Should I get a hardware wallet ?

[bjbear123]

So would you not trust a hardware wallet ?

I want a solution that can be trusted for long term holding

[aso118]

I don't have much, around $1,000... However I want to store the crypto for 5 years at least, and storing this on an exchange may not be safe for 5 years ?

I can buy a Ledger nano S from a authorised Ledger reseller for $80... would this mean that the crypto stored on it is safe, what im trying to say is Ledger trustworthy and have no back doors ?

Does any one here use one ?

Not storing it on an exchange is a no-brainer. If you do not plan to touch your coins for 5 years, you can even considering a software cold wallet - like Electrum. You just have to store the seed safely - preferably in a bank locker.
You just have to be careful while creating the wallet and then in the end while cashing out.

[djablom1]

I do not advise to get a hardware or software wallet because i do not trust them just get a mew wallet and a block chain wallet when you go on their website you know that they are very trust able and secure also their wallets are free!

[athanz88]

Im looking to hold crypto for the long term... I don't want to touch or spend it.

Should I get a hardware wallet ?

Im looking at the Ledger Nano S, Is it SAFE ? What hardware wallets to you use ? Is it possible Ledger has access to our private keys ?

In my opinion, yes. Does not care how many bitcoin do you have, if you can afford to buy hardware wallet, then you should buy it.
Bitcoin price , up till now, still rising in an fast pace, so, your initial investment can be worth more than you think later.
Ledger nano S is good and safe, and i never see any bad comment from user using it on this forum, but you still need to handle it with care because it is an hardware.

[maimainguyen05]

Yes you should do that asap. hardware wallet is the most secure wallet for now. Although it's affected by a lot of factors out there like weather, can be stolen or lost,..., but it's still the best cryptocurrency wallet for now. When you don't connect your wallet USB stick to your computer, nobody can access to your wallet and steal your cryptocurrency. Beside when you want to send cryptocurrency in your wallet to another wallet address, you need to confirm by click on the button on the wallet USB stick so it's really hard to steal anything from hardware wallet.

[degraff]

You always can dedicate one computer with wallets with and you connect to internet only then you need to make some transactions

[bitart]

Thanks, What amount of $$ or amount of BTC would you consider buying one necessary ?

Do you use one ?

In connection with security, a rule of thumb: Spend maximum 10% of the value of the item you want to secure. This means if you want to protect your jewellery worth of $1,000 you can buy a safe for maximum of $100. This is an acceptable cost for security.
In connection with hardware wallet: let's say that the price of the hardware wallet is also $100. This means if you want to buy bitcoin for at least $1.000 (now this is roughly 0.1 BTC) you can consider buying a hardware wallet.

[Slark]

I would base your need for hardware wallet on the fact how many coins you have, and how much money you want to spend on hardware wallet, plus how serious are you about this whole idea.
IMO hardware wallets are not necessarily needed for anything - you can certainly achieve the same level of security without spending even one penny.
All you need is either a solid desktop wallet, preferably in offline mode - or if you are really paranoid you can always create a paper wallet.
TBH a standard PC with a normal wallet like Bitcoin Core or Electrum will do just fine, as long as you will keep digital hygiene on the high level.

[Sigmas55]

What if someone loses the hardware wallet? I know it is encrypted & needs password/phrase key to open, but does losing the device means losing what is in it? or there is a way the manufacturer can give you access to your coins?

I have a history losing USB drives, that is scary as shit to lose shitload money the same way.

[winterland]

Im looking to hold crypto for the long term... I don't want to touch or spend it.

Should I get a hardware wallet ?

Im looking at the Ledger Nano S, Is it SAFE ? What hardware wallets to you use ? Is it possible Ledger has access to our private keys ?

Getting a hardware wallet it is always a good idea if you can afford it, they do not have access to your money so you are fine, just make sure to understand all the features and limitations of a hardware wallet before you put any bitcoin in there since you could make a mistake and lose money.

[erre]

Make a paper wallet.

Paper wallets are inexpensive, secure and you can easy make multiple copies.
Having an hardware wallet is cool, but you can't trust 100% any hardware, that's why you'll end up having to write your seed anyway, and that's just like a paper wallet. But a little less secure because of it running a software.

[bitart]

Im looking to hold crypto for the long term... I don't want to touch or spend it.

Should I get a hardware wallet ?

Im looking at the Ledger Nano S, Is it SAFE ? What hardware wallets to you use ? Is it possible Ledger has access to our private keys ?

Getting a hardware wallet it is always a good idea if you can afford it, they do not have access to your money so you are fine, just make sure to understand all the features and limitations of a hardware wallet before you put any bitcoin in there since you could make a mistake and lose money.

The hardware wallet is just a tool. Don't worry about it, it's just for to ease the handling of the coins (spending, receiving, without a need for handling private keys and adds a security layer if your PC is infected).
That't not the hardware wallet you need to care the most. It's your seed, generated by your hardware wallet. If you protect your seed (write it down _manually_ with a paper and pen, laminate it, put it into a safe or hide it somewhere in different locations) you won't be in trouble if your hardware wallet gets lost, you drop it into your beer, etc... You can just buy another hardware wallet and you can restore all your coins onto that new wallet with your seed. If you lose your wallet and also your seed, you will be in a real trouble. You are safe as long as your seed is safe. If you lose your hardware wallet, no problem, it's PIN protected, so noone will be able to steal your coins (OK, some really qualified hackers maybe, but they will hack the NASA instead... ) so the seed is the key, not the wallet itself.

[ahmedjamal1998]

Well first of all let's just get out a few facts out of the way. No, it can't be hacked and yes it's safe to put your coins on them as they're actually totally open-source and you can google if you want more technical information on that matter.

I'm actually kind of in the exact situation as you are. I've got a not that much amount of btc and plan on holding onto them for no less than 2 or 3 years if not even more. That's why it actually came to my mind to buy a hardware wallet as that's one of the "safe" options available.

But I haven't bought it yet as it actually looks way more dangerous to me. How ? What if I lose this ledger ? This means my coins are gone I do know that I can keep my 24 words secret code somewhere safe so that I still have access to my coins if it's lost but still this means that I must have something like a paper wallet. So why bother buying one ?

Which actually put me in that neutral zone not knowing if it's a good idea or a bad one. It's for about $65 only so I might actually try one.

[bjbear123]

I have started thinking a Hardware wallet would be a good option, only because I used to use the online wallet generators, I store a bit of a coin on these.... How do I know the private keys are not logged ? I think its worth transferring all over to a hardware wallet, only if it is 100% SAFE

[bjbear123]

I don't want to touch or spend it.

That is the key sentence. Hardware wallet is better than a paper wallet because it is easier to use if you are going to send transactions frequently. Paper wallets are great because you don't have to spend any money on it. The only thing you have to do is to print it on a thick paper. I would recommend you looking for a paper wallet generator which allows you to encrypt your private key. Even a short password will be better than a plain QR code which anyone could scan and steal your bitcoins. I personally use a Ledger Nano S which I will replace soon with a Trezor T.

If you don't mind, what do you feel is better with the Trezor, I only ask as I just purchased a Ledger... Also do you feel safe storing all your crypto on the Ledger ?

[cryptozobo]

There's a good comparison of the risks and benefits of all the different types of wallets here - https://www.finder.com/cryptocurrency/wallets

[turonno]

I do not advise to get a hardware or software wallet because i do not trust them just get a mew wallet and a block chain wallet when you go on their website you know that they are very trust able and secure also their wallets are free!

as prices are increasing mew will be risky to hold coins as it is web based. I combine mew with hardware wallet to minimize security risks.

[staleref]

Definitely! If you're going to hold for the long term, especially large amounts, the use of a hardware wallet is the safest.

[WarCruz]

YES YES YES you should buy a hardware wallet, you will sleep much better. buy ledger nano s or trezor they are both good

[deevan]

Yes, you should probably consider buying a hardware wallet, as you want to store for long-term nano ledger or trezor both are best and safe it will protect you from virus/malware as it cannot affect/installed on hardware wallet even if you connect them to any compromised computer. Don't worry about the security of both the wallets, the source code of both are open, any developer can check the code to make sure there is no fishy thing hiding in it. Only you are in full control of your private keys/seeds make sure you don't lose your seeds if you lost it then you will lose your funds. Secure your seeds more than your hardware wallet.