Ahhhh the part about no additional security layer in the form of for instance a pin code you mentioned, doesnt seem like the correct approach to secure crypto in cold storage. Although with Ledger and Trezor approach, we’ll have to type in the seed phrase at least one time, perhaps more than once? This makes our seed phrases vulnerable as well when eg keyboard loggers are installed by peeps wanting to steal funds. Although I suspect with Trezor and Ledger it’ll not be as easy for hackers to install keyboard loggers as this is possible on laptops and desktops used for other means than just crypto.
Thanks for your insightful response.
I don't know about Trezor, but with Ledger you'd only need to type the seed phrase in if you had to initialise a new Ledger device (as a backup one, or as a replacement if you lose or damage the original one). I'm not sure if you'd need to do that if you had to re-install Ledger Live on a new PC, but I don't think so; as far as I know, everything is driven by a combination of plugging the Ledger device into the PC and entering the PIN into the device (thus not needing to use the PC keyboard).
I'm sure any device can be hacked with enough expertise and determination, but Ledger seems the best for security to me so far !
Edit to add: as long as you don't sign up to the awful recovery service they announced recently !
I heard about the centralised key storage option. Not that good, espacially since we’ve seen LastPass hack not too long ago; The one of last year or early this year I mean.
Looks like Ledger handles the seed phrase thing in a highly secure way. Great the seed phrases is rarily needed. Makes that part as safe as possible. What Ledger do you advise?
You think Ledger is more secure to Trezor?
To be honest, I went for Ledger rather than Trezor because it was when I was first getting into crypto and the devices were cheaper at the time. In terms of security and the way they work, they both seem very similar, so it really seems to come down to preference.
I use the Ledger Nano, because it's all I need. The Ledger X is better if you want to store a large variety of different coins & tokens, but is a little more expensive.
Thanks for the advise 🙇♂️