Throughout the entire FTX debacle, I’ve watched normies asking how can they take their corn out of exchanges and the commonest solutions have been “straightforward, simply purchase a ledger and switch them there”.
That isn’t probably the most helpful recommendation for a number of causes:
* it’d take weeks for his or her ledger to reach, it may be already too late
* on this situations, persons are scared and fragile, they may almost certainly make an enormous mistake within the rush of the second (purchase from a third celebration as a result of it is cheaper/sooner, storing the seed of their pc, and so forth)
* utilizing a {hardware} pockets is complicated and magical for normies, most of them is not going to heed that recommendation if they’re terrified of loosing their funds. Most individuals do not even perceive what they’re, they suppose their bitcoin is saved there, they do not perceive it is only a transaction signing machine.
There’s a a lot easier message to broadcast: set up bluewallet in your telephone, switch your funds there, fear about getting it to chilly storage later after researching the subject with extra time.
As issues stand proper now, a hotwallet from a foss app in your telephone is infinitely safer than an alternate. Fashionable telephones are literally extraordinarily effectively hardened safety clever, a lot better than PCs.
Doing the above is orders of magnitude simpler and easier than going from a CEX to chilly storage on a whim.
1. Set up bluewallet
2. Write down your seed in 2 items of paper.
3. Generate a receiving tackle.
4. Revenue
5. Be taught extra and get deeper into the rabbit gap.
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I’ve long suspected that the posts that say “finally got myself a hardware wallet” are a sly marketing effort because it’s almost always a Ledger, even though Ledger’s reputation is really shitty. Those posts have been happening for years too.
But to your point, I agree that in an emergency, a software wallet is definitely better than nothing.
1) Stop calling hardware wallets “ledger”. Ledger is just a company. One that even had *serious* issues in the past.
2) Today the most recommended hardware wallets are Coldcard, Bitbox2, Trezor, Keystone or Seedsigner.
3) Explain exactly, how the users can make sure, the device they should run Bluewallet on is definitely not hacked/compromised.
Thank you.
Ledger takes 2-4 days shipping… Whys it matter as long as they have them in a cold wallet? Let people be
Giving people advice to get a Trezor/Ledger is fine. Using a hot wallet while you wait for it to ship is fine. There are countless youtube videos walking through the entire setup process, recovery process, and every other detail you need to know. I spent a few hours learning everything I needed to start with cold storage. It isn’t difficult and those who aren’t willing to do the homework are just lazy. They’ll inevitably keep taking the easy route of using exchanges and trusting them. Telling people to get a hardware wallet is the most useful advice to protect their investment, but I do agree that doing something while you wait for it to ship is prudent. That step is almost always skipped.
I largely concur. I recently – but pre-FTX – got all of my BTC off of exchanges and into a mobile wallet.
Is that the end of the road? No. Now I do the deep dive research on cold wallets, before deciding on what I want to buy.
Don’t let perfect be the enemy of better.
Fine? Take your funds off w/e CEX you’re using and into a hot wallet while you wait for your cold wallet (I use Trezor). Kind of feel like you’re just shilling bluewallet, also if you can set up a hot wallet on your phone then you can use a hardware wallet. It really is not harder to use from a retail perspective.
I use Electrum when I’m away from my Trezor. Also doubles as a dummy wallet if I ever get wrenched
Electrum.org and go to bed. It doesn’t need to be complicated and you don’t need to buy anything.
I started my BTC journey in 2016. Consumed all the info I could and immediately knew the benefits of a hardware wallet. I only had $100 in BTC at the time but went right to the Ledger website and ordered. While I was waiting I did exactly what OP suggests (I used Electrum). People, this shit isn’t rocket science but you really need to “learn by doing”.
Thanks to people here I first moved to muun wallet and when ledger arrived I moved them to cold wallet. Thanks guys.
This is very smart way to take your coins out of the exchange immediately. Just to know that some exchanges were having waiting period for new address for transfer.
Yes I totally agree. When I first invested I was totally lost I researched every day for months before I got even the slightest knowledge of safety and storage. I made paper wallets, desktop wallets and finally bought a hardware wallet. I transferred small amounts back and forth tons of times to get comfortable. Now I’m fine sending large amounts. I understand why desktop/paper wallets are hard to secure. Ledgers and Trezors are the simple answer, but learning everything before hand take a ton of time and patience.
I don’t think people do it to be malicious. I think people say buy a ledger because it easier then send a 5000 page essay on the matter of safety and storage.
I am disappointed and frustrated with my new Ledger Nano X as well as their tech support. Device will not charge, has error and Ledger Live app froze permanently, even with 3rd install and disabling all malware programs. Performed firmware update and reinstall app also did force reset to factory settings. Submitted six help tickets with worthless generic email replies over many days that can not be too.
Bull shite.
There are very few ways to determine the status of a phone in terms of security. One could argue that a fresh phone from the factory with no apps on it is likely clean, but in my experience (disclaimer, I secure large corporate networks for a living), you can be compromised right out of the box on any general-computing device because the factory installs default apps.
A cold hardware wallet is built to do one thing. If the firmware passes tamper checks you can be sure there is no unauthorized software running on it because you just can’t.
Telling someone to download an app invites risk. “Go download SuperWallet!”… user proceeds to download “SuperWalletPro”, a compromised fake app.
It’s hard to fuck up, “Go buy a Trezor” or “Go buy a Ledger” unless you’re buying a “Trezir” or “Lodger” from a flippin flea-market.
The question of doing this as a temporary measure could be debated of course, but if someone is likely to fuck up using a Ledger they are also likely to fall for fake apps on their phone or have clicked on dancing pigs on their PC. They wouldn’t know what the fuck an air-gap even is. The best and safest course of action is to get a device built for this role and help them figure it out.
If so called normies are having issues getting their funds to a cold wallet. Help them. Don’t introduce risk to their day. If you don’t want or can’t help them out, then scroll on and let someone else do it.
“A user will click on dancing pigs every time.” – Bruce Schenier
I went with Blockstream Green. But I use it as an intermediate stop between where I buy and my Ledger.
I’m a big fan of BlueWallet and have set up most of my family members with it, some for storage and others just to send them their first bitcoin. There is massive value in the ease and speed of downloading an app, then being able to see your bitcoin balance. I fully agree that when they are ready they can take the next step if they want a physical signing device. The important part is getting them started and showing them it’s not as hard as they think. In fact it’s not hard at all 🙂
I bought my ledger (jk I have no ledger or digital assets) directly from Ledger as one is supposed to do. They ship from France, so if you are in a different hemisphere (I live in Antarctica), they take WEEKS to arrive
The point is, I hope nobody rushes to get one from Amazon. Your stuff is safer in a hot wallet than a cold wallet that comes from a third party
Guys, he is right, but still buy a Ledger.
I used Blue Wallet to temporarily store my BTC while I waited for my cold wallet to arrive.
I went with the ledger Nano X. Time between ordering and receiving was more or less 6 days.
Set up process was straightforward. Seed phrase is generated by the device itself. It’s never online, and you never ever enter it anywhere on a computer or mobile device. The device does not come with a “seed phrase card” with the 24 words preprinted on it. If you receive a Ledger like this, you most likely received a tampered one. Be smart. Only buy from Ledger directly. Don’t use third party retailers.
After set up, you can receive as much as you can send to yourself. Your Ledger will not interact with you during the receiving process.
If you need to send out from your Ledger, you will need to sign each outgoing transaction on the ledger itself. No one can steal your coins unless you yourself authorize it, physically.
The only thing to watch out for now is this: do not interact with a smart contract on your ledger if you don’t understand what you are signing.
For me, this means my ledger is for long term storage only. I will not be staking, lending, or participating in any crowdsourcing with my Ledger. My Ledger is my Fort Knox. Coins will come in, and they will never go back out unless I feel like I mooned on something and want to slowly take profit.
These are the lessons I’ve learned from my short time in this space. Which feels like a lifetime now.
My next goal is to accumulate simultaneously on another hardware wallet, like the Bitbox02 or Cold Card.
Fuck these hot wallets. I feel like the moment a hot wallet gave me a seed phrase, it was already comprised.
Anyway, Ledger can never rug pull on you. It wasn’t designed like that, and if you think they can, then you have some other trust issues you need to work on.
Just want to add that Trezor added a functionality that forces users to identify themselves if withdrawing from a Swiss exchange
https://www.coindesk.com/tech/2022/01/27/trezor-adopts-swiss-travel-rule-protocol-for-private-crypto-wallets/
I like Mycelium. Get yourself an old, unlocked phone and install mycelium.
Software wallets are definitely better than a CEX but I still highly recommend a hardware wallet over a software wallet.
IMO, they are not that hard to use. A boomer or a tech illiterate person might disagree but there are things called Google and YouTube. Endless amounts of tutorials online.
There are so many tutorials out there, btcsessions is thorough.
Go to bitcointv.com which Odell runs and you’ll hear about other methods of self custody and skip the shit coins
Good advice
“Easy just buy a ledger” – what the fuck does that even mean.
Aint nothing safer than a cold card tho
If you’re wallet is not open source then it’s a hard NO!
Indeed I saw this how everyone was shouting get a cold wallet u focking donkey…. And like how the hell they will in simple 36-48hrs?
I’m times like this we should give temporary relief advice to them, just advising them a hot wallet is much faster.
If you’re going to use a hardware wallet (which you should), use a bitcoiner wallet like cold card. It’s so much better. Honestly, fuck ledger.
Dude Trezor is so easy. Just follow the directions. Like putting together legos bro.
I use BlueWallet all the time for my multisig setup and I have used it for lightning too.
BlueWallet works great with hardware wallets that use PSBT.
Not sure how people don’t know about this wallet and think people are getting paid to promote an open source wallet.
Here is their code:
https://github.com/BlueWallet/BlueWallet
Good advice
And the most important reason:
Ledger uses closed source firmware on their chip!
Better buy a Trezor .
Yeah, I never really liked how some people would jump straight to recommending hardware wallets.
Phonewallets are bad