Recently one of my friends who started his crypto investment in early 2021 asked if I use a hardware wallet to keep my crypto safe. My answer was no because I don't use it and even have no thought of buying it soon. I am not saying that hardware is not suitable instead its a needed to keep our crypto holding safe and I am in favor of crypto but I have my reasons for not using it. Some people say paper wallet is better and some hardware is better but I want to mention that I never heard any news of crypto theft or hacking for both and this. Hacking is definitely hard with both wallets because we keep the key with us and unless we reveal it in an open domain, its safe.
My one of my friends is a bigger investment than me because he is in a big MNC and earns big so nowadays he invests even more because of the dip in prices. I suggested he buy one from the brand trezor and keep the crypto safe.
- My major crypto stake is in HIVE and splinerlands and both are safe because all I have is staked and to get it back in liquid there is a requirement of a few weeks and its safe. I am not worried about the safety because I think its safe and easy to use than a hardware wallet so I never bought one.
- Another reason is that I hold my liquid crypto in exchanges where I get some earning for staking my coins and if I choose a hardware wallet then I will not have this option with me.
- Transaction in a hardware wallet is not free however if we have good holding then its surely needed and the charge is negligible but if the holding is low then this will be added one-time cost as well as recurring cost when we make the transfer. It does not make if I buy a wallet and dont keep my crypto in this and if I keep my holding in the wallet then I lose the staking reward because the amount is not so high.
I do trade sometimes in a centralized exchange and for that, I keep some liquid USDT because sometimes we never know when the opportunity comes and we can grab and for that, we need to be prepared and I try to follow the same. I am happy with centralized exchnages and as of now don't feel the need for a hardware wallet. Maybe in the future when I would have more crypto then I will think of buying but till now no such plan to buy. My friend is going to buy one soon since he thinks crypto is safer in the wallet and this is right but my case is different. Crypto is the money that we need to safeguard and if we can do this with a hardware wallet then we must do it.
I would like to know what are your thoughts about the hardware wallet and if in case you are using it already. If not then do you have any plan to buy?
Thanks for reading