egghead Posted April 8, 2022 Posted April 8, 2022 They say hardware wallets are the most secured form of storage for cryptocurrency. Do you use hardware wallet? How does these devices actually work, do you need internet to access your crypto?
Justin11 Posted April 8, 2022 Posted April 8, 2022 I've heard couple of things around hardware wallets, it doesn't require internet connection to access your wallet, which is one big advantage over it. And it is controlled by anyone, rather the owner monitors the progress of his or her assets on the hardware wallet. It is expensive to acquire, that's why not many crypto lovers are using it.
Head_Hunter Posted April 9, 2022 Posted April 9, 2022 When I first heard about the hardware crypto wallet, I thought about having it, but the price tag, chased me away, I rather save with binance all through my life, or Kucoin.
killamch89 Posted April 11, 2022 Posted April 11, 2022 I do have a Ledger Wallet Nano X - I do store a bit of my crypto there and lock it in my mini safe. It runs very smoothly with zero issues and I've had it for a little over two years.
egghead Posted April 15, 2022 Author Posted April 15, 2022 On 4/11/2022 at 10:53 PM, killamch89 said: I do have a Ledger Wallet Nano X - I do store a bit of my crypto there and lock it in my mini safe. It runs very smoothly with zero issues and I've had it for a little over two years. Wow! Do you need internet connection to access your assets, or can you use just like flash drive?
Head_Hunter Posted April 16, 2022 Posted April 16, 2022 You need an internet connection to access all hot water wallet, which is considered as digital wallets.
Justin11 Posted April 16, 2022 Posted April 16, 2022 On 4/11/2022 at 6:08 PM, killamch89 said: I do have a Ledger Wallet Nano X - I do store a bit of my crypto there and lock it in my mini safe. It runs very smoothly with zero issues and I've had it for a little over two years. Good, you should stick with that one and enjoy security at it's best for your crypto assets. I am settled with binance, Bybit, Coincola, Kucoin, that's the reason why I've stayed away from E-wallets.
killamch89 Posted April 19, 2022 Posted April 19, 2022 On 4/16/2022 at 6:23 PM, Justin11 said: Good, you should stick with that one and enjoy security at it's best for your crypto assets. I am settled with binance, Bybit, Coincola, Kucoin, that's the reason why I've stayed away from E-wallets. But those are exchanges - it's much better to store your crypto somewhere else because Crypto exchanges are hacked all the time. I have a couple software crypto wallets like Coinomi, Blockchain.com, Trust Wallet and few others along with my Ledger. It's never good to store everything in one place especially when it comes to the internet. Justin11 1
The Blackangel Posted April 19, 2022 Posted April 19, 2022 I don't trust cryptocurrency in the least. I prefer something tangible, which is why I invest in silver. I buy at least one Troy ounce every month. Assuming I can afford spot.
Justin11 Posted April 19, 2022 Posted April 19, 2022 20 hours ago, killamch89 said: But those are exchanges - it's much better to store your crypto somewhere else because Crypto exchanges are hacked all the time. I have a couple software crypto wallets like Coinomi, Blockchain.com, Trust Wallet and few others along with my Ledger. It's never good to store everything in one place especially when it comes to the internet. You're right bro, their is no need bringing all our eggs in one basket. We should always diversify our crypto currencies in different exchanges and wallet.
Empire Posted April 20, 2022 Posted April 20, 2022 I would argue that for most people hardware wallets are NOT more secure. I see way more people losing access to their wallets because of forgotten seeds than being hacked. So I guess depends on your definition of secure.
killamch89 Posted June 15, 2022 Posted June 15, 2022 On 4/20/2022 at 5:31 AM, Empire said: I would argue that for most people hardware wallets are NOT more secure. I see way more people losing access to their wallets because of forgotten seeds than being hacked. So I guess depends on your definition of secure. If you store your seed phrases in a proper place, you'll always be able to regain access to your wallets.
Empire Posted June 16, 2022 Posted June 16, 2022 15 hours ago, killamch89 said: If you store your seed phrases in a proper place, you'll always be able to regain access to your wallets. But not always secure. At times the old ways are better right 😛
Bizdustry Posted December 3, 2023 Posted December 3, 2023 They are the most secure until they get stolen physically or you lose the keys to them. If you keep your assets in a centralised platform, at least your guaranteed that you can access / withdraw or convert to fiat at any time. But there again, it’s controlled by a central authority
killamch89 Posted February 15, 2024 Posted February 15, 2024 On 12/3/2023 at 5:48 PM, Bizdustry said: They are the most secure until they get stolen physically or you lose the keys to them. If you keep your assets in a centralised platform, at least your guaranteed that you can access / withdraw or convert to fiat at any time. But there again, it’s controlled by a central authority Centralized platforms get hacked on the daily and there's no insurance for your crypto plus what if that company goes down? Then your crypto also goes with it.
