Are not you afraid to lose money when using software wallets?

[Lucius]

~snip~
I'm aware of fiasco regarding Ledger recover service, but Nano S wasn't part of it, so I continue to use it.

Officially they say it is not possible to extract the seed from Nano S, but over the years that company has proven that they should not be trusted. The very fact that such an option exists at all and that they present it as something positive is a signal for alarm.

If the crypto community was aware of the risk it was exposed to, that company would have failed long ago and only a few would still be using that HW. However, everyone has obviously decided for themselves what is best - and on the other hand, some new, safer solutions are within our reach for $100 less or more.

[Themepen]

If anyone can afford to invest a thousand dollar into any coin, it will be an insult to them if they save that coin on online software wallet. It's risky to do such a thing even though you try to avoid malware at all cost, you never can tell which app you will download one day that will contain malware that is going to specifically target your wallet.

Sometimes, some hacker just randomly spread malware through some website and hidden ads that tell you to download an app and you may not even know when you download it on your laptop device or phone device. It's better get a hardware wallet than cry later.

I totally agree with you dear. Putting a lot of money into cryptocurrency and storing it online is big risk. Even if you are careful you can still accidentally download bad app or visit bad website that can steal your money.

This can be very bad for you. Instead you should use special kind of wallet called a hardware wallet. It's safer and worth the extra money. You will feel better knowing your money is protected. It is always better to be safe than sorry so getting hardware wallet is a good idea to keep your money safe.

[libert19]

~snip~
I'm aware of fiasco regarding Ledger recover service, but Nano S wasn't part of it, so I continue to use it.

Officially they say it is not possible to extract the seed from Nano S, but over the years that company has proven that they should not be trusted. The very fact that such an option exists at all and that they present it as something positive is a signal for alarm.

If the crypto community was aware of the risk it was exposed to, that company would have failed long ago and only a few would still be using that HW. However, everyone has obviously decided for themselves what is best - and on the other hand, some new, safer solutions are within our reach for $100 less or more.

Mention those?

[taufik123]

-snip-
If the crypto community was aware of the risk it was exposed to, that company would have failed long ago and only a few would still be using that HW. However, everyone has obviously decided for themselves what is best - and on the other hand, some new, safer solutions are within our reach for $100 less or more.

What is the solution?
I haven't heard anything about the new solution at the moment, I'm not a Ledger user, but I'm a safe user who is still quite secure without seed storage in the cloud or anything like Ledger.

Companies like Ledger and Trezor are now becoming more successful and Ledger is also constantly updating its devices and security is always updated.

But of course there are concerns about the extraction of seeds from Ledger devices in the future, whether it will still survive or not.

[JISAN]

Software wallets are internet based and only require a private key or security phrase to access them. So since there are a lot of hacking incidents in the online world, it is normal to be worried about keeping crypto in a software wallet because your wallet can be hacked due to a wrong action or clicking on a phishing link. No matter how secure and trusted wallet you use, if someone gets hold of your private key, you will lose all your funds.  So in the field of using software wallets, remember that not your key not your crypto

[kulkhan]

Software wallets are internet based and only require a private key or security phrase to access them. So since there are a lot of hacking incidents in the online world, it is normal to be worried about keeping crypto in a software wallet because your wallet can be hacked due to a wrong action or clicking on a phishing link. No matter how secure and trusted wallet you use, if someone gets hold of your private key, you will lose all your funds.  So in the field of using software wallets, remember that not your key not your crypto

Yes Software wallets are internet based and only require a private key or security phrase to operate this wallet. But we need very alert to oprate this wallet. Because it is very risky. I have a bad experience with this wallet. I do not know why it happened but I lost my all fund from this is wallet. I think it happened for fishing link which I was clicked. Near about $1000 I lost. So my advice who will use software  wallet he need to very conscious about it.

[Z-tight]

Software wallets are internet based and only require a private key or security phrase to access them.

Even if your funds are stored in a hardware wallet, if you expose your seed phrase or private keys, your funds would be stolen, the difference here is that a hardware wallet stores your keys offline, so it is safer. However, you can also use your software wallet in an airgapped device which will be completely disconnected from the internet, this will give you a similar protection like a hardware wallet.

[Lucius]

~snip~
I'm aware of fiasco regarding Ledger recover service, but Nano S wasn't part of it, so I continue to use it.

Officially they say it is not possible to extract the seed from Nano S, but over the years that company has proven that they should not be trusted. The very fact that such an option exists at all and that they present it as something positive is a signal for alarm.

If the crypto community was aware of the risk it was exposed to, that company would have failed long ago and only a few would still be using that HW. However, everyone has obviously decided for themselves what is best - and on the other hand, some new, safer solutions are within our reach for $100 less or more.[/b]

Mention those?

It is not difficult to find an alternative if you want it, there are topics on BTT, and maybe also on this forum, where hardware wallets are discussed.

I personally refrain from recommendations because it should be a personal choice, but I think that maybe Trezor could be a good choice for a multicurrency wallet, and it also has firmware for those who just want to use Bitcoin. For those who want even greater security and are ready to pay a little more, the first choice according to many is the Foundation Passport HW, a cold wallet for Bitcoin.

[bitterguy28]

I have a bad experience with this wallet. I do not know why it happened but I lost my all fund from this is wallet. I think it happened for fishing link which I was clicked. Near about $1000 I lost. So my advice who will use software  wallet he need to very conscious about it.

so it is not really the wallet’s fault but more on you

of course there are really some wallets unsafe for use and sketchy but if it is a reliable platform and it was you who clicked on a fishy link and got your wallet somehow compromised then this would be on you there are definitely plenty of ways that scammers would try and get you and luckily a lot more ways to protect yourself

first by being alert and vigilant second having extra protection from the internet through vpns or detection services of any virus or malware on your device

[ABCbits]

Software wallets are internet based and only require a private key or security phrase to access them.
--snip--

It's generally true that software wallet are internet based, but FYI there are few software wallet which can be used on offline/airgapped device.

[bayu7adi]

Of course, this actually makes many people even more suspicious of wallets like Atomic... the truth about that amount of money should be revealed as soon as possible, whether it was theft by hackers or maybe taken away by developers... no one knows... Sometimes it makes some people start to think twice so that something scary doesn't happen to them.

Software wallets are currently still a matter of debate, whether it's the custodial or non-custodial type, because both have their own weaknesses and advantages... to be able to get the perfect wallet, honestly it's very difficult... because even exchanges that have better security than us, can be hacked too... let alone us who may only save with a basic strategy.

[Lucius]

~snip~
Software wallets are currently still a matter of debate, whether it's the custodial or non-custodial type, because both have their own weaknesses and advantages... to be able to get the perfect wallet, honestly it's very difficult... because even exchanges that have better security than us, can be hacked too... let alone us who may only save with a basic strategy.

If we talk about CEXs, it is true that they are exposed to a great risk because they are constantly the target of hackers, but it is also important to keep in mind that the attack can also come from the inside (rotten employee). The biggest CEXs claim that they keep more than 90% of coins in cold wallets (even 98%), so the risk should be minimal, but theory is one thing, and what happens in real life is something completely different.

The basic strategy is not less safe at all, because if you know what you are doing, it is very unlikely that someone will hack or rob you. In most cases, those who lose their coins are themselves to blame for what happened to them.

[Mia Chloe]

Software wallets are internet based and only require a private key or security phrase to access them. So since there are a lot of hacking incidents in the online world, it is normal to be worried about keeping crypto in a software wallet because your wallet can be hacked due to a wrong action or clicking on a phishing link. No matter how secure and trusted wallet you use, if someone gets hold of your private key, you will lose all your funds.  So in the field of using software wallets, remember that not your key not your crypto

Does this actually cut it ? Is it just me that's a little bit skeptical about the Op's choice of words? Software wallets or hot wallets? My point is in the process of creating an airgapped wallet say with an old PC or something, you would still have to install a wallet software (open source preferably ) so you are actually literally still making use of a software which obviously is the wallet software.

On the other hand I believe the right choice of words should be making use of a hot wallet. That's because they are the ones that are constantly connected to the internet. A software could probably could not be connected to the internet. Even hardware wallets have their own softwares thats because both software and hardware are mutually beneficial in a computer setup.

[Rikafip]

Is it just me that's a little bit skeptical about the Op's choice of words?

I've seen in other places "software wallet" term being used, so OP is not the only one and by that they simply mean a wallet that is not a hardware wallet.

But yeah, I agree that "hot wallet" seems like a more apropriate wording.

[Mia Chloe]

Is it just me that's a little bit skeptical about the Op's choice of words?

I've seen in other places "software wallet" term being used, so OP is not the only one and by that they simply mean a wallet that is not a hardware wallet.

But yeah, I agree that "hot wallet" seems like a more apropriate wording.

Please don't get me wrong I'm not actually not trying to be an error finder if that's a thing , not like you said I am though but most times when it comes to technical things relating to crypto currency , bitcoin or the ecosystem at large, using the appropriate word matters a lot. Sometimes of course it can be overlooked but in this case I really had to spot it out since it seemed a little misleading.

Anyways right from time since I was a newbie I've been reading about airgapping hardware wallets and stuff and I am pretty much used to using the correct term . It may be a thing though I really haven't come across any nice article that referred to hot wallets as software wallets hence my concern for OP's choice of words.