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Author Topic: Beginners Guide for choosing wallet!!!  (Read 77 times)
acidburn14
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June 27, 2018, 12:00:31 AM
 #1

I have read a lot of news regarding hacking in the past few days. Even the larger exchanges who i thought are more secured also failed. So now i will give my insight about wallets to use in crypto currency. The Pros and cons.

Currently i am using two wallets which are online wallet(mobile) and hardware wallet(Trezor). As far as security is concern i give a thumbs up for my trezor wallet. So i will now start with my experience using online wallet.

Online Wallet: I usually use my online wallet to buy items online and i think using this is a great idea if you are storing just a small of crypto. You can also store your crypto in an exchange but its more vulnerable to hacking since your keys are stored on another server. Recently a famous exchange just got hacked. The good thing about using an online wallet is you can access it anytime or anywhere as long as you have internet. You must be very careful not using public wifi accessing your online wallet for they can steal your keys, one of the saddest thing in using online wallet is less secure.

Hardware Wallet: A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device.
Unlike online wallets that are in the cloud, hardware wallets store your private keys offline in a hardware. They are more secured that online wallets, since its not connected to the web, there will be no threat of possible hacking. When you buy a hardware wallet(trezor), you need to set it up and then it will generate a seed words that you need to write for this is the thing you will be needing just in case you lost or broke your hardware wallet. Be careful buying hardware wallet be sure that you are buying from an authorized dealer. Dont try to buy it cheap with a reseller with a pre-written recovery seed. Credits to mjglqw for this info. https://news.bitcoin.com/mans-life-savings-stolen-from-hardware-wallet-supplied-by-a-reseller/

Ps: these are just my opinions for using these two wallets. It is still better to do some research before going into anything. Choosing the most secure crypto wallet is vital in your crypto journey as a newbie you  do now want to be hack in your first day.

Using a hardware wallet can’t prevent you from all risks but a choice of a trusted manufacturer with a good reputation can help to protect your wallet from much more vulnerabilities comparing to software wallets.

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June 27, 2018, 02:19:54 AM
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Hardware Wallet:When you buy a hardware wallet(trezor) you will be given a seed words that you need to write for this is the thing you will be needing just in case you lost or broke your hardware wallet.

You need to make this clear.

The Trezor company itself won't give you your recovery seed. The recovery seed will be randomly generated for you by the Trezor device itself. So if ever you receive a device with a recovery seed pre-written in the box, it's best if you resend the device back. To be 100% sure, always purchase hardware wallets from their official sites only. Not from random Amazon sellers.

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June 27, 2018, 02:39:14 AM
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First of all, thank you for sharing your experiences.
The market value of my current digital currency has not yet reached the level that I need to use a hardware wallet.
I basically use the official wallet. I use a password to set it up and it feels good right now.
acidburn14
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June 27, 2018, 02:47:19 AM
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Hardware Wallet:When you buy a hardware wallet(trezor) you will be given a seed words that you need to write for this is the thing you will be needing just in case you lost or broke your hardware wallet.

You need to make this clear.

The Trezor company itself won't give you your recovery seed. The recovery seed will be randomly generated for you by the Trezor device itself. So if ever you receive a device with a recovery seed pre-written in the box, it's best if you resend the device back. To be 100% sure, always purchase hardware wallets from their official sites only. Not from random Amazon sellers.
 

Thanks for the mention. I will edit it

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June 27, 2018, 02:54:39 AM
 #5

Hardware Wallet:When you buy a hardware wallet(trezor) you will be given a seed words that you need to write for this is the thing you will be needing just in case you lost or broke your hardware wallet.

You need to make this clear.

The Trezor company itself won't give you your recovery seed. The recovery seed will be randomly generated for you by the Trezor device itself. So if ever you receive a device with a recovery seed pre-written in the box, it's best if you resend the device back. To be 100% sure, always purchase hardware wallets from their official sites only. Not from random Amazon sellers.
 

Thanks for the mention. I will edit it

Great. We really need to be extra sure on that part. Because some people has their funds stolen because the hardware wallet they purchased has a pre-written recovery seed on the paper.

https://news.bitcoin.com/mans-life-savings-stolen-from-hardware-wallet-supplied-by-a-reseller/

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June 27, 2018, 04:52:40 AM
 #6

Your thread is like you're promoting for Trezor, and you focus on hardware wallet as the best wallet options.
Ok, about hardware wallet i have used both Trezor and Ledger Nano S and my experience is that, Ledger Nano S is easier and more convenience to use than Trezor.
Ledger also support more coins than Trezor,

Ledger support lists:  Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Tokens (ERC-20), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Zcash (ZEC), Ripple (XRP), Dash (DASH), Stratis (STRAT), Komodo (KMD), Ark (ARK), Expanse (EXP), Ubiq (UBQ), Vertcoin (VTC), Viacoin (VIA), Neo (NEO), Stealthcoin (XST), Stellar (XLM), Hcash (HSR),, Digibyte (DGB), Qtum (QTUM), PivX (PIVX), PosW (POSW)

Trezor support lists: Bitcoin (BTC), Litecoin (LTC), DASH, Zcash, Bitcoin Cash / Bcash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), ERC-20 Tokens, Expanse (EXP), UBIQ (UBQ), NEM (XEM), Namecoin, Dogecoin

And price comparison:
 - TREZOR One           89 EUR
 - Ledger Nano S   79 EUR

About design: Ledger  has more beautiful design than Trezor.

So if you guys want to have a hardware wallet i would recommend  Ledger Nano S instead of Trezor.

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June 27, 2018, 05:43:54 AM
 #7

Your thread is like you're promoting for Trezor, and you focus on hardware wallet as the best wallet options.
Ok, about hardware wallet i have used both Trezor and Ledger Nano S and my experience is that, Ledger Nano S is easier and more convenience to use than Trezor.
Ledger also support more coins than Trezor,

Because hardware wallets are really the best wallet option in general.

Also, the Trezor or the Ledger Nano S being the better hardware wallet all depends on personal preference. Some might prefer the Ledger Nano S due to having support for more coins, whereas some people might prefer Trezor's UI, etc etc.

acidburn14
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June 27, 2018, 06:01:32 AM
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Your thread is like you're promoting for Trezor, and you focus on hardware wallet as the best wallet options.
Ok, about hardware wallet i have used both Trezor and Ledger Nano S and my experience is that, Ledger Nano S is easier and more convenience to use than Trezor.
Ledger also support more coins than Trezor,

Ledger support lists:  Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Tokens (ERC-20), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Zcash (ZEC), Ripple (XRP), Dash (DASH), Stratis (STRAT), Komodo (KMD), Ark (ARK), Expanse (EXP), Ubiq (UBQ), Vertcoin (VTC), Viacoin (VIA), Neo (NEO), Stealthcoin (XST), Stellar (XLM), Hcash (HSR),, Digibyte (DGB), Qtum (QTUM), PivX (PIVX), PosW (POSW)

Trezor support lists: Bitcoin (BTC), Litecoin (LTC), DASH, Zcash, Bitcoin Cash / Bcash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), ERC-20 Tokens, Expanse (EXP), UBIQ (UBQ), NEM (XEM), Namecoin, Dogecoin

And price comparison:
 - TREZOR One           89 EUR
 - Ledger Nano S   79 EUR

About design: Ledger  has more beautiful design than Trezor.

So if you guys want to have a hardware wallet i would recommend  Ledger Nano S instead of Trezor.

As you can see in my post. I stated that this is regarding my own experience using those wallets. Why would i recommend using ledger nano if i havent tried it?

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June 27, 2018, 09:53:44 AM
 #9

Your thread is like you're promoting for Trezor, and you focus on hardware wallet as the best wallet options.
Ok, about hardware wallet i have used both Trezor and Ledger Nano S and my experience is that, Ledger Nano S is easier and more convenience to use than Trezor.
Ledger also support more coins than Trezor,

Ledger support lists:  Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Tokens (ERC-20), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Zcash (ZEC), Ripple (XRP), Dash (DASH), Stratis (STRAT), Komodo (KMD), Ark (ARK), Expanse (EXP), Ubiq (UBQ), Vertcoin (VTC), Viacoin (VIA), Neo (NEO), Stealthcoin (XST), Stellar (XLM), Hcash (HSR),, Digibyte (DGB), Qtum (QTUM), PivX (PIVX), PosW (POSW)

Trezor support lists: Bitcoin (BTC), Litecoin (LTC), DASH, Zcash, Bitcoin Cash / Bcash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), ERC-20 Tokens, Expanse (EXP), UBIQ (UBQ), NEM (XEM), Namecoin, Dogecoin

And price comparison:
 - TREZOR One           89 EUR
 - Ledger Nano S   79 EUR

About design: Ledger  has more beautiful design than Trezor.

So if you guys want to have a hardware wallet i would recommend  Ledger Nano S instead of Trezor.

As you can see in my post. I stated that this is regarding my own experience using those wallets. Why would i recommend using ledger nano if i havent tried it?

I have both. I like the Trezor much better than the Ledger Nano. I find the Trezor more user friendly and easier to use. The Nano has problematic updates and I had to delete previously supported wallets because it ran out of memory. I find the Ledger Nano a crappy device. Trezor is far better.

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June 28, 2018, 05:06:31 AM
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We also need to protect our wallets by storing out the paper. Get rid of the internet to secure your property.
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