Hardware wallet ... best one and how to get it in South Africa?

FFMG

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In a couple of forums I read that you must always get your hardware wallet directly from the supplier.

I see that Takealot sells the Trezor and the Ledger wallet.

Can takealot be trusted?

If not, where should I order one from so that someone at the post office does not steal it.

Finally Trezor or Ledger ?
 

backstreetboy

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In a couple of forums I read that you must always get your hardware wallet directly from the supplier.

I see that Takealot sells the Trezor and the Ledger wallet.

Can takealot be trusted?

If not, where should I order one from so that someone at the post office does not steal it.

Finally Trezor or Ledger ?
Can the biggest online store in SA be trusted? This is a rhetorical question hopefully lol.
 

TheRidDlerX

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In a couple of forums I read that you must always get your hardware wallet directly from the supplier.

I see that Takealot sells the Trezor and the Ledger wallet.

Can takealot be trusted?

If not, where should I order one from so that someone at the post office does not steal it.

Finally Trezor or Ledger ?
I personally like the Ledger because if Ledger Live. Try for the Nano X if u have multiple currencies. Takealot is fine yea, long as its all sealed in the end
 

FFMG

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Can the biggest online store in SA be trusted? This is a rhetorical question hopefully lol.
You do realise that a lot of the goods are not handled by Takealot directly, don't you?
They very often just pass the order to the various suppliers.
 

Magandroid

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You do realise that a lot of the goods are not handled by Takealot directly, don't you?
They very often just pass the order to the various suppliers.
Then how can you blame Takealot if there is a problem with the product or purchase. It normally clearly states on the Takealot website who the 3rd party seller is. You specifically asked if Takealot can be trusted and not if the 3rd party sellers can be trusted.
You asked a specific question about Takealot, then someone answers you with positive feedback then you come back with a totally different scenario response. If you don't trust Takealot then vote with you "wallet" and purchase somewhere else.
 

FFMG

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You asked a specific question about Takealot, then someone answers you with positive feedback then you come back with a totally different scenario response. If you don't trust Takealot then vote with you "wallet" and purchase somewhere else.

You are correct, my question was maybe to general, I should have said, can the wallet purchased on takealot be trusted.
 

Geoff.D

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What is a "hardware wallet"?
Something to store screwdrivers and hammers in?
My first thought was that a hardware wallet is just some or other new name for an old style wallet.

The entire world has gone crazy.
 

Magandroid

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You are correct, my question was maybe to general, I should have said, can the wallet purchased on takealot be trusted.
If a product is sold by a 3rd party reseller on Takealot's website, Takealot cannot guarantee the product as I am sure they don't research each and every product sold by 3rd party resellers. They don't have control over that product being sold by a 3rd party reseller. There are many grey imports being sold by 3rd party resellers through Takealot. That being said, I've purchase many products from them and many from their 3rd party resellers. On the occasion where we had an issue with the product, it was returned with minimal fuss. Never had an issue returning or exchanging a purchase. Research your product then research the 3rd party company that sells through Takealot, then make your decision.
 

FFMG

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What is a hardware wallet?

It is a more "secure" type of wallet where you can put your crypto coins on.
It is called "hardware" because it is kind of a USB key where you need to physically approve transactions.

Technically nobody can hack into your account by hacking on your computer, even if you PC is compromised your coins should be safe.
 

FFMG

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Just like a normal wallet or bank card?
No, it only works with Crypto coins.

You can use it to securely store your Bitcoins, Etherums and so on...

You need to physically approve transfer of coins from one wallet to another, so even if you computer is hacked, people still can't to your coins.

Traditionally Crypto coins were stored on a "wallet" on your computer, if someone hacks your computer they have your wallet.

With a hardware wallet they can't do that...
 

backstreetboy

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No, it only works with Crypto coins.

You can use it to securely store your Bitcoins, Etherums and so on...

You need to physically approve transfer of coins from one wallet to another, so even if you computer is hacked, people still can't to your coins.

Traditionally Crypto coins were stored on a "wallet" on your computer, if someone hacks your computer they have your wallet.

With a hardware wallet they can't do that...
I know was just making an analogy.
 

Magandroid

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I don't do crypto and don't know much about it other than what i see in the news. My question is how would this work if you are leaving the country, use all you millions to buy crypto, store on/in this wallet, then leave the country and open up new bank account in the other country? Would SARS know about this? Just curious.
 

deweyzeph

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I don't do crypto and don't know much about it other than what i see in the news. My question is how would this work if you are leaving the country, use all you millions to buy crypto, store on/in this wallet, then leave the country and open up new bank account in the other country? Would SARS know about this? Just curious.

You don't even need to a hardware wallet to transfer crypto out of the country. The problem arises when you want to convert the crypto to proper money in the foreign country and introduce it into the formal banking system. When you open a bank account overseas with a South African passport, both the tax authorities in the foreign country and SARS will get regular reports about the activities in your bank account. If you convert crypto into a large amount of cash and deposit it into your offshore bank account questions will be asked about where the money came from if you don't declare it in your income tax return.
 

FFMG

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I don't do crypto and don't know much about it other than what i see in the news. My question is how would this work if you are leaving the country, use all you millions to buy crypto, store on/in this wallet, then leave the country and open up new bank account in the other country? Would SARS know about this? Just curious.

You have a "software wallet" and a "Hardware wallet", the hardware wallet is just a lot more secure than the software wallet, (in fact it is really a software wallet on a very secure piece of hardware).

Now, to leave the country ... you could use a hardware wallet, you could use a software wallet, (that you email to your friend overseas or just carry on a small USB drive as you cross custom).
You could move the coins to an exchange, send it in the cloud for storage, write it down ... many option, (some a lot more insecure than others).

In some cases you could even memorise your wallet, and nobody would even know what you are carrying, (12 or 24 words seed).

Technically, SARS could stop you, technically you would need to declare the gains, (if any), ... but in reality, there are many, many ways around.

A hardware wallet is not so much to copy/carry coins around ... it is more to prevent someone from stealing your password and copy all your funds out.

The hardware wallet adds a physical barrier that a clever hacker simply cannot bypass, they would need to actually get the key, even if they have complete control of my computer, (well ... within reasons of course).

A hardware key if more for the day to day use, I can plug my hardware wallet, buy something, and remove it ... then, theoretically, nobody would be able to steal anything without that wallet.

It is also used for storage, they are a lot more resilient to normal hardware failure.

And this is why I asked my question originally ... because, if the hardware has been compromised then it is a pretty useless wallet. Normally people advise you to _only_ buy directly from the suppliers but in South Africa I don't think it is possible.
 

FFMG

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You don't even need to a hardware wallet to transfer crypto out of the country. The problem arises when you want to convert the crypto to proper money in the foreign country and introduce it into the formal banking system. When you open a bank account overseas with a South African passport, both the tax authorities in the foreign country and SARS will get regular reports about the activities in your bank account. If you convert crypto into a large amount of cash and deposit it into your offshore bank account questions will be asked about where the money came from if you don't declare it in your income tax return.
Yes, this is true, but Crypto is still somewhat unregulated, while technically you are correct, I don't think many countries are monitoring transfers unless they are in the millions of dollars.

I suspect you could go to the US with $500K without anybody really caring and I very much doubt the SA authorities have the manpower to manage/monitor something like that.

I am not planning on leaving the country, but, if I was, I would definitely research how to do it "cheaply", I am sure there are ways around.

But I am also sure that in 5 or 10 years time a lot of the loopholes will be closed.
 

deweyzeph

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Yes, this is true, but Crypto is still somewhat unregulated, while technically you are correct, I don't think many countries are monitoring transfers unless they are in the millions of dollars.

I suspect you could go to the US with $500K without anybody really caring and I very much doubt the SA authorities have the manpower to manage/monitor something like that.

I am not planning on leaving the country, but, if I was, I would definitely research how to do it "cheaply", I am sure there are ways around.

But I am also sure that in 5 or 10 years time a lot of the loopholes will be closed.

Google "Sars CRS reporting". The loopholes are already closed. If you have unexplained large deposits into a foreign bank account in a country that takes part in the CRS protocol, it's a near certainty that SARS will know about it. Now, there's nothing wrong with depositing large amounts of money into foreign bank accounts, but the issue for SARS is whether or not that money has been taxed or not. But it's even worse than that. Exporting assets overseas without going through the Reserve Bank, regardless of whether or not that money has been taxed or not, is a serious exchange control offence which could land you in very hot water with the SARB. So you could potentially have SARS and the SARB breathing down your neck.
 
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