Hardware Wallets Aren’t as Safe as You Think
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- Опубліковано 12 лип 2024
- Before you buy a cold wallet you might be wondering are hardware wallets safe? The truth is-they can be, but only if you use them “correctly”. In this video, you’ll learn why hardware wallets aren’t always safe and how to use them effectively.
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Wishing you safe and successful crypto adventures.
- Alex Gomez 🫶
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I answer 25 crucial questions about hardware wallet in my other video:
25 Things You NEED TO KNOW About Hardware Wallets
ua-cam.com/video/KcSsyiMm_4Q/v-deo.html
- Alex
Thank you, this was very helpful and thorough!
Thanks for watching!
Bought the Tangem wallet love it.
Happy to hear that! Tangem is great 👍
Bro, cool as always.. new look for the weekend 😸😸
Thanks 😆
It’s about to be winter here, might be a while before my next haircut. At the very least I have to keep the top long.
Have a great weekend :)
Ur videos amazing!! Can u tell me about the amazon orders is it true or scam? After completing 60 orders i have withdrawed my balance but now i have to complete big lucky order. I cant afford right now. I need ur advice pls
Thank you.
I would NOT buy a hardware wallet on Amazon. The potential to receive a compromised device is higher than if you purchase directly through the manufacturer.
That said, some people have bought cold wallets on Amazon and are okay.
But if you can avoid it-why wouldn’t you?
Gemini put a hold on my account so I cannot withdraw crypto, I can only withdraw fiat. They asked for my cold wallet crypto address to verify. Should I provide my cold wallet crypto address?
It’s fine to share your public address.
NEVER share your wallet seed phrase though.
What hw wallets are you taking about inputting pins on computer
I guess it’s no so much PINs as it would be seed phrases.
I know some people will actually import their hardware wallet phrase into their software wallet to access it. If someone had eyes on your computer, they could see you do this.
- Alex
Im actually looking at buying a trezor safe 5 and going to be using the multishare backup. I love open source and the transparency with the code. Im actually hoping that trezor makes an air gapped wallet in the future as their top of the line hardware wallet basically without the Bluetooth and other data leaking issues. Basically, it is an answer for the ledger stax but more secure and completely airgapped like the keystone or the ngrave zero would love that option. Im going to be buying bitcoin in small bits while adding up my portfolio overtime. Anyway, I love the videos you put out. i personally am going for trezor even though i know you really like tangem. It's just that trezor ticks all the boxes for me.
Nice! I love Tangem because it’s the most user friendly wallet on the market. But that doesn’t mean I don’t like or use other wallets.
Trezor is a solid product and I use my safe 3 often. FYI Trezor wallets don’t have Bluetooth. They only connect via USBC.
Also air gap is not really more secure. Malicious activity can still pass through QR codes just like they can USB connector or Bluetooth.
Anyways! Thanks for watching
- Alex
Just wondering why Trezor and Ledger are not on your list ?
Because I don’t own a Trezor and can’t vouch for it. And Ledger was on my list, but after they released “Ledger Recover” and lied to their customers, I took them off until more clarity is provided.
- Alex
@@cyberscrillaIntegrity 🙏
@@cyberscrillafrom what I understood was that it was optional
@@CryptoObie Correct. But Ledger lied. They said a firmware update could not extract private keys.
Well, now it can. That's the main issue. So Ledger lost the trust of many users.
- Alex
excellent
Thank you John
This sucks cause i bought my ledger 2 months ago and it is now a paper weight on my desk..what a waste of money! The second i found out that our crypto could be handled over to government or courts..i was out within 1hr
I’m sorry.. have you looked into other wallets?
I always recommend Tangem as it’s super affordable and secure. Plus it’s even easier to use than Ledger.
Here’s my full review if you’re still looking for a solid wallet:
ua-cam.com/video/_eIX8icH1To/v-deo.htmlsi=y3vZFgVIOUFdhPyQ
- Alex
What if someone at the post office/courier service was swapping out or accessing hardware wallets and repackaging before they deliver to you? They would know where it was coming from
Possible. But unlikely. They’d have to be highly skilled and it would likely take time.
Most wallets have a method to verify authenticity as well
Is there a reason you took ledger off your list?
At this point, i don’t recommend Ledger anymore after they lied about not being able to extract the private key from the device.
A good alternative is the Trezor Safe 3
I won a free trezor from a reputable UA-cam channel sent from the manufacturer... but it sits on my desk because in the end I don't know if it's trustworthy.
Seems like cold wallets have a lot of the risks that cold wallets have (not all) but then have the added risk of the delivery system.
Doesn’t sound like a reputable UA-camr if you don’t trust the product you won from them.
P.S. if it’s a Trezor Safe 3, you can confirm it’s authentic during setup
What if hw wallet breaks or dies and you can't get a second one?
Why wouldn’t you be able to get a second one? It doesn’t have to be the same brand hardware wallet. Seed phrases can be imported into any wallet.
@@cyberscrilla There is no guarantee.
Yes. That’s a fact. You can import your seed into another wallet.
Hi - It cost me $15 to send $10 worth of bitcoin from the wallet to Trezor. This is at 3:30 in the afternoon. This is ridiculous. How can I possibly do this? I will be losing so much money. Is it that much different at midnight or something? I don’t understand.
Honestly $10 worth of BTC isn’t worth transferring to a cold wallet, fees are just too expensive.
Maybe once you get a better savings built up it’ll be worth transferring.
If you’re in the US, it’s cheaper late at night.
@@cyberscrilla I was doing it as a test. I actually have a large balance by any standards, which is why I’m eager to get it off of COINBASE Wallet and onto Trezor.
@@cyberscrilla and thank you for your reply. I only just found out that COINBASE Wallet doesn’t have desktop capability so I’m having to scan XPUB to move it to Trezor. That’s okay I guess. I’ll try early am to see if fees are any lighter. Might as well buy crypto directly from Trezor from now on and skip the exchange , right?
I understand. In that case, $15 is worth ensuring your BTC is going to the right address no?
Yes, that is an option. Definitely worth comparing fees though.
JUST GOT MY TANGEM WALLET
NICE!!!
Damn. Now you're making me want to trash my nano x's and buy them direct lol.
lol. Just buy a different brand altogether.
This has nothing to do with nor does it fall on any real or perceived setbacks of cold storage technology.
It’s completely up to the discretion of the user or their lack of knowledge of the devices.
Exactly why I made this video. To make users aware of how to use a cold storage device properly.
Because so many people believe if you use a cold wallet, you can’t be hacked which is false.
- Alex
@@cyberscrilla
Got you✅
How do I keep my crypto safe so I use hardware wallet, paper wallet please explain
This video will help: How to Manage Your Crypto Safely in 2024 (Beginners Guide)
ua-cam.com/video/zAytWdIqE1g/v-deo.html
@@cyberscrilla thanks
I bought mine from Amazon 6 years ago I put my pin in wrong 4 times to change the seeds rights away ..No issues my coins been sitting there for 6 years
That’s good. I’m happy to hear that! It’s more of a safety precaution than anything.
- Alex
Soon a bill will be passed to put a ban on crypto . I just saw the bill@@cyberscrilla
It’s not that easy
PEOPLE, DO NOT USE ANY DEVICE THAT IS CONNECTED TO A COMPUTER…ONLY USE AIR GAPPED STORAGE
Why? Air gapped is not impenetrable. You can still get scammed. It simply lessens the number of potential attack vectors.
@cyberscrilla so you're saying by design its superior?
No
@cyberscrilla but if there are less attack vectors why wouldn't you want to choose that one. Im really new to this and looking for a hardware wallet
@@gok0o Because most hardware wallets on the market, air gapped or not, will protect you from just about everything but phishing scams.
There are other things of importance to consider. Like, is the device easy to use?
If you get a wallet that’s too complicated it becomes a security risk because you don’t understand how it works.
If you’re new to cold wallets I’d recommend Tangem or Trezor Safe 3.
I have reviews for both of them under my “Hardware Wallet Review” playlist:
ua-cam.com/play/PLcf_x896LiWP5A_BkcIBEkpflQhThbJ7x.html
Super paranoid?
Get a cheap iPhone/android phone. Clean wipe if not new. Install all your hot wallets, and cold wallet. Only use the phone for transactions only (not social media, not surfing the web, nothing).
Add Face ID, finger print. This phone never leaves your home.
Keep your pass phrase in this phone in notepad (yes controversial) but remember you’re not surfing the web , Facebook, etc on this phone. Keep another copy seedphrase paper at the bank vault box.
The only way they can get to your coins is they’d have to rob your home while you’re there so they can open your phone via fingerprint or face.
Ohh yea and keep the phone hidden in a fireproof vault box. It may get annoying opening that box though. I haven’t gotten to this stage yet. I think if they managed to break into home and force me to access phone that was hidden. I’m already done anyways 😂
That’s still a hot wallet. Hardware wallet s much more secure
👍👍👍👍👍👍👍👍👍👍
This seems more like human error not cold wallet error lol
Yep..
unfortunately i foune your chsnnel after grtting my Tangem cards, but look foreard to more help and insight from ya
Thank you for watching. Happy to help anytime. Enjoy your Tangem cards :)