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I will preach for my church : yes, hardware wallet should be open source AND use hardware that is built on an open standard. Just like the Satochip hardware wallet...  Maybe sometime in the future when we have a large developer community. For hardware wallets, the unfortunate truth is that releasing source code makes it easier for hackers to detect loopholes and carry out attacks. |
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The safest would be an airgapped hardware wallet. It's been proven over and over again that exchanges are not safe and it is best not to leave funds lying idle there for a long period of time.
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I would go with a mix of both but I'm more inclined towards bitcoin.  |
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So, guys, I think it's a small but a win. A win of our crypto community! I hope there will be more such examples of accepting crypto in 2020. We will start with small countries and then go to global powers. What do you think? There's the news https://bitcoinist.com/crypto-payments-now-legal-in-ukraine/This is a good start! |
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Curious about the security of mobile wallets. Why are they considered less secure than other wallets? I currently use Trust Wallet which uses fingerprint ID or a pin. If my phone were to be compromised how would anyone be able to access it? How could they obtain my pin/fingerprint?
Mobile wallets are not exactly less secure. However, the best wallets in terms of security are hardware wallets like Cobo Vault, Ledger, Trezor, KeepKey, etc. |
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I agree with the first point. People need to HODL bitcoin. However, I don't think bitcoin will slowly fade away, that's not going to happen, instead I think it'll get stronger and people will find solutions to problems it's currently facing. Only time will tell. |
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Haters gonna hate. As with everything else, there will be people for bitcoin and against bitcoin. It's all a matter of perspective, and that can change. You will find people changing loyalties depending on how things play out. A bitcoin hater might begin to see its advantages, and vice versa. Just stay calm and do what you think is best for you.
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I realy want to buy Bitcoin i have 5000$ give good idea plz
There are a lot of exchanges you can buy from. |
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This is a very interesting take, but then gold is not exactly money. I mean you just cannot pay for things in gold as easily. For example, you can't walk into a shop, pick something up, and offer to pay in gold. With bitcoin, you can still do it in places that accept it.
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Although open source code enables a kind of “audit” on your product’s security, benefits are highly dependent on the scale of community involvement and you are ultimately making it easier for cybercriminals to discover loopholes. Still worse for hardware wallets, vulnerabilities can be exploited to produce counterfeit products with malicious code that the majority of users won’t use open source code to verify the authenticity of. In light of the security concerns inherent in releasing source code, Cobo Vault has introduced a different type of “auditability” through the transparency of QR codes. In excluding Bluetooth, Wi-Fi, USB, NFC, and other opaque means of data transmission from our product design, we have made it easy for users to verify that their hardware wallet is not revealing their private keys or other sensitive information in any way. How Transactions Are Created with the Cobo Vault The Cobo Vault is an offline storage device (cold end) that cannot construct transactions without the help of an online mobile device (hot end) running the Cobo Vault app. Because private keys are stored on the offline device and remain there the entire way through, the user’s assets won’t be affected if this mobile device is damaged or lost. Transactions are constructed and signed through QR code communication between a mobile device and the Cobo Vault in the following way: The Cobo Vault mobile app generates a QR code containing the data of a newly created unsigned transaction. The camera on the Cobo Vault (cold end) scans the QR code to obtain the transaction data. The transaction is confirmed on the Cobo Vault touchscreen, signing the transaction and outputting the signed transaction data in the form of a QR code. The camera on the hot end mobile device scans the QR code on cold end to obtain the signed transaction data. The hot end broadcasts the transaction to the blockchain network. More information on auditing the code is here: https://medium.com/cobo-vault/ever-wondered-what-your-hardware-wallet-inputs-and-outputs-ac78ec3ce331?source=activity---post_recommended |
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That is why Ledger has something that is known as "Responsibly Disclosing of Vulnerabilities". https://www.ledger.com/our-shared-security-responsibly-disclosing-competitor-vulnerabilities/They don't simply make the findings public when they are discovered. They analyze them and inform the affected party, in this case Trezor, about their findings. The developers are given time to fix the issues before they go public. Open source is always better than closed source. You need to know what is going on under the hood. With closed source software your usage is based on just a promise that the developers intentions are good. Ledger is not completely open source. Trezor is. |
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That is why Ledger has something that is known as "Responsibly Disclosing of Vulnerabilities". https://www.ledger.com/our-shared-security-responsibly-disclosing-competitor-vulnerabilities/They don't simply make the findings public when they are discovered. They analyze them and inform the affected party, in this case Trezor, about their findings. The developers are given time to fix the issues before they go public. Open source is always better than closed source. You need to know what is going on under the hood. With closed source software your usage is based on just a promise that the developers intentions are good. It's more a matter of context. GitHub, the world’s largest host of source code, indicates that there are only around 180 contributors to the open source code of the oldest hardware wallet brand, Trezor. This statistic stands in sharp contrast with the communities of other hardware products such as the Raspberry Pi, whose contributors to its open source firmware number around 9,500. In the context of our relatively small development community, we need to be especially wary of the fact that sharing source code is a double-edged sword. For hardware wallets, the unfortunate truth is that releasing source code makes it easier for hackers to detect loopholes and carry out attacks. Open source code can even open the door for cybercriminals to produce counterfeit hardware wallets capable of deceiving consumers — a security threat Trezor has already been the victim of: https://cointelegraph.com/news/trezor-one-wallets-forgery-reveals-new-techniques-used-to-steal-crypto |
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Are you looking for a wallet to store your cryptocurrency? If you want to buy some crypto or you have already purchased some on an exchange, then the next step is researching and deciding the type of wallet you’d like to use to store your coins. Since hot wallets are connected to the Internet, funds are more accessible for day to day trading or payments, but on the other hand, they’re also more prone to hacking. Examples of hot wallets include exchange wallets, mobile wallets, and web wallets. If you bought your crypto from a centralized exchange like Coinbase, you’re actually using their hot wallet service. Cold wallets are not connected to the Internet; therefore, any crypto stored in them is hard to use, but on the upside, hackers cannot get to your funds easily. If your intention is to store your cryptocurrency for a long period of time, then look no further than cold wallets. Examples of cold wallets are hardware wallets and paper wallets. If you wish to know more about the different types of hot wallets and cold wallets, here's a nice explanation: https://medium.com/cobo-vault/hot-cold-mobile-web-paper-wallets-understand-the-difference-90c124fe1a55 |
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Here is one of the most recent examples of why storing all your cryptocurrencies in an exchange is not a good idea for your money. I think we all know by now what had happened to QuadrigaCX and how it had devastated a lot of investors from their exchange. It was not due to a hack nor a system malfuction but the simple reason of the owner dying whom they stated is the only one who have access to their cold wallets. Not unless you are into day trading it's really a good practice sending the cryptocurrencies you own to wallets you have full control with, there's really no reason why you need to hodl those coins on an exchange for too long when you can create crypto portfolios on third party apps or even in Excel/Spreadsheet. If you’re planning on HODLing your funds for any length of time, the safest place to do it is in a hardware wallet. There's an interesting article here: https://medium.com/cobo-vault/so-you-bought-some-crypto-on-an-exchange-what-next-815df6bed6c8 |
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90% of the users do not read before writing. If you do, you will get many merits and will be considered a good poster.
I recommend that you just ignore any thread with more than 15 replies. Some very specific threads are an exception to this rule imo. After 15 replies, most of the time, everything was already said and spammers join in
I'm not sure on that point. If I have a doubt on any topic, I usually do a general search and look for answers. The post that I find might have 20 responses and there's a probability that I'd want to contribute to the discussion - just so that I understand it better. |
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The above article says that the cable creates a wireless hotspot which means that the hacker would need to be close to the victim to take advantage of the vulnerability. It is still a scary thought if the person who sells it to you knows where you live or where you will be using it.
I think it's best to use air-gapped hardware wallets. They don't have any physical points of attack. All transactions happen through a QR code. |
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Can hardware wallets like Ledger Nano be hacked and their coins stolen?
It's not easy to hack a hardware wallet, unless of course you give your keys to someone. |
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