Bitcoin Forum

You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?

Cost of a hardware wallet is not too huge, because its actually under 100 dollars for now maybe in future it will get cheaper due to mass production. If you still looking for a software wallet which is open source then lot of choice available as well.

If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.

It depends in the users personal use of wallet. Software wallet is good for small daily transaction because you can access your funds anywhere especially when you are outdoor. Hardware wallet is good for long term holdings or for high amount of cryptocurrency that you want to guarantee safety. There is always pros and cons in every wallet. You should determine the specific scenario for the question.

Software seem much comfortable if you just know where to hide your privatekeys and passwords. I wouldnt want to go into the troubles of sending back my tokens to an exchange and wait while the prices are taking a nosedive.  

I want it ready whenever shit happens in order to sell or even buy some more.  A wallet like MewConnect or trust wallet would be nice so you can trade easily while you hold they keys still.

As long as you are using the desktop wallet and you can operate your wallet in offline mode. I have been using the desktop wallet that can be operated in offline mode and i has been a few years and i never encounter any problem with it.
You can also use the paper wallet as the best alternative for the hardware wallet and this is really safe too. I still prefer software rather than hardware.

If I personally would advise you to use Trust Wallet, because in my opinion Trust Wallet is the best wallet for now and of course it's safe (I have never experienced any problems as long as I use Trust Wallet), then Trust Wallet can also store all cryptocurrency (Bitcoin and altcoin), so you no longer need to have a lot of wallet to store Bitcoin and altcoin that you have (easier and simpler), besides that you can also use Trust Wallet anywhere, because Trust Wallet can be downloaded on iOS and Android, therefore I recommend you to use Trust Wallet.

I prefer trustwallet as Mobile Wallet because Binance is behind them. Also It have multi wallet and easy to use

This can be seen as a matter of preference and also what the person want, in addition to this, the type of wallet one uses can still be dependent on the amount of funds he wishes to hold. Hence in my own opinion, hardware wallets are good for holding large amount of assets and hence good for long term holding as well, in the sense that, you don't bother accessing it all the time. On the other hand, if one wishes to trade or invest as the case maybe then the other type of wallet can be leveraged on since it is easily accessible, that is to say, for short term holding, trading and investing, software wallet is better.
Nevertheless, there are still a lot of people who prefers software wallets such as Trust wallet because of its easy accessibility and advanced features, therefore using it both for long term holding and so on.
Lastly, in terms of security, same approach applies to the two type of wallet, and that, so far your private keys are safe, your funds are safe.

No doubts, it's a hardware wallet. Why? As you can see that most of the software wallets can be attacked I've heard some news that some wallets were getting hacked by the hackers and some not updated software also were immune to attacking while on the other hand hardware wallets can't be attacked not unless you were attack physically and steal your hardware wallet which still impossible because they needed the PIN in order to have an access to your hardware wallet.

Yes, and most people who are in crypto really like trustwallet wallets because they have various facilities that can be used by wallet users, but to support other things that are not in a trustwallet wallet, I don't think it would be wrong if you try several wallets. others whose security has been tested as well as the trustwallet.

I prefer to use a hardware wallet because that is the safest wallet for me. I do not have to connect to the internet, and I only need to access the wallet every time I want to send the funds. The hardware wallet will not be easy to get attacked by a hacker or person who wants to steal your funds using fake info because the wallet itself is in a safe place.

When I entered crypto space I can't even buy 50$ worth of anything, brother 50-100$ isn't a small amount of money for many people, if hardware wallet is cheap everyone would prefer to use them but today software wallets have millions of users, I was able to afford a ledger wallet after 5years of crypto hustling and that's because I have earned good amount of money from trading and other ways

It's hardware wallet of course, software wallets are much more immune to hacking and some software are scam. If you really want to take care your cryptocurrency and wanted them to be safe you can spend a couple of $ for hardware wallets such as Nano Ledger S you can consider it as a personal security investment.

How you can include blockchain wallet is completely safe? Do you ever use it yourself before suggesting to other people? There's tons issue against this wallet if you check on Web wallets section (https://bitcointalk.org/index.php?board=222.0)

1. BLOCKCHAIN.COM STOLE MY BTC: OFFERING REWARD (https://bitcointalk.org/index.php?topic=5301006.0)
2. BlockChain.com not sending Wallet ID Reminder (https://bitcointalk.org/index.php?topic=5269443.0)
3. Exaggerated Fee on blockchain ($134) (https://bitcointalk.org/index.php?topic=5285120.0)
4. blockchain.com - new scam - holding bitcoins for 7 days (https://bitcointalk.org/index.php?topic=5271339.0)
5. Blockchain.com scam - lost funds (https://bitcointalk.org/index.php?topic=5157460.0)

Also for coinomi there's major problem against this wallet here
1. WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings  (https://bitcointalk.org/index.php?topic=5114708.0)

True, if you're from third world countries then I would say $50 is not cheap at all. If you only invest in small amount money better to use web wallet (e.g. electrum (for bitcoin), myetherwallet, or trust wallet)

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IMO this thread should be moved to Beginner & Help or Trading discussion section (on lower left this page).

In my opinion, Users are the ones have all the power while holding cryptocurrency. Although you can have the strongest wallet on this planet, you will lose your money if you are a careless person who does not have responsibility with his money. Though, If I have to choose, I will choose hardware wallet. They are safer to me than others.

Same here. Many people that I knew who are also into cryptocurrency is suggesting me to buy a hardware wallet to store all of my cryptocurrencies, but the problem is I couldn't afford a single hardware wallet at that time because I am still new in cryptocurrency; that is why I only keep all of my cryptocurrencies in an online wallet. But when I started earning $50+ a week in crypto trading, I started to buy my own hardware wallet because many people say it is much safer than online or mobile wallets.

I think no software wallet is really safe, because anything can happen.
Using a hardware wallet is highly recommended, But many people choose software wallets because they are free to use.
If you can't buy a hardware wallet, software wallet or other free wallet can be used alternative, but still be careful when surfing/browsing in internet because there are lots of phishing link that can cause your wallet to be stolen.

What I have observed with all these wallet debate is that none is absolutely secured, they have advantages over each other, look at the recent ledger debacle, this is even worse than wallet hack. The best thing now is to run your own node, which I think is expensive but as your portfolio grows this could be the solution

what is wrong with hardware wallet cost? an hardware wallet hardly cost $100. and you can safely store millions of dollars worth Bitcoins and other coins in it. if you can't afford an hardware wallet that would mean you don't have much coins to store. and for small amount of coins and tokens. it's always better to use software wallets.
I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)

There are no perfect solutions, there are decisions you can take risks with.
Now the market has solutions for every taste.
- free open source wallets
- commercial proprietary wallets
- hardware wallets
- Online wallets on exchanges
I would divide the question into 2 vectors - solutions in which everything depends on you and you own the private key, and everyone else.
At the same time, you need to understand - owning a private key does not give you a 100% security guarantee - one visit to a phishing resource and goodbye to all assets ...
A hardware wallet is, of course, somewhat more reliable, but it is also not without drawbacks - you can google examples of hacking. Well, don't forget about social engineering, in relation to deceiving people ...
In total, there are many options, none of them gives a 100% guarantee, the choice is only yours :)

Light weight wallets for desktop are Electrum - (available for some altcoins as well),MEW. But for smartphones we have lot of software wallets like Coinomi,Trust,etc. You can't consider software wallet is completely secured unless you know how to be safe from malware attacks.

it's definitely a hardware wallet. but it looks like you were having trouble doing a simple research so to make it easier for you try to read this article by just simple searching to google https://www.blockchain-council.org/blockchain/types-of-crypto-wallets-explained/

You mean the wallet from blockchain.com? Which is not a decentralized wallet which is custodial wallet but offers recovery seed though still it is a wallet full of shit and not support much currencies. :-*

Hardware wallets are also requiring software for it to be fully operational.
The cost of buying a hardware wallet isn't a lot and it's more secured than any other wallets that you can think of. In bitcoin, there are desktop wallets that are also good like Electrum but it's just for bitcoin.
But if you are for different altcoins and you mostly use multi crypto wallet and you want to store and hold it for a long time, hardware wallets are the best.
You will not regret purchasing it as your security partner to your funds.

It's easier to say for you because you can afford a hardware wallet, many people can't and that's a fact, software wallet costs nothing and the only danger using software wallet is misplacing your keys or falling victim to phishing, if one list his or her hardware wallet recovery seed the fund isn't safe anymore either

it depends in where you are comfortable with, both of them have pros and cons I think hardware wallet is better since computers are not safe this day and prone to virus, what if your computer has been attacked by ransomware or malware, hardware wallet you can bring it anywhere without hassle just don't lose it, unlike the software it will stay in just one computer.

I understand that because of ledger hack everyone is afraid that they are going to be hacked and everyone is afraid that they will have nothing in their account anymore, however I doubt that is the case. I feel like the biggest chance is that hardware wallet is still one of the best wallets there is. Obviously if you could get one of your own USB sticks and download all the wallets of any token or coin you want and just use that instead, you could have one that is decentralized, only known by you, and nobody could hack into it, or at least aim it.

This is why "hardware" wallet is still the best, but the way you want to do it will depend on you, if you trust yourself you can have just one usb and you could do that but if you are not sure about how great you can do that, you could just buy from someone else like trezor or ledger and you can use that.

Hardware wallets are good for beginners, but they are not fool-proof, there were many attacks recently, like malicious extensions that targeted transactions made by hardware wallets or third-party resellers who try to sneak in their own addresses into the wallet. And let's not forget Ledger's screw up, which is not an attack on the wallet, but still a really bad thing that wouldn't happen with software wallets. If a person can learn to verify digital signatures and install Linux on a spare computer, then they are fully ready to make a cold storage with software wallet. And those things are actually very simple if you just invest an hour or two into reading the guide and figuring it all out.

All way is safe how your treat the wallet hardware or software.

I think it's back to yourself to willing saving your cryptocurrency and how you will use them.

Yes there's such take cost quite high, but you can take other alternative such saving your money on paperwallet.

Tip: You can buy hardware quite cheap once their have such promo by biggest event.

For me, I use software wallet and the best software wallet so far is Im token Wallet because It supports different kinds of blockchain wallet. Safe and secure and also support different kinds of bitcoin wallet.

Most cryptocurrency users can afford a hardware wallet. I'm not rich and I have one. If you participate in bounties or signature campaigns the cost of a wallet is covered by just a week of casual posting.

The golden rule is to spend at least 1% of your money to secure the rest. This means that if you're holding up to 1000 USD worth of cryptocurrencies you can use a software wallet like electrum. If you're holding 2-3 thousand you should consider buying a hardware wallet.

I kept over 10,000$ worth of crypto assets in a software wallet for more than 4years now and it's safe, I believe if you don't get careless with your private key and recovery seed nothing bad will happen to your asset, the different between hardware wallet and software wallet isn't much.

The most important part is keep your private key and recovery seeds safe, hardware wallets won't keep you safe if you lost your private keys, I'm satisfied with any wallet that is open source that gives users their Mnemonic seed and private keys

Both hardware and software wallets have a specific purpose, which is to generate random numbers, store random numbers, sign messages with random numbers, manage random numbers, monitor random numbers. Your keys are random numbers and wallets will help you to control them. The main difference between software and hardware wallets is that the environment your keys are stored. If you are paranoid who care about privacy, anonymity, security, and similar stuff, then you should choose a hardware wallet. If you are less paranoid and eager for convenience of usage while preserving a decent level of security, your choice is software wallets installed on your PC or smartphone. Software wallets can also be used as an interface for hardware wallets, which is going to be the best solution for most.