Is it worth investing in hardware wallet?

Discussion in 'General Bitcoin Gambling Discussion' started by Tommy82, Jan 26, 2017.

  1. Tommy82

    Tommy82 Member

    I'm not a big time gambler but from time to time I may have a couple of thousand dollars in my bankroll. I've read that you shouldn't keep large sums of money on bitcoin exchanges or gambling sites for extended periods in case they get hacked. For 1 or 2 thousand dollars worth of BTC do you think I should just keep the coins on my Mycelium or Airbitz wallet or should I invest in a hardware wallet like a Trezor or a KeepKey?
     
  2. Fatboy

    Fatboy Member

    In my option anyone with more than a few hundred dollars worth of BTC should buy a hardware wallet. They are getting cheaper by the month. A basic Ledger HW.1, which is essentially a USB key costs just €15. A Ledger Nano costs €29 and the new Ledger Nano S with an LCD panel costs €58.

    Personally I think you should opt for the Nano S because of the display. It also supports other crypto-currencies like Ethereum.
     
  3. 2damoon

    2damoon Member

    100% worth it but you have to be careful that you keep your backup seed secure or your btc will be stolen.
     
  4. uglymug

    uglymug Member

    I think they are well worth the $50 given how quickly the price is rising. I deposited some BTC at Xapo a few years ago but when I tried to withdraw it recently they told me I had to provide photo ID and a utility bill in my name. I found this very troubling because they did not specify this when I made the deposit, they just took my BTC. The point I'm trying to make is that secure online vaults control your BTC and can put up roadblocks in the future stopping you from withdrawing your bitcoin.
     
  5. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, I think it is especially beneficial now when were are faced with the prospect of a controversial hardfork that might split the chain. When Ethereum split, we saw that Coinbase initially only provided their customers with ETH and not ETC. Eventually they had to purchase ETC on the free market to pay their customers both coins. My point is that in the eventuality of a split, some wallet companies may not support both chains and you may end up losing a fortune. Both LedgerWallet and Trezor have confirmed that they are ready for a hard fork or a UASF.
     
  6. Wonka

    Wonka Member

    Can you use OpenDime as a hardware wallet?

     
  7. uglymug

    uglymug Member

    Trezor now supports Bitcoin UASF so I would buy one of these before August 1 and the potential split.

     
  8. NKOTB

    NKOTB Member

    When will Trezor 2.0 be released? I've been holding off on purchasing one until the new version is released.
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    They haven't given a final date yet but I think they've said the end of 2017 so it must be in the next few months. There will probably be huge demand and a massive backlog so you might be better of investing in Trezor 1.0 first if you don't want to wait.
     
  10. Jake21

    Jake21 Member

    anyone that has more than a couple of thousand worth of crypto and hasn't invested in a hardware wallet is an idiot. invest in the security of your investment....

     
  11. PokerGod

    PokerGod Member

    Just don't buy the John Mcafee BiFi wallet because it has been hacked within weeks of it being launched.

     
  12. Humble Servant

    Humble Servant Active Member Staff Member

    The 5.8.0 KeepKey update includes SegWit for Litecoin, Bitcoin and Bitcoin Gold. They took their sweet time but it's good to see them finally add SegWit to the KeepKey hardware wallet.

     
  13. Humble Servant

    Humble Servant Active Member Staff Member

    While we don't recommend Blockchain.com on this forum (because they're an incompetent company run by Peter Smith who is a clown) it's worth mentioning they've released a bitcoin hardware wallet called Lockbox.

     
  14. PokerGod

    PokerGod Member

    Blockchain.com are not competent enough to develop a hardware wallet. That's just a Ledger Nano S that they've coloured and out their logo on.
     

Share This Page