Topic: What newbies first crypto step should be - page 2. (Read 227 times)

Yes, you can never be too early with buying a hardware wallet, however, I would say that the first step should be knowledge. No investment can begin without a sufficient knowledge base, because without it, it's just lottery (even worse, it's gambling with a high chance of losing). So rather than rushing in into an investment because someone is selling you a narrative, or because it's the latest trend and Warren Buffed said so, better to even skip a good opportunity in order to properly educate yourself.

I've never buy a hardware wallet before and that's since 6 years now, my first BTC wallet was copay and then coinomi wallet, I used them for years with no issues or loss of funds at all, I've stored up to 25,000$ worth of crypto on these two wallets no hack nothing, if you buy a hardware wallet you are still going to do the same old thing 'keep your private keys safe' so I don't see big difference.

That's why I included 'first investment plan' this is buying plans afters learning,  not learning what crypto is dude

1. The first step should be learning about crypto.
2. The second step should be how to keep crypto assets safe.
3. The third should be what gives crypto assets their value.
4. The fourth should be choosing your assets of choice.

Also I've never own any hardware wallet before and I'm doing fine with crypto mobile wallets.

As a newbie before buying any crypto currency you need to ask you self a question" why are you doing it", "are you ready to face anything that comes out of it but the risk", after answering the questions then you make research about what you are going into, make sure you understand every bit of it and also research more on security and privacy to secure your device from scammers then you can start.

Here are some good Topics about security and privacy
https://bitcointalksearch.org/topic/security-and-privacy-encylopedia-5239098

If they ever stumble upon the forum, I think they would have an easy step-by-step type of thing to follow because I know that's how I learned when I was still a newbie in crypto. The Beginners & Help stickied topics are enough already IMO when starting.

Newbies - Read before posting
[General] Bitcoin Wallets - Which, what, why?
[General] How to earn Bitcoins

Earning BTC or any crypto to buy a hardware wallet is a step IMO.

If you are planning to hold a significant amount of crypto, storing the private keys offline on an airgapped system or a hardware wallet are two of the best choices you can make. On the other hand, if you only have $10, $20 worth of BTC and you aren't planning to increase that stash, it makes very little sense to invest in a HW that costs more than your assets.

But as BlackHatCoiner mentioned, know what you are investing in. You talked about Ledger hardware wallets. I own one as well and they have been around for a long time. But they are closed-source. Their reputation has been severally hit when private data of millions of customers was leaked and posted online. Also the Nano X that you mentioned has issues with its battery which makes many devices malfunction. Ledger is releasing a new gadget - the Nano S Plus which will be sold for around €80. Those are some of the things you need to know about Ledger.

Other hardware wallet manufacturers have their own problems. Ledger's biggest rival is Trezor. Trezor is open-source in contrast to Ledger. But Trezor doesn't have a secure element like Ledger wallets have. Trezor also has an unfixable hardware vulnerability that allows those who know what they are doing to extract the seed phrase relatively cheaply. Using a strong passphrase is a good way to mitigate this problem.

No solution is perfect. You need to consider what works best for you by comparing the positives to the negatives.       

If a newbies just do not want to go beyond $100 worth of bitcoin holding, he may consider hardware not necessary.

It also still depends on what newbie is exposed to from the start, he may be lucky to have someone that knows a lot about bitcoin, wallet and about cryptocurrencies in general. He may decide to set up Electrum cold storage or go for 2-of-3 multisig. It all depends.

Hardware wallet may also not be necessary if the newbie want to hold, he can decide to go for a paper wallet. He may even have huge amount of coins on paper wallet and have just little on an online wallet.

Hardware wallet is good but there are still reasons newbie may not go for it at first, but going for it is not also bad but may not be  necessary.

I remember myself. I decided to create or get myself a wallet as a first step. I was sure that it was necessary because now I will be rich. But over time, I realized that wealth does not happen so quickly. To get something in your wallet, you need to understand the intricacies of storing your wallet, as well as understand what you want to put there, and how to manage it all further. The result of my story was such that I lost my phrase and thereby lost interest in further acquiring a real cold wallet.
Rookies are all hot guys in the right way. Everyone is in a hurry. It seems that everyone naively believes the news, which in every way urges them to invest their money in various projects. And, as a rule, many people make similar mistakes, losing their first investment.
Therefore, you always need to understand where you are investing. Don't be hasty. You need to know all the pros and cons of cryptocurrencies. In general, be in common sense that you can lose everything. And only after realizing all the little things, you can go and buy yourself a vault for your capital.

It really depends. Buying the coins first isn't necessarily bad, because it's recommended for people to try things out first and get a good grasp on how things work before actually going heavy into investing. I mean, I definitely wouldn't recommend anyone to invest a good amount of money into bitcoin if he/she hasn't even tried doing an on-chain transaction first; and you'd obviously need to have coins first before making a transaction.

Newbies' first step should be to actually learn what the hell they're buying.

Every newbies first investment plan is buying coins and tokens but imagine how better things will be if they can change that to buying hardware wallet first, Ledger nano s is 40$ while nano X is 149$, I know some will say it's too pricey, how pricey can it be when you lose all your BTC or other coins? Consider hardware wallet as your first crypto investment step.