Ivan did a great video on what options are available for storing crypto and the security issues for each type. See:
Hardware wallet versus Paper Wallet
Which one does everyone think is the superior storage method?
I like the paper wallet as it’s completely off the internet and if generated with extreme paranoia, the private key was not generated on the internet. But if you lose it, it’s gone.
I can also argue for the hardware wallet as if you lose it, you can use your seed phrase to load a new one with all your crypto.
@Doc after watching Ivan’s video about storage options, I would go for the hardware wallet. The paper wallet is very static, non recoverable and it still has to be printed. Apparently printers are really easy to hack. The print file could potentially be copied, a screen shot of the paper wallet could be taken by malicious software while printing. I can not imagine any way the hardware wallet can be hacked. Except the possibility of buying a malicious replica that feeds the data to a hacker.
I just ordered two Ledger Nano S hardware wallets.
One for long term storage of BTC and ETH (and a few other midcaps I’m investing in long term) and one for storing the stack I’m trading with at the moment (usually no more than 20% of my total holdings, sometimes when I’m really sure about something I’ll reach into long term storage for a couple coins.
They come Friday - will let ya know how setup and all that goes.
I agree. If I went the paper wallet route I would buy a cheap PC and printer and never hook them up to the internet. The wallet generator sites allow you to download their site on a thumb drive that would be used to generate the addresses offline.
On the topic of storing tokens,I bought some SMK tokens and sent them to my metamask wallet but never received them. They are ERC 20 tokens.Before that, I did add the token in custom tokens by placing the contract address ,I did this process for other ERC 20 tokens with no problem.
Anyone Knows what could have possibly happened?
Always buy a hardware wallet directly from the manufacturer. It isn’t impossible to re-seal products. Ledger and others have included firmware upgrades that check the authenticity of the device.
You can always look at etherscan or ethplorer to find out where you sent the transaction. It is possible you could have sent the transaction to the token’s contract address by mistake after having copied it to add the token?
Find the wallet you sent from on the explorer and track it down!
Thank you for replying,I recovered my tokens:)