Topic: Which is the best Hardware Wallet ? (Read 170 times)

All hardware wallets may not have all the characteristics, but some hardware wallet supposed not to be used, among the lists is Safepal, that convince me already not to really follow the topic as it lists many hardware wallet without considering it to be open source or close source. Safepal is completely close source wallet that is not having open software either and Safepal users can not  connect the wallet to a reputed open source wallet like Electrum.

This will be better:
Open source hardware' wallet

Everyone wants to get the perfect device that has all the items on this list.


Even including this item.

But the catch is that there is no hardware wallet device in the world that would have all these characteristics at the same time. You have to choose what is preferable and more important, sacrificing some of the parameters. You will not find the best device, but you can choose one close to it from the [BIG LIST] Hardware wallets (80+).

The privacy issue can be mitigated by using tor to connect to servers.  Even if you're running Windows, the Tor Expert Bundle can easily be set up to run in the background as a service.  The remote server will still see your wallets' balances, but they won't be able to use your IP to link or track your movement.

If you're not currently running your own node, you should.  There's really no excuse not to.  I used an old dell computer the likes of which can be found on Ebay for under $50. I had an old 1.5tb HDD in the drawer that would have fetched $20 on ebay.  If you're not technically savvy or familiar with Linux you can choose one of the "Node in a Box" deployments like Umbrel that make set up very easy.  So, for an investment of less than $100, and a rainy afternoon you too can take control of your privacy.  I have far more money invested in hardware wallets than I have invested in running my own node, but in my opinion the privacy of my funds only helps ensure the security of my funds.

Electrum servers see your IP address, they know the addresses in your wallet, and they can see the balance. If you are using a VPN, they will just see a different IP address, but the same wallet information. You are also shifting your trust from your ISP to the VPN provider. Your ISP doesn't see what you are doing but your VPN knows who connected to their servers. They can probably get additional information like the sites you visited, the data you exchanged, etc. Most of it is surely encrypted though. Plus there is the dilemma of keeping logs. Some providers do it, others don't, and some claim they don't. But who can you really trust in today's world of liars!?

It's the same thing. Ledger connects to Ledger servers and Trezor connects to Trezor's servers. Both allow you to add your own node information. You still have to rely on Trezor when it comes to software/firmware updates, bug and vulnerability fixes, support, etc.

Don't you think that's enough reason to never trust them with any personal data?

The Ledger doesn't matter for privacy: from the Electrum server's perspective, it looks the same as if you're running a normal Electrum installation. You may want to consider Tor instead of VPN, but even then, the server can still link your addresses together. If one of the addresses can be tied to your identity, the rest can too.

I would add ease of use / compatibility / other features.

There are some people who have issues with the way coldcard does business and their attitude.
HOWEVER, there are also people who like using it and support it because of things like the stupid large buttons and the availability of things like ckbunker. https://ckbunker.com/

Possibly you want one with a large screen so people can scan a QR code to send to you without the need of a computer.
OR you want one with a camera so you can scan the address you are sending to.

And so on.

A while ago a wrote about needed more information many times before recommending a software wallet in general for people. There are also more questions you need to ask before suggesting a hardware one. Is small and portable more important then large and durable? Do want the ability to have feature 'X'? I might think it's not needed but you may want it. And so on.

The best HW wallet is like asking for the best car without more information. Are you hauling supplies for work? Driving long distances and need good gas mileage? Need to transport a large family? Want high performance? And so on.

The same questions need to be asked here.

-Dave

Well, any weak point in terms of privacy when connecting Ledger nano to Electrum server/s via VPN? Regarding Trezor, I have never used it but think it is not working by its own and must be connected to some sever/s to accept/transfer  transaction as Ledger nano does.

Any hardware wallet which you run with the wallet manufacturer's own proprietary software and therefore connecting to their servers will provide between very little and zero privacy. If you want to be private when using a hardware wallet, then you need to use one which interfaces with a wallet like Electrum which is then pointed at your own Electrum server connected to your own node. You also ideally want one in which you can download and install any firmware or software updates manually, again without having to connect directly to their servers via their software. And you want to buy it with mixed bitcoin under a pseudonym with delivery to a drop off point or PO Box.

However, the vast majority of people will not be willing to do any of that. So probably just get a Trezor.

That is just one of it. Here is another one, but pertaining to their software, Ledger Live: Ledger Live Liars Data Collection

I will only do a head2head between Ledger and Trezor as the two most popular brands in this space.

1. Security - DRAW
- When it comes to the security of your seed and private keys, both manufacturers have done a good job in that regard and your keys remain your keys unless you give them to someone. I am leaning slightly towards Ledger due to a secure element, but since you would require physical access and the technical know-how of how to extract a PIN/seed from a Trezor, and you can mitigate the vulnerability with a complex passphrase, it's not too big of a worry for me.

2. Compatibility - DRAW
- Both wallets can be connected to several third-party apps in case there is no native support in Ledger Live/Trezor Suite.

3. Ease of Use - Trezor
- Ledger requires you to install individual crypto apps for your assets, but that's not the case with Trezor. If you use the old Nano S, you will run out of space after installing two stand-along apps. Although it's not an issue for me personally, I will give this point to Trezor. Working with and following the on-screen instructions on Trezor Suite/Ledger Live isn't difficult for anyone who has been using a computer long enough.

4. Option to store X number of coins - LEDGER
- Ledger supports more coins and tokens than Trezor. There is also no difference in support between the Nano S and the Nano X and both can work with the same assets or not. With Trezor, it happens that one model supports one coin, but the other doesn't.

5. Price - LEDGER
- Ledger hardware wallets are cheaper than Trezor devices. No need to explain this any further.

6. Privacy - TREZOR
- Both are privacy-invasive in their own ways. There are features you can opt out of but data collection, data storage, and sharing of data is a thing. Ledger stores private information of their users longer than Trezor, so the point goes to Trezor. 

 Regarding Ledger Nano, why no privacy? Except for users data leaking from Ledger bases (which may happen with any company) I thought that  the keeping privacy is the responsibility of the wallet's user but you have puzzled me a bit.

I think airgapped hardware wallets Keystone and Passport are most secure options, because they are not connected with any other device or computer.
Transactions are sent only by QR codes, and they are easier to use in my opinion.

Good hardware wallets should work with third party software wallets and be compatible with Electrum, BlueWallet, and other open source wallets.
Trezor, Keystone, Bitbox, Ledger, Passport all have good compatibility.

Keystone and Passport, but they are bigger in size than other more popular wallets.

Storing bunch of shitcoins on hardware wallet is like storing a bunch of bananas in super secure vault.
Something will get rotten and die very soon in both cases.
Passport wallet only supports Bitcoin, so I would exclude that for you.

You get what you pay for.
I personally wouldn't pay much for currently available hardware wallets, but I think price between $50 and $200 are ok for most people.
Look for discount codes or black friday deals if you want to save money.

Open Source, Privacy, not breaking easy as ledger...

You might want to check this topics also for more information:
Secure Element in Hardware Wallets and Open Source Hardware Wallets

Ledger Nano would have been the perfect answer, but no privacy. I will recommend Trezor if used with passphrase.

@virasog. If passphrase is used with seed phrase, different keys and addresses would be generated, there is a physical attack that can be done by an attacker that steal Trezor to reveal its generated seed phrase, but if passphrase is used along with the seed phrase, new keys and addresses will be generated, this will help against such attack if strong passphrase is used.

It is good not to backup passphrase with seed phrase, backup both differently, in different location.

7. Privacy

I would like to know the best hardware wallet in terms of :-

1) Security

2) Compatibility

3) Ease of Use

4) Option to store X number of coins

5) Last but not the least; Price

6) Any important thing which I may have missed