What is the best wallet for cryptocurrency, hardware or software and why?

[sujanpatil]

You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?

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[Findingnemo]

Cost of a hardware wallet is not too huge, because its actually under 100 dollars for now maybe in future it will get cheaper due to mass production. If you still looking for a software wallet which is open source then lot of choice available as well.

If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.

[TGD]

It depends in the users personal use of wallet. Software wallet is good for small daily transaction because you can access your funds anywhere especially when you are outdoor. Hardware wallet is good for long term holdings or for high amount of cryptocurrency that you want to guarantee safety. There is always pros and cons in every wallet. You should determine the specific scenario for the question.

[cabron]

Software seem much comfortable if you just know where to hide your privatekeys and passwords. I wouldnt want to go into the troubles of sending back my tokens to an exchange and wait while the prices are taking a nosedive.  

I want it ready whenever shit happens in order to sell or even buy some more.  A wallet like MewConnect or trust wallet would be nice so you can trade easily while you hold they keys still.

[makishart]

As long as you are using the desktop wallet and you can operate your wallet in offline mode. I have been using the desktop wallet that can be operated in offline mode and i has been a few years and i never encounter any problem with it.
You can also use the paper wallet as the best alternative for the hardware wallet and this is really safe too. I still prefer software rather than hardware.

[kevinzxz]

You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?

If I personally would advise you to use Trust Wallet, because in my opinion Trust Wallet is the best wallet for now and of course it's safe (I have never experienced any problems as long as I use Trust Wallet), then Trust Wallet can also store all cryptocurrency (Bitcoin and altcoin), so you no longer need to have a lot of wallet to store Bitcoin and altcoin that you have (easier and simpler), besides that you can also use Trust Wallet anywhere, because Trust Wallet can be downloaded on iOS and Android, therefore I recommend you to use Trust Wallet.

[speedforce]

I prefer trustwallet as Mobile Wallet because Binance is behind them. Also It have multi wallet and easy to use

[Chuky92]

This can be seen as a matter of preference and also what the person want, in addition to this, the type of wallet one uses can still be dependent on the amount of funds he wishes to hold. Hence in my own opinion, hardware wallets are good for holding large amount of assets and hence good for long term holding as well, in the sense that, you don't bother accessing it all the time. On the other hand, if one wishes to trade or invest as the case maybe then the other type of wallet can be leveraged on since it is easily accessible, that is to say, for short term holding, trading and investing, software wallet is better.
Nevertheless, there are still a lot of people who prefers software wallets such as Trust wallet because of its easy accessibility and advanced features, therefore using it both for long term holding and so on.
Lastly, in terms of security, same approach applies to the two type of wallet, and that, so far your private keys are safe, your funds are safe.

[Zackgeno96]

You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?

No doubts, it's a hardware wallet. Why? As you can see that most of the software wallets can be attacked I've heard some news that some wallets were getting hacked by the hackers and some not updated software also were immune to attacking while on the other hand hardware wallets can't be attacked not unless you were attack physically and steal your hardware wallet which still impossible because they needed the PIN in order to have an access to your hardware wallet.

[Davian144]

I prefer trustwallet as Mobile Wallet because Binance is behind them. Also It have multi wallet and easy to use

Yes, and most people who are in crypto really like trustwallet wallets because they have various facilities that can be used by wallet users, but to support other things that are not in a trustwallet wallet, I don't think it would be wrong if you try several wallets. others whose security has been tested as well as the trustwallet.

[ipanks]

I prefer to use a hardware wallet because that is the safest wallet for me. I do not have to connect to the internet, and I only need to access the wallet every time I want to send the funds. The hardware wallet will not be easy to get attacked by a hacker or person who wants to steal your funds using fake info because the wallet itself is in a safe place.

[Ken_terrance]

Cost of a hardware wallet is not too huge, because its actually under 100 dollars for now maybe in future it will get cheaper due to mass production. If you still looking for a software wallet which is open source then lot of choice available as well.

If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.

When I entered crypto space I can't even buy 50$ worth of anything, brother 50-100$ isn't a small amount of money for many people, if hardware wallet is cheap everyone would prefer to use them but today software wallets have millions of users, I was able to afford a ledger wallet after 5years of crypto hustling and that's because I have earned good amount of money from trading and other ways

[Lavander]

It's hardware wallet of course, software wallets are much more immune to hacking and some software are scam. If you really want to take care your cryptocurrency and wanted them to be safe you can spend a couple of $ for hardware wallets such as Nano Ledger S you can consider it as a personal security investment.

[Jawhead999]

Apart from hardware wallets, you can use several software wallets that are completely safe and widely used by everyone in crypto, such as blockchain wallets, trustwallet, myetherwallet, and coinomi, this is the safest in my opinion and according to some people who are already using it.

How you can include blockchain wallet is completely safe? Do you ever use it yourself before suggesting to other people? There's tons issue against this wallet if you check on Web wallets section

1. BLOCKCHAIN.COM STOLE MY BTC: OFFERING REWARD
2. BlockChain.com not sending Wallet ID Reminder
3. Exaggerated Fee on blockchain ($134)
4. blockchain.com - new scam - holding bitcoins for 7 days
5. Blockchain.com scam - lost funds

Also for coinomi there's major problem against this wallet here
1. WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

-snip-

When I entered crypto space I can't even buy 50$ worth of anything, brother 50-100$ isn't a small amount of money for many people, if hardware wallet is cheap everyone would prefer to use them but today software wallets have millions of users, I was able to afford a ledger wallet after 5years of crypto hustling and that's because I have earned good amount of money from trading and other ways

True, if you're from third world countries then I would say $50 is not cheap at all. If you only invest in small amount money better to use web wallet (e.g. electrum (for bitcoin), myetherwallet, or trust wallet)

IMO this thread should be moved to Beginner & Help or Trading discussion section (on lower left this page).

[Blitzboy]

In my opinion, Users are the ones have all the power while holding cryptocurrency. Although you can have the strongest wallet on this planet, you will lose your money if you are a careless person who does not have responsibility with his money. Though, If I have to choose, I will choose hardware wallet. They are safer to me than others.

[Kong Hey Pakboy]

Cost of a hardware wallet is not too huge, because its actually under 100 dollars for now maybe in future it will get cheaper due to mass production. If you still looking for a software wallet which is open source then lot of choice available as well.

If you are having lot of altcoins then consider buying a hardware wallet which also can be connected with meta mask for easy access to your funds.

When I entered crypto space I can't even buy 50$ worth of anything, brother 50-100$ isn't a small amount of money for many people, if hardware wallet is cheap everyone would prefer to use them but today software wallets have millions of users, I was able to afford a ledger wallet after 5years of crypto hustling and that's because I have earned good amount of money from trading and other ways

Same here. Many people that I knew who are also into cryptocurrency is suggesting me to buy a hardware wallet to store all of my cryptocurrencies, but the problem is I couldn't afford a single hardware wallet at that time because I am still new in cryptocurrency; that is why I only keep all of my cryptocurrencies in an online wallet. But when I started earning $50+ a week in crypto trading, I started to buy my own hardware wallet because many people say it is much safer than online or mobile wallets.

[sangkler11]

I think no software wallet is really safe, because anything can happen.
Using a hardware wallet is highly recommended, But many people choose software wallets because they are free to use.
If you can't buy a hardware wallet, software wallet or other free wallet can be used alternative, but still be careful when surfing/browsing in internet because there are lots of phishing link that can cause your wallet to be stolen.

[jacafbiz]

What I have observed with all these wallet debate is that none is absolutely secured, they have advantages over each other, look at the recent ledger debacle, this is even worse than wallet hack. The best thing now is to run your own node, which I think is expensive but as your portfolio grows this could be the solution

[Hobo66]

You need a decentralized wallet to store cryptocurrency. Then they are software wallet or hardware wallet. There is a high risk of fund theft from software wallet. But in the near future, new people are coming into the crypto field. Then they can't take Hardware wallet, because considering its use and its cost, then softwar wallet is a great options for it. What do you think is the safest and secure wallet to store cryptocurrency?

what is wrong with hardware wallet cost? an hardware wallet hardly cost $100. and you can safely store millions of dollars worth Bitcoins and other coins in it. if you can't afford an hardware wallet that would mean you don't have much coins to store. and for small amount of coins and tokens. it's always better to use software wallets.
I even use exchange wallets for smaller amount of coins. a hardware wallet would be best if you have large number of coins (bitcoins and alts to hold for long term)

[DrBeer]

There are no perfect solutions, there are decisions you can take risks with.
Now the market has solutions for every taste.
- free open source wallets
- commercial proprietary wallets
- hardware wallets
- Online wallets on exchanges
I would divide the question into 2 vectors - solutions in which everything depends on you and you own the private key, and everyone else.
At the same time, you need to understand - owning a private key does not give you a 100% security guarantee - one visit to a phishing resource and goodbye to all assets ...
A hardware wallet is, of course, somewhat more reliable, but it is also not without drawbacks - you can google examples of hacking. Well, don't forget about social engineering, in relation to deceiving people ...
In total, there are many options, none of them gives a 100% guarantee, the choice is only yours