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Besides it is more cost effective. In my estimation it requires 3 flash drives/SDcards ( two of them as a backup just for the case) ~ $8-10 to keep SSS blob and two pgp HW key (again one for backup, ~$60) and of this for all period, let's take 25 years. Your solution for the same period will cost $25 x 25 + cost of hardware (silver plan) or $100 x 25 + cost of hardware (gold plan)  You should add the legal costs to this. |
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Would you mind sharing the rough estimates of the costs for both of the plans?
We are going with $25/wallet/year for silver plan which includes just PIN recovery and $100/wallet/year for gold plan which includes estate recovery also. Am I correct in assuming that there aren't any inactivity checks for nominee #1?
Yes - Not sure if I'm just being pessimistic, but I do have mixed feelings about the second nominee option.
You can choose not to have nominee #2. Its optional. Does the executor have a similar set of requirements to the nominees?
Its a little different. Unlike the nominee, the helper won't know upfront that he is a helper. It is again optional. |
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Cypherock Cover, the scheme that makes the simple stuff unfeasibly large and bulky. Speaking of inheritance itself. Split SEED phrase into SSS blobs using 2 of 3 scheme. Encrypt each blob with your hardware based pgp key (How the setup such keys is described here). Give one of the encrypted blobs and HW security key to your nominee. Include one of the remaining encrypted blobs into you legal will with assigned nominee as the lawful beneficiary under will. Instruct lawyer to hand over this will to nominee after your passing.As simple as that. A simple and reliable inheritance plan that doesn't require Cypherock Cover. You don't know how difficult that is for 99% of the people to do what you just described. So many ways you can screw things up and prevent the assets from being inheritable. Not to forget how expensive it can be to update this setup over time relative to our solution. |
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Do people really use hardware wallets for long term? Most of the people I know use them for more security in their hot storage and use other methods for long term cold storage.
Yes, you would be surprised at how many actually. Admittedly Dave and the people he discusses crypto with is a very small sample size. Has there been any real research done into what / how people are using hardware wallets for.
Long term? Short term? Both?
Very hard data to gather to be honest. But if you manage to find it, please do share it here. |
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I am not saying Cypherock X1 wallet is bad, but it really needs to make some improvements to be highest rated hardware wallet on any website.
What is the status of coin control, support for third party wallets, signing message, and other updates?
I understand your concern. Support for third party wallets are incoming for Eth with wallets like Frame.sh and Zerion. For Electrum, it will take some more time since we have to port our SDK from JS to Python and support PSBT with HWI. Message signing is also only available for Eth right now. |
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No offence to you or your product since I have never had the chance to try one or read much about it, but I wouldn't trust CoinBureu to be a neutral source of information. I have seen many of his videos and have no complaints regarding the quality, but many of his content is sponsored and even paid-for-promotion.
I completely understand your concern and we know a lot of wallets that paid them for a review. However as written in the review itself, we did not pay them anything upfront at all. All we gave them are a couple of devices and an affiliate commission for every sale which is standard for every reviewer. |
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Username: Cypherock
Thanks!
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but some hardware wallets are also waterproof (Ngrave, Ellipal, Coolwallet, Tangem, etc).
I highly doubt they are waterproof. They would be water resistant at best. |
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Hello everyone, On the auspicious occasion of Diwali, Cypherock is launching an exclusive deal to get your BTC without KYC. Buy a Cypherock X1 through the unique link today and get $51 USD worth of BTC upon setting up your wallet without any KYC. We are the only Made in India Cold Wallet and ship locally without any customs issues. Offer valid till end of Diwali. Order from the unique link - https://www.cypherock.com/product/cypherock-x1-btc |
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Regardless of its durability and strength, I still don't think it's a good idea to keep all of our hardware wallets in a single place!
You would be surprised how many people actually already do it. Though it is probably not a good idea in case you are using the hardware wallets as part of a multisig setup. Does it come with a rating?
Not yet. BTW, you might want to lock one of the threads on the Hardware wallets sub-board [there's no point in having two (the "lock topic" button is located in the bottom-left corner of the page)].
The reason why I didn't do it yet is because Cypherock X1 can function both as a hardware wallet and a seed phrase backup fulfilling different needs for different people. |
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Is this case only protecting from EM waves, but without any protection from elements like fire and water?
Fire and Water not so much. With Shamir's Secret Sharing, by default the private keys are protected against water and fire if you keep them in geographically different locations. You said it's Water Resistant, so that means I can drop it in pool for a short while, like flagship phones or not?
We have not tested this yet and the definition is generally meant for watches. In our case, it means, it protects against accidental splashes of water. This topic should be in Hardware Wallet section, not in Service Announcements.
I have opened a thread there. I found 1-2 hardware wallet posts here as well and hence posted it here. |
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Maybe you should add a note on your official shop that the case is included if you buy the hardware wallet.
Makes sense. Thanks. |
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Cypherock X1 now ships with a Hard Case - https://twitter.com/CypherockWallet/status/1719697106984972728- Comes FREE as part of the packaging
- Is a Faraday Cage to protect against unintended EM waves
- Use it to keep other hardware wallets along with your Cypherock X1 safe against scratches
- It is Dust & Water Resistant
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Cypherock X1 now ships with a Hard Case - https://twitter.com/CypherockWallet/status/1719697106984972728- Comes FREE as part of the packaging
- Is a Faraday Cage to protect against unintended EM waves
- Use it to keep other hardware wallets along with your Cypherock X1 safe against scratches
- It is Dust & Water Resistant
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