Very often I see people rather ignorant, and ignoring important security measures, once we speak about dedicated hardware wallets for crypto. They often think their crypto bag is just to small, that they should cash out $50-$150 for a dedicated wallet.
Similar impression I got while reading comments under my todays post here on LF, about Ledger phishing attack.
So is it really true? Are these gadgets to expensive, and not worth to buy?
The answer can be quite trivial. It can not be one 100% right answer for everybody.
Depends on how much crypto you own, and how long you think you will keep it.
If your whole crypto bag is worth $10 to $60 - perhaps you are right.
But in case it is in the range of four digits or more - your better GO for it.
My rule of thumb, while recommending this for newbies, is simple:
If you can get a new modern hardware wallet for 15% (of less) of your todays entire crypto bag - please please, do yourself a favor, and get one.
And here let me explain why.
The most popular and successful model of crypto life is one - HODL, right?
HODL for a long time.
And if your $70 ledger today safely holds your whole crypto bag worth of only $500, it is very very high probability that the same bag will be worth $100000+ by 2025. And you really want to put at risk this today? Is it worth? Are you serious?
One more my recommendation - while purchasing hardware wallet, avoid paying it from your crypto savings. Use FIAT !
Sure, you can pay in crypto for the speed and convenience purposes, but then immediately repurchase your spent crypto from your FIAT savings.
Do not repeat my mistake !
Back in the early 2015, I purchased my very first Ledger (plain gen. 1 Ledger, not Nano-S nor NANO-X) for 0.37 Bitcoin.
Today 0.37 BTC is worth what ? $4800 ? €4150 ?
For this pile of money today I can get 27 Ledger Backup packs (27 Ledger NANOS-S and 27 NANO-X). Fifty Four devices!
And what I have now ? After just five years I have a plain gen. 1 simple Ledger, able to hold BTC only, no ETH, no ERC-20
Which is laying unused somewhere in the junkbox under my table. Just FIVE years has passed...
That's how fast is the progress in crypto world.
That's why I say your modest bag may be your treasure after FIVE more years, in 2025
@onealfa