The more I think about this the more I want to ask

[Pmalek]

Your sibling's friend isn't wrong. The saying could apply. I personally think it's not a bad idea to divide your bitcoin stash among multiple quality and well-reviewed hardware wallets. I use more than one myself. It does require more physical backups of seed words, though, so keep that in mind.

You can combine multiple setups if you want. You don't have to stick to just one. For example, you can use a software (hot wallet) for daily spending, one hardware wallet for a slightly bigger share, another one (or the same) with a passphrase that protects even more BTC, and finally a multisig setup for your biggest stash or even an airgapped computer.

[AVE5]

Let's assume you recommended the best wallet for him with the said amount of 1 bitcoin to be stored in the wallet because we always have to consider best securities to keep out funds safe first. Perhaps that's better for him of he's to undergo a long term investment.

He then asked if he could store 1 BTC in the wallet, to which I responded, "Why not?" His next question caught me off guard: "What about the saying, 'Don't put all your eggs in one basket'?"

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

The misconception here's that that phrase "don't put your egg in one basket" signifies that " you should not channel all your expectations such as source of income in just one place". Which is where the need to diversify your incomes was originated from.
The crypto market is highily volatile so holding such amount of funds in just one source with no other sources can be weird when the market condition hasn't been encouraging for a long time because you might be at need of funds and you selling at the odd time might be at lost to you but when you diversify, you can, if bitcoin market doesn't seem favourable in the moment, some other potential coins you invested on might be of good posture to you and while you splits your assets, you're giving you're expatiating your Incomes to make profits from different sources.
You can't look up to other security lines when you've found an authentic one to say you want to diversify.
Talking about splitting your bitcoin assets of such amount to different wallets doesn't really call on security enhancement but your investment plans which you might want to invest on short and long term goal whereas you don't want to temper on your long term assets when you want to sell your short term assets.

[Swapter.io]

Splitting Bitcoin between two hardware wallets enhances security by reducing the risks of theft and loss but makes management more complicated. The key is to securely store Seed phrases. I completely agree with your friend's opinion. Even if we were talking about cash instead of Bitcoin, this approach would still be relevant because it is safer

[jcojci]

Don't put all your eggs in one basket is the best suggestion. But that is just an option because if you think you are okay with one hardware wallet, that will be fine for you. But other people may not have the same thing as you and separate their wallets because of the security.

What he thinks can be acceptable because he thinks about how if I can not access my wallet while all of my assets are in one wallet. But if I have more wallets, I can still access my assets while I can figure out how to access my previous wallet.

It is about convenience for each user about how they will save their assets. We could not have the same method to save our assets because we have different experiences and we learn from the different lessons and sources. But the purpose will have the same goal which is save our assets and take care of them.

[NAZAR2242]

I think he meant that allocating bitcoins to different wallets is a way to increase the security and convenience of managing your funds. The separation of funds both reduces risks and increases them, depending on which side you look at. But if you do separate them, for example, one wallet can be used for everyday spending, and the other for long—term storage. It also helps to maintain privacy, as transactions are more difficult to track. If you're a beginner, it's okay to start with one wallet, but as the amount grows, you should think about the distribution. The main thing is not to forget to securely store access to each wallet.

[Charles-Tim]

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

You should not think about this twice. Having your coins on two or three cold wallets is better than having it on just a single wallet. To avoid backup complications, I have just one seed phrase with different passphrase for each wallet which I think is good than just having one wallet. So the backup will not be hard for me.

Although, if you have good security like 2-of-3 multisig with 2 online wallets and 1 hardware wallet, I think it is also good. But you will make sure that you avoid malware on the online wallets. Or you can make it 2 hardware wallets.

So it depends but not having your coin in one basket is better.

[$weetne$$]

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

Do not do it or you will regret doing it. No wallet is a 100% safe therefore do not put all your hopes in just one wallet as it might fail you sometimes. The problem might not be from the wallet but formi you the handler because you can make a mistake without knowing and it ruins all your life savings that you have in Bitcoin. Just as you should not put all your Bitcoin in one wallet, do not also put all the money you have in bitcoin. Diversify into other investments. Open source wallet are the best therefore for any of the wallets that you are going to use in hodling, they should be non custodial as well open source. Choosing the right Bitcoin wallet to use in hodling is very important and should not be ignored.

[Cryptohygenic]

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

Storing things separately is a way to keep things safe. So it's true that what the proverb says is true, not only the ways of guarding have evolved for the better, nowadays scammers also have newer & better ways to deceive their potential victims. But to do those separations, you have to spend more effort & time to manage all of that. In the end, only you know how far you can go.

Let's us look that proverb to be coming from inexperienced users just as Op has made known earlier because splitting you bitcoin to different wallets might demands more tasks to ensure safety to where the seed phrases are being stored.
In the other hand, splitting your bitcoin will help to condone alternative reliance In the case of loosing your funds to scammers on wallet attacks so, you can always have other options of not loosing it all of paraventurely it happens as mistake could be paramount but that is not an excuse to be welcomed.

[john_egbert]

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

You should not think about this twice. Having your coins on two or three cold wallets is better than having it on just a single wallet. To avoid backup complications, I have just one seed phrase with different passphrase for each wallet which I think is good than just having one wallet. So the backup will not be hard for me.

Although, if you have good security like 2-of-3 multisig with 2 online wallets and 1 hardware wallet, I think it is also good. But you will make sure that you avoid malware on the online wallets. Or you can make it 2 hardware wallets.

So it depends but not having your coin in one basket is better.

Sounds right to me.

And to keep your phrases secure is very important too - we saw what can happen if someone injects their software onto your device.

[Agbamoni]

OP it is best to store your Bitcoin in one place so that you can give it the maximum-security measures and take care of it properly. What you can do is to provide several securities instead of relying on the hardware for security. Set up your withdrawal security to request your PIN, two factor authenticator on the device even before accessing the wallet.

If he still thinks the security measures is not enough a maximum of two wallet is enough. Anything above two wallets he might be jeopardizing his asset.

[Rikafip]

Do not do it or you will regret doing it. No wallet is a 100% safe therefore do not put all your hopes in just one wallet as it might fail you sometimes.

Tbh, in 99.99% of the cases problem is not a hardware wallet but instead a human factor so having more wallets won't mean much if you don't know how to safely store them.

I personally have only one hardware wallet but I read some good arguments here why its not a bad idea to have at least one more.

[Pablo-wood]

He then asked if he could store 1 BTC in the wallet, to which I responded, "Why not?" His next question caught me off guard: "What about the saying, 'Don't put all your eggs in one basket'?"

If we go by the exact meaning of this parable which simply implies:

This is a piece of advice which means that one should not concentrate all efforts and resources in one area as one could lose everything.

source
Fron the definition I don't think storing the full BTC into one hard wallet will pose any threat to the asset now or in the future. Here the effort and concentration mentioned in the quote was pointing towards a centralised way of doing things but in the case of the wallet the hard wallet give him full control of his asset, except there is something fishy that you are not telling us

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

Why split it into two hardware wallets when one wallet can just do the task and save him from having to keep two different private keys or seed phrases. To me I believe it's much easier to save one seedphrase and properly account for it's safety than have more than one.

[leonair]

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

If you are bad at the storing and keeping your secret phrase than should be alarming for you. Even though the hardware wallets are offline, what do you do if your hardware wallet shows a mechanical error for some reason?  The simple answer is that you import your secret passphrases into another hardware wallet.  But what if your saved offline phrases are lost?  Then you lose both and there is no way to recover it.  But if you think that you have two different qualities, maybe one is damaged due to mechanical reasons but the other is not damaged, then you have some amount of funds saved.  I think that's what your friend's younger brother is trying to say.

I would say that if you fear anything like that, it is nothing but your own negligence.  If you are so careless then you can careless about offline hardware wallet everywhere. I believe that if you're confident enough with handling with your staff there's no other options good for hardware wallet. Storing multiple wallet can become hassle. So it's best to keep only one .

[Dunamisx]

Make use of a non custodial wallet, try to avoid having all your crypto asset on single wallet, also try as much as possible to ensure that you secure your preferred wallet from the visibility of any other person, I will also go by the idea @franky1 suggested, that you can have a little portion of your portfolio on hot wallet and let your family have access to it in other to distract then away from the main one you're holding, serving as your major portfolio.

[Abdulzuruku01]

This question might seem like one that a beginner would ask. In fact, someone recently posed a similar question to me, and I’ve been thinking about it ever since.

A friend of my younger sibling wants to invest in Bitcoin, and he asked me about the best wallet option. I advised him to consider an open-source hardware wallet, since that's what I use as well.

He then asked if he could store 1 BTC in the wallet, to which I responded, "Why not?" His next question caught me off guard: "What about the saying, 'Don't put all your eggs in one basket'?"

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

That saying, "Don't put all your eggs in one basket" seems to me to be true. Splitting your Bitcoin in multiple wallets has more advantages than storing it in one wallet, This is because scammers are constantly coming up with new ways to attack investors, so if you have all of your Bitcoin investments in one wallet and it gets compromised, you will definitely lose everything. Even if you're diligent about your security, there's the possibility that you'll fall into their victims and lose all of your life savings.

However, if you split your BTC into multiple wallets and one of them is hacked, there is no way that your entire BTC will be lost, and this strategy makes it easier to use one wallet as a long-term investment and the other one for your everyday spending, IMO.

[Ever-young]

a lot depends on what you own.

ie 10 btc = 840,000

there is no way I would have that in 1 wallet

I would have some in

exchange a 1/3 of a coin
exchange b 1/3 of a coin
paypal        1/3 of a coin

wallet 1= 3 coin
wallet 2= 6 coins


if I had 1 btc

I would use

exchange a.  0.033 btc
exchange b   0.033 btc
paypal          0.033 btc
wallet 1        0.30 btc
wallet 2        0.70 btc


but that's just my thoughts on how to hold coins

Typically the ones you are holding on those exchanges and the ones you consider to spend in no time and the one on wallet 1 and  are for long time holding which, if their is any need to spend anything you have that covered with your funds in exchange 1 and 2 and reduce the risk of signing transaction from the wallet which holds large number each time you want to make a little sales.

[Sticky Bomb]

That saying, "Don't put all your eggs in one basket" seems to me to be true. Splitting your Bitcoin in multiple wallets has more advantages than storing it in one wallet, This is because scammers are constantly coming up with new ways to attack investors, so if you have all of your Bitcoin investments in one wallet and it gets compromised, you will definitely lose everything. Even if you're diligent about your security, there's the possibility that you'll fall into their victims and lose all of your life savings.

However, if you split your BTC into multiple wallets and one of them is hacked, there is no way that your entire BTC will be lost, and this strategy makes it easier to use one wallet as a long-term investment and the other one for your everyday spending, IMO.

Where I'll agree with you mostly is the case of seed phrases stored manually offline on a metal sheet or paper. It might be helpful to split funds in more than one wallet so that when the wallet is mistakenly or intentionally compromised, you'll only lose part of your holdings and the thief in question wouldn't think you've more since he already found one.

Again when you're held hostage or having a security breach based on your crypto involvement, you can surrender one of your wallets, gain your freedom and not having to lose all your coins in the process.

[Dailyscript]

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

Do not do it or you will regret doing it. No wallet is a 100% safe therefore do not put all your hopes in just one wallet as it might fail you sometimes. The problem might not be from the wallet but formi you the handler because you can make a mistake without knowing and it ruins all your life savings that you have in Bitcoin. Just as you should not put all your Bitcoin in one wallet, do not also put all the money you have in bitcoin. Diversify into other investments. Open source wallet are the best therefore for any of the wallets that you are going to use in hodling, they should be non custodial as well open source. Choosing the right Bitcoin wallet to use in hodling is very important and should not be ignored.

If a Bitcoin holder cannot handle one wallet securely how else do you think he can handle two or more wallets. The problem is on the individual, if he can secure his wallet well then there is no need to have another wallet. It is possible that he can lose both wallets at the same time if he does not prioritize security.

In the case of using his Bitcoin for several purposes an investor can have wallet for savings in Bitcoin why the other can serve for daily transaction. This way one will be accessible frequently while the other only for checking purposes.

[Finestream]

Do not do it or you will regret doing it. No wallet is a 100% safe therefore do not put all your hopes in just one wallet as it might fail you sometimes.

Tbh, in 99.99% of the cases problem is not a hardware wallet but instead a human factor so having more wallets won't mean much if you don't know how to safely store them.

I personally have only one hardware wallet but I read some good arguments here why its not a bad idea to have at least one more.

Exactly mate. Having two or more wallets cannot guarantee 100% safety and security, it’s all in the hands of the user if he’s a responsible one. However, having two or more wallets is never a bad idea either, that depends on how far the owner itself can secure both their safety. But nevertheless, in the end it actually depends on the personal preference of the owner where he finds comfortability and high security.

[Jegileman]

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

It could be and could not also. I only view this on the aspect to how far you can keep your  wallet safe. If you fear of being compromised no matter how you store your seedphrase and not open it to the public, then you can consider splitting them into two different hardware wallets, but that calls for more security measures as you can’t save them in the same place as you fear of it being compromised. If you can put all your bitcoin in one wallet and can secure them, it would be better as I see it as more stress splitting it although a nice idea if done to minimize the risk of losing all funds if compromised.