Which hardware wallet to buy? - page 8.

jackg

copper member

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

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

Is a hardware wallet a must? Or is leaving my crypto all on Coinbase OK?

It depends on how much you have there, I'd recommend if the amount you're storing on the exchange exceeds 10x the price of a hardware wallet, you're probably better off getting one.

If you have a smaller amount of funds you can also make a wallet with electrum and store your funds there (electrum.org - their wallet also works quite well with ledger and trezor).

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

How likely is it that Coinbase could get into trouble one day?

We can't know for sure but a lot of things can happen:
1. What if the exchange closes and you're out of the cryptospace for so long you lose your funds due to that.
2. The exchange could lose money due to a hack or poor financing.

There's always a risk with leaving funds on an exchange but there might also be a risk in entrusting yourself too.

I'd say ledger and trezor are the best warm wallets (cold wallets have no online interaction and require it to remain secure).

mk4

legendary

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Paldo.io 🤖

Getting a Ledger or a Trezor is good enough. I wouldn't recommend trying out other hardware wallet brands outside of both, and probably Coldcard if you're a bitcoin-only type of guy.

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

Is a hardware wallet a must? Or is leaving my crypto all on Coinbase OK?

How likely is it that Coinbase could get into trouble one day?

https://cryptosec.info/exchange-hacks

hosseinimr93

legendary

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Merit: 5213

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

Is a hardware wallet a must?

You don't have to use a hardware wallet. But that's recommended.

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

Or is leaving my crypto all on Coinbase OK?

You shouldn't do that. If you keep your coins on coinbase, they will have full control over your fund. They can freeze your account at any time for any reason.

Quote from: JamesDaniel90 on June 23, 2022, 08:43:05 AM

How likely is it that Coinbase could get into trouble one day?

They have full control over your fund and everything is possible

As said, it's not recommended to keep your coins on an exchange or any custodial service.
You should always keep your coin on a non-custodial wallet, so have full control over your fund. Non-custodial wallet is a wallet in which you have full control over you keys.

If you want more security, you should use a cold wallet. This means that the keys should never connect to the internet.
One way is to use a hardware wallet and another way is to use an open-source non-custodial wallet on an air-gapped device.

JamesDaniel90

member

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Merit: 30

Quote from: hosseinimr93 on June 23, 2022, 08:30:46 AM

By Cold wallet, I guess you mean hardware wallet. Am I Right?
Note that a cold wallet doesn't necessarily have to be a hardware wallet. Any wallet created on an air-gapped device is also considered as a cold wallet.

If you want to to buy a hardware wallet, I recommend you to go for an open-source hardware wallet. Trezor is the most popular one.
I think the topic created by dkbit98 should be helpful to you.
[ LIST] Open Source Hardware Wallets

Yes hardware wallet , like I said above I am new to all this Grin

I will have a look through the list thanks.

Is a hardware wallet a must? Or is leaving my crypto all on Coinbase OK?

How likely is it that Coinbase could get into trouble one day?

noorman0

hero member

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[Nope]No hype delivers more than hope

There is no contradiction that hard wallets are safer from outside risk factors. Actually there are many hard wallet options out there like on this list, so far there are only 2 brands that are most recommended on this forum and are more beginner friendly, Ledger and Trezor. They have varying prices according to the type and features of each.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

By Cold wallet, I guess you mean hardware wallet. Am I Right?
Note that a cold wallet doesn't necessarily have to be a hardware wallet. Any wallet created on an air-gapped device is also considered as a cold wallet.

If you want to to buy a hardware wallet, I recommend you to go for an open-source hardware wallet. Trezor is the most popular one.
I think the topic created by dkbit98 should be helpful to you.
[ LIST] Open Source Hardware Wallets

JamesDaniel90

member

Activity: 840

Merit: 30

Hi all,

I first started investing in crypto 4 months ago and up till now have just left all my investments on the exchange but thinking about buying a cold wallet to store my crypto on as I am buying more and more lately so want it all to be as safe as possible.

I hold the majority of my crypto on Coinbase with a little bit on FTX & Crypto.com.

I am looking for advice on which cold wallet to go with? Ideally I would like something that is easy to set up and use for a beginner like myself and not too expensive although I don’t mind paying a lot if it is worth it.

Would also be interesting to hear who is for and against using cold wallets and the reason why?

All suggestions/ advice welcome

Thanks

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