Hardware Wallet Information | Crypto Craft

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Hardware Wallet Information

  • #1
  • First Post: Sep 30, 2019 11:31am Sep 30, 2019 11:31am
I've been trading Crypto for years but far from a knowledgable trader. I've learned most of my information through Forex Factory (now through Cryptocraft) and internet searches. But one thing I never researched was hard wallets. I figured a safe bet was Coinbase. Then I started trading harder to buy crypto like XRP (at the time Coinbase did not have it) and DOGE. I went with Bitsane after a CBS News article discussed how to buy XRP with them. THEN MY WORST FEAR....Bitsane disappeared with my XRP, DOGE and some BTC. Now I had no choice but to start the dauntless research of how to use a hardware wallet. I was sure this would be difficult, there was no way this would be user friendly for a novice, everyday person like myself.

A friend recommended I try the NANO Ledger S. So I ordered it off Amazon...simple. I received it, read the directions...simple. I transferred some crypto I had on an exchange...simple. It was simple and if only back when I started I had somewhere easy to understand the different hardware wallets I would have saved the crypto that was stolen through Bitsane.

So I'm starting this thread in hopes to hear from others what hardware wallets they use. Which ones they find most user friendly. I hope that a thread like this will help another "Newbie" to crypto trading to understand Hardware Wallets. Take it from me...do not leave your crypto on exchanges!
  • #2
  • Oct 1, 2019 8:41am Oct 1, 2019 8:41am
BITSANE! Irish broker exit scam if I remember correctly! Hopefully not too costly a lesson! That would SUCK. My condolences.

I use the Ledger S like you and am very happy. I took all my crypto off of Coinbase and moved it there. Aside from my trading capital that I keep on Bitfinex.

A friend has the Ledger X and seems to like it. It's not for me because it has a bunch of bells and whistles that I don't expect using.

Another friend of mine uses the Trezor and likes it better than the Ledger.

And yet another friend uses a USB stick, but I wouldn't do that. I lost $5 in BTC installing on a USB because now I can't figure out how to get it back! The software I used, Multibit HD, won't allow me to restore it for some reason. I think they changed their business model or something, and now I'm out. That $5 is like $20 now, lol.
  • #3
  • Oct 1, 2019 8:52am Oct 1, 2019 8:52am
Quoting cryptocrazy
Take it from me...do not leave your crypto on exchanges!
Wise words that came with a hard lesson for sure. Wisdom comes from experience though, so good you are sharing your lesson with others. Always secure your own funds people! Think of it like the wild west right now, and you should assume every cowboy you see might rob you and leave you for dead.

I also use the nano s and have found it totally adequate for my needs and easy enough to use. I've even trained my wife on how to use in the event of my untimely death, though I suspect she would need some help in that event. Something about how what I say goes in one ear and out the other. I only move the necessary portion into an exchange where I can then trade it.

One last piece I will say about hardware wallets: ensure that you are getting an original, new wallet from the maker. Otherwise, you run the risk of your funds disappearing into the ether.
  • #4
  • Oct 1, 2019 10:13am Oct 1, 2019 10:13am
Yep big fan of the Ledger Nano S myself, I even bought a second to test restoring and keep as a backup unit stored offset (admittedly I'm yet to store it elsewhere....).

Originally their desktop software was extremely wonky and annoying to load up/authenticate individual apps for each coin stored, but since they brought Ledger Live out which pulls it all together it's been great and their phone app is sweet too!

There's no reason to keep considerable amounts stored on an exchange and a hardware wallet is super easy to get started with now.
  • #5
  • Oct 1, 2019 12:20pm Oct 1, 2019 12:20pm
BTW we kinda discussed some of it here: https://www.cryptocraft.com/showthread.php?t=938899
Can you afford to take that chance?
  • #6
  • Oct 1, 2019 5:03pm Oct 1, 2019 5:03pm
I have a Ledger Nano S as well. It serves me well. I may get myself a Ledger Nano X for Christmas (assuming I'm not naughty).
  • #7
  • Oct 1, 2019 5:06pm Oct 1, 2019 5:06pm
Sorry to hear about your losses cryptocrazy! It's truly like the wildwild west out there!

All of the Ledgers products are the best IMO.

Don't try to cut corners any purchase them from Ebay/amazon etc... I've heard horror stories of vendors tampering with the ledgers, resealing the packages and then tapping your funds, down the line.
The Bigger the Boob, The More Buckles on it's Bra
  • #8
  • Oct 2, 2019 5:42pm Oct 2, 2019 5:42pm
Sorry to hear your story cryptocrazy. I am learning to hate the crypto brokers and intermediaries. Even the big and reputable ones frustrate me because they have a long way to go to catch up with the brokers in other industries.

Quoting cryptocrazy
A friend recommended I try the NANO Ledger S. So I ordered it off Amazon...simple.
As others mentioned I would recommend against buying hardware wallets from anywhere other than the manufacturer - even Amazon.

I also use the ledger nano s and it has worked well for me. I rarely need to fiddle with it though because it only holds my long-term investment.

One wallet that has not been mentioned here is the Keep Key. I have not bought one yet but I think they are respected. They always have great promotions going on too.
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  • #9
  • Oct 2, 2019 9:57pm Oct 2, 2019 9:57pm
Quoting g-force
One wallet that has not been mentioned here is the Keep Key. I have not bought one yet but I think they are respected. They always have great promotions going on too. {image}
Those KeepKey deals seem too good to be true.
  • #10
  • Oct 3, 2019 2:52pm Oct 3, 2019 2:52pm
Quoting cryptocrazy
...THEN MY WORST FEAR....Bitsane disappeared with my XRP, DOGE and some BTC. Now I had no choice but to start the dauntless research of how to use a hardware wallet...
I'm really sorry to hear about your ordeal with them, hopefully it wasn't a too great of a loss.

Hardware wallets are an absolute must! If you don't have absolute and 100% control over your private keys you don't actually own your cryptos! This cannot be said and repeated enough!

I personally am a big fan of the hardware wallet manufacturer Trezor, it's a HD wallet with a small mono screen that scrambles the PIN entry pad every time you log on.

Do absolutely make sure however that you keep a safe copy of your seed phrase. And also, in the same caveat make sure that you use a unique passphrase on top of your standard 24 or 12 word seed phrase which acts as being the additional seed if you will.

With regards to holding any trading capital as collateral at exchanges like on BitMex for instance, a few things to keep in mind and to make sure:

Firstly, only ever deposit on exchanges amounts that you're able to financially absorb should the worst case scenario happen, i.e. a hack for instance. Secondly, and most importantly enable the 2FA login, by either using your mobile phone (i.e. Google's or Microsoft's authentication apps) or at least via SMS login. Holding any substantial amount of collateral at exchanges without additional login authentication would be classified as acting in gross negligence!

Be safe and do take the extra time and bear the relatively small cost it takes to secure your digital assets!
  • #11
  • Oct 3, 2019 3:54pm Oct 3, 2019 3:54pm
Quoting cryptocow
{quote} Those KeepKey deals seem too good to be true.
I hope not.

Quoting Trader613
Holding any substantial amount of collateral at exchanges without additional login authentication would be classified as acting in gross negligence!
Now we are talking, professional-level ish right here.
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  • #12
  • Oct 8, 2019 5:25pm Oct 8, 2019 5:25pm
I discovered the "To the Moon" edition the Nano X last night. It's exactly the same price as the regular Nano X. I think it should probably be cheaper cuz it's uuuggly AF.

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  • #13
  • Oct 9, 2019 6:27pm Oct 9, 2019 6:27pm
Quoting cryptocow
I discovered the "To the Moon" edition the Nano X last night. It's exactly the same price as the regular Nano X. I think it should probably be cheaper cuz it's uuuggly AF. {image}
But... HODL crypto to the moon? Duh
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  • #14
  • Oct 10, 2019 5:13pm Oct 10, 2019 5:13pm
Quoting g-force
{quote} But... HODL crypto to the moon? Duh {image} {image}
Haha, I love that Bob Ross pic.
  • #15
  • Oct 14, 2019 11:51am Oct 14, 2019 11:51am
The thing I always wondered about these hardware wallets... don't you lose your coins if the device malfunctions? That fear has kept me doing cold storage the hard way.
  • #16
  • Oct 14, 2019 12:00pm Oct 14, 2019 12:00pm
Quoting Goat
The thing I always wondered about these hardware wallets... don't you lose your coins if the device malfunctions? That fear has kept me doing cold storage the hard way.
When you setup the wallet it generates seed words for you to write down, you can use those to get your wallets back. Here's Ledgers instruments on what to do if that happens: https://support.ledger.com/hc/en-us/...ecovery-phrase
  • #17
  • Oct 14, 2019 5:27pm Oct 14, 2019 5:27pm
Quoting Goat
The thing I always wondered about these hardware wallets... don't you lose your coins if the device malfunctions? That fear has kept me doing cold storage the hard way.
Ohhh Grandpa Goat.

Don't lose your computer or else you will never be able to access the internet again.
  • #18
  • Oct 14, 2019 10:27pm Oct 14, 2019 10:27pm
Quoting Hasher
{quote} When you setup the wallet it generates seed words for you to write down, you can use those to get your wallets back. Here's Ledgers instruments on what to do if that happens: https://support.ledger.com/hc/en-us/...ecovery-phrase
Ohh, so it generates a backup paper wallet, just like the old way.

Quoting cryptocow
{quote} Ohhh Grandpa Goat. Don't lose your computer or else you will never be able to access the internet again.
And just like your real grandpa, I'm always schooling you son.
  • #19
  • Oct 15, 2019 8:45am Oct 15, 2019 8:45am
Quoting Goat
The thing I always wondered about these hardware wallets... don't you lose your coins if the device malfunctions? That fear has kept me doing cold storage the hard way.
No, all you need is the recover seed. With the recovery seed you can transfer your private keys into any new hardware wallet.

Quoting Goat
{quote} Ohh, so it generates a backup paper wallet, just like the old way. {quote} And just like your real grandpa, I'm always schooling you son.
Some people are serious about their recovery seeds and keep them on fireproof indestructible steel plates. https://shop.trezor.io/product/cryptosteel
Money = Labour coupons
  • #20
  • Oct 15, 2019 5:07pm Oct 15, 2019 5:07pm
Quoting Goat
And just like your real grandpa, I'm always schooling you son.
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