Are you using Hardware Wallets?

[MrSpasybo]

Hardware wallets would really be only relevant on the time or moment that you do have that big amount of holding but if you do have only that small or average then Electrum or some non custodial wallets would suffice or be enough, specially into those people who dont have that budget on buying up a HW then it wont really be that a bad idea  on having some piece of paper and be hiding that PK into the safe place,. as long it would really be that far from other peoples attention or awareness then you should be just fine. Just like with the basic recommendation that exchange wallets arent that ideal at all.

I am also more relaxed about this issue. Both hardware wallets and hot wallets can fulfill the task of crypto custody if users know how to manage and protect their private keys effectively. Hardware wallets are certainly safer because they have special chips to prevent online attacks, but they also require careful preservation to avoid damage from moisture and temperature.

I usually use hot wallets for self-custody of my crypto assets, and I also use CEXs to store crypto assets during trading. Everything is quite safe when I use iOS and Ubuntu to manage and interact with my accounts.

[dkbit98]

I have multiple trezor 1's

There is no need to won multiple Trezor One devices, and I would say it's more risky.
This is one of the oldest devices and first hardware wallet ever created, so there is a chance they are going to stop production soon.
Other Trezor models are slightly better, they have secure elements (Models 3&5) and they support more coins.

I hold btc ltc doge in them

I belong to a few exchanges to supplement my wallets

coinbase
kraken
tradeogre

I don't understand what you meant to say with this.
It sounded like you are owned by some centralized exchanges

[Husna QA]

I have multiple trezor 1's

I hold btc ltc doge in them

It is unnecessary, considering that some of the hardware wallets are the same type. Trezor One supports multiple coins besides Bitcoin, so you can use it even on one hardware wallet.

However, if the hardware wallet you use is different types, although it is still the same as the Trezor, at least it gives you different experiences and features for each device.

[dkbit98]

However, if the hardware wallet you use is different types, although it is still the same as the Trezor, at least it gives you different experiences and features for each device.

Using two or more hardware wallets created by different manufacturers can give users some advantage, especially when combined in some multisig setup.
In case one hardware wallet becomes insecure or exposed for any reason, you can always switch to device from different manufacturer, for example you can drop ledger and start using Trezor wallet.
Flaws and bugs mostly hidden in closed source devices, so I would stop using them.

[KryptoBull]

Using two or more hardware wallets created by different manufacturers can give users some advantage, especially when combined in some multisig setup.
In case one hardware wallet becomes insecure or exposed for any reason, you can always switch to device from different manufacturer, for example you can drop ledger and start using Trezor wallet.
Flaws and bugs mostly hidden in closed source devices, so I would stop using them.

According to my knowledge, there hasn't been any successful attack on a hardware wallet due to the special chip that protects them. However, never means not-ever, and there's still a risk, albeit much smaller compared to hot wallets.

I've taken some profits from BTC and have enough funds to buy a hardware wallet but I haven't decided yet. Storing the private key of a hardware wallet in a safe can come with many risks, and if I store it on a mobile device, it will decrease its security level. PlanB has moved BTC to a BTC ETF so I'll be temporarily satisfied with the security level of the hot wallet I'm currently using.

[joniboini]

PlanB has moved BTC to a BTC ETF so I'll be temporarily satisfied with the security level of the hot wallet I'm currently using.

Are you sure you want to switch your coins to an ETF? Isn't that selling your coins for some wrapped tokens, or even a note that doesn't guarantee you can get your coins back? Feels like a bad trade-off. I'd rather keep it in my own cold storage even if it's a hassle to learn how to setup multi sig instead of relying on an ETF for long-term investment. Do correct me if I misunderstand it.

[dkbit98]

According to my knowledge, there hasn't been any successful attack on a hardware wallet due to the special chip that protects them. However, never means not-ever, and there's still a risk, albeit much smaller compared to hot wallets.

For attack to happen they need to take hold of device or user to give them keys, this is not so hard to do as most people think.
You can't know that with closed source secure elements because manufacturers signed NDA agreements, and ledger even charged customers to make their devices less secure.
It is more likely to see bugs in firmware or software, for example we saw how Tangem amateur developers exposed seed words via their mobile app.

[Husna QA]

However, if the hardware wallet you use is different types, although it is still the same as the Trezor, at least it gives you different experiences and features for each device.

Using two or more hardware wallets created by different manufacturers can give users some advantage, especially when combined in some multisig setup.

I agree with you. Even multisig wallets without hardware wallets can be safer than a standard wallet. The wallet security level can be even higher when multisig is combined with a hardware wallet.

I've tried combining a multi-signature wallet using Electrum and hardware wallets.
Multi-Signature Wallet using the Electrum and the Hardware Wallet

In case one hardware wallet becomes insecure or exposed for any reason, you can always switch to device from different manufacturer, for example you can drop ledger and start using Trezor wallet.
Flaws and bugs mostly hidden in closed source devices, so I would stop using them.

In this case, I agree with what gmaxwell said when responding to the wallet case created with Libbitcoin Explorer (BX). As far as I know, this tool (BX) is open source.

You should never have used any closed source wallet-- but being open source is not enough.

[DavetJack]

According to my knowledge, there hasn't been any successful attack on a hardware wallet due to the special chip that protects them. However, never means not-ever, and there's still a risk, albeit much smaller compared to hot wallets.

For attack to happen they need to take hold of device or user to give them keys, this is not so hard to do as most people think.
You can't know that with closed source secure elements because manufacturers signed NDA agreements, and ledger even charged customers to make their devices less secure.
It is more likely to see bugs in firmware or software, for example we saw how Tangem amateur developers exposed seed words via their mobile app.

A wallet and a bank are completely secure on their own. If we don't share our private issues with anyone else and if we take precautions, we might not be a victim of fraud. Even then, there are many hardware and wallets that we can use.

[dkbit98]

I agree with you. Even multisig wallets without hardware wallets can be safer than a standard wallet. The wallet security level can be even higher when multisig is combined with a hardware wallet.

Yes, but I usually don't recommend people to use multisig wallets because of their complexity and higher transaction fees.
Alternative option is using Shamir Secret Sharing or SLIP39 that is available in Trezor and Keystone hardware wallets.

A wallet and a bank are completely secure on their own.

I have no idea what you are talking about dude, but stay on topic please, I don't care about safe banks.

[DavetJack]

I agree with you. Even multisig wallets without hardware wallets can be safer than a standard wallet. The wallet security level can be even higher when multisig is combined with a hardware wallet.

Yes, but I usually don't recommend people to use multisig wallets because of their complexity and higher transaction fees.
Alternative option is using Shamir Secret Sharing or SLIP39 that is available in Trezor and Keystone hardware wallets.

A wallet and a bank are completely secure on their own.

I have no idea what you are talking about dude, but stay on topic please, I don't care about safe banks.

Yes, there are many ordinary investors who do not need or want to use hardware wallets, they just hold their limited amount of dollars and buy and sell. But those who are serious investors need to use hardware wallets and they do. But I am not arguing that small investors should not use hardware wallets either. In my opinion, if we want to be in crypto currency, we must use hardware wallets.

[dkbit98]

Yes, there are many ordinary investors who do not need or want to use hardware wallets, they just hold their limited amount of dollars and buy and sell. But those who are serious investors need to use hardware wallets and they do. But I am not arguing that small investors should not use hardware wallets either. In my opinion, if we want to be in crypto currency, we must use hardware wallets.

We should use hardware wallets, but not just any hardware wallets.
Some people learned a lesson when ledger leaked all their personal information online, and Tangem wallet developer amateurs leaked customers seed words from their mobile app, resulting in lost coins.
General rule is to avoid using any wallets if they are not open source.