Just a friendly reminder, cold wallet vs hardware wallet, Windows malware

[SilverCryptoBullet]

Security guidelines should come after reading about Bitcoin, how to use a wallet correctly comes after and choosing the right wallet once and for all is not a bad move either, that advise is a very good one that newbies today are better off buying a better hardware wallet than using a hot wallet, learning how to use it won't take time at all.

Read about Bitcoin to understand it.
Learn how to keep your Bitcoin wallet safe.
Learn about the very best Bitcoin wallet, which to me is those few open source hardware wallet.
They buying Bitcoin comes last.

Security is about many things, not only about Bitcoin because it relates to devices where they store Bitcoin wallets, bitcoins, and broadcast transactions. Talking about security is a very wide area with many factors contribute to security of devices, accounts, wallets.
Bitcoin security resources.
Secure your wallet.
How to keep your bitcoin secure?
[Guide] Bitcoin security.

[Alpha Marine]

Security guidelines should come after reading about Bitcoin, how to use a wallet correctly comes after and choosing the right wallet once and for all is not a bad move either, that advise is a very good one that newbies today are better off buying a better hardware wallet than using a hot wallet, learning how to use it won't take time at all.

I never said anything was wrong with it; I only said it's unrealistic. It's not practical, and that is a problem with this forum. We don't say things that are practical. We also say things that can work only in theory.
It is not bad advice, but how practical is it for newbies to learn everything about Bitcoin wallets and types of wallets before they actually proceed to buy Bitcoin? Like, how practical is it that the first Bitcoin a newbie buys is in a hardware wallet?

I'm all for a newbie learning about the basics of Bitcoin before buying Bitcoin. And the basics to me are security, address, wallets and how to make a transaction. If a newbie knows these basic things, they can use this knowledge that they've gotten to decide the kind of wallet they would use, preferably an open-source non-custodial wallet.
The other things about Bitcoin, they can learn as they go

So many people on this forum who are no longer newbies don't even have hardware wallets, but we should expect newbies to have a hardware wallet before buying Bitcoin?

[YellowSwap]

The day you chose to get a good hardware wallet that's open source is where you mind still stop skipping when such similar news like this shows up online.

A airgapped, open source, hardware wallet is a good investment, that costs less than most mid range smartphones, how you lay your bed is how you will sleep on it.

Considering how expenses hardware wallets are, investors would hesitate to Invest in them first.

It's a good idea, since we need to take security to it's peak when investing in Bitcoin or cryptocurrency. But how many investors would bother about this? Some sees this kinds of news everyday but ignores them thinking it's not possible to happen to them.

Even the best still could be a victim when he's not careful, so no one should think they are in a better position. even with a hardware wallet you could still be vulnerable.

I know that people who thinks like this exists but they are just stupid people, if hot wallets are that secured there will never be a need for hardware wallet showing up now, the longer this crypto space lasts the more new threat will keep showing up.

Hardware wallet is a necessary investment, hot wallets are not safe, even if you trust the company you can't trust the vulnerability of OS and browsers on your smartphone, there are many topics on here about vulnerabilities of android phones, I created few myself.

Hardware wallet is a good investment it is something that everyone can afford, there are few that are been sold at $69 each, there is no excuse for not buying one, yes it doesn't completely erase all risks but it limits it compare to a hot wallet.

[Dave1]

I never said anything was wrong with it; I only said it's unrealistic. It's not practical, and that is a problem with this forum. We don't say things that are practical. We also say things that can work only in theory.
It is not bad advice, but how practical is it for newbies to learn everything about Bitcoin wallets and types of wallets before they actually proceed to buy Bitcoin? Like, how practical is it that the first Bitcoin a newbie buys is in a hardware wallet?

I'm all for a newbie learning about the basics of Bitcoin before buying Bitcoin. And the basics to me are security, address, wallets and how to make a transaction. If a newbie knows these basic things, they can use this knowledge that they've gotten to decide the kind of wallet they would use, preferably an open-source non-custodial wallet.
The other things about Bitcoin, they can learn as they go

So many people on this forum who are no longer newbies don't even have hardware wallets, but we should expect newbies to have a hardware wallet before buying Bitcoin?

You have a point, that's why in the beginning of my career here, I was scam but it was not that huge amount though because I don't know the basics of wallet. I just go and dig my hands on it without properly educating myself.

So that is the key here, we need to understand at least the basic at the start, before buying hardware wallets, because not all hardware wallets are the same, specially close source. Perhaps we can get wallet like Electrum in the beginning and store our Bitcoin and then hardened our security practices overtime. And once we have the knowledge and wanted to secure and protect our Bitcoin then we can move on more advance wallet like hardware or even air-gapped.

[promise444c5]

So that is the key here, we need to understand at least the basic at the start, before buying hardware wallets, because not all hardware wallets are the same, specially close source. Perhaps we can get wallet like Electrum in the beginning and store our Bitcoin and then hardened our security practices overtime. And once we have the knowledge and wanted to secure and protect our Bitcoin then we can move on more advance wallet like hardware or even air-gapped.

The Electrum you mentioned  can still be used as ‘advanced’, and one of its advanced features is support for a cold storage setup. what’s changing is not the wallet itself but the setup.  It’s just one of many of what you can do with Electrum..

BTW most of the advanced features can be accessed through the console Tab[you don’t need to go ahead messing around with it , most of the feature you need is already available through the GUI ].

[Cookdata]

Hardware wallet is a necessary investment, hot wallets are not safe, even if you trust the company you can't trust the vulnerability of OS and browsers on your smartphone, there are many topics on here about vulnerabilities of android phones, I created few myself.

Hardware wallet is a good investment it is something that everyone can afford, there are few that are been sold at $69 each, there is no excuse for not buying one, yes it doesn't completely erase all risks but it limits it compare to a hot wallet.

There is a user, he is a retired musician that invested all his fortune to Bitcoin all kept on a hardware wallet and he loss everything to a scam. Do you know why? It's because wallet in general are safe but usage can make people loss everything they have. The musician didn't lose his wallet or keys, he ignorantly entered his seed phrase to a honeypot software and that was it, same way anyone can keep coins safe on hot wallet but you are likely losing everything on hot wallet than if you use a hardware wallet.

If you are using a hardware wallet, you are 100% safer with anything that will tempered with your private keys and seed phrase, your keys are safer, this is what hot wallet can't do for users but a naive, lazy and ignorant person can lose all they have to honeypot, some are crypto phishing scams. The other day, some people were been sent mail to their mail box about ledger update requesting for their seed phrase, that was a result of ledger company that was comprised of users data.

[Peanutswar]

I guess if you can afford having an investment with the crypto asset its just a small fry into you to have a hardware wallet, this makes more ideal than making store into your hot wallets, its just commonly use for day to day use of transactions if you are active in trading and into different projects to connect and a cold wallet for a long term holding of your crypto assets. There is no safe in the internet nowadays there is always a vulnerability in the systems.

[joniboini]

The other day, some people were been sent mail to their mail box about ledger update requesting for their seed phrase, that was a result of ledger company that was comprised of users data.

This is so common that I thought it's not newsworthy anymore. Every now and then a news about database leaks happens and people got spammed with phishing emails because of that. Even if you only follow one security-focused media company you should be able to follow it closely. Ledger is one of tens if not hundreds of companies who leak their customer data in the past year or so.

Maybe I mentioned this somewere else but people (regardless whether they own a HW or not) should check security news regularly. It cost next to nothing to stay up to date with the latest modus operandi to steal your funds.

[Asuspawer09]

I guess depending on the funds that you have, if you can easily afford a hardware wallet that is surely where you should invest first before putting a huge amount of funds into crypto, it is already risk investing but security is also another thing in cryptocurrency if you are not careful you could easily lost everything so invest in security is a huge thing and could save you long term.

I mean, it doesn't mean that we all need to buy a hardware wallet, this is more like saying that hardware wallet is a better option when it comes to security because you have the peace on your wallet that it is not going to get hack easily, also it doesn't mean that it is not hackable or it is impossible to be hack as well, if you don't know what you are doing you could also make a mistake even though you have a hardware wallet. For me the best thing to do is have the knowledge before investing in some hardware things, make sure that you are knowledgeable and know what you are doing, because if you know it, that is just almost impossible for the hacker to hack you because you know what to do and what to avoid.

[Hatchy]

For me the best thing to do is have the knowledge before investing in some hardware things, make sure that you are knowledgeable and know what you are doing, because if you know it, that is just almost impossible for the hacker to hack you because you know what to do and what to avoid.

I've heard of people who still lost their money having hardware wallets. Hardware wallet only offers you a higher level of security since your coins doesn't get exposed to the internet, but that doesn't mean human errors still can't happen. Some people can be careless, some could do things that would endanger their investments and before they realise it, it's already gone. Hackers are only able to carry out their mischievous activities when you offer then a small loop hole to. If you follow the right procedures of protecting your coins, you would be safe. Like many have said,the hardware wallet is not always compulsory as there are other better ways to protect if you do them right..

[lovesmayfamilis]

For me the best thing to do is have the knowledge before investing in some hardware things, make sure that you are knowledgeable and know what you are doing, because if you know it, that is just almost impossible for the hacker to hack you because you know what to do and what to avoid.

I've heard of people who still lost their money having hardware wallets. Hardware wallet only offers you a higher level of security since your coins doesn't get exposed to the internet, but that doesn't mean human errors still can't happen. Some people can be careless, some could do things that would endanger their investments and before they realise it, it's already gone. Hackers are only able to carry out their mischievous activities when you offer then a small loop hole to. If you follow the right procedures of protecting your coins, you would be safe. Like many have said,the hardware wallet is not always compulsory as there are other better ways to protect if you do them right..

Yes, it's like putting a monkey behind the wheel; it's bound to cause an accident. If a person is stupid, then nothing will help him; he will make such mistakes. which are simply difficult to allow. And here a similar quote would be incorrect: 

same way anyone can keep coins safe on hot wallet but you are likely losing everything on hot wallet than if you use a hardware wallet.

It all depends on who is "at the helm of the ship."

[Floxynice]

For me the best thing to do is have the knowledge before investing in some hardware things, make sure that you are knowledgeable and know what you are doing, because if you know it, that is just almost impossible for the hacker to hack you because you know what to do and what to avoid.

I've heard of people who still lost their money having hardware wallets. Hardware wallet only offers you a higher level of security since your coins doesn't get exposed to the internet, but that doesn't mean human errors still can't happen. Some people can be careless, some could do things that would endanger their investments and before they realise it, it's already gone. Hackers are only able to carry out their mischievous activities when you offer then a small loop hole to. If you follow the right procedures of protecting your coins, you would be safe. Like many have said,the hardware wallet is not always compulsory as there are other better ways to protect if you do them right..

I also want to add that people who try to use hardware wallets because they are recommended as the safest wallets may end up buying compromised devices if they do not get them from verified and trusted companies.

Scammers know how much effort people put into securing their bitcoins. Hackers are everywhere, disguising themselves as legitimate sellers just to achieve their aim of stealing from honest people.

Every newbie should do themselves a favor by conducting proper research and investigating any source they intend to buy a hardware wallet from. Many people have lost their bitcoins to compromised hardware wallets.

[KiaKia]

~snip~
But hey, everybody is responsible for their own crypto and wallet security setup. People can do stupid things or can go safer paths.

For some people, even $50 for such a device may be a high price, because it's an amount that doesn't mean much in the EU or the US, but in some countries you have to work a whole month to earn that. However, I would also agree that anyone who wants to invest in Bitcoin should first learn the basics, then play a little with desktop/mobile wallets, and only then think about whether their future investments will justify the purchase of a hardware wallet.

I also see that there is some confusion with the terms cold wallet and air-gapped wallet, and it should be clearly stated that they are not the same thing. An air-gapped wallet is a device that does not connect directly to the internet, but uses SD cards or QR codes to communicate with the user interface, which makes it maximally secure, while on the other hand, some use the term "cold wallet" generally for other hardware wallets that still have to connect to the user interface online, but generate private keys (seeds) on the device itself.

This is acceptable, $50 in some countries is a lot but the question is if they manage to invest $50 in Bitcoin, can they sit on such amount and call in a Bitcoin portfolio, for long term holding?

Even the few people that aren't making alot of money around me were able to get passed $200 in Bitcoin after few months, it is still better to have a $70 hardware device than to hustle with every energy and DCA into Bitcoin every month slowly using a hot wallet.

If that $50 is very harder for some people to use on a safer wallet I believe they are the ones that needs a hardware wallet the most, because they wouldn't be able to stand any loss after.

[tbct_mt2]

This is acceptable, $50 in some countries is a lot but the question is if they manage to invest $50 in Bitcoin, can they sit on such amount and call in a Bitcoin portfolio, for long term holding?

Why not?

Honestly, investment is investment, and if $50 is a big fund for some people, if they invest $50 in bitcoin, hold their bitcoins a long time like years, it's a long term investment, I am not doubtful about it.

If ROI is 100%, 200% after some years, that means $50 or $100 profit from initial $50 investment capital will be big profit for them.

Even the few people that aren't making alot of money around me were able to get passed $200 in Bitcoin after few months, it is still better to have a $70 hardware device than to hustle with every energy and DCA into Bitcoin every month slowly using a hot wallet.

Big or not big profit, it relates to whether $50 initial capital is small or big with these investors.

If that $50 is very harder for some people to use on a safer wallet I believe they are the ones that needs a hardware wallet the most, because they wouldn't be able to stand any loss after.

They might not have enough fund to buy hardware wallets but they can learn about open source and non custodial wallet like Electrum wallet, and use it safely.
[GUIDE] How to Safely Download and Verify Electrum.
The paranoid user's security guide for using Electrum safely.

[Asuspawer09]

For me the best thing to do is have the knowledge before investing in some hardware things, make sure that you are knowledgeable and know what you are doing, because if you know it, that is just almost impossible for the hacker to hack you because you know what to do and what to avoid.

I've heard of people who still lost their money having hardware wallets. Hardware wallet only offers you a higher level of security since your coins doesn't get exposed to the internet, but that doesn't mean human errors still can't happen. Some people can be careless, some could do things that would endanger their investments and before they realise it, it's already gone. Hackers are only able to carry out their mischievous activities when you offer then a small loop hole to. If you follow the right procedures of protecting your coins, you would be safe. Like many have said,the hardware wallet is not always compulsory as there are other better ways to protect if you do them right..

I also want to add that people who try to use hardware wallets because they are recommended as the safest wallets may end up buying compromised devices if they do not get them from verified and trusted companies.

Scammers know how much effort people put into securing their bitcoins. Hackers are everywhere, disguising themselves as legitimate sellers just to achieve their aim of stealing from honest people.

Every newbie should do themselves a favor by conducting proper research and investigating any source they intend to buy a hardware wallet from. Many people have lost their bitcoins to compromised hardware wallets.

Hmm.. Didn't think about that, I mean for sure you want to only buy on the trusted companies only, or legitimate website pretty sure this popular companies of hardware wallets are already have the trusted website that can send you legitimate devices. But I guess It might be a problem if there are some compromised devices out there since it can easily be used to hacking or something where they could easily get all your funds, Imagine selling that compromised device out there, I wasn't aware if there was some kind of device that is like that but it is just easy to sell.

So maybe only buy the brand new one's and only buy on the legit website, make sure to make the research as well because it really important so that you really know what you are doing out there, because there were just so many method that this scammers or hackers are developing just to scam people or to drain your funds, so being safe if always the thing, do not be careless even though you are already investing on your security like buying hardware wallets because they still have ways.