Bitcoin Thread

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I want to get my crypto into a cold wallet. What are you using and where did you get it? TIA.
 
William Foster said:
I want to get my crypto into a cold wallet. What are you using and where did you get it? TIA.
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not sure if it is overly paranoid, but heard multiple people state they only buy from the source for fear of tampering

e.g. if you want a Ledger, buy it only from Ledger directly, not Takealot

personally I have never used one, but I have a Ledger Nano S plus on the way (because I like the fact that it is well known and does not need a battery ... Trezor One would also satisfy those checks fwiw, but it is more pricey)
 
Hey guys

Can someone give me a quick recommendation on bitcoin cold wallets? I've got a Raspberry Pi 4 which I want to turn into a cold wallet.

What's the best practice for this? Only connect it when transacting and keep it offline the rest of the time?
 
NarrowBandFtw said:
not sure if it is overly paranoid, but heard multiple people state they only buy from the source for fear of tampering

e.g. if you want a Ledger, buy it only from Ledger directly, not Takealot

personally I have never used one, but I have a Ledger Nano S plus on the way (because I like the fact that it is well known and does not need a battery ... Trezor One would also satisfy those checks fwiw, but it is more pricey)
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Just curious why buy directly and not from takealot?
 
L-Dog said:
Just curious why buy directly and not from takealot?
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"for fear of tampering" like I said in that post

I have no idea how real that risk is, but we're the same at the company I work for, security devices are only ever imported directly from suppliers using secure courier services

otherwise there is a bigger risk, potentially still a small risk, that someone messes with the device, updates firmware and sets it to share you coins / keys online for example
 
NarrowBandFtw said:
"for fear of tampering" like I said in that post

I have no idea how real that risk is, but we're the same at the company I work for, security devices are only ever imported directly from suppliers using secure courier services

otherwise there is a bigger risk, potentially still a small risk, that someone messes with the device, updates firmware and sets it to share you coins / keys online for example
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You have no way of knowing if a 3rd party will open the device, set it up and copy the seed phrase then sell it. An unsuspecting victim will just use it as is, once the funds are loaded, then the 3rd party can easily just help themselves at any time.

You would also never know where that 3rd party got it from. So if they sell it to you doesn't mean they are the ones that set up and copied the seed phrase.

Even if it is a small risk, its not worth it. No one buys a R1000+ ledger to secure R500. Its most likely big money that will be stored, so rather be safe
 
Sjoe, I know getting our crypto of an exchange is essential, but it seems that no matter what you do you are exposed.
 
L-Dog said:
Haha yeah moved my funds from Smaller exchanges to binance. If Binance fails the effect on crypto will be so severe doubt having it on a legder will make much difference.
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Fire sale.
 
L-Dog said:
Haha yeah moved my funds from Smaller exchanges to binance. If Binance fails the effect on crypto will be so severe doubt having it on a legder will make much difference.
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If Binance fails Mt Gox style then not really, tons of BTC will be stolen and will be tracked for years and years on the blockchain, but those tons aren't sold off so it has the opposite effect: BTC price goes up because a huge chunk of available BTC is no longer in circulation

the people who held their BTC there get completely washed out though
 
NarrowBandFtw said:
If Binance fails Mt Gox style then not really, tons of BTC will be stolen and will be tracked for years and years on the blockchain, but those tons aren't sold off so it has the opposite effect: BTC price goes up because a huge chunk of available BTC is no longer in circulation

the people who held their BTC there get completely washed out though
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Maybe long term but initially there will be a massive lack of trust in the space and all crypto will crash guaranteed. Long term their might be a recovery but if you don't have life changing amounts of money I would just leave it on a reputable exchange instead of a ledger which only comes into play if you are a high roller.
 
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