Is a hardware wallet really worth it?

[excro]

Hello all, I've been thinking of buying a hardware wallet to store my Bitcoin in (ColdCard), but I'm not sure if it's really worth it.

First of all, what are the advantages of using a hardware wallet, and is it really worth it?
I know security is one of them, but other than that, is there anything else?

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

Regards, excro  

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[Upgrade00]

Wallets are guaged majorly by how safely their can help you store your wallets, then some other secondary benefits are how seamless they are, and other modifications you can make like coin control, fee management etc.
However, the major feature of of a wallet is how secure it is. Hardware wallets are a good choice because;

• They are offline - Hardware wallets are the ideal cold storage as they are not directly connected to the internet and one can store their funds there without the risk of getting hacked while browsing through the internet,
• They are non custodian - Your keys, your coin and with hardware wallets you own your funds,

P.S; you have to research on which hardware wallet to use and also how to safely use it, as its security depends on the safe usage.

[bitmover]

First of all, what are the advantages of using a hardware wallet, and is it really worth it?
I know security is one of them, but other than that, is there anything else?

Yes, they are worth.

Since you are a newbie in this forum and you are asking this question, you probably aren't a person who has a deep knowledge in cyber security.

Hardware wallets are very convenient and easy to use. They are very good options for newbies, as anyone can just read 30min about them and do everything that you need to be safe.

If you try to use a paper wallet or an offline computer you will need to study a lot more. Setting your own offline environment can be very tricky for newbies and advanced users, and a small mistake can be fatal and you may lose all your funds.

I strongly recommend that all newcomers buy a hardware wallet if they want to invest more than $ 1000.00 in cryptocurrency. You will not be hacked and your funds will be safe.

There is one other advantage: they are very convenient  and fast to use. you can carry them around if you need. You can lose the device and your funds won't be at risky, for example. You can transfer funds easily and smoothly.

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

I don't think it is the best option.
There 2 very good hardware wallets in the market, and they are Trezor and Ledger. They are both very tested, there were never big problems with them (as far as I know), and you won't lose money using any of them.

They are pretty cheap, and are worth the investment.

[DaveF]

For the most part say 99% yes.
But, the question is how much BTC? And how technical are you? And what are you looking to do with the BTC?

If you are never going to hold more then $50 of coin and it's just 'passing through' as you spend it then spending $100+ on a hardware wallet is not worth it.
Your largest loss can only be $50.

I made a thread about it a couple of years ago that can give you and others some things to think about:

https://bitcointalk.org/index.php?topic=5205304.


-Dave

[Yogee]

... but I'm not sure if it's really worth it.

Why are you doubting? Do you find the price expensive? You can still choose free wallet like electrum if that is the case.

...I know security is one of them, but other than that, is there anything else?

It is the main point of storing in a hardware wallet. I'm not sure why you are still looking for other reasons.

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

It's open source and air-gap so it looks good.

[excro]

~snip

So if I understand, when I have my hardware wallet, I actually am my own bank, I'm not relying on any wallet site/app?
That's actually amazing  

[hatshepsut93]

There's really only two ways to use Bitcoin - cold storage or hardware wallet. Anything else should be reserved for small amounts because of the risks of malware, hacks, robberies and so on. Hardware wallets are simpler to use, but cold storage are not exactly rocket science, there are lots of good guides that describe how to set it up step by step. I prefer cold storage because it has a little bit less trust involved and you can get one for free if you have an old PC that you never use, while hardware wallet costs around $100.

[excro]

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

It's open source and air-gap so it looks good.

I'm sorry, what does air-gap mean?

[bL4nkcode]

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

It's open source and air-gap so it looks good.

I'm sorry, what does air-gap mean?

A computer/device that is clean, out of malware and never touch the internet since then. You can google some instructions on how to make, how to send bitcoin using air gapped device. Here's one of the youtube videos on how to do them using electrum https://youtu.be/wPzbUIZrPn0

[fiulpro]

Hello all, I've been thinking of buying a hardware wallet to store my Bitcoin in (ColdCard), but I'm not sure if it's really worth it.

First of all, what are the advantages of using a hardware wallet, and is it really worth it?
I know security is one of them, but other than that, is there anything else?

And finally, Is the ColdCard a good choice? I'm looking to store Bitcoin only.

Regards, excro  

I do think that you have to understand that investing in a hardware wallet is only logical when you are actually investing loads in Bitcoins, if you just go forth and invest only a little amount which is bit even more than the wallet itself then you can very easily use a good wallet, offline wallet would work fine and at the same time I always recommend going for the local ones, because on then you can exchange and trade.

Then again if your sole purpose is keeping them for a long time, then go for it but if you do want to trade then you have to understand that it's better to do on an exchange+ wallet.

Best of luck 🤞 make a wise choice.

[tippytoes]

There's really only two ways to use Bitcoin - cold storage or hardware wallet. Anything else should be reserved for small amounts because of the risks of malware, hacks, robberies and so on. Hardware wallets are simpler to use, but cold storage are not exactly rocket science, there are lots of good guides that describe how to set it up step by step. I prefer cold storage because it has a little bit less trust involved and you can get one for free if you have an old PC that you never use, while hardware wallet costs around $100.

And if I may add, acquiring hardware wallet is worth it if you really have significant amount of funds to regularly store but if not, cold storage may be a good option. Before acquiring hardware wallet, assess first the pros and cons from your side because you may achieve the same purposes you want by just availing what is already available at your home.

[excro]

~snip

I'm more of a hodler myself, and I plan on holding quite a lot of funds on there, so a hardware wallet would definitely be worth it then. Thank you for your helpful response!

[Imran232]

...........

It is much more worthy than your centralized wallet. First of all how much cost of a wallet its maybe $50-$300. Not a huge amount. Just think you have $100k now what you need obviously security. So how you get security obviously if only you have the control of your account.  So how only you get control of your account?  If none of the people or company has authority to see or access ability to your account. So how is it possible?  If it is decentralized. So where we get this decentralized obviously in hardware wallet. Only you have the control. But in centralized wallet the company has the control of your account. So now you decided is it worthy or not?

[Upgrade00]

I'm more of a hodler myself, and I plan on holding quite a lot of funds on there, so a hardware wallet would definitely be worth it then.

If you plan on holding large funds, you should use multiple addresses to store them rather than keeping it all in a single address. For privacy reasons you can also use multiple keys. However start from the basics, so you don't get an overload of information.

If it is decentralized. So where we get this decentralized obviously in hardware wallet. Only you have the control. But in centralized wallet the company has the control of your account. So now you decided is it worthy or not?

There are a couple other decentralized wallets which are not hardwares, but gives you full control of your funds.

[Imran232]

...........

There are a couple other decentralized wallets which are not hardwares, but gives you full control of your funds.

Yeah i know sir. And that is called web wallet. Which is online based wallet. And that is also secured too because that are decentralize too. But he wants to know about hardware wallet sir. If he wants to know about online decentralized wallet. Then i might tell him about those wallet. And i might give him some best online wallet as a suggestion. Well not from mine point of view what market says that which wallet are best. And i just give him an example by saying hardware wallet. I think soo. Thank you for knowing my opinion. Because when legendary people reply my post i just glad on him. And you did it today. Thanks sir.

[swiftxi]

Depends on your needs, online services offer a range of reliable wallets.If you move a lot , travel , possibly a hard wallet isnt for you.If you have a solid place that you never leave, it could be good for you.
I personally dont want a hardware wallet , its much easyer to remember an email and password.

[swiftxi]

I'm more of a hodler myself, and I plan on holding quite a lot of funds on there, so a hardware wallet would definitely be worth it then.

If you plan on holding large funds, you should use multiple addresses to store them rather than keeping it all in a single address. For privacy reasons you can also use multiple keys. However start from the basics, so you don't get an overload of information.

If it is decentralized. So where we get this decentralized obviously in hardware wallet. Only you have the control. But in centralized wallet the company has the control of your account. So now you decided is it worthy or not?

There are a couple other decentralized wallets which are not hardwares, but gives you full control of your funds.

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

[excro]

Yeah i know sir. And that is called web wallet. Which is online based wallet. And that is also secured too because that are decentralize too. ~snip

Did you just say web wallets are decentralized? Man, get out of here.

Who do you think created those online wallets? Of course, people. Web wallets are NOT decentralized, the owners could lock you out of your wallet at any time. Be careful not to spread misinformation please.

[Charles-Tim]

I strongly recommend that all newcomers buy a hardware wallet if they want to invest more than $ 1000.00 in cryptocurrency. You will not be hacked and your funds will be safe.

I too will recommend this because hardware wallet seed phrase and private key are stored offline, they are resistant to malware, but people should still be mindful of clipboard malware, I have also read in few sites about QR code malware. Both malware will still be able to to change recipient's address to a hacker's address even while making transaction on hardware wallet which an lead to bitcoin to be sent to a hacker's address. Regardless of it being a hardware wallet, people should make sure their computer is not having malware and maintain safety, also checking and re-checking the recipient's address is very important so to know if there is any change of address. @excro, this quote is for you as bitmover already knows what I am posting about.

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

Blockchain.com is a web wallet, the most vulnerable wallet type are web wallets, hardware wallets like Trezor and Ledger Nano are safer and are worth buying.

Edit: You are using exchanges for coin storage, not you key not your coin, do not use any exchange to store your coins. I meant blockchain.com wallet is a web wallet. Also Exodus wallet is not recommended. Even if you will have to use online wallet, Electrum is recommended.

[sunsilk]

This is good advice. I use blockchain.com , Exodus software wallet, Several exchanges.

Do you mean to say that you're using these wallets for your safe keeping? you better stop doing that. You don't keep your coins in exchanges if the idea is all about keeping them for the long term. In blockchain.com wallet, there are users that have reported about that glitch that happened to them.

@OP, it's worth a shot. I've bought my old hardware wallet, the ledger brand S and until now I'm using it. Coldcard is suggested by https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware but I haven't used since it's there then probably it's also a good choice.