Author Topic: Crypto Hardware Wallets  (Read 1407 times)

Offline scottwold

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Crypto Hardware Wallets
« on: February 20, 2018, 04:01:26 PM »
Looking to get a Ledger Nanon S or Trezor.  Used to store Bitcoin, Ethereum, Litecoin.  Anyone have any experience with either of these?

Offline FreeLancer

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Re: Crypto Hardware Wallets
« Reply #1 on: February 20, 2018, 04:43:52 PM »
I've dabbled with both and they appear to work fine, although I don't have the technical skills to actually verify that they aren't capable of leaking private keys.  Subjectively, I think I like Ledger products a bit better than Trezor, but either would be a good choice for securing intermediate amounts of cryptocurrency.  For small amounts or daily use, I think a software wallet on a smartphone has a better ratio of convenience and security.  For large amounts, I still lean towards paper wallets secured the same way you would an equal amount of gold. 

I believe in storing crypto across a spectrum of hot (less secure) to cold (more secure) wallets.  The colder the wallet the farther away it is from the internet and the risk of being stolen is decreased.  Hot wallets are touching the internet all the time, like a software wallet on a phone, and thus carry the highest risk.  Hardware wallets fall somewhere in between these two extremes, but I don't yet trust that they are absolutely impervious to being hacked when connected to an online device.
« Last Edit: February 20, 2018, 04:57:33 PM by FreeLancer »

Offline scottwold

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Re: Crypto Hardware Wallets
« Reply #2 on: February 21, 2018, 09:28:32 AM »
Thanks.  Sort of ironic that the "safest" way to protect an asset that is based on advanced cryptography algorithms, private/public key pairs, etc...  is with paper

Offline FreeLancer

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Re: Crypto Hardware Wallets
« Reply #3 on: February 21, 2018, 09:49:56 AM »
Indeed it is.

Offline FreeLancer

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Re: Crypto Hardware Wallets
« Reply #4 on: March 20, 2018, 11:37:16 PM »
Hardware wallets fall somewhere in between these two extremes, but I don't yet trust that they are absolutely impervious to being hacked when connected to an online device.

Story about a vulnerability in Ledger hardware wallets that allows a third-party reseller to install malicious code on the device and then steal the funds loaded onto it by the buyer.

Krebs on Security: 15-Year-old Finds Flaw in Ledger Crypto Wallet