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If I bought a large number of Bitcoins (several thousand francs worth), would you recommend I use a hardware or a software-based Bitcoin wallet? Which is more secure?
Hi there,
As a general rule, hardware-based Bitcoin wallets are more secure than software-based wallets because they store Bitcoins completely offline. Typically, hardware wallets have their own display on which sensitive information is displayed, eliminating the possibility of hackers accessing information shown on the display (as is possible with an online device) or of information being captured by spyware.
The downside of hardware-based wallets is that they are relatively expensive, with good wallets costing in excess of 100 Swiss francs. They are also less convenient than software wallets because you need to carry an extra device around with you wherever you plan to use your Bitcoins, in addition to your phone or computer. Software-based wallets are more practical in this regard.
If you own a lot of Bitcoins, consider storing the bulk of your Bitcoins on a hardware-based wallet and using a separate software-based wallet for your regular transactions. This allows for convenience while keeping the bulk of your Bitcoins safe.
Best regards from Moneyguru
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