Is it safe to call this another safeguard?

[Somegory]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

[Cookdata]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

In a cold wallet? This is rare!

There is a difference between an error and a mistake, the user made a mistake, not an error, except if the cold wallet is not an authentic device or it was previously used by another person. The computer doesn't lie. If the user created a 12 or 24 seed word from a cold wallet and made sure it was properly backed up, there will not be an error unless they made a mistake during the backup or misplaced one word or the entire seed word.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

The user doesn't need more than one cold storage, he can create one wallet with one seed word and split the money into more than one address. You will only end up creating more seed phrases when you have more than one cold wallet, it's still better and safer if you manage everything in one place.

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

Wallet safety isn't that hard, if you can handle the basic you have nothing to worry about any errors and mistakes.

[Catenaccio]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

If you can have different hardware wallets, let's use them, and store your cryptocurrency fund in different hardware wallets.

Different hardware wallets mean different brands because there are many hardware wallets for you to consider, choose and buy. If there is security issue with one hardware wallet brand and its product, you won't lose all your fund because of that security accident.
Surely let's choose open-source hardware wallets, and ignore close-source hardware wallets.
[LIST] Open Source Hardware Wallets.
[GUIDE] How to buy a Hardware Wallet the right way.

[Donk1]

Well considering the fact of losing everything is a big risk i think using more than one cold wallet would be good. But if an individual is prone to user error then there is no guarantee that creating more than one wallet will determine the safety of their assets/ seed phrase.In most cases it would indeed increase the risk of not being able to manage them properly, still that's for folks who aren't responsible enough.

In other words yeah I think it's good in the sense that it limits you from losing everything just because of a device malfunction or loss of the seed phrase. based on the individual responsibility, it ensures the damage is contained to only a portion of your portfolio not the whole.that just it I believe it's all about individual responsibility not the wallet it self....

[Hatchy]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

I'm still trying to understand what you mean by user error. The only examples that come to mind are things like not properly backing up your seed phrase after setting up a hardware wallet, or accidentally sending funds to the wrong address. Neither of these issues is really solved by having multiple cold wallets. In my opinion, having multiple secure backups of your seed phrase is far more important than having multiple cold storage devices. The hardware wallet itself is just a tool for managing your private keys. your coins are not stored inside the device, they're stored on the blockchain..

The same principle applies to software wallets and most other wallet types. Your keys are the most important part of your crypto security. You could lose or damage your hardware wallet today, but as long as you still have access to your seed phrase, you haven't actually lost your funds. You can simply restore the wallet on another compatible device and regain full access to your coins..

[Die_empty]

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

Yes, he would have saved half of the amount if it had been split. But the problem was not the cold wallet but his mistake. So it is important to understand how to avoid such mistakes rather than having multiple wallets.

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

If having more than one wallet makes one comfortable, it's not a bad idea. At least it is better not to keep all your eggs in one basket. But they should also know that having multiple wallets comes with the responsibilities of keeping multiple seed phrases and passwords, which might be complex.

[PostQuantumBTC]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

This is not what diversity actually means, but you are not wrong in what you asked about. Having two wallets and split your bitcoin into two to keep in the two wallets or having 3 bitcoin wallets and split your bitcoin into three and have them in the three wallets is better than having just a single wallet to store all your bitcoin. It does not mean if it is online wallet or cold wallet, two, three wallets are better than having one. But the very crucial thing is that you still need to know how to protect your bitcoin for you not to lose it which is very important. Someone can have three bitcoin cold wallets but still willfully send all his bitcoin to scammers or enter his seed phrases on a site designed by scammers.

[Pikiboy]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

It all depends on individual who are going into investment and realistically it is always to have funds stored in separate wallet but then you should be that careful because whatever that comprises your primary wallet can as well compromise your secondary wallet.
The most important thing about investment is to make sure you have a proper backup of your seed phrase where no one could have access to it. As they said “Not your key not your coin” whenever you keep remembering this then it will extremely help you while you grow your portfolio.

[Outhue]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

In a cold wallet? This is rare!

There is a difference between an error and a mistake, the user made a mistake, not an error, except if the cold wallet is not an authentic device or it was previously used by another person. The computer doesn't lie. If the user created a 12 or 24 seed word from a cold wallet and made sure it was properly backed up, there will not be an error unless they made a mistake during the backup or misplaced one word or the entire seed word.

There is no correction needed here, OP used user error, that means user mistakes if I am not mistaken, if a human being is said to make an error it also means they made mistakes, you are free to correct me if  I am wrong but I Wikipedia and I can't be wrong at the same time I believe, so to back up my claim this is what wiki said.



As for you OP,  if someone can make mistakes with their hardware wallet or cold wallet don't you think that such person will even make things more complicated for themselves if they handle two devices?

Since they can't even do just one thing right.
Keep your recovery seed away from online access, far away from anyone's reach, and always have patience before approving any transactions, this is not so hard to do to say the truth, I don't know what's wrong with people.

[aoluain]

Its definitely good practice to have at least two Hardware walllets and split funds over the two.
One wallet could be utilised for long term storage of funds and which wont be accessed for a
very long time and the second could be used for 'day-to-day' useage, one that is accessed regularly.

As for the seed phrases everyone should know at this stage that the best practice is to have a Stainless
Steel stamped plate. So with two wallets there should also be two separate 'seed plates' and they
should ideally be in two separate locations.

[satscraper]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

In my view the better approach to securing your stash with two cold wallets would be to configure them as cosigners in a multisig setup rather than simply splitting your stash between them because such multisig arrangement ensures that even if one wallet is compromised, your funds remain inaccessible without the second key, whereas the alternative approach you suggested could result in losing half of your holdings.

[knowngunman]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

Of course, Multiple wallet can be a safeguard but only if you do things in the right way. If you're careless, you can still lose everything even when you operate multiple wallets.

But what kind of user error are we talking about here? Can you please share more detail about the story so we can tell where exactly he got it wrong? I can only think of three scenarios now that probably lead to this. Seed lost, fake device or wrong address. If it is a fake device, then I don't think that's a user error.

[hmbdofficial]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

any user error that doesn't leads you to exposing your seed or private key or loosing them entirely, then there will be  no need of having multiple wallet as one wallet can generate multiple address that you can split the coin into. it will be more tedious to handle more seed or private keys to different wallet. 

[Marvelockg]

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

user error in terms of copying the wrong access key that cant be used to access your account at the time you want to get access to your funds? there is nothing wrong about using two cold wallet as a means of splitting your funds into different places but what you also should understand is that if you fail to effectively safe gaud a single wallet, having multiple wallet does not mean that you will be able to do same.

It is better to prioritize your wallet safety first be it that you are dealing with a single wallet or multiple wallet.

[purple_sparkles]

Diversity is a thing, I have been advised my times that this is one way of Not losing it all, however user error got the best of someone with. 3milliom worth of crypto in a cold wallet.

I am thinking, if he has more than one cold wallet and split that into 1.5million each, he would still have 1.5million left, which is what created this thought of mine, is using more than one cold wallet another safeguard practice?

User error is what people are mostly prone to, it could affect overall portfolio, having more than one cold storage in this case looks like a good option? Or not.

I think amounts this large should definitely be split across multiple wallets for your own security. One simple mistake could come at an extremely high cost, so it's worth taking the time to set up several cold wallets and implement strong security measures. This isn't the kind of money most people can afford to lose easilyalthough, for some, it might be.Strong security should always be a top priority, and diversifying risk by using multiple wallets is an important part of that.

[Dunamisx]

is using more than one cold wallet another safeguard practice?

It is not bad if you make use of a cold wallet and still have like two more other cold storage you are using for your assets, this means that you are not keeping them on a single wallet in order to avoid risking the entire coins you have in your portfolio, it is also important to note that you are expected to device up to two means of safeguarding those cold storage private keys and seed phrase, having an alternative storage is as important as banking our wallet seeds in more than one backup medium.

[Hyphen(-)]

I think amounts this large should definitely be split across multiple wallets for your own security. One simple mistake could come at an extremely high cost, so it's worth taking the time to set up several cold wallets and implement strong security measures. This isn't the kind of money most people can afford to lose easilyalthough, for some, it might be.Strong security should always be a top priority, and diversifying risk by using multiple wallets is an important part of that.

Don’t you think that splitting the money into different wallets is another problem in its own? It will be a work to handle multiple seed phrases while you can just try as much as you can to keep your one seed phrase safe and make sure you avoid any mistake that will lead you to lose your money at once.

In the case of OP, I don’t also see that as an error just as @cookdata has explained, it can be a mistake from the wallet owner that might caused everything.
Wallet security is important, diversifying is never a bad idea, but for your safety your seed phrase is important than creating multiple wallets.

[hd49728]

Don’t you think that splitting the money into different wallets is another problem in its own? It will be a work to handle multiple seed phrases while you can just try as much as you can to keep your one seed phrase safe and make sure you avoid any mistake that will lead you to lose your money at once.

No problems to store my money in different wallets and on different devices. If you ask me, is it a problem or big challenge I have to handle with, I would like to answer you again, No.

If I have $2,000, I will store each $1,000 in different wallets, and split my fund to two wallets. It's easy to do, to manage, and it's safer for my fund.
Is it truly hard to create two wallets, back them up, and store wallet backups to use for recovery if needed?
It's not hard.

While if I store my fund in only one wallet, if any technical or physical thing happens, I have risk to lose all my money, and clearly I don't want that.

[348Judah]

We should follow all the necessary measures that could maintain our privacy and as well the security of our assets and one of the major ways to see that this is being made effective is by not putting all our assets on a single wallet, having them on more than one wallet is important so that if one is attacked, others could be saved, we only have to be more careful in order not to allow vulnerability to set in as a result of this preventive measure.

[KiaKia]

One hardware wallet can have more than one wallet address and each will have their different recovery seeds, how about that? Still on one device, there is no point using two different devices.

The person of interest is that friend who lost 3 million, I will like to know how that happened, if it's his fault which I believe it is he doesn't need two separate wallets, he needs to figure out the mistake he made and learn from it.

I'm very sure that this can't happen to me because it's been several years that I have been stacking some Bitcoin in my hardware wallet I am sure that I am doing all possibilities not to mess something up.

Maybe it's because I don't have up to a million, if I have up to that amount I can consider opening a second wallet address with different recovery seed, there is no need for a new hardware wallet.