Quote from: Outhue on March 17, 2025, 06:09:45 PM

This question might seem like one that a beginner would ask. In fact, someone recently posed a similar question to me, and I’ve been thinking about it ever since.

A friend of my younger sibling wants to invest in Bitcoin, and he asked me about the best wallet option. I advised him to consider an open-source hardware wallet, since that's what I use as well.

He then asked if he could store 1 BTC in the wallet, to which I responded, "Why not?" His next question caught me off guard: "What about the saying, 'Don't put all your eggs in one basket'?"

I took a moment to think, but deep down I felt confident in my hardware wallet's security compared to hot wallets. However, he argued that it's best to split the Bitcoin into two parts and store them in two different hardware wallets.

What are your thoughts on this? Personally, I keep all my BTC in a single hardware wallet. I’d like to know, from the Bitcointalk community: do you think the saying "don’t put all your eggs in one basket" also applies to those using a single hardware wallet?

That saying, "Don't put all your eggs in one basket" seems to me to be true. Splitting your Bitcoin in multiple wallets has more advantages than storing it in one wallet, This is because scammers are constantly coming up with new ways to attack investors, so if you have all of your Bitcoin investments in one wallet and it gets compromised, you will definitely lose everything. Even if you're diligent about your security, there's the possibility that you'll fall into their victims and lose all of your life savings.

However, if you split your BTC into multiple wallets and one of them is hacked, there is no way that your entire BTC will be lost, and this strategy makes it easier to use one wallet as a long-term investment and the other one for your everyday spending, IMO.