Could Bitcoin survive if all hardware wallets suddenly stopped working?

[krishnaverma]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

[Mahiyammahi]

You’d still have your seed phrase, so you could just import it into another wallet. Honestly, I don’t know how you come up with these wild ideas haha. If something like that ever happened, some people would end up insanely rich. Not everyone keeps their BTC on a hardware wallet anyway, except maybe the whales.

[Dunamisx]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

To make it more simpler for you, let me say it in a lame man language other from what the first reply put it.

Bitcoin are not stored on the wallet we use, they are on the blockchain, our kind of wallet only helps us have access to the locking and unlocking keys to connect to the blockchain where our bitcoin is stored, so in case you have a faulty hardware wallet, just import your wallet on another device and that's all, once you have the necessary unblocking keys to it on blockchain.

[Despairo]

Bitcoin are stored in blockchain, if hardware wallets/non custodial wallets became unusable, it means the blockchain are no longer safe, if that happens, Bitcoin won't survive at all.

If you're mean about specific hardware wallets, it won't be enough to ruin Bitcoin because we still have an option to create DIY wallets.

[Emikoyumi]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

Some people wonder if bitcoin would lose trust if all hardware wallets suddenly stopped working. In reality trust in bitcoin doesn’t depend on any specific device or wallet. It is a real strength comes from the network itself  proof-of-work, limited supply and decentralization. hardware wallets are mostly about convenience and extra security. If one day they no longer worked, people would simply move to other options. In the past we have already seen paper wallets, brain wallets, software wallets, and multisig solutions being used. So even if one technology fails, the ecosystem doesn’t stop.in fact, such a situation would likely push new innovations forward. Multisig setups, cold storage air gapped devices or even more advanced methods would quickly take their place.

So even if hardware wallets became unusable bitcoin core trust would not disappear. At most, there might be a short term panic. but in the long run people would adapt and use better storage methods. Thank you🙂

[EarnOnVictor]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

Bitcoin has better issues to worry about than the hardware issue, as you would be able to import your Bitcoin into another wallet. This exercise happens daily between wallets  Although a reduced security concern may cause slight panic.

The unusability of hardware is not feasible, but if it happens, I am sure that alternatives would be provided or the issue would be fixed ASAP.  It can't be permanent.

[MithiRM]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

Hardware wallets are just tools bro, Bitcoin doesn’t live inside them. Lose one tool, another comes up. The network doesn’t care.

[fikrett]

You would just put your seed somewhere else, imo, as others said already.

Depends on how many people or wallets would be affected, of course..If all of them - yeah, there would be a bit of panic, but it would die down probably.

[Taskford]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

If this happen then provably that Bitcoin usage will get affected since we know it will be so hard for lots of people to access their funds stored in their wallets.

There are methods on how they can send their Bitcoin offline https://www.cryptopolitan.com/how-to-send-bitcoin-without-internet/  Maybe this feature will became so popular if it happens that those situation you have mentioned would really happen.

But I believe those situations you have mentioned will never gonna happen.

[Merit.s]

It's not only hardware wallet that can be used to store bitcoin. We also have hot wallets which I believe that's what majority of newbies with little bitcoin are using currently.

However, we can still store our bitcoin in a cold storage and not compulsory that it must be a hardware wallet. Electrum cold storage is a good wallet to store your bitcoin offline. You only need to download it and generate your keys in an air gapped device and never connect it to the internet. All you need is an old PC to set it up and create a watch only wallet to sign track and monitor your transactions.

Electrum cold storage

    Snip~

OP is not talking about if internet is no longer working how we can send and receive bitcoin. You need a wallet to store your bitcoin in the blockchain and to also unlock your bitcoin in order to spend them.

[beveryu778]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

What is the relationship between hardware wallets stopping working and Bitcoin survival? Does everyone use hardware only? And does Bitcoin survive depending on hardware wallets? I don't understand where you get the idea to post like this. Bitcoin survival depends on Bitcoin mining. If Bitcoin mining is completely stopped, Bitcoin transactions will not be completed, but hardware wallets are just wallets where Bitcoins can be stored. And hardware wallets have a seed phrase that can be exported to other wallets to access their Bitcoins. So there is no fear of losing Bitcoin here.

[fikrett]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

If this happen then provably that Bitcoin usage will get affected since we know it will be so hard for lots of people to access their funds stored in their wallets.

There are methods on how they can send their Bitcoin offline https://www.cryptopolitan.com/how-to-send-bitcoin-without-internet/  Maybe this feature will became so popular if it happens that those situation you have mentioned would really happen.

But I believe those situations you have mentioned will never gonna happen.

Agreed.

This type of event wouldn't affect - all - the wallets probably, only some that would be targeted.

[pooya87]

What's the point of starting multiple similar topics asking "what would happen if something impossible happened"? You already have 4 of them here and they make no sense, specially since you just keep opening these topics and go away!

[Charles-Tim]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

You do not even need hardware wallet when there are easy ways to have airgapped devices. Hardware wallet is not a relevant part of bitcoin. Do not mind me, I mean hardware wallet is not even part of bitcoin at all. If they discontinue to exist, it will have no effect on bitcoin.

[LDL]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

It's an impossible and unrealistic fantasy, but if your hardware wallet stops working, you can definitely install it on a software wallet if you save the security of your hardware wallet.
It is impossible that software wallets will not stop working. If the total Internet system were to go down, if there were no Internet in the whole world, then all Bitcoins would probably become worthless. Just as it is unrealistic for the Internet to go down, it would also be realistic for hardware/software wallets to suddenly stop working.

[coolcoinz]

You’d still have your seed phrase, so you could just import it into another wallet. Honestly, I don’t know how you come up with these wild ideas haha. If something like that ever happened, some people would end up insanely rich. Not everyone keeps their BTC on a hardware wallet anyway, except maybe the whales.

That's one of the dumbest things I've read in a while. One of the safety rules that I know is to always spend at least 1% of the value of your investment on security. For instance if you own a $100k car, you'll want to spend at least $1k on a decent parking spot. If you park it on your own land, make sure there's a fence and a gate that you lock at night and at the very least a motion sensor activated flood light.

The cheapest Trezor wallets cost $25 and most wallets on the market will cost you less than $100!
If you own more than $50k in bitcoin you should either have a dedicated air gapped computer, or a hardware wallet.

[Russlenat]

If all wallets (hardware and software) stopped, then sure, Bitcoin would be inaccessible. But that’s impossible. Even the network stopping is also impossible. So this question feels kinda nonsense since there’s no way it will happen. Why would the developers shut down their business when they’re making money from it?

[Dave1]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

No, why would it weaken Bitcoin when everything is stored in the blockchain?

A hardware wallet is just there to protect our Bitcoin from online attacks, and so it's not like our Bitcoin is stored on that physical device. And you to backup your private keys and mnemonic phrase that you can used to restore your Bitcoin if ever your hardware wallet "suddenly stopped working".

[HelliumZ]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

If all hardware wallets suddenly stop working, then the blockchain will definitely not survive. Bitcoin is dependent on the blockchain, so if that blockchain stops working, then there is certainly no question of Bitcoin surviving.
The OP has asked a hypothetical question where is it really possible for a hardware wallet to shut down?

[OgNasty]

If hardware wallets became unusable, would confidence in Bitcoin weaken, or would people adapt with new storage methods? Is this even a possibility ?

I've never used a hardware wallet.  I bought one at one point but quickly discovered that I couldn't import my own private key, so I was no longer interested.  I'm not sure I would want all of my Bitcoin on a hardware device anyway.  I think their development is good for the community and perhaps one day they will lead to a great product, but right now it just seems like a lot of problems for users who use them.