With all the recent chaos and controversies on the Ledger wallet after a long contemplation hubby finally decided to buy another wallet to secure our holdings. It is a fact that many people have lost their stakes because of some or the other issues with the exchanges, wallets and storing assets. Me not being much into this part of it, I entirely rely on his decisions. He was in two minds if we should buy or not, but then finally decided to go in for a new one.
We had Ledger wallet and very comfortably we were using it, but the recent issues with Ledger wallet did make us think to go for another one. Ledger faced a lot of criticism after it announced its intention of having a seed phrase back up feature. We were both following up on the matter for quite some time and then felt it was better to go in for a new one, though Ledger announced that it is an optional subscription. But who knows when these optional things become mandatory.
We were worried that in future if there were any upgrades and if for any reason, we would not be able to go ahead with the upgrades unless we tune in to their new feature then it would be a stuck-up situation for us. As it is this market is always giving goosebumps. The recent SEC suit on Binance and the continuous attack on the Crypto space does make us feel jittery. Just some months back the FTX collapse happened, now all eyes on Binance and then this Ledger wallet issue. This space is always under an attack.
We got the Trezor wallet. Some benefits that we evaluated were that it supports a good number of coins. It is at this point of time considered to be a safe one as it also has a PIN protection mechanism if used on other devices then your own and there is a good level of data security. It does not have the NFT feature but we are ok with it, we are not even dealing in NFTs, anyways I find the NFT part too complicated. Trezor also falls under the top 5 safest crypto wallets, hence it was our pick. Ledger was considered a good one but now it has come down on the list.
Till date I have never accessed the wallets but this one I am going to learn how to use. It is better to gain some knowledge on its usability. So far, hubby I rely on hubby only to do all the transactions, though he keeps coxing me to learn but I feel it's all too complicated for me, and as far as he and my son knows things it's all good for me. But, yes, I am surely going to learn handling this one in basics.
As of now we have not yet transferred, planning to do all the work including my training over the weekend. I hope I am able to understand it. Probably I will have to make my own notes :-)
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Posted Using LeoFinance Alpha
It's wise to understand how the wallet works before transferring your funds and leaving that till the weekend is a very thoughtful thing to do.
I have yet not got a hold of it, looks very complicated to me. Phewwww :-)
Some things take time:^). Just a little bit more.
The problem is we never know the full extent of any wallet's security levels. This is why I use multiple wallets. Diversification is the best answer, for me, anyway. Nice wallet though! Trezor is likely to benefit the most from Ledger's decision.
We are also doing the same, with so much uncertainty it is best to diversify. I am sure a lot of Ledger holders must have gone in for alternatives
sweet!
I still have the old model one and keep only Bitcoin on it.
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Somewhere I read, or saw a video, that this was a typical news-driven, overreacting move
of some people, moving to a less secure device, since Trezor has been hacked before,
while Ledger hasn´t, but of course Ledger´s PR was bad and they spooked their community.
Now that scares me more :-) Yes, too much of bad publicity and with over dose of media you really do not know how much is true, but we just thought of being safe so looked for an alternative
this is nice, I am also thinking of getting one myself. but i need to understand how it works first. i will watch youtube videos for that
Honestly, I have never understood it fully till date, it is complicated for me :-)
Good luck with the new wallet. I hope your experience with trezor goes well and you get to know it quickly with the help of your boys.
Still learning it :-(, guess I am too dumb with all of these things
How much it costs ? Is it worth for your investments ?
Hi Sanjeev, It's costed me 150$. Yes it's absolutely worth it and better to be safe and store in wallet.
Its great you have an awesome family that embraces Crypto/Blockchain. Great thanks to your hubby for setting a good example.
The recent chaos in the crypto sector makes me feel tired of the all crypto stuff. SEC can't just stop creating problems for all this exchange firms, with price of almost all Token dropping drastically.
And as for Ledger, they ruined their product the very first day they made the announcement of a seed phrase backup. I guess Trezor should be the next option for crypto users.
Great post by the way.
It is exhausting to read this negative news daily, something or the other keeps happening and keeps taking the market down.
Hope the days to come will show some good light
Many congratulations to you.Your lost wallet has been received on time.It is up to you to upgrade your wallet. Thanks for sharing 🙏
Thank you. Btw I did not lose my wallet, just bought a new one