As most users mentioned, if you can't audit the source code/device (when it's open source) or they make the system closed source, you only can trust them.
In case the hardware wallet fail, user shouldn't lose their money if they made backup and they should able to restore it to another wallet since they usually use same standard (BIP 39).
Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.
But do you trust your housekeeper? (¬_¬)
There's no problem if you put it in secure places such as Safe and encrypt the private key with passphrase (BIP 38)
In case the hardware wallet fail, user shouldn't lose their money if they made backup and they should able to restore it to another wallet since they usually use same standard (BIP 39).
If the hardware wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.
Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?
savings and this would have a negative impact on the whole community and
the value of their coins.
Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?
Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.
But do you trust your housekeeper? (¬_¬)
There's no problem if you put it in secure places such as Safe and encrypt the private key with passphrase (BIP 38)