Which hardware wallet to buy?

[n0nce]

To be fair, I like the idea of using thermal printer, so this could be only thing I would consider using, but I don't like it's using bluetooth for communicating with device.

Keep in mind that thermal prints can degrade extremely quickly. For example (duh) by being exposed to heat, such as laminating the print or just storing it in a hot place.
You can try e.g. leaving a thermal printed receipt in your wallet for a few weeks and the writing may become illegible. It depends a lot on the paper and other factors; generally not my preferred seed storage.

[NotATether]

I have just watched a few comparison videos on the different ledgers available and I am leaning towards the Nano S plus. Yes the nano X has bluetooth but don't feel I need it.

This is my list:

Bitcoin
Quant
Algorand
Cronos
Decentraland
Gala
Polygon
Enjin
Shiba Inu
LCX


Will these all be ok to store on Ledge S plus?

I don't think so. Reliable data isn't always available on the coins supported for hardware wallets (especially in the case of tokens), so it is probably a safer bet to get the Nano X and not having to worry about some coins you use being unsupported.

[witcher_sense]

iCoin’s wallet uses a specific hardened derivation path to generate keys.  We do not check all derivation paths because the wallet is cold and not network connected.  At this time we do not allow users to choose derivation paths.

Oh good. Another wallet using a non-standard derivation path, but it won't tell you what it is. I look forward to future posts on this forum of people with seed phrases generated by this wallet who are recovering empty wallets and cannot find their coins. And no option to pay using bitcoin. Nothing says "pioneer of ... the digital economy" quite like not actually accepting any digital currencies.

It looks like they are contradicting themselves because in another section of the FAQ they claim that:

iCoin uses the BIP 39 HD standard, your 24-word seed phrase generated on the iCoin hardware wallet can regenerate your keys on any wallet that supports the BIP 39 standard.

If they use non-standard derivation paths for coins, it is highly unlikely users will find their funds after recovering into another wallet. Clearly, they are being dishonest here claiming that they "follow" standards. IMHO, following standards includes not only using standard key derivation schemes but also standard derivation paths, gap limits, coin types, etc.

In the next section, they keep telling us a lie that you somehow still can recover your wallet if you lose your iCoin:

What happens if I lose my seed phrase?

If you still have access to your iCoin Hardware Wallet and know your pin, you can go into your wallet’s settings and display or print your seed phrase.

If you have lost your seed phrase and your hardware wallet, your funds will not be able to be recovered.

If you lose your hardware wallet, you won't be able to regain access to your funds (even if a copy of the seed phrase is still in your possession). The reason is exactly the same: you will have no idea what the right derivation path is.

[Cricktor]

In the next section, they keep telling us a lie that you somehow still can recover your wallet if you lose your iCoin:

What happens if I lose my seed phrase?

If you still have access to your iCoin Hardware Wallet and know your pin, you can go into your wallet’s settings and display or print your seed phrase.

If you have lost your seed phrase and your hardware wallet, your funds will not be able to be recovered.

If you lose your hardware wallet, you won't be able to regain access to your funds (even if a copy of the seed phrase is still in your possession). The reason is exactly the same: you will have no idea what the right derivation path is.

A non-standard derivation path which is kept hidden by the device or software is a big red flag and a no-go, stay away from such shit.

If you lost your iCoin and still have the mnemonic seed words and you can still by another new iCoin, then it might work to recover your wallet. A win for the company as another shitty device is sold. I guess the marketing department had lots of "nice ideas" in the development process of such crap.

[Pmalek]

I have a strong feeling you're just shilling for that wallet.

This user's post history shows otherwise. I only took a quick look at his posts and he never mentioned this particular wallet before or after this post. I didn't find any other signs of shilling some other services or products either.

...so I asked their support team a few questions:

Those questions might be above their paygrade I am afraid. You might get a response like: of course it's open. You enter PIN, wallet is OPEN. No PIN - wallet is CLOSED. 100%. Turn on flashlight for easier PIN entry.

[DireWolfM14]

~

I agree with Cricktor, it's probably an intentional move to force people to use only the iCoin.  It wouldn't be the first time a company tried to force their customers to rely on only their product.

...so I asked their support team a few questions:

Those questions might be above their paygrade I am afraid. You might get a response like: of course it's open. You enter PIN, wallet is OPEN. No PIN - wallet is CLOSED. 100%. Turn on flashlight for easier PIN entry.

 

Lol, maybe so.  It is telling that they have yet to respond to my questions.  If I ever to get a response I'll post it here.

[dkbit98]

Keep in mind that thermal prints can degrade extremely quickly. For example (duh) by being exposed to heat, such as laminating the print or just storing it in a hot place.

Yes I know, but I like it for portability and it can be used for printing fast QR codes to receive payments.  
I would never print seed words or private keys with this and expect it to survive for years without fading, but you can see this verizon guys are doing exactly that on video I posted

If you lost your iCoin and still have the mnemonic seed words and you can still by another new iCoin, then it might work to recover your wallet. A win for the company as another shitty device is sold. I guess the marketing department had lots of "nice ideas" in the development process of such crap.

They say it's BIP HD compatible, whatever that means.
Oh but I am sure they will release iCoin version 2 device that will cost even more, and you will be forced to buy it for more security.
I found user manual on their website but it doesn't say anything about seed words backup or recovery, and it looks unfinished:
https://www.icointechnology.com/user-manual

[n0nce]

Keep in mind that thermal prints can degrade extremely quickly. For example (duh) by being exposed to heat, such as laminating the print or just storing it in a hot place.

Yes I know, but I like it for portability and it can be used for printing fast QR codes to receive payments.

Those you can generate and print from an airgapped hardware wallet's accompanying / paired watch-only software wallet though.
For instance, I can open my Bitcoin Core that I set up with Foundation Passport, generate a new receiving address and print it (thermal printer or otherwise).

As much as I love them, hardware wallets are glorified signing devices. A ton of functionality can be / is done from the wallet software.

[SFR10]

This user's post history shows otherwise. I only took a quick look at his posts and he never mentioned this particular wallet before or after this post. I didn't find any other signs of shilling some other services or products either.

You have a point, but looks can be deceiving... The user in question mentioned using the Nano S with Capital wallet and when I checked, I couldn't find a single way to connect it to "any kind" of hardware wallet!
^{- On top of that, he/she was the first user to post about that particular wallet on this forum.}

[Pmalek]

The user in question mentioned using the Nano S with Capital wallet and when I checked, I couldn't find a single way to connect it to "any kind" of hardware wallet!
^{- On top of that, he/she was the first user to post about that particular wallet on this forum.}

Everything is possible. For all we know, that might have been his first shill of the wallet and more will come in the future.
The wallet is actually more of an exchange than an app to store your coins. I searched their FAQ and the blog and you are right, there is no mention of Ledger or hardware wallets at all.

Maybe we just misunderstood what Retiicle was trying to say.

I’m using Ledger Nano S along with Capital Wallet (a hot wallet). The combination of a cold and hot wallet is always better.

Maybe all he wanted to say was that he uses Ledger to store his coins and he gets them from this Capital wallet. "Along" doesn't necessarily mean that the two services are connected and used together. Who knows.

[JamesDaniel90]

Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.

When trying to do so it says ‘The parent account balance is insufficient for network fees’.

I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?

[NotATether]

Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.

When trying to do so it says The parent account balance is insufficient for network fees.

I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?

Yeah, that's basically what the error message says. For any token that is created on someone's blockchain, you need a tiny amount of the parent blockchain's crypto (usually less than $1) to make any transaction with the crypto.

[JamesDaniel90]

Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.

When trying to do so it says The parent account balance is insufficient for network fees.

I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?

Yeah, that's basically what the error message says. For any token that is created on someone's blockchain, you need a tiny amount of the parent blockchain's crypto (usually less than $1) to make any transaction with the crypto.

Thanks. What is the easiest way of getting this small fraction of ETH I need then? Can i convert some of my Quant into Eth on ledger live or is it easier to just buy a small amount of ETH on Coinbase and transfer that to my ledger which I can store just to use to pay for fees with?

[o_e_l_e_o]

-snip-

You can do either. If you buy on Coinbase and transfer across, just be aware of whatever withdrawal fees that Coinbase may charge which might eat a good chunk of your coins, especially if you are just buying a small volume. If you swap via Ledger Live, then be aware of which third party (such as Changelly) that is processing your trade and what else they might ask from you in terms of KYC or other personal information.

Ledger Live also might not support the pair you are interested in. You can check which coins can be swapped to/from here: https://www.ledger.com/supported-crypto-assets

[JamesDaniel90]

-snip-

You can do either. If you buy on Coinbase and transfer across, just be aware of whatever withdrawal fees that Coinbase may charge which might eat a good chunk of your coins, especially if you are just buying a small volume. If you swap via Ledger Live, then be aware of which third party (such as Changelly) that is processing your trade and what else they might ask from you in terms of KYC or other personal information.

Ledger Live also might not support the pair you are interested in. You can check which coins can be swapped to/from here: https://www.ledger.com/supported-crypto-assets

Thanks - This is why I am debating if its worth trying to trade right now at 55% profit or if I should just hold longer. After a few fees here and there it doesn’t feel like it is worth it right now.

Will hold a while longer and if we continue going up I will think about it again if reach 70% profit or so.

[o_e_l_e_o]

Either way, probably better to do the ground work now so you ready to go when you do decide to send your coins/tokens back to Coinbase. Don't want to be ready to sell and then find that the Ethereum network is so clogged up that gas fees are a hundred bucks or more (which Ethereum seems to be in the habit of doing).

I have no idea what Coinbase's usually Ethereum withdrawal fees are, or they vary according to network conditions, but the gas fees at the moment seem to be low so it might be worth getting some Ethereum on to your hardware wallet now so it is ready when you need it.

[n0nce]

-snip-

You can do either.

I don't think it's actually possible.

An example: You have TRC20-USDT (USDT on Tron) and want to move it to an exchange. That requires energy which you buy with Tron.
Sure, you can sell some TRC20-USDT for TRX, but that is also a transaction and requires energy / Tron again.

So you will need to buy some of the base currency (using fiat, BTC, Ether, ...) to be able to move the coin built on top of it since that's how you pay the transaction fees, right?

If it was me who for whatever reason had these funds and nothing else, I'd probably buy Bitcoin through Robosats, then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.
It's the cheapest, safest and most convenient way I know to get Ethers.

I agree with Leo that you should make sure you have those Ethers now, such that you can move your Quant coins whenever you need, as quickly as possible.

[o_e_l_e_o]

I don't think it's actually possible.

Oh right, sure. I was assuming he would have some coin he would be able to swap for ETH, most likely BTC, since he did say earlier in this thread that he was holding several coins. But yeah, he can't swap a coin he can't actually move.

then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.

Never used that service before, but I see they only support BTC and ETH. Any similar service that would swap Lightning BTC to XMR and back again?

[Pmalek]

@JamesDaniel90
Pay attention to what is the minimum amount you have to trade on Coinbase + the withdrawal fees you will be charged. I doubt Coinbase will allow you to just trade a few dollars worth of crypto. If you have no intention to hodl ether, you are probably only looking to buy a little bit just enough to be able to make that altcoin transaction to take your profits. Instead of using Coinbase, follow n0nce's advice or just use an instant exchange. I would normally not recommend them, but for small amounts they are an option. Just make sure you have a different asset you could swap and that the exchange has the correct trading pair.

Check out BestChange for example. Also, make sure that you send the ETH to the same address where your Quant is stored and not a new one.   

[BlackHatCoiner]

Thanks - This is why I am debating if its worth trying to trade right now at 55% profit or if I should just hold longer.

It largely depends on which percentage the withdrawal and transaction fees correspond to this 55%. If you're enjoying a million dollars profit, fees are very little compared.

Any similar service that would swap Lightning BTC to XMR and back again?

FixedFloat allowed you to do the LN-BTC <--> XMR swap, but it currently only receives XMR. Perhaps it's out of liquidity. Next up, there's coinplaza, but I've never used it.