Which Is The Best Crypto Hardware Wallet + Giveaway

[BitcoinYu]

Hey guys!

Most of the people who follow my articles on Paybis liked what they saw in my previous articles and I was able to use Bitcointalk's community to make my articles better.

After doing some research I decided that I need to create another article about hardware wallets. Some kind of review type article.

It's already published and all that, you can find it here - https://paybis.com/blog/best-hardware-wallets/ but... I was sitting and thinking that I miss something.

That's why I came here to you guys.

I hope that this article already is good enough and brings value to some of you who want to have a hardware wallet, but I need this community opinion.

What kind of wallets are you using and why? For example, why did you choose Ledger Nano instead of Trezor and so on? Maybe you choose the desktop wallet and don't want to use a hardware wallet, I would also like to know why.

Hope you can help me with this.

And the best part from that - on Monday, Paybis will announce a giveaway related to this article - you will be able to get hardware wallet for FREE and other cool stuff.

I will post info about that on Monday.

EDITED:

Hey guys, so as I promised - Paybis is giving away some stuff and the best thing is - they are giving away FREE hardware wallet - https://paybis.com/news/paybis-giveaway-win-hardware-wallets/

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[BitMaxz]

Never heard about this wallet "Ellipal" from your article it's not yet listed on recommended hardware wallets on https://bitcoin.org/en/wallets/hardware/
I think it is better to replace it with ColdCard. This is just my suggestion.

What kind of wallets are you using and why? For example, why did you choose Ledger Nano instead of Trezor and so on? Maybe you choose the desktop wallet and don't want to use a hardware wallet, I would also like to know why.

I'm currently doesn't have a hardware wallet but I'm using Electrum Cold storage it performs the same as a hardware wallet like Ledger nano. I'm using this because I don't have a budget to buy Ledger nano and Electrum cold storage it's likely the same as a hardware wallet.

Why not add this in your article as an alternative if they don't have a budget to buy hardware wallets like Trezor or Ledger nano.

[Lucius]

I do not see anything new in this review on hardware wallets, but there is some mistakes such as comparing hardware wallets with cold storage, and most users do not use them for that purpose. It is also confusing to say to users that they do not need to remember some complex private keys, since backup of seed words is most important thing. Hardware wallet do not come with "confidential recovery phrase", (only used one maybe), and user is generated that phrase (seed) in the initialization process.

I also see some small mistakes regarding presentations, you are showing picture of Nano X in review of Nano S, and price of Nano S is not $95 but some $25-$30 less then that.

I'm using this because I don't have a budget to buy Ledger nano and Electrum cold storage it's likely the same as a hardware wallet.

You can buy new Ledger Nano S just by using some earnings from CM signature campaign, since you are earning around 0.03 BTC per week it should not be difficult to spend some 20% on hardware wallet.

[Pmalek]

And the best part from that - on Monday, Paybis will announce a giveaway related to this article - you will be able to get hardware wallet for FREE and other cool stuff.

People around here are cautious where they get their hardware wallets from. Unless they come from the official site or in some cases an official re-seller there might not be much interest for such a giveaway.

Regarding your question.
I use a Nano S for quite some time already. When I bought it it was down to a choice between a Ledger or a Trezor device.
Ledger supported more currencies at the time and I thought that was the better choice for the future.   

[BitcoinYu]

I updated the post. Now you can join the giveaway.

[o_e_l_e_o]

I'm currently doesn't have a hardware wallet but I'm using Electrum Cold storage it performs the same as a hardware wallet like Ledger nano.

You should be careful assuming an offline version of Electrum is as secure as a hardware wallet. There are a lot of additional vectors of attack you need to consider. Everything from malware when first creating the wallet giving you a fake key or stealing your key, through to clipboard attacks when trying to spend your coins, and everything in between. Electrum on a true airgapped device can be very safe, but you need to make sure you are using it correctly. I would still recommend a hardware wallet.

In terms of the giveaway, you should arrange it so it ships directly from the manufacturer to the winner, and never touches you or any other third party, since that's a security risk with hardware wallets.

[kosierosie]

In terms of the giveaway, you should arrange it so it ships directly from the manufacturer to the winner, and never touches you or any other third party, since that's a security risk with hardware wallets.

Do you mind elaborating on why this is a risk? I'm a newbie, so I'm assuming that most manufacturers allow you to verify the device and firmware authenticity (cryptographically) before you use it?

To reply to the OP, I use a MIRkey device that works with Electrum (it's new, I know, but everything starts new at some point).

[o_e_l_e_o]

Certainly. This is what's known as a supply chain attack. Essentially, someone else gets their hands on your wallet before you do, and can perform a variety of attacks. They could swap out hardware, install malicious firmware, pre-initialize it with their own seed, even swap the entire device for a fake one - https://blog.trezor.io/psa-non-genuine-trezor-devices-979b64e359a7.

As you say, good hardware wallets provide a set of instructions for how to check your device hasn't been tampered with and verify it is genuine, but there is at least theoretically ways this could be bypassed or fooled.

[kosierosie]

Certainly. This is what's known as a supply chain attack. Essentially, someone else gets their hands on your wallet before you do, and can perform a variety of attacks. They could swap out hardware, install malicious firmware, pre-initialize it with their own seed, even swap the entire device for a fake one - https://blog.trezor.io/psa-non-genuine-trezor-devices-979b64e359a7.

As you say, good hardware wallets provide a set of instructions for how to check your device hasn't been tampered with and verify it is genuine, but there is at least theoretically ways this could be bypassed or fooled.

Interesting.

Having a look at the link you sent it's sad to see trezor relies on a holographic label for authenticity (as far as I can see) - in this case I would definitely only buy directly from them.

I would however imagine that if you are using factory software (signed by the provider) to verify that the firmware on the device is valid (once again using a cryptographic signature over the firmware), the serial number is legit and the device has not been cloned, it should be all good.

Maybe the OP can work authenticity checks into his "Best" hardware wallet article, because if you cannot trust or verify the hardware then all the other device features becomes pointless.

[BitcoinYu]

I do not see anything new in this review on hardware wallets, but there is some mistakes such as comparing hardware wallets with cold storage, and most users do not use them for that purpose. It is also confusing to say to users that they do not need to remember some complex private keys, since backup of seed words is most important thing. Hardware wallet do not come with "confidential recovery phrase", (only used one maybe), and user is generated that phrase (seed) in the initialization process.

I also see some small mistakes regarding presentations, you are showing picture of Nano X in review of Nano S, and price of Nano S is not $95 but some $25-$30 less then that.

I'm using this because I don't have a budget to buy Ledger nano and Electrum cold storage it's likely the same as a hardware wallet.

You can buy new Ledger Nano S just by using some earnings from CM signature campaign, since you are earning around 0.03 BTC per week it should not be difficult to spend some 20% on hardware wallet.

Hello Lucius,

Thank you for your input.

We do not compare hardware wallets with cold storage. It is well known that hardware wallets help users store their funds in cold storage (offline) and thus act as the middleman for accessing your funds.

Regarding the part of not memorizing of private keys, we believe that hardware wallets allow for easier access thanks to their pin, which unlocks the wallet without the need for any additional long and complex code. This makes the process a lot easier. The mnemonic seed phrase is, of course, acting as a backup when it comes to losing your private keys and thus should be stored safely.

By confidential recovery phrase, are the 12-24 words that are given upon using your device for the first time: https://support.ledger.com/hc/en-us/articles/360005434914-Restore-from-recovery-phrase

If you find a nano S with a price of 25$-30$ I highly suggest you don’t buy it as it will not be an original.

The only place you should buy it from is Ledger and its official distributors.

Finally, regarding the photo for the Ledger Nano S, you are absolutely right and thank you for bringing it to our attention. *high-five*

[o_e_l_e_o]

If you find a nano S with a price of 25$-30$ I highly suggest you don’t buy it as it will not be an original.

This is true, but that's not what Lucius was saying. He said $30 less than your article's quoted value of $95, not $30 total price.The Ledger website and their official Amazon retailer are selling the Nano S for $59 currently.

[bitmover]

I'm currently doesn't have a hardware wallet but I'm using Electrum Cold storage it performs the same as a hardware wallet like Ledger nano. I'm using this because I don't have a budget to buy Ledger nano and Electrum cold storage it's likely the same as a hardware wallet.

I will give you a personal advice: With half of your week signature payments you can buy 2 ledger nano...  Man, go ahead and buy it. You won't regret. You can even pay with btc.

Everyone makes mistakes. You may want to download a TV show from a shady torrent file, or you may mistakenly click on a phising link.... Many things can happen. Maybe even a friend has an infected pen drive that may infect your computer.

It is not the same. Airgapping a computer is not as simple as disconnecting wifi or Ethernet cable. A HW is a truly airgapped environment, much safer than 90% of the "airgapped computers" out there.

I know you probably think you are safe and you are certainly more knowledge than most bitcoiners out there, but I think security should always come first.

[examplens]

I'm currently doesn't have a hardware wallet but I'm using Electrum Cold storage it performs the same as a hardware wallet like Ledger nano. I'm using this because I don't have a budget to buy Ledger nano and Electrum cold storage it's likely the same as a hardware wallet.

I will give you a personal advice: With half of your week signature payments you can buy 2 ledger nano...  Man, go ahead and buy it. You won't regret. You can even pay with btc.

Everyone makes mistakes. You may want to download a TV show from a shady torrent file, or you may mistakenly click on a phising link.... Many things can happen. Maybe even a friend has an infected pen drive that may infect your computer.

It is not the same. Airgapping a computer is not as simple as disconnecting wifi or Ethernet cable. A HW is a truly airgapped environment, much safer than 90% of the "airgapped computers" out there.

I know you probably think you are safe and you are certainly more knowledge than most bitcoiners out there, but I think security should always come first.

Absolutely agree with you. I learn so expensively lesson about wallet safety. Tested shady script with "what can go wrong" ... Also, a hardware wallet can use on the computer even if they already infected.

[Lucius]

If you find a nano S with a price of 25$-30$ I highly suggest you don’t buy it as it will not be an original.

I would never buy hardware wallet as second-hand device, and $25 or $30 is too cheap price which would be a clear sign that something is wrong. Also I did not think that price of Nano S is as above price, but as o_e_l_e_o say you should correct your price for that amount.

Also, a hardware wallet can use on the computer even if they already infected.

This is some kind of general thought, but infected PC may still pose a threat for hardware device. When user is sending coins, malware can try to replace coin address and if user is not check address on UI and hardware device, coins will be sent to the wrong address.

[Pmalek]

I would never buy hardware wallet as second-hand device, and $25 or $30 is too cheap price which would be a clear sign that something is wrong. Also I did not think that price of Nano S is as above price, but as o_e_l_e_o say you should correct your price for that amount.

I agree with this. The only way I would consider purchasing a second hand device is if I knew the seller personally. Either a friend or family member I trust. But I would still ask for proof where the was was purchased from. If he can prove that he bought it directly from the official source I could be tempted into purchasing it. 

[NeuroticFish]

Hey guys, so as I promised - Paybis is giving away some stuff and the best thing is - they are giving away FREE hardware wallet - https://paybis.com/news/paybis-giveaway-win-hardware-wallets/

Maybe it's a bit paranoid question, however, I'd say it makes sense after the discussions here.
OP, will the hardware wallets get bought and then sent to the winners, or will you make an order to Ledger/Trezor in the name of the winners and they will deliver?

[Lucius]

The only way I would consider purchasing a second hand device is if I knew the seller personally. Either a friend or family member I trust. 

Call me paranoid, but when it comes to cryptocurrency security there should be no use of second hand devices. There is always at least a small risk that someone will try to do something bad, even friend or family member. If you remember we recently have case where user is share his seed with relative, and he lost his coins when relative is decide that is time to cash out.

I think that is not worth any risk to save $20 or $30 when anyone is buying hardware wallet, just buy new one and directly from manufacturer, you will have one worry less in life.