Wallet discernment process :: Which ones?

Ok, looking for the wisdom and knowledge of this awesome community.

I’m introducing people to crypto and I want to ensure that my info is up to date.

What is the best wallet to store a variety of crypto on?

What are the top hardware wallets?

How does Ledger Nano S stand up to others?

thank you for your help?

Also, how do you intro this topic to newbies?

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Hey there John.

The Trezor is a good hardware wallet. Law Enforcement got a warrant to search my phones, laptops, and crypto wallet. They were able to crack into the phones and laptop but not the Trezor.

Nanos S is up there with Trezor, but I have not ever used it, and I can’t personally vouch for the Nanos S like the short testimonial above. However, last time I checked, Nano S supported a wider variety of crypto. A wider variety isn’t always best in my opinion. Bitcoin is king of cryptocurrency so I think the Trezor is best for its security. I had read about some Nano S bugs before with various ERC-20 tokens. Trezor doesn’t formally support as many tokens, but ERC-20 tokens can be stored in MEW, and private keys for MEW can be stored on Trezor.

Introduce the topic to newbies that their crypto has private keys because its crypto, and crypto uses keys for security and verifying transactions, like signing with the private key (super secret key, more so than social security number). Users need somewhere secure to store their digital keys. A hardware wallet is the safest place to store your keys because even the (local) government gang gang can’t find them in there. That should be enough explanation. If they don’t get it, tell them to buy crypto on Robinhood or Cash app where they can just buy, hodl, and sell. Explain how their phone could get cracked into and all of their money seized/stolen. Their crypto hardware wallet can’t get broken in to. Exchanges hold the keys for the crypto on the exchange, which kind of takes away from the whole idea of having crypto for security. Having a crypto wallet gives the user complete control over their own value, there. If the hardware wallet is lost, stolen, or destroyed, the user can recover the wallet using their wallet seed from virtually anywhere in the world. Exchanges get hacked, computers get hacked, phones get hacked, but I haven’t heard of a crypto hardware wallet getting hacked into, yet. Well, except if the hacker has physical control of the device, which in that case, the user can just recover the wallet remotely. The police mentioned this in their report, after they explained they couldn’t crack the device. Sad story, but they got my cash.

I think some firmware updates solved the security concerns in the article, but I haven’t researched it in depth recently.

Trezor.

Ps. What is easier to carry, safely? $10 million cash, or $10 million in crypto on a hardware wallet, with above mentioned features? Sure, we don’t all have $10 million in cash, but even $10,000 cash takes up enough space, can just get grabbed, and will get questions raised/seized if crossing borders. Law enforcement will seize that much cash (Even as little as $500) from honest, law abiding, fully employed professionals.Then, the burden is on the citizen to prove the innocence of the asset, beyond a reasonable doubt.

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Thank you for sharing.

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