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Author Topic: Which hardware wallet to buy?  (Read 590 times)
dkbit98
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June 23, 2022, 06:19:23 PM
 #21

Would also be interesting to hear who is for and against using cold wallets and the reason why?
For start, don't use any centralized exchanges for storing and holding your coins, they should be used only for trading.
You can use some good old laptop and dedicate it only for usage of Bitcoin and crypto related, installing wallet, etc, that is good second step.
After that you can think about hardware wallets, but I would only suggest open source and reliable devices.
Best for your case is Trezor (use it with pasdsphrase), Bitbox or Keystone hardware wallet.

Will these all be ok to store on Ledge S plus?
Purchasing hardware wallet for storing shitcoins is like you are using a vault to store bunch of bananas  Tongue
I would never suggest ledger devices to anyone, they have closed source firmware, lot of issues with their firmare, display, and model X with batteries.
Ledger also have a habit of discontinuing their products a lot, and stop supporting them after few years.

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JamesDaniel90
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June 23, 2022, 06:33:17 PM
 #22

Would also be interesting to hear who is for and against using cold wallets and the reason why?
For start, don't use any centralized exchanges for storing and holding your coins, they should be used only for trading.
You can use some good old laptop and dedicate it only for usage of Bitcoin and crypto related, installing wallet, etc, that is good second step.
After that you can think about hardware wallets, but I would only suggest open source and reliable devices.
Best for your case is Trezor (use it with pasdsphrase), Bitbox or Keystone hardware wallet.

Will these all be ok to store on Ledge S plus?
Purchasing hardware wallet for storing shitcoins is like you are using a vault to store bunch of bananas  Tongue
I would never suggest ledger devices to anyone, they have closed source firmware, lot of issues with their firmare, display, and model X with batteries.
Ledger also have a habit of discontinuing their products a lot, and stop supporting them after few years.

First person I have seen who is against ledger, interesting.

I am a beginner and don’t want anything too complicated that is all I ask. Just somewhere I can store the crypto I purchase safely.
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June 23, 2022, 06:39:35 PM
 #23

By Cold wallet, I guess you mean hardware wallet. Am I Right?
Note that a cold wallet doesn't necessarily have to be a hardware wallet. Any wallet created on an air-gapped device is also considered as a cold wallet.

If you want to to buy a hardware wallet, I recommend you to go for an open-source hardware wallet. Trezor is the most popular one.
I think the topic created by dkbit98 should be helpful to you.
[ LIST] Open Source Hardware Wallets

Yes hardware wallet , like I said above I am new to all this  Grin
Being new to all this is normal. If you are interested in questions regarding hardware wallets, then I strongly recommend that you at least periodically look at this section - https://bitcointalk.org/index.php?board=261.0. Here you will find answers to most of your questions without having to create separate topics and posts. The same issues have been discussed over and over again.

How likely is it that Coinbase could get into trouble one day?
It can happen at any moment and you need to be mentally prepared for it. Better yet, prepare financially and withdraw all your crypto from there as soon as possible.

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June 23, 2022, 07:03:18 PM
 #24

Good to see you care about your assets. Storing your crypto on a centralized exchange or custodial wallet is highly risky. I have been using Ledger Nano X for Storing my cryptos. I haven't found any issue yet and it's user-friendly to use. I haven't used Trezor so no idea how it has been working. You may choose any from Ledger or Trezor. Both are the most popular on the market right now.

Remember, buying hardware wallets doesn't mean your crypto is safe unless you secure your seed phrase. It's more important than buying a device. Lossing or compromising your seed phrase means potentially you lost your assets, no matter which wallets you have been using. Write your seed on multiple pieces of paper and keep it in safe places. So you will have multiple backups. Also, maintain a handwritten note book to secure your wallet credentials.

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June 23, 2022, 07:08:25 PM
 #25

I am leaning towards the Nano S plus but was just thinking I have a Chromebook , am I able to connect the ledger to this or does it have to be a different kind of laptop?
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June 24, 2022, 08:40:41 AM
 #26

I have an Iphone and have read the Ledger Nano S only supports Android so looks like I will need the Nano X?

I also am invested in 10 different crypto not just 1 or 2, does that also mean I need the Nano X?
Then Ledger Nano S won't be an option for you. Most of us owners of Nano S are just accessing it through PC/Laptop via Ledger live and that update of connecting it to an android phone was likely their most recent update for an S version.

For the Nano X, it got some issues that have been found and I don't know if they're already fix. Still do some research towards it before buying.

I am leaning towards the Nano S plus but was just thinking I have a Chromebook , am I able to connect the ledger to this or does it have to be a different kind of laptop?
As long as it has a USB port then you can connect the S there and also you need to download Ledger Live on the Chromebook or any device(desktop/laptop) you use.




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June 24, 2022, 12:04:52 PM
 #27

Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
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June 24, 2022, 12:30:49 PM
Last edit: June 24, 2022, 03:35:07 PM by DdmrDdmr
 #28

Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
If you plan to connect it to a Chromebook as you stated in a prior post, you won’t be able to exploit it through Ledger Live. Checkout the requirements here.

<…>
Im not really familiar with most of those coins/tokens on your list (except for bitcoin essentially), but I tried all 10 and got 9 hits. The only one that is that didn’t show is an ERC-20 token, and can therefore be safeguarded with Ledger, although Ledger Live may not show it (see this reddit thread).

<…> Strange you are not familiar with my cryptos mentioned, most are in the top 50  Grin
Gone off alts long(ish) ago. Check the list in a year or two, and see if their ranking in the top 50 still stands ...

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June 24, 2022, 03:04:50 PM
 #29

Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
If you plan to connect it to a Chromebook as you stated in a prior post, you won’t be able to exploit it through Ledger Live. Checkout the requirements here.

<…>
Im not really familiar with most of those coins/tokens on your list (except for bitcoin essentially), but I tried all 10 and got 9 hits. The only one that is that didn’t show is an ERC-20 token, and can therefore be safeguarded with Ledger, although Ledger Live may not show it (see this reddit thread).

We have a macbook also so will just connect the ledger to there.

Strange you are not familiar with my cryptos mentioned, most are in the top 50  Grin
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June 24, 2022, 03:30:15 PM
 #30

Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
You have the right to choose the device that you like, but keep in mind, in the case of Ledger Nano S Plus, it will be better if you provide as little personal data as possible when buying. Ledger has repeatedly been involved in incidents with the theft of personal information about its users. Ideally, pay for the purchase of the device with a dollar, indicating the fictitious details of the buyer and, instead of the real address, indicate the post office or other place from where you can pick up the package. This is the case if you buy on the official website. By the way, don't forget about resellers, from which, in principle, you can buy for cash, which will be better if points of sale are within your reach.

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June 24, 2022, 05:58:56 PM
Last edit: June 25, 2022, 07:33:15 PM by ShowOff
 #31

-snip-
Edit: Sorry, I misunderstood something. So I had to delete it so it wouldn't be confusing.

Cold wallets are a great option for storing your bitcoins because they are not actually connected to the internet. A higher level of security than a hot wallet is one of the advantages of a cold wallet itself. Cold wallet have also been adopted by most of the exchanges to secure investors' funds, but keeping them on the exchange is not a good solution either. Have your own cold wallet and that is the best advice, but make sure you choose a really secure wallet as most people recommend based on user experience. Trezor, Ledger Nano S and Ledger Nano X KeepKey are some of the options. So adjust your needs and funds.



Therefore, I think you should rephrase your reply so that there is no confusion.
Done, thanks.

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June 24, 2022, 07:10:25 PM
 #32

I am here according to my needs with Ledger Nano X hardware to store my assets in the future of course from all the widely available device wallets you have to do some research to get started, and better see from sharing sources like Youtube how the advantages and disadvantages so that you know which one to choose according to your own needs because of course everyone has their own opinion.

Each hardware wallet has its own advantages, I've seen the reviews of all of them but in the end I prefer the Ledger Nano X until now it's comfortable for me, so so far there haven't been any problems.

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June 24, 2022, 07:25:00 PM
 #33

Would also be interesting to hear who is for and against using cold wallets and the reason why?
My reasoning is the same as most others, cold wallet is not a safe wallet for your investment in the long term. While you can trust an exchange that you think has a very good reputation, you don't have to be 100% entrusting all your money to someone else. This is an important point that you must remember, not your keys then not your assets.

Have a hardware wallet instead, but make sure you actually buy a wallet that fits your needs. This means the wallet must support the assets you currently have on the exchange.

I think you got something wrong here. What is your definition of the term "cold wallet"? What do crypto exchanges have to do with it?

Putting it simply, the term "cold wallet" is used to describe cryptocurrency wallets that don't use the Internet connection. As such, some hardware wallets are often considered cold storage solutions.
Therefore, I think you should rephrase your reply so that there is no confusion.

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June 24, 2022, 07:30:24 PM
 #34

If the assets owned by the OP are all in bitcoin, then I believe electrum is also a good choice in addition to its need to have a hardware wallet. It's just that I prefer to suggest creating an electrum wallet without an internet connection and keeping all the seeds and private keys safe regardless of whether it's creating them into multiple parts or storing them in multiple places.

I probably wouldn't agree if the OP kept his bitcoins (assets) on a centralized exchange long term. The risk is too great and we have seen the fact that many exchanges have been hacked before even if the exchange has a good reputation. Binance is an example, they too have been hacked. So there is no good reason to trade them all our crypto in the long term except for trading needs.

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June 24, 2022, 08:31:37 PM
 #35

So I have 90% of my crypto on coinbase - for a beginner like myself how easy/difficult is it to transfer everything from coinbase to the ledger Nano S plus?

I have just watched a few videos briefly and it doesnt look as straight forward as I hoped it would be.
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June 25, 2022, 02:09:27 PM
 #36

I have a question, if I was to move my crypto off of Coinbase and onto a hardware wallet - what if the price of a crypto I hold shoots up and I want to cash out profits?

How easy is it to trade when your crypto is not on an exchange but in a wallet of some kind?
It depends on a few things... With Trezor Suite, you can directly sell your cryptocurrencies [a step shorter], but it's mostly available to users from European countries:


First person I have seen who is against ledger, interesting.
He/she isn't the only one! Back in the day, they were a somewhat reliable brand but everything they've produced in the past couple of years has been nothing but trash.
- Since you're leaning towards the plus version, I'd suggest reading the last three pages of "this" thread to familiarize yourself with some of its issues.

I have just watched a few videos briefly and it doesnt look as straight forward as I hoped it would be.
Which part is harder for you?

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June 26, 2022, 11:59:15 PM
Merited by dkbit98 (1)
 #37

Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
I would like to recommend against Ledger products in general.
We've got a few threads, such as:

Ledger Live Liars Data Collection
Why I wouldn't buy Ledger Nano S ever again?
Ledger Nano X - Black box 2022
Ledger Nano X Battery Pandemic

So between terrible data handling and privacy practices, bottom-of-the-barrel hardware quality as well as closed-source firmware and hardware, I see no reason for using such a device or giving this company any of my personal information (e-mail address or even personal address for shipping).

I don't recommend a specific product, but rather recommend to do your own research, for example having a look at:
Open Source Hardware Wallets
AirGapped Hardware Wallets
WalletScrutiny reproducible open-source hardware wallets

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June 27, 2022, 06:59:51 AM
 #38

So I have 90% of my crypto on coinbase - for a beginner like myself how easy/difficult is it to transfer everything from coinbase to the ledger Nano S plus?

I have just watched a few videos briefly and it doesnt look as straight forward as I hoped it would be.
Ledger Nano S plus is merely an electronic device with which to conveniently and securely sign transactions in different blockchains. I mean, its functionality is very limited; it boils down to showing you some information on a small display that you can verify without having to be connected to an online server or even to a personal computer. It is a stand-alone device with a single purpose, but it also needs some GUI  installed either on a PC or mobile so that users can manage a device by creating receive addresses, managing accounts, controlling coins, creating unsigned transactions, etc. In order to withdraw from your Coinbase account, you first need to set up your wallet (hardware wallet + GUI) to be able to generate receive address. Once you have done that, you are ready to make a withdrawal request from your Coinbase account. Also, make sure that you back up all information (such as seed phrase) to be able to restore access to your funds in the future should something unfortunate occurs with your signing device.

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June 27, 2022, 09:29:58 AM
Last edit: June 28, 2022, 08:48:15 AM by Pmalek
Merited by NeuroticFish (2), SFR10 (1), Falconer (1)
 #39

If the assets owned by the OP are all in bitcoin, then I believe electrum is also a good choice in addition to its need to have a hardware wallet.
It's not all in Bitcoin. He posted a list previously. He owns Bitcoin and 9 other altcoins.


Since you are considering buying the new Ledger HW, I feel I should mention a few things.

Ledger together with Trezor are two of the most popular hardware wallet brands and they have sold millions of devices. I have been using a Ledger Nano S for years and have no problem with it. Ledger is closed-source though. They have suffered a hacking incident where private data from their customers were leaked and posted publicly. I am talking about names, addresses, phone numbers, etc. Private keys and seeds are not vulnerable. A lot of people lost their trust in Ledger because of this and the way they handled the entire situation. Take note though that Trezor also suffered a similar customer data leak, but on a smaller scale.

Now a little bit about their hardware wallets.

Nano S
A good and reliable little device that gets the job done. No batteries or Bluetooth and only supports USB connection.
It's biggest problem is the small internal memory. Right now, you can only have two crypto apps installed at the same time. This does not mean that you can't store the same coins and tokens as on the Nano X and Nano S+ because you can. But you will be required to uninstall and install the apps each time you want to interact with that particular coin. This is a process that takes 20-30 seconds.

Nano X
Works wirelessly via Bluetooth but can also be connected with a USB cable. Personally, the Bluetooth feature is a big turn off for me. This device has a bigger screen and more memory. It can hold up to 100 coins at the same time, so the installing/uninstalling you would have to do with the Nano S, isn't needed on Nano X.

Unfortunately, the new generations of the Nano X have several problems. Most notably are the issues with the batteries. It goes as far as getting a product you can't even charge or use at all.

Nano S Plus
Nano S Plus is a Nano S on steroids. Bigger screen, more memory in a similar package. The biggest problem with this one is that they were too hasty to release it. Because of that, it lacks (lacked) support for several assets. The same ones that work on the older devices. I am not sure at what stage they are in resolving those issues.
 
My favorite is still the Nano S. If it hadn't been for the security incident with customer data, I would still recommend buying it. But it's not only that. The Nano S is getting discontinued. It's no longer manufactured and they might drop support for it entirely in a few years. We don't know that. I would never buy the Nano X and I am uncertain about the Nano S Plus. The older generations of the Nano X were OK (battery-wise).  

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June 27, 2022, 11:59:30 AM
 #40

So now reading a lot of negativity about ledger I am confused and unsure.

As mentioned, I am a beginner having only started investing in crypto February this year.

I would just like a device I can store my crypto on with as least hassle as possible - Ideally paying no more then £100 for it.

Any advice welcome, thanks
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