Yeah without a doubt, if you are a long term investor, the best thing you can do is buy a ledger, a trezor or other device to store your crypto safe and use software wallets for payments for example.
Hardware Wallet vs Software Wallet
- Thread starter Bango
- Start date
But if your device is damaged or lost you can buy another and introduce your seed phrase there and restore your wallet, you just have to save your seed safely, but yes, you have to spend a few bucks more to buy another device
- Thread starter
- #24
Yes that's right. Your money will not be completely lost but as you said you have to buy another wallet again. You have to pay 1 Litecoin and buy a new wallet. It's a bit stressful for me
I prefer software wallet because I can set it up and access my wallets on the go. I know that hardware wallets have an extra layer of security but I still prefer software wallet because most of the fact that I can access it with a smartphone.
As I've said before, actually any wallet doesn't store crypto, Crypto is stored on the blockchain. Hardware wallets only store private keys that can access the blockchain. To use a hardware wallet, we also need other devices such as laptops or smartphones using USB. So the hardware wallet is also portable.
Clarification gotten sir. I believe that the software wallet is much more advantageous if portability is the yardstick here. You need an appendage to access a hardware wallet while you don't need such for a software wallet.
In this forum we only discuss sis, whatever crypto wallet you use, the most important thing is that it's safe, easy to use, and you like using it, but it's best if your balance is no more than $1k, like Coinbase suggested to me.