| Which best for long term investment? Hardware wallet or Software wallet . |
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Bitcoin_people: As a new investor I am very curious to know in which wallet my bitcoins will be safe. I am holding on to some bitcoins I bought earlier. and I was interested in buying more bitcoins later today I bought some bitcoins again with some of my money. I bought 0.0068 bitcoins from Binance exchange long ago and held them. and today again bought 0.00559 bitcoins from Xt exchange. I currently have all the money I have invested in Bitcoin. I believe that investing in Bitcoin will bring me profits in the future. Right now I have bitcoins (BTC0.0068+0.00559)=0.01239. I think if I hold Bitcoin for long term I will definitely be able to make good profit. Because I believe Bitcoin will reach $100k. And then my wallet balance will show (0.01239×$100000)=$1239 I hope. But I don't feel very comfortable keeping my money in exchange. So I want advice from seniors whether hardware wallet is better or software wallet. But if I want to buy a hardware wallet I will need money. but right now I don't have any money to buy hardware. So I suggest using a software wallet. However, I have no idea which wallet to use will provide the most security. So tell me a bit about what is a strong and security complete wallet? |
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Maus0728: I think it would be best if you made sure that the device you are going to use is malware free before installing any wallet. I mean that's a no brainer for someone who wants to store bitcoin for long term. Afterwhich, you can install electrum[1] for desktop because simply because it's lightweight, open-source and have many features that a bitcoin wallet must have (e.g., coin control, multisig, lightning network). Plus, it is beginner friendly. Just make sure to verify the signature[2] before installing the wallet on your machine to avoid installing malicious fake electrum wallet. [1] https://electrum.org/#download [2] https://bitcointalk.org/index.php?topic=5240594.0 |
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mk4: I mean, think about it — why would people spend money on a hardware wallet if a software wallet is more secure? Obviously hardware wallets are better for 99% of people. But don't take the word from me, go do some reading and learn for yourself. https://cryptosec.info/wallets https://bitcointalk.org/index.php?topic=1631151.0 |
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Charles-Tim: Quote from: Bitcoin_people on March 01, 2023, 02:50:37 AM So tell me a bit about what is a strong and security complete wallet? If you do not have money to buy a hardware wallet, you can go for wallet on airgapped device or the cheapest but still one of the safest wallet which is paper wallet, all you need is to write down your bitcoin address somewhere that would be used anytime you want to send bitcoin to the address if not using watch-only wallet with it. It is most important to backup your seed phrase. I will advice you to use electrum cold storage. You do not necessarily need watch-only wallet for it but you can have it to watch over your wallet using a device. After you set up a paper wallet on the cold storage device, you can delete it which makes it a paper wallet, or you can leave it on a cold storage device if you can spare your device for it and use it as airgapped walllet. Which means you can go for paper wallet or wallet on airgapped device. Airgapped devices are devices that their WiFi and Bluetooth components are removed from just computer with newly reinstalled OS, making use of the device at the time for wallet creation, making sure it has no connection to the internet. |
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hugeblack: Buying a hardware wallet does not mean that you are safe unless your level of awareness increases. without awareness and realizationThe best device will not protect your currencies. Therefore, as long as the amount of 0.01239 BTC is too much for you, spending $60 to buy a hardware wallet is not a big loss. But if you spend more time to learn, you can create cold stoarge for less than $10 and it will be relatively safe. These are some links to learn and then create a topic about it and we will help you[1][2][3]. Again awareness = safety. [1] https://electrum.readthedocs.io/en/latest/coldstorage.html [2] https://electrum.readthedocs.io/en/latest/tails.html [3] https://github.com/sovereignhodler/tails-cold-storage |
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