Again when talking help on the wallets from anyone, make sure you are getting help from a trusted person. I have seen people randomly asking in groups / Social media / Forums to set up their wallets and end up dealing with a scammer who will just run away with your funds while trying to explain how to use a Hardware /software wallet.
This is an open and public community. People worldwide can read the posts and conversations. When you ask for help for random how-to issues, and someone offers it to you, ensure it's all public so everyone can see and warn you if what you are doing isn't the best approach. And, of course, if the person pretending to help you is lying or is outright malicious. Don't ask for help over DMs or Telegram and don't respond to such requests to protect yourself from possible problems. 
Topic: Which best for long term investment? Hardware wallet or Software wallet . (Read 807 times)
June 20, 2023, 12:11:32 PM
June 20, 2023, 11:57:49 AM
First of all, whether you use hardware, software, air-gapped or whatever wallet, you need to have an understanding of it completely. When you say that hardware wallets are easy to use for newbies, the newbies must know how to use a hardware wallet and how to keep it secure. Lack of knowledge can still result in loss of funds even if a person has a hardware wallet.
Agree with you mate. If I don't have proper knowledge about the wallet I choose to keep my bitcoins in a secure position, I will not get any profit from using that wallet instead it will become a loss source. Many newbies don't know much about hardware wallets so they should first get a good idea how to use that wallet.A few days ago I saw a safepal hardware wallet from one of my friends. But he didn't know how to use that wallet. He was intelligent. He took help form his nearest to learn about it and then he was able to use it. I personally had no idea. I learnt something from YouTube. Later I was able to get a better idea by looking at my friend's wallet. If he could try to do by his own self without lack of knowledge, the guy would have been fallen in danger and possibly even lost his bitcoins.
Again when talking help on the wallets from anyone, make sure you are getting help from a trusted person. I have seen people randomly asking in groups / Social media / Forums to set up their wallets and end up dealing with a scammer who will just run away with your funds while trying to explain how to use a Hardware /software wallet.
Getting help from youtube videos is great if you are a good learner and also you may have a new wallet with no funds, experiment with it, even get help from strangers and when you want to transfer funds, get a brand new wallet.
June 02, 2023, 11:21:30 AM
Many newbies don't know much about hardware wallets so they should first get a good idea how to use that wallet.
A few days ago I saw a safepal hardware wallet from one of my friends. But he didn't know how to use that wallet. He was intelligent. He took help form his nearest to learn about it and then he was able to use it. I personally had no idea. I learnt something from YouTube. Later I was able to get a better idea by looking at my friend's wallet. If he could try to do by his own self without lack of knowledge, the guy would have been fallen in danger and possibly even lost his bitcoins.
Not generalized. If newbie do not know much about hardware wallets can still be understandable because it is still very new so it needs effort to learn. It's a bit strange if there is something more senior but still don't know how to use a wallet well.A few days ago I saw a safepal hardware wallet from one of my friends. But he didn't know how to use that wallet. He was intelligent. He took help form his nearest to learn about it and then he was able to use it. I personally had no idea. I learnt something from YouTube. Later I was able to get a better idea by looking at my friend's wallet. If he could try to do by his own self without lack of knowledge, the guy would have been fallen in danger and possibly even lost his bitcoins.
This means that anyone needs to find out in their own way if you want to get good security because the wallet is very important as a place to storage coins. It doesn't matter if we have to watch the YouTube channel if some of the tutorials available on the forum are not easy to understand.
This is my experience and I keep trying to be able to increase knowledge about the wallet both hardware and software.
June 01, 2023, 11:46:19 PM
First of all, whether you use hardware, software, air-gapped or whatever wallet, you need to have an understanding of it completely. When you say that hardware wallets are easy to use for newbies, the newbies must know how to use a hardware wallet and how to keep it secure. Lack of knowledge can still result in loss of funds even if a person has a hardware wallet.
Agree with you mate. If I don't have proper knowledge about the wallet I choose to keep my bitcoins in a secure position, I will not get any profit from using that wallet instead it will become a loss source. Many newbies don't know much about hardware wallets so they should first get a good idea how to use that wallet.A few days ago I saw a safepal hardware wallet from one of my friends. But he didn't know how to use that wallet. He was intelligent. He took help form his nearest to learn about it and then he was able to use it. I personally had no idea. I learnt something from YouTube. Later I was able to get a better idea by looking at my friend's wallet. If he could try to do by his own self without lack of knowledge, the guy would have been fallen in danger and possibly even lost his bitcoins.
May 31, 2023, 11:30:51 AM
Hardware wallet, it gives unparalleled peace of mind compared to software wallets. But then again, it will take away 1 part of your holding if you were to buy it right now. So stick to software wallet like muun for time being, once savings are grown enough, purchase HW.
This is another important thing that for most people software wallets may fulfill the purpose as they do not have a lot of funds.
Let's suppose you are a beginner and newbie in a Bitcoin world, there is no need to possess a hardware wallet right from day 1. Better get an understanding of different wallets and you will be able to choose the right one according to your needs.
You are correct that you do not need a hardware wallet to hold BTC offline and securely, but hardware wallets is easier for newbies to use, they can learn how to create their own air-gapped wallet or use paper wallet, but there is a possibility that they will make a mistake and set it up or use it in an unsafe enviroment.
First of all, whether you use hardware, software, air-gapped or whatever wallet, you need to have an understanding of it completely. When you say that hardware wallets are easy to use for newbies, the newbies must know how to use a hardware wallet and how to keep it secure. Lack of knowledge can still result in loss of funds even if a person has a hardware wallet.
May 29, 2023, 05:29:46 AM
some of them may consider it paranoid to create tx's in their watch-only wallet and then send it to their offline device to sign the transaction, and back again to their online device for broadcasting, so they may just say "to hell with it" and connect their offline device to the internet to create and sign their transaction quickly, choosing convenience over safety and security.
It is airgapped, there is no way it can go online. People that study about airgapped wallets are better in safety reasoning and more security conscious than people that just go and buy hardware wallet without learning the basics of cold storage which are paper wallet and wallet on airgapped devices. And if they want to transfer PBST and ST, advice them to use QR code which is safer than Bluetooth, NFC and USB stick.We even know that many hardware wallets have many features, some are completely open-source, and some Closed Source, and even recently, one of the hardware wallets has a Recovery Phrase feature that makes all its users worry and choose to abandon it.
Many Hardware wallets support Airgapped such as ColdCard, Trezor Model T, KeepKey, Ellipal, Safepal, and Ledger Nanox (Exception). just choose the best one.
May 26, 2023, 09:52:35 AM
I do recommend air-gapped wallets, but i still believe it and paper wallets would be difficult for a newbie to use in a safe enviroment.
People are different from one another. Newbies are better than one another. It was not hard for me to know when I was introduced to both paper wallet and wallet on airgapped device. It is their money, they should learn how to protect it. There is nothing hard to know about cold wallets generally, but some people just not not want to learn. some of them may consider it paranoid to create tx's in their watch-only wallet and then send it to their offline device to sign the transaction, and back again to their online device for broadcasting, so they may just say "to hell with it" and connect their offline device to the internet to create and sign their transaction quickly, choosing convenience over safety and security.
It is airgapped, there is no way it can go online. People that study about airgapped wallets are better in safety reasoning and more security conscious than people that just go and buy hardware wallet without learning the basics of cold storage which are paper wallet and wallet on airgapped devices. And if they want to transfer PBST and ST, advice them to use QR code which is safer than Bluetooth, NFC and USB stick. 
May 26, 2023, 09:16:07 AM
Recommend paper wallet and airgapped wallets to newbies and let them know the pros and cons. With both, the bitcoin user will be able to know you do not need any hardware wallet before you can hold bitcoin securely offline. Then it is also good to recommend hardware wallet, also letting them know about the pros and cons. But it is worth learning about airgapped devices and how to avoid hacks if not going for altcoins.
I do recommend air-gapped wallets, but i still believe it and paper wallets would be difficult for a newbie to use in a safe enviroment. Many newbies have the wrong idea of air-gapped wallets, some of them believe it can be connected to the internet once in a while, some of them may consider it paranoid to create tx's in their watch-only wallet and then send it to their offline device to sign the transaction, and back again to their online device for broadcasting, so they may just say "to hell with it" and connect their offline device to the internet to create and sign their transaction quickly, choosing convenience over safety and security.You are correct that you do not need a hardware wallet to hold BTC offline and securely, but hardware wallets is easier for newbies to use, they can learn how to create their own air-gapped wallet or use paper wallet, but there is a possibility that they will make a mistake and set it up or use it in an unsafe enviroment.
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May 26, 2023, 07:59:10 AM
Hardware wallet, it gives unparalleled peace of mind compared to software wallets. But then again, it will take away 1 part of your holding if you were to buy it right now. So stick to software wallet like muun for time being, once savings are grown enough, purchase HW.
You have quite a lot of good suggestions, so I will just have to support what @Libert19 said.
There are lots of malware attacks on most of the online device we use, so the best way to keep your assets more secure is to store them in an offline wallet, like the hardware wallet. It will give you peace of mind that you cannot get easily hacked because your hardware wallet is offline. When it can get hacked, is if you mistakenly misplace your seed phrase, or you lose it. But if you are using a software wallet, that's to say you will always use your device to do some online stuff and download some software online, and those can be a threat to your security.
Go for a hardware wallet since you have the intention to hold your Bitcoin for a long time, so that if you are doing some internet stuff with your phone or PC, you wouldn't have the fear that your asset can get hacked due to some website you browse. But since you don't have any enough fund now to do so, be very mindful of the sites you visit, the files you download and the links you click. Be very cautious mate.
Cheers 🥂, Dr.Bitcoin_Strange👺👺
May 26, 2023, 02:49:52 AM
Hardware wallet, it gives unparalleled peace of mind compared to software wallets. But then again, it will take away 1 part of your holding if you were to buy it right now. So stick to software wallet like muun for time being, once savings are grown enough, purchase HW.
If he is able to create an airgapped wallet, it is the best for investment. Another alternative which how create it is the same as airgapped wallet is a paper wallet. He is not spending it for a long time, so he will be good with any of the two.For a very small amount that he can afford to lose he should know that online wallet are not safe like cold wallets. He also needs to know that he needs to be security conscious and not doing what can make his device vulnerable to hack.
I agree with changing the narrative after this Ledger mess, but when it comes to cold storage, hardware wallets are the easiest to use, especially for people that are not too technical, this is the reason why i recommend hardware wallets to newbies.
Recommend paper wallet and airgapped wallets to newbies and let them know the pros and cons. With both, the bitcoin user will be able to know you do not need any hardware wallet before you can hold bitcoin securely offline. Then it is also good to recommend hardware wallet, also letting them know about the pros and cons. But it is worth learning about airgapped devices and how to avoid hacks if not going for altcoins. 
May 23, 2023, 07:40:39 PM
It's time we change this narrative because it turns out that it's not completely true. What we considered as cold storage, or almost as good as cold storage is actually not as good as previously advertised. The data on secure element chips can be obtained and shared online. By sharing your private keys with other companies and undergoing KYC, there is a risk of someone confiscating your crypto or that the information gets hacked, stolen, or sold. Hardware wallets with secure elements may or may not protect your private keys.
I agree with changing the narrative after this Ledger mess, but when it comes to cold storage, hardware wallets are the easiest to use, especially for people that are not too technical, this is the reason why i recommend hardware wallets to newbies. The other type of cold storage is setting up a personal air-gapped wallet, which is more complicated and easier for people to make a mistake or set up in an unsafe enviroment. I will still recommend newbies to look for good hardware wallets other than Ledger, until they can securely set up their own air-gapped wallet in a safe enviroment.
I'll also still do recommended hardware wallets but it's not going to be limited anymore to Ledger variants but will have them think and make their own research for the other choices that's also know which can be found on: https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware May 22, 2023, 02:46:51 PM
It's time we change this narrative because it turns out that it's not completely true. What we considered as cold storage, or almost as good as cold storage is actually not as good as previously advertised. The data on secure element chips can be obtained and shared online. By sharing your private keys with other companies and undergoing KYC, there is a risk of someone confiscating your crypto or that the information gets hacked, stolen, or sold. Hardware wallets with secure elements may or may not protect your private keys.
I agree with changing the narrative after this Ledger mess, but when it comes to cold storage, hardware wallets are the easiest to use, especially for people that are not too technical, this is the reason why i recommend hardware wallets to newbies. The other type of cold storage is setting up a personal air-gapped wallet, which is more complicated and easier for people to make a mistake or set up in an unsafe enviroment. I will still recommend newbies to look for good hardware wallets other than Ledger, until they can securely set up their own air-gapped wallet in a safe enviroment. May 22, 2023, 10:04:24 AM
Well, for me, storing bitcoin is really better for long-term investment using Hardware wallet, because it can store your private key offline even if it's not connected to the internet, so it can't be hacked by a hacker.
It's time we change this narrative because it turns out that it's not completely true. What we considered as cold storage, or almost as good as cold storage is actually not as good as previously advertised. The data on secure element chips can be obtained and shared online. By sharing your private keys with other companies and undergoing KYC, there is a risk of someone confiscating your crypto or that the information gets hacked, stolen, or sold. Hardware wallets with secure elements may or may not protect your private keys. 
May 22, 2023, 05:43:13 AM
Therefore, there is only one way to avoid this - never use hardware wallets. At least those companies that have trampled their reputation into the dirt. Personally.
So the question arises for any owner of cryptocurrencies: either trust the hardware wallet's manufacturer, or trust yourself and your skills in organizing the security of your crypto wallet.
There is always a middle ground as some hardware wallets are open source, you can buy the components and build it yourself and the code is open source, not all hardware wallets are that bad, even Ledger they haven't been hacked or know your private key, the wallet is still secure and no Scam has been reported But the company's continued lying makes future copies more likely to have backdoors.So the question arises for any owner of cryptocurrencies: either trust the hardware wallet's manufacturer, or trust yourself and your skills in organizing the security of your crypto wallet.
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Software wallets are also not an ideal solution and have their drawbacks. This is unavoidable. If you follow all the precautions, then these wallets can be used quite normally.
Good Software wallets are open source and well reviewed. With a little bit of knowledge you can build relatively secure cold storage, the more you know the more secure you are. 
May 22, 2023, 03:23:02 AM
Well, for me, storing bitcoin is really better for long-term investment using Hardware wallet, because it can store your private key offline even if it's not connected to the internet, so it can't be hacked by a hacker.
Because if a software wallet is used, it is the opposite of a hardware wallet because it can be used online, which is a bit prone to hacking and it can also store your private key online. But since there is nothing to buy, as most people have said here, Electrum is one of the main cold wallets that are good to use and I have been using it until now in my few years in this industry.
Until recently, I also thought so and believed that using a hadrware wallet is the most secure way to store crypto long-term, but in light of recent events, I have very serious concerns and doubts. Yes, a HW device can protect you from hackers and other intruders online, but how can you protect yourself from an unscrupulous manufacturer, like a Ledger? No way. Here the owners of wallets find themselves in a trap, trusting false stories about security. Therefore, there is only one way to avoid this - never use hardware wallets. At least those companies that have trampled their reputation into the dirt. Personally.Because if a software wallet is used, it is the opposite of a hardware wallet because it can be used online, which is a bit prone to hacking and it can also store your private key online. But since there is nothing to buy, as most people have said here, Electrum is one of the main cold wallets that are good to use and I have been using it until now in my few years in this industry.
Software wallets are also not an ideal solution and have their drawbacks. This is unavoidable. If you follow all the precautions, then these wallets can be used quite normally.
So the question arises for any owner of cryptocurrencies: either trust the hardware wallet's manufacturer, or trust yourself and your skills in organizing the security of your crypto wallet.
May 21, 2023, 09:42:29 PM
Well, for me, storing bitcoin is really better for long-term investment using Hardware wallet, because it can store your private key offline even if it's not connected to the internet, so it can't be hacked by a hacker.
Because if a software wallet is used, it is the opposite of a hardware wallet because it can be used online, which is a bit prone to hacking and it can also store your private key online. But since there is nothing to buy, as most people have said here, Electrum is one of the main cold wallets that are good to use and I have been using it until now in my few years in this industry.
Because if a software wallet is used, it is the opposite of a hardware wallet because it can be used online, which is a bit prone to hacking and it can also store your private key online. But since there is nothing to buy, as most people have said here, Electrum is one of the main cold wallets that are good to use and I have been using it until now in my few years in this industry.
May 15, 2023, 01:04:16 PM
Op you have said it all that you don't have money to buy hardware wallet, so definitely you must use software wallet and if I will advise, I will tell you to use Electrum Wallet because it is well secured and reliable. Keeping, storying and investing bitcoin in an exchange platform is not advisable because anything can happen in the exchange and your coins will be gone forever. Either the platform might stop operating or hackers attacked the site and all your investment is gone. Therefore send your coins from the exchange to a open source wallet.
May 15, 2023, 03:41:51 AM
I want to say that no matter how good the security is in a wallet, including the type of hardware wallet, it will not work properly if it is not used properly.
Luckily with hardware wallets, there is very little you need to do. They are very convenient and newbie-friendly. I am talking about the two most popular brands. The airgapped ones require a bit more work like moving signed/unsigned transactions to SD cards, via QR codes, etc. Other than that, your job is to ensure you use a genuine software, send and receive to the correct addresses, and pay appropriate fees. Protect your seed and don't get phished. The latter is more about being generally cautious and using common sense than requiring technical skills to operate a hardware wallet.
May 15, 2023, 03:21:27 AM
IMO, both are vulnerable to risk whether that's a hardware wallet or a software wallet, as long as you're connected to the internet, you're prone to cyber attack. Just like using Electrum, how many reports have been a victim of malware attacks even if they're knowledgeable enough about this wallet? However, both software wallets and hardware wallets have their advantages and disadvantages, and the best choice depends on our individual needs and preferences.
But if you're going to ask me for storing Bitcoin or other cryptos in the long term, I prefer to choose a hardware wallet and spend a little amount on it. These hardware wallets typically come with advanced security features like two-factor authentication and PIN codes and didn't leave any footprint on the device where you're connected at. If you're storing a large amount of crypto in long-term investment and prioritize security, a hardware wallet may be the better choice.
It is true that we are willing to spend a little to buy a hardware wallet in order to get advanced security to store long-term investment assets.But if you're going to ask me for storing Bitcoin or other cryptos in the long term, I prefer to choose a hardware wallet and spend a little amount on it. These hardware wallets typically come with advanced security features like two-factor authentication and PIN codes and didn't leave any footprint on the device where you're connected at. If you're storing a large amount of crypto in long-term investment and prioritize security, a hardware wallet may be the better choice.
It is also not uncommon for people to still use software wallets such as the Electrum wallet as a place to store assets for several years and are still safe today.
Like doing it offline from opening Electrum to the stages of sign a transaction.
I want to say that no matter how good the security is in a wallet, including the type of hardware wallet, it will not work properly if it is not used properly.
May 13, 2023, 11:43:07 AM
IMO, both are vulnerable to risk whether that's a hardware wallet or a software wallet, as long as you're connected to the internet, you're prone to cyber attack. Just like using Electrum, how many reports have been a victim of malware attacks even if they're knowledgeable enough about this wallet?
You're correct that any wallet connected to the internet is vulnerable to hacks, but that is why a hardware wallet is the most secure type of wallet because your keys are offline and are never connected to the internet. As for Electrum, it is a great software wallet, especially because it is open source, but when it is used online by users who lack great operational security, they can easily lose their funds stored in it, that's why for large sums of money, Electrum should be used in an air-gapped device with no connection to the internet ever.But if you're going to ask me for storing Bitcoin or other cryptos in the long term, I prefer to choose a hardware wallet and spend a little amount on it. These hardware wallets typically come with advanced security features like two-factor authentication and PIN codes and didn't leave any footprint on the device where you're connected at. If you're storing a large amount of crypto in long-term investment and prioritize security, a hardware wallet may be the better choice.
Hardware wallets are not secure because of this features you mentioned, software wallets also have features like this, Electrum for example has the 2fa feature, multisig, pin, etc, hardware wallets are the most secure because the keys are stored offline, so it is impossible for a hacker to get your funds, except you lose your seed phrase backup. Jump to: