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Monday, June 15th 2020 - Issue #759

A great thread on hardware wallets

Here's a great thread from Zach Herbert that dives into the different tradeoffs that exist between the most popular hardware wallets that exist on the market today; Cold Card, Trezor and Ledger. If you own one of these devices or are thinking about purchasing one of these devices to take possession of your UTXOs, I highly recommend you peep Zach's thread.

Understanding the tradeoffs that come with these devices is extremely important if you want to secure your UTXOs in a way that maximizes security and privacy while limiting the risk of losing access to or mishandling your UTXOs. Making the decision to take possession of your Bitcoin so that you can attain true financial sovereignty in the Digital Age comes with extreme ownership. Hardware wallets are great devices that make the UX around securing UTXOs much better, but they are in no way perfect.

If Bitcoin's success continues, these devices - in aggregate - will hold insane amounts of wealth on them. This makes them high value targets for criminals looking to steal your bitcoin. Because of this, they are and will continue to be attacked. Staying up to date with the latest attacks on hardware wallets - physical attacks that extract your seed phrases or PINs, or software attacks that manipulate addresses and amounts without you knowing - is imperative.

This may seem daunting to some of you freaks, but it should be understood as par for the course if you are using Bitcoin. Again, bitcoin demands extreme ownership and that comes with risks. It's part of the price bitcoin users are paying so that they can utilize a peer-to-peer distributed cash system that cannot be controlled by any third parties. It may be a bit clunky and daunting, but the price is worth it in my opinion.

With all that being said, I expect the UX around these devices to continue improving over time and for innovations that help minimize the risks that come with using them to come to market. In the meantime, do your research, stay up to date with the latest firmware releases, be aware of the most current attacks that exist, and, most importantly, make sure your devices are secured in the physical world. Most attacks against these devices require physical access to the device. 

Make sure you read Zach's thread
Final thought...

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