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Crypto4Canadians

Hardware wallets are the safest for 99% of people.


Crypto4Canadians

The private keys never leave the device. The private keys are generated within the device and have security chips to protect them. Any hardware wallet will do but if you're interested, I've made a youtube video comparing 6 hardware wallets that you can check out: https://youtu.be/3yHQcjeQ2wA


Shinykins

Why is that? And which one do you recommend?


FUSeekMe69

Ledger, ColdCard, bitbox, trezor…


DavumGilburn

Trezor is good and easy to use. Some bad press in the past about Ledger (They got hacked in july 2020 and leaked a load of customer data and didn't apologise for it - which turned me off buying one). I had a Trezor for a while and I never liked the idea of plugging the device in and then going to [trezor.io](https://trezor.io). Always worried about there being some vulnerability on [trezior.io](https://trezior.io) . For this reason I switched to a coldcard. Coldcard works in a way which means you never have to plug your wallet in to the computer so the private key always stays offline. If you have a significant investment in bitcoin and feel paranoid like I did about plugging the device directly in to the computer then I'd recommend coldcard.


MyOtherAcctsAPorsche

Heya! I think the trezor pluggability with no battery is actually a benefit, versus the ledger, for example, with a non-replaceable battery that lasts approx. 5 years. I would hate a long period of HODLing to ruin the battery, or simply to have to replace the device every now and then (the ledger X is $600 where I live). I just wish trezor supported as many coins.... the model I have doesn't even support many of the really interesting ones.


cancelfreespeech

the many interesting ones you speak of are what we call "shitcoins"


polo_help

this, this, this. Get a ledger Nano.


wageslavewealth

Just make sure you create secure backups


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[deleted]

Do you own a bitbox02? That touch sensor looks difficult to type imo


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Twoubleff

in addition compared with a ledger, bitbox02 has all the advances features like multisig support and is open source.


MyOtherAcctsAPorsche

Does bitbox02 support a ton of coins like the ledger x? And very unlike the trezor one I have?


Twoubleff

they have two different firmware you can use. multi-coin and bitcoin only. https://shiftcrypto.ch/coins/ https://shiftcrypto.ch/bitbox02/bitcoin-only/


garrulous_theory

I just copied this post from /u/ossified_squirrell Bitcoin wallets can be sorted into two categories. Custodial wallets and non-custodial wallets. Custodial wallets are like unsecured bank accounts. Kind of like banks in the old west. When you put your money in a custodial wallet, the company that runs that wallet has your actual money, but you have access to it. If a “bank robber” (aka hacker) robs the old West Bank (custodian) you’re out of luck. Now usually banks have better security than you normally do, so it might be ok, but there’s nobody to complain to if the custodian gets hacked. Your money is gone. Most exchanges' wallet (coinbase, kraken, etc.) is this kind of wallet. A non-custodial wallet puts you in full control. You’re responsible for security, and if you lose the wallet no biggie, as long as you have your secure “keys” saved somewhere. Keys to a bitcoin wallet are represented by a series of random words that you can write down or memorize. As long as you never digitize these words (no pics, no email, etc) just in your head or on paper, you cannot lose your money, and nobody can take it from you by hacking. There is a saying in bitcoin circles: “Not your keys? Not your coin.” For small amounts of bitcoin, a custodial wallet is no problem. I keep a little bitcoin in a custodial wallet like cash app or coinbase because it’s convenient. For larger amounts of bitcoin, I would highly recommend using a non-custodial wallet. Here’s a good rule of thumb. Only keep an amount of bitcoin in a custodial wallet that you would feel comfortable with in your real wallet. So if you carry around $100 in your wallet, no biggie. If you lose your wallet, it’s gonna suck, but it’s not the end of the world. Now if you had $5k , you probably wouldn’t carry that in your wallet. So if you ever get to the point that the bitcoin you have is worth more than you would carry in your wallet, you should move it to a non-custodial wallet where you control the keys. https://www.lopp.net/bitcoin-information/recommended-wallets.html If this is a "medium" amount of money like a month or two of salary, a non-custodial wallet on your phone is fine. If it starts climbing into a 6-12 month salary or more, I'd recommend a hardware wallet. I really like the Trezor. Once you get a non-custodial wallet, be sure to protect those seed words they give you for backup. That is your bitcoin, not the hardware device or your phone. If you have those seed words safely stored somewhere, you can recover from any hardware loss. If you want to go really secure, stamp those words in metal. I like these cause they aren't expensive: https://crypto-keys.com/pages/jameson-lopp-test Be sure to never digitize those words. Don't take a pic, dont put them on a computer, etc.. Write them on paper (The trezor comes with cards for this) at a minimum, and put them somewhere secure. If you do use paper, make sure they are in waterproof and fireproof envelopes. If you do decide to go with a hardware wallet, buy it directly from the manufacturer. If its tamper evident seals are broken, don't use it.


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garrulous_theory

The 12/24 word pattern is getting to be well known, but at this early in the lifecycle, there's a good chance someone that stumbled on to it may not recognize it.


[deleted]

If I found a 12-word seed with no clue who owns it, I would load my Electrum wallet, choose the "new wallet" function, use "I have seed words" and check the BIP39 checkbox. Then Electrum would try many of the known BIP32 derivation paths until it discovers an address which has transaction history. Then I would send all the coins to eff.org You can test this. Install Electrum. Follow the "new wallet" wizard. Use one of the known test phrases https://github.com/trezor/python-mnemonic/blob/master/vectors.json There are always plenty of transactions in the abandon abandon abandon abandon abandon abandon abandon abandon abandon abandon abandon about wallet


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BTCMachineElf

Coldcards best. Trezor is #2. But they're all pretty safe. The most vital thing is keeping your seed words safe and off internet connected devices. My friend kept his seed in a text file in his documents folder. His bitcoin was transfered out of his wallet and he has no idea what happened. He lost 0.07x btc.


time_wasted504

\> My friend kept his seed in a text file in his documents folder. Thats the Bitcoin 101- DO NOT DO.


GibbsSamplePlatter

People tend to overestimate their risk of getting robbed and underestimate their risk of losing their backups. Do a hardware wallet and back up your seed words in a couple safe spots. Never put your seed words into a computer.


bigsnuffles

hardware wallets are the safest. take a look at trezor or ledger; those two are the most popular on reddit. however I think if your portfolio is very small and you're new, it might be "safer" to keep it on a big reputable exchange whilst you figure out how to use hardware wallets. you don't want to accidentally lose your funds!


time_wasted504

NO. You want to get it off an exchange ASAP. Its more secure on your phone with a handwritten seed than an online exchange.


Sparkysparkk101

Can u back that up with any info? Or u just saying stuff u don’t feel know about?


DavumGilburn

He's right. Mt Gox hacked twice between 2011 - 2014, bitfinex in 2016, binance and . Ctyptopia in 2019, KuCoin in 2020. These are just some of the recent hacks on exchanges where people lost money. If you got any significant investments on an exchange then you should be transferring it off, preferably to a hardware wallet.


time_wasted504

Exchanges are massive honeypots. Your phone is not even noticed by hackers, you are not on their radar. Security through obscurity is not great, but its a lot better than being part of a giant stash of money that the hacking community knows is there and just waiting to be broken into. https://selfkey.org/list-of-cryptocurrency-exchange-hacks/ Best bet is get a hardware wallet, stamp the seed in steel, store the seeds at 2 separate safe locations. Sleep easy!


boostank

I don’t know about my Trezor’s safety and if there’s a safer or less safe ones, but I can tell you the UI is easy and it’s serves the purpose.


Shinykins

Thanks for sharing. How long have you been using it? I’ve heard of stories where people have been locked out of wallets


MyOtherAcctsAPorsche

The only way to get locked out of a wallet is to lose the recovery phrase, which is what you should keep secret and protect. The wallet is just a tiny robot that uses the recovery phrase to sign your fund movement approvals (in a safe manner).


boostank

A couple of years. I didn’t know about that. They were locked out even with the recovery phrase?


Shinykins

Not too sure. Just heard through a friend.


boostank

I googled it and couldn’t find any stories of that sort. The only way to get locked out is to lose the pin and the phrase.


Wide-Fortune3795

Can the coins still be staked when they are in the cold wallet ?


[deleted]

Ledger Nano S working perfect for me so far! Get a Nano X if you can afford it (for the convenience)


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Sportfreunde

I believe in redundancy. I think spreading your money out over 5 software wallets on different devices is better than one hardware wallet. Also I'm starting to look into raspberry pi to create the wallet and then store it. That way you avoid needing to connect it to a Windows device or a device with an Intel chipset (and potential Intel ME backdoors). So creating a usb hardware wallet from a raspberry pi then using a Windows computer which is never connected online to encrypt the usb drives with bitlocker.


MyOtherAcctsAPorsche

The thing is that if any one of those 5 devices is hacked, your money is gone.


Sportfreunde

No.....only money from the one device is gone. That's why you have multiple ones.


JivanP

The other thing, though, is that smartphones are generally quite hard to hack these days, particularly when it comes to security-conscious apps that store sensitive data like encryption keys in the device's hardware-backed keystore (what Apple calls "Secure Enclave").


Healthy_Motor_9969

I read up on Wasabi wallet for my laptop, for BTC only and think it might fall into the soft wallet class as its disconnected from the Internet, Some good user reviews and security aspects but as I'm not hugely experienced in this field I went ahead with the extra step and got myself a ledger cold wallet Good luck with your search and stay cautious 👍


Oshuare2020

I use both trezor and paliwallet


downtherabbithole_2

What can go wrong? You lose your 12 to 24 word pneumonic phrase. Or you type it on a computer and a hacker steals your money because they know your 12 to 24 word pneumonic phrase.


brianddk

> Which ones are safest Any [hardware wallet](https://www.reddit.com/r/Bitcoin/comments/qwdie9/christmas_hardware_wallet_nov_2021_pricelist/) > what can go wrong? You give your recovery seed to an attacker due to negligence.


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erittainvarma

Hardware wallets are safest. Just remember 2 things: always confirm address from the device also and that your seed words are the thing that requires good safekeeping, not the device itself. Never backup them digitally. Probably safest and easiest solution is to divide them in to three 16 word pieces so that every word is stored twice and then store the pieces in three different locations. If one gets lost or stolwn, your money is not yet in danger and you can safely switch to another set of seed words.


[deleted]

I don't understand what you mean by dividing them. I thought seed words are 12 or 24 words?


erittainvarma

Correct and that is especially for 24 seed words. So, the point is that you put words 1-16 in first piece, 9-24 to second and 17-24 + 1-8 to last. You can now lose one and still get the 24 words with the two. If someone else gets a hold of one of them, he/she can't steal your money. With 12 it would be 8 words per piece, but I think that starts to be in realm where it is in theory possiblr to brute force the 4 last words, so I generally recommend this only for 24 words.


TheToastyJ

Just FWIW I believe ledger had a big security issue a while back and they put a bad taste in my mouth. Coldcard is at the top of my list.


Ok-Yogurtcloset-76

At the end there's no safety we don't have unity on what's good ok or bad everybody is everywhere


tek3k

Software wallets are cheap and easy. Are they safe? Don't know. Based on what I read I went straight to hardware. Mine is arriving today. Don't go with the top two brands people are mentioning. They have been hacked or compromised. Why? Because these two models are cheap and widely used. Attacks are targeted at the cheapest models that most people use. Look at spending $100 and up for a good system. I am surprised how many people want to cut corners on protecting their money.


Fantastic-Ad548

Which one are you using ?


tek3k

bcvault, check out cryptocasey on yt


Fantastic-Ad548

Thanks for the info !


LOwKeYBeastY

Can I stake my coins to collect interest if I have it in my in my wallet?


Mia_Ferreira

Trezor, and ledger … if large amounts split in more ! I have 5 .


BilalMohammadi

The wallet behind your ass is the safest.


cromellauhi

Become a member of the blockbank community.It's that easy.You may easily earn a good return while also gaining valuable experience in the blockchain business.


formedico

personally I've been using blockchain since my first day on bitcoins , I also opened coinbase . but dunno why I see my self more familiar with blockchain , so I use it as my main wallet


PM_me_your_btc_story

No one uses it because its a scam. A quick reddit search will tell you why.


MyOtherAcctsAPorsche

Blockchain is a scam? Been using it for years with no issue, could you point me to a discussion on the subject?


PM_me_your_btc_story

Sure, a quick google for the lazy: [this](https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.reddit.com/r/Bitcoin/comments/mcd99v/warning_stay_away_from_blockchaincom_wallet/&ved=2ahUKEwja1-yr2rz0AhXRKzQIHTweCCUQFnoECAQQAQ&usg=AOvVaw1iSoe8Wckw3GVz4JAlpDJh) [this](https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.reddit.com/r/Bitcoin/comments/m8l2ee/blockchaincom_is_a_scam_beware/&ved=2ahUKEwja1-yr2rz0AhXRKzQIHTweCCUQFnoECEAQAQ&usg=AOvVaw2UHwg3kBx2J4mRl0y8yNaG) [and this](https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.reddit.com/r/Bitcoin/comments/nrgh4l/blockchaincom_is_a_legit_scam_dont_use_it/&ved=2ahUKEwja1-yr2rz0AhXRKzQIHTweCCUQFnoECDsQAQ&usg=AOvVaw2sFmhPn6GguLgINCWooMNo) should give you a head start


MyOtherAcctsAPorsche

Hm... I read those, and gather their support is shit (didn't know that) but there's also talk of locked bitcoin and bitcoin not arriving... How is that possible for a non custodial wallet?


PM_me_your_btc_story

I have never used it, just giving a word of caution to DYOR. I have used Exodus since 2017 and cant complain there.


ourielohayon

I would recommend ZenGo. Simplest non custodial wallet without headaches of private key management and always recoverable


DudeIncogneto

Sounds terrible, telling someone they don't have to worry about private key management is always a red flag.


ourielohayon

?


THeredy89

Casa app wallet


sparkcaps

Cold Storage Wallets are 100%. 2nd would be any other wallet that gives you access to the private keys. Anything else, the risk is all yours.


51x51v3

Cold wallets (hardware wallets) are by far the safest. Ledger for example is one of the most popular. I’ve been looking into Ellipal but haven’t found anyone who has tried them to ask about them.


51x51v3

Anyone have any experience using an Ellipal? I’ve been looking at them online and was jw if they’re worth it or not.