you are not sure about how great you can do that, you could just buy from someone else like trezor or ledger and you can use that.
December 24, 2020, 12:51:10 PM
it depends in where you are comfortable with, both of them have pros and cons I think hardware wallet is better since computers are not safe this day and prone to virus, what if your computer has been attacked by ransomware or malware, hardware wallet you can bring it anywhere without hassle just don't lose it, unlike the software it will stay in just one computer.
December 24, 2020, 03:39:10 AM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
what is wrong with hardware wallet cost? an hardware wallet hardly cost $100. and you can safely store millions of dollars worth Bitcoins and other coins in it. if you can't afford an hardware wallet that would mean you don't have much coins to store. and for small amount of coins and tokens. it's always better to use software wallets.I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)
December 23, 2020, 02:15:10 PM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
Hardware wallets are also requiring software for it to be fully operational.The cost of buying a hardware wallet isn't a lot and it's more secured than any other wallets that you can think of. In bitcoin, there are desktop wallets that are also good like Electrum but it's just for bitcoin.
But if you are for different altcoins and you mostly use multi crypto wallet and you want to store and hold it for a long time, hardware wallets are the best.
You will not regret purchasing it as your security partner to your funds.
December 23, 2020, 02:04:59 PM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
I trust the two wallets. For the phone - Trust Wallet, and for the computer-Blockchain. Blockchain is the most secure wallet, which is why I chose it. And the advantage of trust wallet for me personally is that it can store many different cryptocurrencies. Trust Wallet is the most secure wallet for phones.
December 23, 2020, 11:58:44 AM
it's definitely a hardware wallet. but it looks like you were having trouble doing a simple research so to make it easier for you try to read this article by just simple searching to google https://www.blockchain-council.org/blockchain/types-of-crypto-wallets-explained/
December 23, 2020, 11:48:14 AM
Light weight wallets for desktop are Electrum - (available for some altcoins as well),MEW. But for smartphones we have lot of software wallets like Coinomi,Trust,etc. You can't consider software wallet is completely secured unless you know how to be safe from malware attacks.
December 23, 2020, 11:45:02 AM
There are no perfect solutions, there are decisions you can take risks with.
Now the market has solutions for every taste.
- free open source wallets
- commercial proprietary wallets
- hardware wallets
- Online wallets on exchanges
I would divide the question into 2 vectors - solutions in which everything depends on you and you own the private key, and everyone else.
At the same time, you need to understand - owning a private key does not give you a 100% security guarantee - one visit to a phishing resource and goodbye to all assets ...
A hardware wallet is, of course, somewhat more reliable, but it is also not without drawbacks - you can google examples of hacking. Well, don't forget about social engineering, in relation to deceiving people ...
In total, there are many options, none of them gives a 100% guarantee, the choice is only yours
Now the market has solutions for every taste.
- free open source wallets
- commercial proprietary wallets
- hardware wallets
- Online wallets on exchanges
I would divide the question into 2 vectors - solutions in which everything depends on you and you own the private key, and everyone else.
At the same time, you need to understand - owning a private key does not give you a 100% security guarantee - one visit to a phishing resource and goodbye to all assets ...
A hardware wallet is, of course, somewhat more reliable, but it is also not without drawbacks - you can google examples of hacking. Well, don't forget about social engineering, in relation to deceiving people ...
In total, there are many options, none of them gives a 100% guarantee, the choice is only yours
December 23, 2020, 10:52:11 AM
You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?
what is wrong with hardware wallet cost? an hardware wallet hardly cost $100. and you can safely store millions of dollars worth Bitcoins and other coins in it. if you can't afford an hardware wallet that would mean you don't have much coins to store. and for small amount of coins and tokens. it's always better to use software wallets.I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)
December 23, 2020, 10:47:35 AM
What I have observed with all these wallet debate is that none is absolutely secured, they have advantages over each other, look at the recent ledger debacle, this is even worse than wallet hack. The best thing now is to run your own node, which I think is expensive but as your portfolio grows this could be the solution
December 23, 2020, 10:21:56 AM
I think no software wallet is really safe, because anything can happen.
Using a hardware wallet is highly recommended, But many people choose software wallets because they are free to use.
If you can't buy a hardware wallet, software wallet or other free wallet can be used alternative, but still be careful when surfing/browsing in internet because there are lots of phishing link that can cause your wallet to be stolen.
Using a hardware wallet is highly recommended, But many people choose software wallets because they are free to use.
If you can't buy a hardware wallet, software wallet or other free wallet can be used alternative, but still be careful when surfing/browsing in internet because there are lots of phishing link that can cause your wallet to be stolen.
December 23, 2020, 09:20:14 AM
Cost of a hardware wallet is not too huge, because its actually under 100 dollars for now maybe in future it will get cheaper due to mass production. If you still looking for a software wallet which is open source then lot of choice available as well.
If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.
When I entered crypto space I can't even buy 50$ worth of anything, brother 50-100$ isn't a small amount of money for many people, if hardware wallet is cheap everyone would prefer to use them but today software wallets have millions of users, I was able to afford a ledger wallet after 5years of crypto hustling and that's because I have earned good amount of money from trading and other ways If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.
December 23, 2020, 09:18:03 AM
In my opinion, Users are the ones have all the power while holding cryptocurrency. Although you can have the strongest wallet on this planet, you will lose your money if you are a careless person who does not have responsibility with his money. Though, If I have to choose, I will choose hardware wallet. They are safer to me than others.
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