Could Bitcoin survive if all hardware wallets suddenly stopped working?

[qwertyup23]

Bitcoin are stored in blockchain, if hardware wallets/non custodial wallets became unusable, it means the blockchain are no longer safe, if that happens, Bitcoin won't survive at all.

If you're mean about specific hardware wallets, it won't be enough to ruin Bitcoin because we still have an option to create DIY wallets.

This is interesting and correct- BTC are technically stored in the blockchain and we have our corresponding seed phrases as a backup for most wallets.

Assuming that all hardware wallets are gone, then we can technically transfer our BTC to exchanges. However if we are talking about the blockchain and on how it became infected with hacks, then BTC would long be gone due to its ultimate purpose destroyed.

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

bitcoin doesn’t depend on hardware wallets to exist... they are just one of the safest ways people use today to protect their coins.. if all hardware wallets stopped working tomorrow people would just fall back to other options like paper wallets, mobile apps, multisig or even new types of devices that would come out quickly.. bitcoins strength is in its network & rules not in one specific tool.. it might cause some short term confusion but long term people would adapt

I also agree with you.

With all the years of spending time in this forum, almost all of my BTCs are storked in both software wallets and exchanges. Even if hardware wallets are gone, you can still use BTC but there will be a compromise in its safety.

[joniboini]

Assuming that all hardware wallets are gone, then we can technically transfer our BTC to exchanges.

I think an experienced user will just use Electrum or something else to manage their coins instead of relying on an exchange. It's such a start to move from a self-custody option to a centralized platform like that. Not to mention if HW is gone for whatever reason, then there's a higher chance that the platform is using software that has questionable security, too. If they use Electrum or something similar, then why would we have to rely on them instead of securing our wealth ourselves?

[krishnaverma]

Assuming that all hardware wallets are gone, then we can technically transfer our BTC to exchanges.

I think an experienced user will just use Electrum or something else to manage their coins instead of relying on an exchange. It's such a start to move from a self-custody option to a centralized platform like that. Not to mention if HW is gone for whatever reason, then there's a higher chance that the platform is using software that has questionable security, too. If they use Electrum or something similar, then why would we have to rely on them instead of securing our wealth ourselves?

I thought Electrum was also a hardware wallet. Isn't it ?

[Obim34]

I thought Electrum was also a hardware wallet. Isn't it ?

No, Electrum is not a hardware wallet.

Electrum is an open source wallet, it can be used both online and offline. When connected online it serves as hot wallet and when offline connected to an air-gapped device it serves as a cold wallet.

Electrum can also be used in connection with a hardware wallet, the hardware wallet stores the keys offline while the Electrum software runs on your computer online or offline (air-gapped).

Hardware wallet is something physical... Electrum is a software.

[Outhue]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

Where do you really think that the digital assets in your hardware wallets are stored? Hardware wallets are not a storage, they work just like paper wallets and others, what many don't get is that those digital assets are all stored on the blockchain, hardware wallets only help you to keep your keys more secured compare to other available bitcoin wallets.

If your hardware wallet becomes unusable you can import your recovery seed into another bitcoin wallet, it doesn't have to be from the same company who created the hardware wallet, there are many options available so people will look for another Bitcoin wallet and keep managing their coins.

[Cookdata]

I think an experienced user will just use Electrum or something else to manage their coins instead of relying on an exchange. It's such a start to move from a self-custody option to a centralized platform like that. Not to mention if HW is gone for whatever reason, then there's a higher chance that the platform is using software that has questionable security, too. If they use Electrum or something similar, then why would we have to rely on them instead of securing our wealth ourselves?

I thought Electrum was also a hardware wallet. Isn't it ?

Electrum isn't a hardware wallet, it's a software wallet for PC and android version is available and they are open
source - https://electrum.org, verify the signature before you installed any package on your system.

If hardware wallets stopped working today, there is nothing that is going to happen, only people that refused to back up their seed phrase will be the ones affected because no seed phrase, no access to Bitcoin. Anyone with a seed phrase can open another wallet and spend their Bitcoin, send to another wallet or may decide to keep it there because Bitcoin are not store on the hardware, they are store on the blockchain.

My obky fear is that people might end up using centralized platform  but the question we are not asking OP,  why does he think hardware wallets is going to stop working? There is no any reason behind it, the company isn't dead to let theit business down, it's not just possible.

[Boiboi20]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

I've never used a hardware wallet.  I bought one at one point but quickly discovered that I couldn't import my own private key, so I was no longer interested.  I'm not sure I would want all of my Bitcoin on a hardware device anyway.  I think their development is good for the community and perhaps one day they will lead to a great product, but right now it just seems like a lot of problems for users who use them.

Even if hardware wallet stopped working tomorrow I don’t think it would shake people confidence in bitcoin at the end of the day bitcoin is not tied to any one storage method people would just adapt whether that paper wallets multisig or even just using software wallets the important part is owning your private keys not the device itself.

However for me I have never really been into hardware wallets I actually bought once but when I found out I could not import my own private keys I lost interest pretty fast honestly I don’t think I did ever want to keep all my bitcoin on a single device anyway they are definitely a good step forward for security and maybe in time they all evolve into something really solid but right now they just feel a bit complicated and not worth the hassle of everyone.