Bitcoin Thread

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rvZA said:
No, but it is unsafe. Get the hardware wallet and forget the rest.
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dr-evil-how-about-no.gif
 
Jackes1754 said:
Is this the better alternative than to get one of these? https://www.takealot.com/ledger-nano-s-plus/PLID90595314

Sorry for the stupid questions, but it seems it will be the wise decision to get what is left out of luno asap
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yes a Ledger Nano S plus, which is a hardware wallet, is more secure than any online / software wallet will ever be

but don't buy it from Takealot if you are worried enough about security in the first place, buy it from the source or from one of their trusted resellers:
shop.ledger.com

Ledger - certified secure crypto Hardware Wallets | Ledger

Ledger builds the world's leading certified secure crypto asset hardware wallets. Optimal protection for your BTC, ETH, XRP and more - in your full control.
shop.ledger.com shop.ledger.com
www.ledger.com

Find or Become an Official Ledger Reseller | Ledger

Find our products distributed by a worlwide network of resellers in 165 countries. Or grow your business by becoming a Ledger Partner.
www.ledger.com www.ledger.com

fun fact that tends to surprise newbies: the wallet keeps your key(s) secure, no wallet actually stores your crypto, your crypto simply lives with a public address on the blockchain
 
I bought one off takealot. I took it apart and checked the circuit board for authenticity. You just pry it open.


There are YouTube videos to explain this.


If you want to store assets on multiple chains, ie. BTC, ERC20, DOT etc., Each chain requires you to install an additional app on your ledger, which takes up space. If you want 3 or more Blockchains installed at once, rather pay the extra for the X over the S.
 
All you peeps spending good money on a hardware wallet, what's wrong with a wallet from something like blockchain.com?
 
Anti-Chris said:
I have to admit. I dont know much about bitcoin. I do however have some bitcoin in Luno. How do I go about transferring it to another wallet?
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Luno is owned by DCG, who is currently in financial trouble. It's not dire just yet, but you're still exposed to unnecessary risk.

Consider learning how to create a hot wallet on metamask or something until you get a ledger.
 
Speedster said:
All you peeps spending good money on a hardware wallet, what's wrong with a wallet from something like blockchain.com?
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Blockchain is generally speaking safe. But, as with life, there exist the possibility of attackers taking over 51% control of the hashrate, which will allow them to introduce an altered blockchain. Although bigger exchanges like Blockchain tries to make this impossible due to costs involved in taking this over, that possibility is always there.

Rather be safe than sorry.
 
rvZA said:
Blockchain is generally speaking safe. But, as with life, there exist the possibility of attackers taking over 51% control of the hashrate, which will allow them to introduce an altered blockchain. Although bigger exchanges like Blockchain tries to make this impossible due to costs involved in taking this over, that possibility is always there.

Rather be safe than sorry.
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And is a hardware wallet safer if there's a hashrate takeover?
 
Speedster said:
All you peeps spending good money on a hardware wallet, what's wrong with a wallet from something like blockchain.com?
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The cost of a Ledger from a Ledger dealer really is nothing compared to even a small amount of BTC, so it is a no-brainer for the security. I agree with #rvZA about using blockchain.com.
 
Speedster said:
And is a hardware wallet safer if there's a hashrate takeover?
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Probably not in reality. Unfortunately I am enough of a Neo-Luddite to like a physical entity under my control even though what it is holding is imaginary and only as valuable as other people believe it to be!;)
 
:ROFL:
“Coinbase has a small exposure to FTX, but most of the recent weakness is stemming from concerns many crypto traders might be opting for cold storage instead of keeping money on exchanges,” Moya said. “Coinbase has a tough road ahead until investors have further clarity on the company's reserves and exposure to other crypto assets.”:ROFL:
 
Its interesting that on the one hand Binance CEO is seeking funds from investors in the Middle East to "rescue" ailing crypto firms and in the next breath putting out and then removing tweets casting doubt of his next biggest rival exchange. Which exchange is wobbly after FTX has been give a red card?
 
Speedster said:
All you peeps spending good money on a hardware wallet, what's wrong with a wallet from something like blockchain.com?
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blockchain.com which is also a crypto exchange? ... it presents the same risk as any other crypto exchange

besides that, ANY online wallet is connected to the internet 24/7, meaning if hackers manage to crack it, or an insider goes rogue etc your funds are gone

a hardware wallet is immune to that kind of attack seeing as it is not connected to the internet at all
 
bromster said:
I bought one off takealot. I took it apart and checked the circuit board for authenticity. You just pry it open.


There are YouTube videos to explain this.


If you want to store assets on multiple chains, ie. BTC, ERC20, DOT etc., Each chain requires you to install an additional app on your ledger, which takes up space. If you want 3 or more Blockchains installed at once, rather pay the extra for the X over the S.
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the S Plus supports a ton of apps concurrently, you don't need an X if that is your main concern

S Plus has much more memory than the S which has been discontinued anyway

also: any tampering that some dodgy character might have done to the device will not be visible in the circuit board, they will tamper with the firmware
 
bromster said:
Luno is owned by DCG, who is currently in financial trouble. It's not dire just yet, but you're still exposed to unnecessary risk.

Consider learning how to create a hot wallet on metamask or something until you get a ledger.
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That's what I've done with my ethereum on Luno ,sent it to metamask wallet and will procure some cold storage hardware.This nonsense between DCG,genesis and greyscale making me a bit nervous for the crypto markets so I think there might be a long hodl ahead :(
 
NarrowBandFtw said:
blockchain.com which is also a crypto exchange? ... it presents the same risk as any other crypto exchange

besides that, ANY online wallet is connected to the internet 24/7, meaning if hackers manage to crack it, or an insider goes rogue etc your funds are gone

a hardware wallet is immune to that kind of attack seeing as it is not connected to the internet at all
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For the wallet you have your own keys. On the exchange you don't
 
Speedster said:
For the wallet you have your own keys. On the exchange you don't
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and you need to trust that those keys are nowhere in any of their databases, not even a hash of them which can be brute forced etc

you are still trusting that their system, which is online 24/7, won't ever be compromised and if it does get compromised that no representation of your key exists in their data at all

a hardware wallet simply does not have that weakness, however unlikely it may be, the hardware wallet is more secure

even if it gets completely hacked someday, someone will still need to steal the physical device from you before they can use their brilliant new exploit to get to your keys

in addition: on the hardware wallet the key isn't ever even visible to you, so you can't write it down or save it somewhere else online to put it at risk, you don't even know what it is yourself
 
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