⭐ Merited by SFR10 (1)
And while ledger / trezor etc. probably have quite a strong protection, its not trustless from my point of view (i have to plug in the device in an online pc and trust them to stay secure, trust them to have good entropy (not open sorce)
Trezor wallet is fully open source:
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How Open Source mitigates Hardware Obsolescence
Since day one, everything about Trezor hardware wallets has been open source. The software can be downloaded, shared, cloned, modified, and stored in every computer in the world without triggering any legal consequences.
https://blog.trezor.io/open-source-and-hardware-obsolescence-ce526d5eec8f
Since day one, everything about Trezor hardware wallets has been open source. The software can be downloaded, shared, cloned, modified, and stored in every computer in the world without triggering any legal consequences.
https://blog.trezor.io/open-source-and-hardware-obsolescence-ce526d5eec8f
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and it can get stolen (has no strong password protection) ) + I dont know if they have something like fragmented paperbackups.
Armory is so nice, because the security is as perfect *and* trustless as it can be for someone without deep coding skills.
Armory is so nice, because the security is as perfect *and* trustless as it can be for someone without deep coding skills.
Password protection means nothing in cryptocurrency. THe only thing that protects your funds is your private key.
Both ledger and Trezor have paper backups. When you create your wallet, you receive a seed (24 words) which has a mathematical relationship with all other wallet private keys. You will save the seed in a piece of paper, as a back up
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Deterministic (Seeded) Wallets
Deterministic, or “seeded” wallets are wallets that contain private keys that are all derived from a common seed, through the use of a one-way hash function. The seed is a randomly generated number that is combined with other data, such as an index number or “chain code” (see Hierarchical Deterministic Wallets (BIP0032/BIP0044)) to derive the private keys. In a deterministic wallet, the seed is sufficient to recover all the derived keys, and therefore a single backup at creation time is sufficient. The seed is also sufficient for a wallet export or import, allowing for easy migration of all the user’s keys between different wallet implementations.
https://www.oreilly.com/library/view/mastering-bitcoin/9781491902639/ch04.htmlDeterministic, or “seeded” wallets are wallets that contain private keys that are all derived from a common seed, through the use of a one-way hash function. The seed is a randomly generated number that is combined with other data, such as an index number or “chain code” (see Hierarchical Deterministic Wallets (BIP0032/BIP0044)) to derive the private keys. In a deterministic wallet, the seed is sufficient to recover all the derived keys, and therefore a single backup at creation time is sufficient. The seed is also sufficient for a wallet export or import, allowing for easy migration of all the user’s keys between different wallet implementations.
Personally, I think that using a good hardware wallet such as Trezor is much safer than using Armory (unless you are a security/blockchain expert)