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Author Topic: My First Wallet.  (Read 621 times)
Ryu_Ar1 (OP)
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July 10, 2023, 03:16:05 PM
Last edit: July 10, 2023, 05:54:01 PM by Ryu_Ar1
Merited by BRINIRHA (2), Heisenberg_Hunter (1), ajiz138 (1)
 #1

When we invest, the initial capital to do so besides money is of course a wallet. This is now the third year (approaching year 4) that I've been using bitcoin as one of my investment tools to support my retirement in addition to some other investments in property.
There are so many wallets out there today and I've been quite happy in the last few years to use Electrum as my wallet to store my assets.
However, given the cases of people losing their assets on Electrum, even though it may have been their own negligence, I'm wary because I realise that I'm one of those people who can be very careless and still make mistakes when it comes to seed storage.
With some consideration I decided to buy a hard wallet to make me more secure and comfortable in storing my assets. A little story, previously my choice was Trezor because I saw some conditions and reviews from some of my closest friends so I chose it for the first choice and I had ordered the item several months ago.
However, because I am a worker where I have to leave in the morning and go home in the afternoon so I decided to use my wife email and number to order because she is at home every day.
I thought it would be fine and it would arrive safely because I bought directly from the official Trezor website because my initial thought was that it would be safer. But a few weeks later there was a call from my country's Customs saying that my package had been delayed and that I had to pay approximately $35 for my package to be sent immediately.
Since it was my first time making an out-of-country purchase, I ignored the call because I thought it was a scam and I didn't want to pay again after buying from the Trezor site.
But it turned out that I was wrong because precisely by ignoring that, my package was actually like a forced refund for some reason that made my money returned Cheesy I consider this foolishness for me because maybe I was wrong but I still want a Hard Wallet for my bitcoin storage.
After a lot of drama with my first choice, I finally decided to buy this Wallet last week with many considerations.





Although this wallet is not only focused on bitcoin because there are some features that I will not use and of course there are some disadvantages but I will use this wallet for storing my bitcoin assets at this time. But I will probably only use this for a while because I still want something else for my Hardware Wallet.

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July 10, 2023, 04:43:41 PM
 #2

The picture looks like S1, which is a little cheaper than what you first ordered (Trezor). But I would not consider it foolishness like you have tagged it, but I will say it's being more careful in order not to lose funds to scammers. A lot of things are happening these days, and you never can tell when they are the ones trying to manipulate your order or the real custom. Be that as it may, it all ended up that you got your funds back and you have taken note of the approach that was used to reach out to you by the custom agents.
 
Congratulations on taking a step further in ways of protecting your Bitcoin holdings.
But according to this , Safepal hardware wallet review and opinions It's said to be that Safepal's hardware wallet is closed source, which could make it not as safe as it might seem to be unless the developers behind it could no one else could be able to read and verify the code to know what they are really up to in the background.

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July 10, 2023, 04:55:30 PM
 #3

However, given the cases of people losing their assets on Electrum, even though it may have been their own negligence,
Hot wallets are prone to hacking, the people who lost their BTC's on Electrum either had it on a hot wallet and fell for the tricks of scammers or they exposed their seed phrase. If you run Electrum on an air-gapped device and you know what you are doing, then it is as secure as a hardware wallet.
I'm wary because I realise that I'm one of those people who can be very careless and still make mistakes when it comes to seed storage.
Even with your hardware wallet you have to store your seed phrase in a secure location, if you are careless or make a mistake with it, you'll still lose your funds just as you'll do with a software or hot wallet.

Safepal isn't one of the recommended hardware wallets you can get, neither is Trezor anyway, because of their implementation of wasabi CoinJoin which is pro-surveillance. Safepal is a closed soure hardware wallet and they don't support things like full node, multi-sig, coin control or other wallet software, like Electrum, i don't think it is a great idea to use a hardware wallet with this many flaws and so much more i didn't mention.

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July 10, 2023, 06:13:40 PM
 #4

When we invest, the initial capital to do so besides money is of course a wallet. This is now the third year (approaching year 4) that I've been using bitcoin as one of my investment tools to support my retirement in addition to some other investments in property.
There are so many wallets out there today and I've been quite happy in the last few years to use Electrum as my wallet to store my assets.
However, given the cases of people losing their assets on Electrum, even though it may have been their own negligence, I'm wary because I realise that I'm one of those people who can be very careless and still make mistakes when it comes to seed storage.
With some consideration I decided to buy a hard wallet to make me more secure and comfortable in storing my assets. A little story, previously my choice was Trezor because I saw some conditions and reviews from some of my closest friends so I chose it for the first choice and I had ordered the item several months ago.
However, because I am a worker where I have to leave in the morning and go home in the afternoon so I decided to use my wife email and number to order because she is at home every day.
I thought it would be fine and it would arrive safely because I bought directly from the official Trezor website because my initial thought was that it would be safer. But a few weeks later there was a call from my country's Customs saying that my package had been delayed and that I had to pay approximately $35 for my package to be sent immediately.
Since it was my first time making an out-of-country purchase, I ignored the call because I thought it was a scam and I didn't want to pay again after buying from the Trezor site.
But it turned out that I was wrong because precisely by ignoring that, my package was actually like a forced refund for some reason that made my money returned Cheesy I consider this foolishness for me because maybe I was wrong but I still want a Hard Wallet for my bitcoin storage.
After a lot of drama with my first choice, I finally decided to buy this Wallet last week with many considerations.





Although this wallet is not only focused on bitcoin because there are some features that I will not use and of course there are some disadvantages but I will use this wallet for storing my bitcoin assets at this time. But I will probably only use this for a while because I still want something else for my Hardware Wallet.

I do have Safepal S1 but never funded it until now. I still stick with the good ol' Ledger to store my Bitcoin and other important crypto assets.

But at least congrats on having your first hardware wallet which I think it's the most affordable in the market as of this time of writing.

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July 10, 2023, 06:31:28 PM
 #5

Nice option to choose from I have been planning to get one hard wallet for my Bitcoin storage Trezo wallet and if it shipping to my country won't be too high I will stick to the Trezo hardware wallet because the last time I checked the cost of shipping to my region was more than half of the price of the device on Trezo website but that was during covid lockdown and since then I haven't tried the item again to see if the process has changed.
This is a good idea to secure your retirement asset in a secured wallet other than relying on online wallets that are prone to hacks.

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July 10, 2023, 07:19:04 PM
 #6

When I've ordered a hardware wallet, customs didn't asked nor call me but it varies per country. Safepal from what I've heard has got good reviews.

So, we have different hardware wallets but that's okay because we're all having the same thoughts to keep our assets safe through storing it there.

Those folks and members of the forum that has a growing portfolio and still don't own a hardware wallet, it's now time for you guys to consider owning one.

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July 10, 2023, 07:58:15 PM
 #7

A hardware wallet is always superior to a hot wallet. Its security is nearly impenetrable because transaction confirmations must be made through the device. While I am unfamiliar with the Safepal wallet, it appears to have earned trust among lists of hardware wallets. Personally, I have been using a Ledger wallet since the start of my hardware wallet experience. Congratulations on prioritizing the safety of your funds! Just remember to store your seed phrase in a secure location.

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July 10, 2023, 08:20:55 PM
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 #8

Just mainly due to curiosity — not saying that SafePal is bad or whatever(I have no idea because I never researched it), but how did you end up picking SafePal? Knowing that the Bitcoiner hardware wallet trio is Trezor-Ledger-ColdCard.

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July 10, 2023, 08:38:06 PM
 #9

In everything you are doing one fact remains that you are trying to secure your funds which is reasonable and that is why you are being cautious with your actions. Either you have the software wallet or the hardware wallet none of it must go missing remember to keep it somewhere safe as one that didn't know of it might want to misuse it upon seeing it.

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July 10, 2023, 08:46:20 PM
 #10

I understand your regret unfortunately it often happens with parcels arriving from abroad to be stopped for customs fees.
In all honesty, I don't know much about that wallet, I've only seen it on Amazon a few times.  I am always skeptical about multicurrency wallets so for this reason I do not take it into consideration.
So if your country can be reached by these brands my choice would be Coldcard or Bitbox 02 btc only.
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July 10, 2023, 09:19:20 PM
 #11

Either you have the software wallet or the hardware wallet none of it must go missing remember to keep it somewhere safe as one that didn't know of it might want to misuse it upon seeing it.
Software wallets are not physical devices like hardware wallets, with software wallets you just have to download the wallet software on your mobile or desktop device and run it, it is hardware wallets that holds your keys in a physical device. With either of them though you have to back up your seed phrase in more than one secure location.
While I am unfamiliar with the Safepal wallet, it appears to have earned trust among lists of hardware wallets.
No, Safepal wallet hasn't earned the trust of the community, it is not a recommended hardware wallet to buy.

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July 10, 2023, 09:37:01 PM
 #12

Trezor has official resellers in multiple countries so that could be one way of avoiding import taxes if you live in one of those countries. There also have Amazon shops, although it is only in the US and some EU countries version of Amazon so you would still have to pay a fee if you're outside those regions.

Safepal is a wallet I have seen advertised a lot and have seen some YouTube videos about this wallet. It is a fully offline wallet that communicates to internet connected devices through QR codes. It is a secure wallet if you are looking to store altcoins. For Bitcoin it is still good enough but it is not as fully featured as a Trezor, Ledger, or ColdCard.

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July 10, 2023, 09:40:10 PM
 #13

The picture looks like S1, which is a little cheaper than what you first ordered (Trezor). But I would not consider it foolishness like you have tagged it, but I will say it's being more careful in order not to lose funds to scammers. A lot of things are happening these days, and you never can tell when they are the ones trying to manipulate your order or the real custom. Be that as it may, it all ended up that you got your funds back and you have taken note of the approach that was used to reach out to you by the custom agents.
 
Congratulations on taking a step further in ways of protecting your Bitcoin holdings.
But according to this , Safepal hardware wallet review and opinions It's said to be that Safepal's hardware wallet is closed source, which could make it not as safe as it might seem to be unless the developers behind it could no one else could be able to read and verify the code to know what they are really up to in the background.
According to what I know about the wallet, which is S1, which is SafePal's hardware wallet rather than Trezor, I think it would be better for the OP to use the Electrum airgap wallet rather than the SafePal hardware wallet because of a security flaw that was discovered about the wallet years ago.
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July 11, 2023, 02:54:41 AM
 #14

When we invest, the initial capital to do so besides money is of course a wallet.
Wallets are tools for you to store your coins. You can use free or paid wallets but don't think if you buy a wallet, it is better than a free wallet software. It depends on what wallet you buy or use. If you buy a bad hardware wallet, it is not better than you use a free open source non custodial wallet.

Quote
There are so many wallets out there today and I've been quite happy in the last few years to use Electrum as my wallet to store my assets.
However, given the cases of people losing their assets on Electrum, even though it may have been their own negligence, I'm wary because I realise that I'm one of those people who can be very careless and still make mistakes when it comes to seed storage.
Electrum wallet is safe and you can use the Electrum wallet as your hot wallet or your cold wallet.

People lost their coins because they are careless, it is not because quality of Electrum wallet. They can learn and use Electrum wallet with multisig or cold wallet.

Creating a multisig wallet
Creating a cold storage wallet

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July 11, 2023, 09:15:06 AM
 #15

I think it would be better for the OP to use the Electrum airgap wallet rather than the SafePal hardware wallet.
Take note that there is no "Electrum air-gapped wallet", Electrum is an online software wallet, but you can set it up as an air-gapped wallet yourself if you know what you are doing. The difference between setting up your own air-gapped wallet and buying a hardware wallet is that the former is hard for newbies to set up and use in a safe enviroment, while the latter is easier for them to use.

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July 11, 2023, 12:52:15 PM
 #16

When people feel comfortable about hardware wallets I always laugh, do you know think that you are hack proof? Don't fool yourselves, you still need to be extremely careful how you use that hardware wallet and you still need to worry about the maker themselves, hopefully they don't mess thing up through software updates and other.

If anything beats offline wallet like paper wallet I will like to know what it is, even if it's airgapped or whatever, your worries isn't the end because where you are going to keep your seed is very important, talk less about owning crypto in the public too to avoid dangerous attention.

Believe me, after a hardware wallet it's not over still, it's the beginning,  the beginning of your cautiousness.

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July 11, 2023, 01:44:45 PM
 #17

But a few weeks later there was a call from my country's Customs saying that my package had been delayed and that I had to pay approximately $35 for my package to be sent immediately.
I also bought Trezor on the official website at the beginning thinking that I would not be asked for shipping by the sender but after the goods arrived I was confirmed that I had to pay approximately $35 for this item to be sent immediately, I was forced to pay and the goods arrived at my home, but I was also surprised to have to pay a large customs fee, maybe that has become a regulation.

But strangely when I bought goods from GazetaBitcoin at a more expensive price that I bought on the Trezor site only asked for $2 to redeem it, I was a little strange how come the goods were cheaper the customs bill than the big price?

Is buying from individuals and companies different? Ah well.

But congrats on the first wallet my friend. Cheesy

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July 11, 2023, 01:51:03 PM
 #18

Hardware wallet is one of the most ideal investment because in the long run this is the most secured you have your own private keys actually this is my first time seeing that kind of wallet its seems like larger than the usual hardware wallet like the Trezor and Ledger. Well keep your keys safe duplicate as possible so you won't regret when you lose it there's coin inside of it.
Congrats with your hardware wallet!

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July 11, 2023, 01:57:24 PM
 #19

The picture looks like S1, which is a little cheaper than what you first ordered (Trezor). But I would not consider it foolishness like you have tagged it, but I will say it's being more careful in order not to lose funds to scammers. A lot of things are happening these days, and you never can tell when they are the ones trying to manipulate your order or the real custom. Be that as it may, it all ended up that you got your funds back and you have taken note of the approach that was used to reach out to you by the custom agents.
 
Congratulations on taking a step further in ways of protecting your Bitcoin holdings.
But according to this , Safepal hardware wallet review and opinions It's said to be that Safepal's hardware wallet is closed source, which could make it not as safe as it might seem to be unless the developers behind it could no one else could be able to read and verify the code to know what they are really up to in the background.
Yep, at first I thought it was a scam because honestly I've never ordered anything from overseas before except maybe from some e-commerce which usually does ship immediately but this was a little different so it was something new for me.
Thanks for the link I'll have a look at it and I do realise all forms are not as safe as they are made out to be so I'm going to start being more cautious about this and it'll probably just be a temporary wallet before I get something I think is worth it.

However, given the cases of people losing their assets on Electrum, even though it may have been their own negligence,
Hot wallets are prone to hacking, the people who lost their BTC's on Electrum either had it on a hot wallet and fell for the tricks of scammers or they exposed their seed phrase. If you run Electrum on an air-gapped device and you know what you are doing, then it is as secure as a hardware wallet.
I'm wary because I realise that I'm one of those people who can be very careless and still make mistakes when it comes to seed storage.
Even with your hardware wallet you have to store your seed phrase in a secure location, if you are careless or make a mistake with it, you'll still lose your funds just as you'll do with a software or hot wallet.

Safepal isn't one of the recommended hardware wallets you can get, neither is Trezor anyway, because of their implementation of wasabi CoinJoin which is pro-surveillance. Safepal is a closed soure hardware wallet and they don't support things like full node, multi-sig, coin control or other wallet software, like Electrum, i don't think it is a great idea to use a hardware wallet with this many flaws and so much more i didn't mention.
It's like I said, it will be fine actually because there are still many who use electrum but with my laziness, especially for electrum, which is just copying the existing seed, I am sometimes lazy to rewrite it and that is indeed one of the main problems I have.
As for this, I am a little more intentional because this must at least be written so that we do not lose our seeds.

For the condition about Safepal I will pay more attention to the suggestions of some friends and I will review first whether this can continue to be done here or not but btw thanks to the suggestions you gave I will pay attention to this.

When I've ordered a hardware wallet, customs didn't asked nor call me but it varies per country. Safepal from what I've heard has got good reviews.
I can't be sure whether the call was genuine or not but certainly after the call was from a person claiming to be a customs employee and asking for some money on the grounds of taxes etc. and I didn't serve it automatically my order seemed to be returned by force and my money was also returned because I failed to get the package I wanted.

A hardware wallet is always superior to a hot wallet. Its security is nearly impenetrable because transaction confirmations must be made through the device. While I am unfamiliar with the Safepal wallet, it appears to have earned trust among lists of hardware wallets. Personally, I have been using a Ledger wallet since the start of my hardware wallet experience. Congratulations on prioritizing the safety of your funds! Just remember to store your seed phrase in a secure location.
This is my consideration to strengthen security with a hardware wallet.
Indeed, sometimes about a product (in this case a hardware wallet) there will definitely be pros and cons when talking about satisfaction and security and trust but that can still be said to be reasonable because all have their own opinions and experiences but for now I will probably use this because this is my first hard wallet but it does not rule out the possibility of looking for a hardware wallet that can be said to be better like Ledger or some other suggestions from people who have experienced it in the future.

Just mainly due to curiosity — not saying that SafePal is bad or whatever(I have no idea because I never researched it), but how did you end up picking SafePal? Knowing that the Bitcoiner hardware wallet trio is Trezor-Ledger-ColdCard.
Actually there are several reasons because for some hard wallets such as Ledger or Trezor I still haven't found an official reseller in my country it makes me a little hesitant if I buy in some e-commerce that I see here Ledger Reseller and Trezor Reseller while Safepal already exists.
for the second reason maybe because I have failed when buying trezor before so I want to try to anticipate the same thing happening actually.
and the last one is from the actual price Cheesy My condition is not good in finance these few months but I still want a Hardwere wallet. Although I realise when the price is cheap there will definitely be some weaknesses but for now I still feel it is still good enough.

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July 11, 2023, 03:18:22 PM
 #20

Though Safepal has never open-sourced their software, they are planning to do so in the near future but the backing from Binance is one of the biggest selling point for them. On the other hand, the first wallet which you have purchased (Trezor) is completely open source including it's hardware and software which allows us to verify the code rather than trusting the makers blindly in storing our assets.

Since you are unable to find an official reseller for Trezor/Ledger in your country yet, it is always better to purchase them straight from the official website instead of trusting Amazon where the fake sellers deliver us with malicious products which can be risky for storing larger amount of funds. With regards to storing the seedphrase, one viable solution for storing them safely is to engrave them in simple metal washers and to load them onto a screw and locking them with a nut at the bottom.

@fillippone has written a great detailed thread on Securing Your Seed Phrase with Washers and it has helped really a lot of people in storing the seeds safely in a secure location. You can purchase a Blockmit Jig from cryptocloaks for $8 instead of 3D printing them on your own as well. The maximum cost for creating such a secure way of seed storing would cost no more than $25 for you and probably you can reuse the Jigs and Metal stamps for recreating your seeds indefinitely.
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