Which best for long term investment? Hardware wallet or Software wallet . - page 4.

m2017

legendary

Activity: 1792

Merit: 1296

keep walking, Johnnie

Quote from: Bitcoin_people on February 28, 2023, 10:50:37 PM

~snip

I think that mathematical calculations (rough) will help answer your question.
Your 0.01239BTC is now worth about $280. If you buy a hardware wallet, you will have to spend about $80-100. The question arises, is it worth spending a third of the amount just to keep it safe? It seems to me that it would be better if at this stage we limit ourselves to the software wallet. Just take care to make this wallet secure by taking all necessary precautions.
But if you plan to gradually increase the deposit, then you can think about the hardware wallet. Also, the argument in this favor will be that your 0.01239BTC at a rate of $100k will be $1200. Then the game may be worth the candle.

dimonstration

hero member

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Dimon6969

Hardware wallet is the best because it will save to a lot of security risk online that you can get when using software wallet. Hardware wallet is the best wallet for long term investment mainly if you don’t touch often times your holdings. You just need to protect its recovery seed phrase and you are good to go.

However, Software wallet like Electrum is safe too if you knew already the basic security against hacker. I’m using electrum wallet for 5 years and store above 1BTC on it without a problem because I’m always making sure that my computer and mobile phone is not infected by a malware.

BlackHatCoiner

legendary

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Merit: 7340

Farewell, Leo

They say the opponent of security is complexity. If you're not technically competent, I suggest you buy a peer-reviewed hardware wallet like Trezor, and sleep easy. If you think you're competent enough with software and OSes, and you have a computer spared, make it an airgapped device:

Quote from: BlackHatCoiner on February 02, 2023, 10:47:14 AM

Steps to configure an air-gapped Bitcoin wallet only device.

Close your curtains.
Download Tails (a privacy and security focused Linux distro)
Verify the binaries <- Important step, you need to ensure the integrity of the OS. Do it on a clean environment.
Burn the OS image to a USB.
Take the device and physically remove any Wi-Fi antennas (and obviously, Ethernet cables if any).
Plug the USB to that device, and start up.

You can see that Electrum comes pre-installed. The device will not connect in any network. It's also recommended to encrypt the electrum part of the USB (as shown in the Tails start screen), in case someone gains access to the USB.

hugeblack

legendary

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Merit: 3612

Buy/Sell crypto at BestChange

Buying a hardware wallet does not mean that you are safe unless your level of awareness increases. without awareness and realizationThe best device will not protect your currencies. Therefore, as long as the amount of 0.01239 BTC is too much for you, spending $60 to buy a hardware wallet is not a big loss.
But if you spend more time to learn, you can create cold stoarge for less than $10 and it will be relatively safe.
These are some links to learn and then create a topic about it and we will help you^[1][2][3]. Again awareness = safety.

[1] https://electrum.readthedocs.io/en/latest/coldstorage.html
[2] https://electrum.readthedocs.io/en/latest/tails.html
[3] https://github.com/sovereignhodler/tails-cold-storage

Charles-Tim

legendary

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Merit: 4795

Quote from: Bitcoin_people on February 28, 2023, 10:50:37 PM

So tell me a bit about what is a strong and security complete wallet?

If you do not have money to buy a hardware wallet, you can go for wallet on airgapped device or the cheapest but still one of the safest wallet which is paper wallet, all you need is to write down your bitcoin address somewhere that would be used anytime you want to send bitcoin to the address if not using watch-only wallet with it. It is most important to backup your seed phrase. I will advice you to use electrum cold storage. You do not necessarily need watch-only wallet for it but you can have it to watch over your wallet using a device. After you set up a paper wallet on the cold storage device, you can delete it which makes it a paper wallet, or you can leave it on a cold storage device if you can spare your device for it and use it as airgapped walllet. Which means you can go for paper wallet or wallet on airgapped device.

Airgapped devices are devices that their WiFi and Bluetooth components are removed from just computer with newly reinstalled OS, making use of the device at the time for wallet creation, making sure it has no connection to the internet.

mk4

legendary

Activity: 2716

Merit: 3817

🪸 NotYourKeys.org 🪸

I mean, think about it — why would people spend money on a hardware wallet if a software wallet is more secure? Obviously hardware wallets are better for 99% of people.

But don't take the word from me, go do some reading and learn for yourself.

https://cryptosec.info/wallets
https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151

Maus0728

legendary

Activity: 1890

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Bitcoin Casino Est. 2013

I think it would be best if you made sure that the device you are going to use is malware free before installing any wallet. I mean that's a no brainer for someone who wants to store bitcoin for long term.

Afterwhich, you can install electrum[1] for desktop because simply because it's lightweight, open-source and have many features that a bitcoin wallet must have (e.g., coin control, multisig, lightning network). Plus, it is beginner friendly. Just make sure to verify the signature[2] before installing the wallet on your machine to avoid installing malicious fake electrum wallet.

[1] https://electrum.org/#download
[2] https://bitcointalksearch.org/topic/guide-how-to-safely-download-and-verify-electrum-guide-5240594

Bitcoin_people

sr. member

Activity: 490

Merit: 309

Bitcoin Halving Year 🎗️🎭

As a new investor I am very curious to know in which wallet my bitcoins will be safe. I am holding on to some bitcoins I bought earlier. and I was interested in buying more bitcoins later today I bought some bitcoins again with some of my money. I bought 0.0068 bitcoins from Binance exchange long ago and held them. and today again bought 0.00559 bitcoins from Xt exchange. I currently have all the money I have invested in Bitcoin. I believe that investing in Bitcoin will bring me profits in the future. Right now I have bitcoins (BTC0.0068+0.00559)=0.01239. I think if I hold Bitcoin for long term I will definitely be able to make good profit. Because I believe Bitcoin will reach $100k. And then my wallet balance will show (0.01239×$100000)=$1239 I hope. But I don't feel very comfortable keeping my money in exchange. So I want advice from seniors whether hardware wallet is better or software wallet. But if I want to buy a hardware wallet I will need money.
but right now I don't have any money to buy hardware. So I suggest using a software wallet. However, I have no idea which wallet to use will provide the most security. So tell me a bit about what is a strong and security complete wallet?

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