Hardware Wallet vs Software Wallet

riberet19

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A few years ago, I received a warning from Coinbase when my crypto balance exceeded $1000, and I bought a hardware wallet, but until now I also keep a lot of crypto even if only in small amounts around $100 in several wallets like Atomic, Holytransaction etc., I also save crypto on several exchanges for trading. A hardware wallet is a necessity for long-term storage so you don't have to deposit and withdraw every day.
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.
 
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Bango

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I prefer software wallets. Hardware wallets are more secure but can get damaged or lost. They need more maintenance. That's why I'm more comfortable with a software wallet
 

riberet19

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I prefer software wallets. Hardware wallets are more secure but can get damaged or lost. They need more maintenance. That's why I'm more comfortable with a software wallet
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
 

Bango

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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
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
 

nomad

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Hardware wallets are considered the most secure wallets because you fully control your assets. However, these devices cost money and I have never used them. I mostly use mobile wallets and desktop wallets.
 

Etini Willie

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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.
 

Suba

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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.
 

Etini Willie

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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.
 

Suba

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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.
 

Bisolami

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Well to me it is better to have both than to have just one but as for now I only have a software wallet which I make use of all the time but if I have the chance and time to create a hardware wallet then I will also make it but to me the best to use is software wallet which is easily understandable and user friendly.
This is true. It may not be a good idea to focus on one wallet so the hardware wallet and the software one will be a very good idea. I think I should have the two too
 
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