Bitcoin Forum

Now that the bear market is here I have only 300$ to spare, looking into buying some altcoins for long term hold, I've successfully acquired some Bitcoin though but I want to get a ledger nano x wallet, what should I do in this case? Nano x is 150$ I guess, does it make sense to buy Nano x now or buy altcoins now and Nano x later.

Depending of the size of your investment, if you have invested 500$ in total, and buying a hardware wallet for 150$ it's a bit of overkill, yet (of course, depending on your local economical situation).
If that's the case, better make a cold storage first, like bitcoin paper wallet or use old laptop as wallet and wait until your funds grow enough to have it stored in a hardware wallet.
Investing in altcoins is always risky, buy now seems to be a good time to buy.

Ask yourself these fundamental questions like, the $300 is it for investment purposes if yes then I will advise you to put it into some potential coins that will yield you profits in the long run because my idea of a nano wallet is for storage of assets that are solely for future use and not for investment so taking $150 out of the $300 you have is going to limit your purchasing power and you know how the cryptocurrency market work you can't get the bear market for so long. My conclusion is to invest all the funds and when things get better then you can get a nano wallet for yourself.

There is no single answer...
Do you believe the bear market will be over soon? In that case, it might be a better idear to buy crypto with your $300 and keep it on a decent desktop wallet (or, even better, cold storage)... Wait untill the price rises, sell $150 worth of crypto and buy a hardware wallet then.

Do you believe the bear market will not be over? In that case, i guess paying $150 for a wallet to keep $150 in crypto would not be ideal either, but in this case you might consider wether or not you eventually want to buy a hardware wallet anyway... So you could just bite the bullet right now.

1. Altcoins are more unsafe investments than bitcoin, hence buying the HW may be better investment. ;D
2. Nano X is imho too expensive for what it does, you can find cheaper HW. Even more, if you are knowledgeable enough you can setup cold storage(s) for a fraction of that money (on USB). Or paper wallet(s).

All in all, there's no easy answer for your problem.

Since you only have spare $300 in your wallet much better if you use those trusted wallet for a while since if you buy Ledger Nano at this early then you might chase that $150 back to return on your hands. Also its to expensive which is not ideal for now so best thing to do is to buy top altcoins which suffering heavy bleeding then hold it since for this your $300 will multiply and then just think about buying the wallet you wanted if you already hold a huge volume of alts.

I kinda like this question, if 300$ is all you have on you it's not a good idea to buy a hardware wallet right now, this crypto bear market is a land of opportunities, the word 👉 be greedy when others are fearful is talking about this type of market situation we are presently in, is rather use that money to take advantage of the market condition than buying hardware wallet, or probably wait till you have 1000$ that is completely yours.

I would say if you have invested some amounts in bitcoin and have spare one's to invest in altcoins the drop this thought and go all in for bitcoin as my personal experience.See the thing is most of the altcoins are shitcoins at this time or other intended as scam people.

If you are planning with the ETH then you can't afford gas as it has gone too above in prices that you would end up giving too much for even small transactions also so it's not good choice for you.The other in top-10 on CMC have always fluctuated except the king bitcoin so just a suggestion to invest in it.Moreover you are in the bearish market and you could get more bitcoin at discounted rates and hold them long term.

And then you could probably buy HW with the remaining amount and Ledger is good option and keep your funds safe but if you wish to keep them then non custodial wallets are also good but with proper backup of your seeds and passphrases on offline backups at various safe locations.

You've made a good choice buying some BTC first, not every crypto newbies can do this, they always run after altcoins, I won't discourage you about altcoins but I want you to know some facts, altcoins always perform worst in bear market and this isn't the time to start buying because I believe a crypto market correction is just getting started, if altcoins is truly part of your aim just relax for now, leave your money in USDT.

Nah Bear market isn't here yet, BTC still holding 30k level shows how strong the coin is and the whole crypto liquidity is still very much higher, if you have witnessed a bear market once you won't dare call this present correction a bear market, things will get really uglier than this and many coins won't be able to keep up, slowly they will die.

Your money and your decision, but altcoins and long-term in the same sentence make the same sense as linking Hitler to charity for the betterment of the Jews. The comparison may be a little drastic, but I want to tell you that you take a lot of risks with such an investment when it comes to long-term investment.



Is there any particular reason why you want the X model and not S or S Plus? If you don't need Bluetooth, I don't see why anyone would buy that model that is almost 50% more expensive than the S Plus, which in my opinion is a complete waste of money.

Do you want to hold? Not only hardware wallet can be used for holding because it is not the only cold storage wallet. You can generate a paper wallet or use a wallet on airgapped device if you have a device like phone or laptop (computer is a perfectly airgapped option) to spare for it.

If I am you, I can still go for online wallet, follow a precautions to avoid malware, like not clicking on ads, making use of ads blockers and only accessing the correct URL and my coins should be safe. But this idea is only good for low amount of money. For large amount, like $1000 and upward, I will consider to use a wallet on airgapped device or better still use a paper wallet (which can be (HD). Also, the cold wallet setup can be for most my coins while small amount of the coins which I need for frequent transaction can be on hot wallet like Electrum online wallet for bitcoin.

I would rather buy a hardware wallet right now and keep my BTC safe instead of taking the risk with other wallets that can get compromised before you see another money to buy a hardware wallet, its now or never before its too late, safety first OP safety first.

Whether you buy altcoins first and then a Nano next, it will depend on you. But if I'm you, I'll buy the Nano first so whenever you want to buy altcoins that will be added to your portfolio, you'll just redirect and add it to your hardware wallet.
Anyway, it's still you to decide and there are other ways to keep those altcoins while waiting for your nano to arrive. And when you're done with both, go back to your first step of buying more bitcoins.

Traditionally voiced similar words "invest only the money that you are willing to lose." This applies to altcoins to a greater extent than to bitcoin. Therefore, I would rather buy another bitcoin if I were you, but I don't impose my opinion and it is up to you to decide how best to proceed.

I'd be curious to know why you chose Ledger Nano X as the storage device for your crypto? What was your choice based on? There are many devices on the hardware wallets market - [BIG LIST] Hardware wallets (80+) (https://bitcointalk.org/index.php?topic=5282364)  and to be honest, Ledger devices on this forum don't have the best reputation despite the fame and advertising of the brand.

And that's why:
Ledger Live Liars Data Collection (https://bitcointalk.org/index.php?topic=5391971.0)
Ledger Nano X Battery Pandemic (https://bitcointalk.org/index.php?topic=5358741.0)

Why I wouldn't buy Ledger Nano S ever again? (https://bitcointalk.org/index.php?topic=5370521.0)
Ledger Nano S Plus (https://bitcointalk.org/index.php?topic=5376279.0)
Ledger Nano S Plus + Shifted Screen (https://bitcointalk.org/index.php?topic=5394439.0)

Since the goal is clearly defined which is a long term investment goal and you have stocked up some Bitcoin already waiting for the next bullrun then it's best you split the remainder on an even proportion ratio to fit into both the altcoin and Nano x. Its just best not to lose at on any opportunity so having both can be ideal investment

I would also like to know the reason, although if I had to guess I would say that maybe the main reason is the look of the device. I have had it personally since 2019 and I can say that the design is very good and that it really looks like a premium device compared to the S model (https://bitcointalk.org/index.php?topic=5207484.0).

I wouldn't buy it today because I think it's too expensive (I paid about $90), it still has battery issues, and Ledger is no longer a company I trust. However, everyone should make a decision for themselves when buying such things, although it is logical to put security and trust before the physical appearance of such a device, which we will certainly not wear as a fashion accessory.

Youll left with another 150. But if you are a good trader that 300 could be grow in trading and youll have excess for purchasing the nano x ledger. Of course that depends on your risk apetite.  Ut to be safe just buy the nano now and use the remaining 150 instead atleast you already have the hardwallet.

I would not waste any money purchasing this garbage device, but you should not trust me and do your own research in ledger reddit or you can find some information in this forum.
There are a bunch of issues with battery, firmware with other stuff on model X and everything is closed source coming from China, bu buying shitcoins is even worse than buying ledger X.
Good hardware wallets for storing multiple currencies should be open source like Keystone, Bitbox or Trezor.

If I were in your shoes, I don’t want to buy a hardware wallet for now. Better opt for a cold storage that is either free or very cheap that would secure your Bitcoin and other cryptocurrency assets. And of course, just beware of any malware, scammy emails and messages, etc., that would possibly drain your wallets. Never ever give out your private keys or seed phrases to anyone.

But I don’t know about you tough. Since $300 is something you can afford to spare, but if you earn enough money every month, I suggest you do DCA (dollar-cost averaging) on BTC monthly to build wealth overtime. You wanna Google about dollar-cost strategy and understand what I mean.

I wouldn’t buy a hardware wallet unless the amount of your bitcoin investment is hefty, say a few thousand dollars and up. Though I would never advise for any investor to not have an offline wallet.
Regarding your investment in altcoins, make your own decision. Personally, I am a true believer in bitcoin, altcoins are just distractions from my main target. I think some altcoins are just useful, but in no way being a substitute to the largest crypto currency in the world.

I don't think that someone has to have thousands of dollars worth of crypto to buy hardware wallet, if he plans to stay in crypto for the longer period of time. Back in 2017 I was hacked and I lost 90%+ of my portfolio, leaving me with only few hundreds of dollars worth of crypto. Since I knew that I plan to keep buying bitcoin on the regular basis and that I am into it for the long run I bought hardware wallet anyway, just to be safe.

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@OP no need to spend ~$150 on a hardware wallet, there are cheaper and reliable alternatives.

Just use Electrum wallet. There are guides in this forum and on the internet about what you want with your wallet either you make it into cold wallet or not. If you want to own a hardware wallet no matter how much btc you have either a hefty sum or not then you should buy it and invest when you have $300. If not then you can buy the hardware wallet later on but you can only use cheaper ones or free alternative wallets like electrum for now and sell some of your bitcoin once you earn a profit from your investment.

If you have a plan to buy more Bitcoin and will hold long-term, then it was a good idea indeed. But if you don't, you will just use an electrum wallet or other legit online wallets, not an exchange wallet.

Procuring a hardware wallet is somewhat like an investment as well, it is expensive, yet it was secured but that was not ideal if we just put a small amount on it. Rather than thinking of buying nano X, better to give priority to buying more coins while prices are cheap.

Going for the ledger nano x wallet will be the best decision. If you cannot secure your previous investment because you don't make use of a secure wallet there's nothing guarantee that you won't lose the new altcoin you buy with the money since your plan is to save the coin for the long term.

Spare the Nano first and buy bitcoin.

Take this moment to have that advantage of buying bitcoin. It's now $26k and we don't know if it's already the dip or if there will be a lower price but as looking at it, very good time to buy.

You can use electrum, wasabi or samourai, or bitcoin core as of the moment and then just follow it up by buying your nano soon. That's what I think is a good thing to do for now.

If you only have $300 on hand, it's not a good idea to purchase a hardware wallet at this time. The phrase "be greedy when others are afraid" refers to the current state of the market. Instead of purchasing a hardware wallet, you should use that money to profit from the current situation or, more likely, wait until you have $1,000 that is entirely yours.

That suggestion would've been more beneficial to both OP and the rest of us if you mentioned any of the cheaper and reliable alternatives. It's so to enable interested parties know what names to look out for.

As for OP, if all you've now is mere $300 I don't think it will be a nice idea to split it to buy a wallet. I suggest you ploy all into buying alts at the moment.

Obvious choices are the two most popular ones: Trezor Model One (https://shop.trezor.io/product/trezor-one-white?h=676f6f676c652e636f6d) for ~$85 and Ledger Nano S Plus (https://shop.ledger.com/products/ledger-nano-s-plus) for ~$80. If I am OP. I would buy one of these two and use the difference to buy more bitcoin.

^^
There is also KeepKey (https://shapeshift.com/keepkey) which isn't a bad hardware wallet either and it costs only $49.
If you have a limited budget, slike in OP's case, I don't think spending money on a hw wallet is a good idea. Just use a reliable software wallet which you can get for free.

For some reason user Bhig Daddy bumped this three months old thread,  so not sure if OP is still interested in new suggestions, anyway.

Thanks for your swift response. It's the reason we've guys like you in the forum who keep educating us for free. We will keep appreciating this kind gesture.

Yes, quite alright Bitcoin stands as the surest crypto that won't die or vanish into thin air but you've to also realize that there are people who don't like hodling it for anything. They don't have Bitcoin in their portfolio. I've a friend like that. He feels Bitcoin is slow on ROI unlike alts. To a great extend, I think he's right. Perhaps, OP is one of such people too.

That $150 you will spend in securing a hardware wallet is the best idea to follow than risking your assets on shitcoins investment that are feebles as the chase of of an air, the risk in alts is far greater than the benefits to take from it, the nano x wallet will serve you a long time purpose with maximum security on your investment assets than shitcoins investment, the only investment that make peace with the investor is on bitcoin, alts were just a showcase of waste of time because they appears as feeble things that cease from existence within a shortest period of time.

Imagine spending over a hundred dollars on hardware wallet to store shit coins, I am better off with an Electrum wallet, if you can store your private keys in a safe location you won't have any issue or what so ever.