Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: bayu7adi on January 27, 2025, 02:20:57 AM
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I plan to buy a hardware wallet to store my cryptocurrency more securely...
There are two wallets that I might be eyeing, namely safepal s1 (https://safepal.com/en/store/s1) and trezor model one (https://trezor.io/trezor-model-one)... both are sold for $50 each...
Then I crossed my mind the worst possibility that I might experience, namely what if the hardware wallet I have suddenly breaks in an unexpected accident, or maybe gets lost... do I really lose all my money? or is there a solution to that possibility??
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Then I crossed my mind the worst possibility that I might experience, namely what if the hardware wallet I have suddenly breaks in an unexpected accident, or maybe gets lost... do I really lose all my money? or is there a solution to that possibility??
That's the purpose of the seed phrase you backup, isn't this a common knowledge when backing up the seed phrase? If it lost or break, you just need to import the seed on the new device or on the wallets that supports the kind of seed if you don't want to use any HW anymore.
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Your coin is not stored on a hardware wallet or any other wallet, it is stored on the blockchain. The seed phrase can generate all necessary information needed like the private key to have access to your coins. If you have your seed phrase, no need to bother yourself as you can import it on another BIP39 device to have access to your coins and be able to spend it.
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I would suggest you to buy trezor safe 3 — it's recent model so more future proof and just a little more expensive compared to model 1 which you are thinking to purchase.
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Like everyone mentioned, there is no problem even if you destroy the hardware wallet as long as you have the seeds. That's why we need to take care of our seeds because that is the purpoes of it. So, what you have to take care for is with how you keep the seeds so that you'll have something for yourself just in case. And also, seeds can be used to recover our wallets through electrum and other wallets that support the same derivation path.
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HW feature provides the ability to manage and generate the private key/seed securely and in an offline environment and this is the fundamental difference between it and software wallets. So you will get a BIP wallet seed which you can enter into any wallet that supports it.
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I plan to buy a hardware wallet to store my cryptocurrency more securely...
Just buy a hardware wallet, a must buy for every crypto investor.
I am impressed by how a teleported legendary member, doesn't know this.
Legendary accounts need at least 1000 activity, which means 3 years in cryptocurrencies at least. How come this question never crossed his mind?
this is very strange. Was this account hacked? Sold? How come he was able to rank up that account without knowing about seeds and private keys?
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I am impressed by how a teleported legendary member, doesn't know this.
Legendary accounts need at least 1000 activity, which means 3 years in cryptocurrencies at least. How come this question never crossed his mind?
this is very strange. Was this account hacked? Sold? How come he was able to rank up that account without knowing about seeds and private keys?
No... I haven't realized it because I've never held a hardware wallet at all... I don't know, I thought at first that the function of the hardware wallet here is the last verification tool to approve transactions... I assume a wallet can never be hacked when we have a hardware wallet in our hands, because every transaction needs approval...
Now that's clear, and yeah... the possibility of hacking can still be done if we are careless in storing seeds... because there is already an answer that makes me satisfied, I will lock this topic...
Thank you for the written response