(Jan 27, 2022 03:25 AM)BrainDD Wrote:  i have never understood why one would use a hardware wallet its one of the most stupid ideas i every heard since i started into crypto last year.
Physical device can be stolen corrupted or broken and for me its very hard to just keep in a safe place, we don't have safety deposit boxes for example...i maybe because im new to this but i prefer custom encrypting the keys and putting them in a text file and Veracrypt it with a long and strong password and email the file to my self and all my friends has more chance to recover the wallet in 5 years than a hardware wallet.

(Jan 27, 2022 03:25 AM)BrainDD Wrote:  maybe because im new to this but i prefer custom encrypting the keys and putting them in a text file and Veracrypt it with a long and strong password and email the file to my self and all my friends has more chance to recover the wallet in 5 years than a hardware wallet.

(Jan 27, 2022 02:54 PM)shreder Wrote:  If you have no clue what you are talking about then don't talk. Hardware wallet stops your private key from getting exposed.

(Jan 27, 2022 03:44 PM)Beau Wrote:  You are new to this.

A vetted and secured hardware wallet even if stolen would not do much since it would not be vulnerable to physical attacks. Additionally, the thief would need the PIN to unlock the hardware wallet to sign any transactions. You would need to protect the physical seed from adversaries, but it's much easier to protect (and conceal) the physical seed than an electronic device.

To supplement what shreder posted. It's better saying "I don't know" rather than jumping to silly conclusions due to a lack of comprehension.

(Jan 27, 2022 04:07 PM)T0Bi Wrote:  Definitely because you're new to this and don't know/understand how hardware wallets work. 

So to clarify a few things for you: 

A hardware wallet (like all other wallets) has a seed phrase. It has 12-24 words and should be stored securely (like you store your private key). If you ever lose/break/what ever your hw wallet, you can always use the phrase to recover everything. 

A hardware wallet (e.g. Ledger Nano X) has a 8 digit pin code and deletes itself after 3 wrong entries, so losing it isn't that tragic. 

They biggest risk with having a private key like you is how are you going to use it? 
Unless you have an air gapped pc and sign your transactions offline, your key will be exposed once you load it into a wallet. 

You cannot be sure that your PC is not infected and the only way to not expose your private key is either an airgapped PC or a hardware wallet. 

So for people who'd like to actually use their crypto, a hardware wallet is a must have.

Additionally, a hardware wallet is fantastic to check the tx before signing it without the possibility of an attacker changing the address without you noticing.

(Jan 27, 2022 03:25 AM)BrainDD Wrote:  i have never understood why one would use a hardware wallet its one of the most stupid ideas i every heard since i started into crypto last year.
Physical device can be stolen corrupted or broken and for me its very hard to just keep in a safe place, we don't have safety deposit boxes for example...i maybe because im new to this but i prefer custom encrypting the keys and putting them in a text file and Veracrypt it with a long and strong password and email the file to my self and all my friends has more chance to recover the wallet in 5 years than a hardware wallet.