Does Price Determine Security?

[SmartGold01]

Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?

Wallet is wallet, be it HW or not the security of your wallet definitely comes from our end if you can't control and secure your HW very well then you can still lost your funds. For wallet with keys phrase and private keys are often being controlled by the end user which is you that holds the keys saved in private and secret place where only you have the access to copy or to use it.

Sometimes what we think are original and expensive are mostly easier to have fault and get damaged so in my opinion, if you get a HW and you didn't protects it carefully there is every tendency the entire HW could get stolen and you know what that means to you, this simply shows that your coin are gone.

What I derived mostly from some post over here in this forum, is for you to first secure your wallet that should be your first priority despite having all forms of wallet but if not properly taken care of there are still chances for you to misplace your funds. 

[Cryptomultiplier]

If I should understand you clearly, I would rephrase your words to be, will my coins be more secured if I use a more expensive hardware wallet?

If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.

[drwhobox]

The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.

[initim]

Some schools of thought will say that Bitcoin's security is determined by the higher the cost, the more secure. I do not agree with the school of thought totally but Before buying a hardware wallet to keep huge amounts in it for a long time transaction, it is very good to check the vulnerability.its good to play safe

[Fiatless]

The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.

The price of a wallet might not determine how secure it will be. It is like assuming that because you bought an expensive car, it is safe from accident or theft. The user of such a wallet has the responsibility of ensuring that he abides by the safety rules of the wallet. It is also possible that the manufacturer of a reliable hardware wallet might be doing promotional or discounted sales which could lead to buying a good wallet at a cheap or discounted price.

It is generally believed that expensive items or reliable manufacturers are the sure ways of identifying a good product but that might not be the case at all times. It is also good to follow up on information about the wallet you use because these wallet developers can come up with an unreliable update or change their terms of service. An example is the new Ledger Recover seed phrase recovery service option by Ledger Wallet.

[ItsCrafty]

If I should understand you clearly, I would rephrase your words to be, will my coins be more secured if I use a more expensive hardware wallet?

If it depends on the expensive cost of acquiring a hardware wallet to get a guarantee of security, I wouldn't think twice if I can afford irrespective of the cost.
The more cheaper plans or hardware wallet can do good too, if you can remember to always adhere to keeping your keys safe and taking into cognisance other security protocols.

I respect your opinion in this matter. Price alone does not determine the security of your assets. Security is a multifaceted concept influenced by various factors. While a higher price may indicate the value or perceived value of an asset, it does not guarantee its security. Asset security depends on factors such as the underlying technology, encryption protocols, regulatory compliance, access controls, , and the overall robustness of the system protecting the asset. Additionally, external factors like market conditions, economic stability, geopolitical events, and technological advancements can impact asset security. It is crucial to consider a comprehensive approach that encompasses both the intrinsic qualities of an asset and the broader context in which it operates to assess its security.

[Ale88]

"Not your keys, not your coins" is what we would say. Take your bitcoins off exchanges so you can sleep peacefully at night. I know about software wallets like Electrum, but this is not about them; it's about hardware wallets, assuming they are my preference.

Does the price(how much it costs) of a Bitcoin hardware wallet determine how secure your bitcoins will be when you use them? Or, rather, as the main factor of being opened source, does the price to determine the security of my bitcoins when using a hardware wallet?

I am not sure I would ever buy a $5 hardware wallet, so in a certain way the price plays a role. Anyway if you take a closer look many hardware wallet work in a very similar way, oftentimes some are more expensive than others just because they spend more money in advertisements and marketing, so somehow they need to get that money back, and how do they do that? Increasing the prices of course.

[Z-tight]

Most times the security of our wallets lays in our hands there are some things we needs to avoid, and secondly the price of the wallet doesn't determines the security of your wallet rather how secure you yourself is because, when your device is being compromised you don't expect your funds to be secure.. You need to take some precaution for you to last long with your wallet.

Your operational security would count for nothing if you buy a fake hardware wallet that has a malicious code in it to steal funds once it is deposited, that's because funds would be immediately moved into the scammers address once you deposit into it, so the security of funds starts with the wallet you use or buy. I believe that's why op has asked this question, the price of the hardware wallet may not be a good way to be certain of how secure it is, so it is better to research about the manufacturers and check if it is recommended by the community before using it.

[Kakmakr]

You can secure your coins with a free "Paper wallet" with almost better security, IF you know how to do it securely. (Air-gapped computer) ....so it is not even necessary to buy expensive hardware wallets.

It just depends on your needs and how regularly you use your coins. Hardware wallets are convenient for people who wants to regularly use their coins, with very good security. (Trezor and Ledger are your best bet) 

[Blitzboy]

The cost of your bitcoin wallet does give you peace of mind. As we all know popular hardware wallets are often too pricey compared to a unknown or less popular company. It is always the fact that if you want best, you have to pay best.

The price of a wallet might not determine how secure it will be. It is like assuming that because you bought an expensive car, it is safe from accident or theft. The user of such a wallet has the responsibility of ensuring that he abides by the safety rules of the wallet. It is also possible that the manufacturer of a reliable hardware wallet might be doing promotional or discounted sales which could lead to buying a good wallet at a cheap or discounted price.

It is generally believed that expensive items or reliable manufacturers are the sure ways of identifying a good product but that might not be the case at all times. It is also good to follow up on information about the wallet you use because these wallet developers can come up with an unreliable update or change their terms of service. An example is the new Ledger Recover seed phrase recovery service option by Ledger Wallet.

Expensive doesnt necessarily equate to more secure, and we cannot overemphasize this enough. Responsibility, as you correctly pointed out, lies with the user to enforce wallet safety. However, the influence of the manufacturer cannot be discounted. Wallets produced by reliable and reputable manufacturers often come with layers of security that provide a certain level of assurance.

Nevertheless, vigilance must be upheld in every aspect, including software updates and alterations to the terms of service. Ledger' recent seed phrase recovery option, for instance, might require a closer look for potential vulnerabilities.

Bitcoin, being the gold standard of cryptocurrencies, deserves nothing less than the highest security measures. Ensuring the robustness of wallet security, regardless of the price, is integral to sustaining Bitcoin' value and integrity.

[yhiaali3]

The price of the wallet has nothing to do with security, the high cost of hardware wallets does not make bitcoin safer, what is important is trust so people are looking for popular wallets that have a great deal of trust.

It is not important that the wallet be more expensive in order to be more secure, but this is a psychological state in people where they always believe that the most expensive things are the best, but in my opinion this is not necessary.

Take the Ledger wallet, for example. It was the most expensive and favorite of everyone until recently, as everyone thought it was the best, but negative news about privacy and security began to appear, and Ledger's popularity declined.