Cryptocurrencies Keeping them safe (Trezor + Ledger)

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Trezor and Ledger Respond to Claims Their Crypto Wallets aren’t Secure

Three researchers and engineers have published a presentation from the 35th Chaos Communication Congress revealing claimed vulnerabilities in cryptocurrency hardware wallets. Trezor and Ledger have responded saying in short, their user’s cryptocurrency balances are safe. Dmitry Nedospasov, Thomas Roth, and Josh Datko, created the website…

Three researchers and engineers have published a presentation from the 35 th Chaos Communication Congress revealing claimed vulnerabilities in cryptocurrency hardware wallets. Trezor and Ledger have responded saying in short, their user’s cryptocurrency balances are safe.

Dmitry Nedospasov, Thomas Roth, and Josh Datko, created the website wallet.fail and promised to publish their presentation to the Chaos Communication Congress online after the event. Within 24 hours the researcher’s claims have been published and two leading hardware wallet makers have responded.

Ledger Says Your Crypto Assets Are Secure

Ledger has gone all out in response with a blog post saying that although it is happy to see people challenging its security that:

They presented 3 attack paths which could give the impression that critical vulnerabilities were uncovered on Ledger devices. This is not the case.

Despite the researchers saying they all “love cryptocurrency” and are cryptocurrency owners themselves Ledger also seems somewhat disappointed adding:

In the security world, the usual way to proceed is responsible disclosure… We regret that the researchers did not follow the standard security principles outlined in Ledger’s Bounty program.

Ledger also believes the three researchers did not provide “practical vulnerabilities.”

Firstly, the researchers performed an attack that modified the physical wallet and used malware on the cryptocurrency owner’s PC in combination with a potential attacker in a nearby room needing to remotely enter the hacked PIN and launch the cryptocurrency application. Ledger says of this type of attack:

It would prove quite unpractical, and a motivated hacker would definitely use more efficient tricks.

They tried to perform a supply chain attack by bypassing the MCU check, but they did not succeed. The MCU manages the screen but doesn’t have any access to the PIN nor the seed, which are stored on the Secure Element.

Though Ledger does acknowledge there is a bug in its firmware update function which allowed the researchers to add software. Ledger says this bug has been solved in the device’s next firmware version and that the bug doesn’t allow anything other than a JTAG debug interface. The researchers were unable to access cryptocurrency funds.

Lastly, for the Ledger Blue wallet, the researchers measured radio emanations when a PIN was entered, this tactic could lead to an attacker calculating a user’s PIN. Ledger says the posed attack is “interesting” but in real conditions would mean a device has to remain in the same position as when a “dictionary” of emanations was recorded so is again, unlikely.

It looks like Ledger had already been considering such an attack responding with:

We already implemented a randomized keyboard for the PIN on the Ledger Nano S, and the same improvement is scheduled in the next Ledger Blue Firmware update.

Trezor: If You Have Your Device…Keep Using It

Though Trezor appears to be “working with the info as it arrives” it is acknowledging a vulnerability but says as it is a physical vulnerability that has been identified:

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An attacker would need physical access to your device, specifically to the board—breaking the case. If you have physical control over your Trezor, you can keep on using it, and this vulnerability is not a threat to you.

Trezor has also said that concerned users can enable the “passphrase feature” on their Trezor hardware wallets, but that any loss of a user’s passphrase will lead to “loss of funds.”

The researchers do seem to have identified some potential weaknesses, however unlikely. It also appears that Ledger and Trezor are ahead of identifying vulnerabilities and responsive to parties like the wallet.fail three, even if they don’t use the wallet’s own bug bounty programs.

Ledger sold over a million of its wallets in 2020 alone and continues to be an industry leader with a flow of new partnerships. Trezor too continues to develop its wallets, adding native Ethereum support just recently.

Featured image from Shutterstock.

Last modified: January 24, 2020 10:48 PM UTC

A technology, blockchain, and cryptocurrency, writer and reporter based between France and Canada. Melanie has studied and retains an avid interest in global politics, business, and economics.

How To Store Your Digital Assets/Cryptocurrencies & Keep Them Safe

It should be understood that it is not recommended to store large amounts of bitcoins on any exchange, as the risk of loss or hacking is always present.

So, instead of keeping your bitcoins on an exchange, consider setting up a safe wallet which you own the private keys to. We recommend you ether setup an offline paper wallet or make the small investment in a hardware wallet such as a Trezor or Ledger.

Anytime a wallet is set up, users are provided with a unique recovery seed composed of anywhere from 12–24 randomized words. You are urged to write this recovery seed down somewhere safe and to never post it online.

Recovery seeds are considered the most important aspect of maintaining the safety of your cryptocurrencies.

A recovery seed is your best friend when you lose your paper, hardware, or mobile wallet, as it’s the only way you can recover your funds and wallet. Many individuals skip writing down their recovery seed code when setting up a wallet because they are too hasty.

However, to prevent total bitcoin and cryptocurrency loss, it’s crucial to record your recovery seed somewhere safe. It is highly recommended you back up your crypto wallets recovery phrase if you have not done so already.

Table of Contents

Store Your Recovery Seed Offline

The best method of storing your recovery seed is by actually writing it down on a piece of paper and storing it away somewhere safe, like a deposit box. It is completely ill advised to store your recovery seed on a note taking app, computer, cloud storage, Google Drive, or Dropbox due to the risk of your computer getting hacked and your seed stolen.

Purchasing a new USB for the sole purpose of storing your recovery seed is a good idea, but only if you don’t intend to utilize the USB for anything else. Even so, only store your recovery seed on a USB device after you have written it down on a piece of paper. USB drives can be lost or even fail occasionally. It’s never a great idea to rely solely on technology for storing crucial and extremely sensitive data.

If you have a larger investment in Bitcoin or other Cryptocurrency, we highly recommend you take a look at what is called a “Hardware wallet“. These are special devices designed to hold the keys to your wallets without exposing them to your local computer. That way if your machine has been compromised, ether by a hacker, virus or malware then your keys will remain safe. These devices come with special cards on which you can write down your seed for safe storage. On top of that, your device must be in your possession to send any digital currency.

My two personal favorites are:

You can get either at a fair price that won’t break the bank.

More Tips on How to Store Your Bitcoin Seed Securely

Don’t wait too long to record your recovery seed. Instead, when you are presented with it, write it down and store it away somewhere safe immediately. Paper is one of the most secure ways to handle and store critical data. As a matter of fact, archeologists are constantly discovering rolls of paper that are who knows how many hundreds of years old but that still contain vital historical information. Quite impressive, as a computer would definitely not be able to store data for that long, especially a recovery seed.

You might want to write down or make more than one copy of your recovery seed. What if your home is sabotaged by a natural disaster, like a fire? Well, you would most likely lose your recovery seed. Just imagine the emotional turmoil you would experience if you ended up losing access to all your digital assets for good. That’s why it is critical to have more than one copy of your recovery phrase tucked safely away somewhere, so that in case of a fire or flood, your seed will remain safe! If you are in possession of a significantly large number of bitcoins, then consider laminating the sheet of paper carrying your recovery seed and storing it in a secure vault.

It is ill advised to take pictures of your recovery seed or even make digital copies. Never store your seed on your email, cloud storage service, or hand-held device’s photo library, as you run the risk of getting hacked and losing your recovery phrase.

However, you may consider adding an advanced recovery phrase to your seed, if you are provided with that feature when you generate it. An advanced recovery phrase allows you to add a custom passphrase to your seed. This means that if your recovery seed is compromised by some ill-willed individual, he or she will essentially not be able to steal your funds due to the custom passphrase protecting your precious assets. Some users even go the extra mile and memorize their whole recovery seed!

Certain users have had great luck with storing their recovery seed phrases through cold storage methods that companies like Cryptosteel provide. Cryptosteel creates custom and secure steel plates with engraved recovery seed phrases. There have also been situations in which individuals in possession of wallets holding substantial amounts of bitcoins have passed away, leaving their families in the unknown regarding how they can retrieve their inherited cryptocurrencies. In certain situations, it makes sense to record your recovery seed and key in a will for your family members, including instructions for those unfamiliar with crypto assets.

Keep Your Bitcoins Safe for Good

It’s impossible to stress how important it is to keep your recovery seed as safe and secure as possible. You need to be very cautious regarding your wallet, bitcoins, and recovery seed. With the above advice, you should better understand how you can keep your recovery seed as safe as possible. Being smart and taking the necessary precautions can really help put you and your assets out of harm’s way!

It’s important for you to understand that you are responsible for your possessions and assets. There are many techniques and tricks out there that can be used to keep your assets and recovery seeds safe. However, it’s important to pick a method or two that you like and feel confident in. You can even use the same methods to store your recovery seed as you would other paper assets and documents, such as your will, birth certificate, or home mortgage. With the right precautions, you can keep your recovery seed as secure as possible and protect your digital currencies from thieves!

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Trezor vs. Ledger: Honest Cryptocurrency Wallets Comparison

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All things being equal, competition breeds innovation, drive, and excellence. Think of Windows and Mac, BMW and Mercedes, MIT and Stanford, the list is endless. In the cryptocurrency world, we have Trezor and Ledger, two fierce rivals battling to get possession of your digital assets. Cryptocurrency hardware wallets are now available everywhere, however, these two seem to be leading the pack.

Are you looking to buy one of these hardware cryptocurrency wallets? Do you even know what hardware wallets are? Perhaps, you’re considering hard wallets and soft wallets and you can’t seem to make up your mind? Here’s everything you need to know about Trezor and Ledger.

Let’s start with why you need a hardware wallet for cryptocurrency.

Cryptocurrency hardware wallets

When you’re thinking about a hardware cryptocurrency wallet, the major concern is the security of your assets. One benefit of cryptocurrency hardware wallets is that it provides an added layer of security by being offline. On a normal soft wallet, a virus, ransomware, or malware is able to infiltrate the computer’s security and then compromise your asset.

You are also vulnerable to phishing and other methods of conventional fraud schemes. A hardware wallet for cryptocurrency eliminates the chances of this happening because you are not even privy to the keys or pin. Even in the case of thefts, there’s a double layer of security available which can disallow transactions and keep your funds safe.

More about Trezor Hardware Wallet

Trezor is one of the few offline Bitcoin wallets which offers cryptocurrency users safety and flexibility. It is also referred to as a cold storage device because it operates offline. People tout it as one of the best cryptocurrency hardware wallets because of its wide range of applications and the positive reviews it has garnered over the years.

What is Ledger Nano S cryptocurrency hardware wallet?

Designed with aesthetics in mind, this cryptocurrency hardware wallet resembles a USB drive and provides storage services excellently. It also offers an excellent method of initiating digital payments. This hardware wallet has excellent compatibility with almost any device, so you have no issues with connectivity.

What are the important points to note before buying either wallet?

1. The currency they support

Let’s paint a scenario, you open an account with a bank (you parted with a significant amount of your earnings in the process) and then you realize that the currency you use the most is not supported. This is one of the worst rookie mistakes to make when buying a cryptocurrency hardware wallet and this guide is here to ensure that you don’t fall into the trap. Fortunately, altcoin lovers, lately, wallets have significantly expanded the list of supported cryptocurrencies. Trezor allows you to store, receive and transfer more than 600 cryptocurrencies.

You should also note that full support is not provided for some of these coins. In most cases, you need to use a third-party application to store some of the coins. One notable example is the Ethereum coins which require MyEtherWallet.

Ledger Nano S cryptocurrency hardware wallet, on the other hand, supports in total more than 20 cryptocurrencies and their forks. Not only the most popular crypto assets are in this list. Also, you can connect MyEtherWallet, which will give you the opportunity to use all ERTs-20 tokens This is one of the reasons users refer to it as the best cryptocurrency wallet hardware. Here is a list of some supported cryptocurrencies:

2. How much does the hardware wallet cost?

Price is one factor many people take seriously when buying any device. However, the price difference is not so much and can be overlooked when making a purchase. For example, Trezor is available on the official store for 69 dollars while Ledger Nano S cryptocurrency hardware wallet is selling for 87 dollars on their official store.

On Amazon, the everything store, it is considerably cheaper, with Trezor selling for 64 dollars and Ledger selling for 59 dollars.

Buying this device in an online store, please, don’t forget to check the customs rules of your country. Some states implemented particular rules for cross-border transfer of cryptographic devices.

3. The size of the display screen

When Ledger released initial versions of their wallet, there was no screen display screen available. For a long time, Trezor remained the only hardware wallet with this function and this gave them an edge over other hardware wallets.

However, the Ledger Nano S cryptocurrency hardware wallet now features a display screen which can display the recovery seed and the details of the recipient of your coins. This allows no room for errors and the global crypto-community is safer for this reason. Trezor has a wider screen, glossier appearance, and more mature display technology and this makes viewing much more convenient.

4. Physical durability of cryptocurrency hardware wallets

In the physical duel between these two, the hardware wallet of steel emerges victorious. Trezor is made of plastic and Ledger boasts a sleek, stainless-steel finish. This gives the Ledger Nano S cryptocurrency hardware wallet a superior feel and protects it from any damage which can otherwise be disastrous. If style and elegance are all you want in a hardware wallet, then Ledger wins the race by a wide margin. In terms of functionality though, Trezor makes up for the lack of aesthetics.

There are buttons for managing transactions and initiating payments and on Trezor, these buttons are well-spaced and easy to use. On Ledger, they appear muddled together and you’re almost certain of pressing the wrong button every time you make an attempt.

5. How easy are they to set-up?

Finally, the ease of set-up. Both hardware wallets are compatible with the popular Operating Systems – Windows, Linux, and MacOS. To begin, you require a micro USB cord to connect the device to a computer and then set up the hardware cryptocurrency wallet.

To set up, the process revolves around security. Setting up a PIN code, and then you will be shown a recovery seed which you are required to store offline. This recovery seed is a combination of random words (usually 24) and is automatically generated by the wallet. Please, save this phrase on paper immediately after creating it. Remember, that it can not be restored by the manufacturer or crypto services provider. It is used when there’s a security breach and you have to regain control of your account. Trezor also has an Android app which gives you control over your digital assets without the need for a computer.

Conclusion

Depending on your needs, you will find either Ledger or Trezor more appealing. Hopefully, this article will help you make an informed decision on the best hardware wallet for cryptocurrency to purchase. Hardware wallets are preferred when you consider security, flexibility, and risk avoidance.

Ledger Nano S cryptocurrency hardware wallet and Trezor will secure your cryptocurrency and offer you functional add-ons. Whichever hardware wallet you end up choosing, ensure you keep it safe by adhering to the tips on cryptocurrency security here.

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Ledger Nano X vs TREZOR T vs KeepKey

The hardware wallet market is growing as cryptocurrency grows.

For a while, the TREZOR One was the only hardware wallet. Then, Ledger launched the Ledger Nano S.

Now, both companies have newer devices: the Ledger Nano X and TREZOR Model T.

KeepKey also entered the market.

Competition has lowered prices, but it makes choosing the right hardware wallet a tough decision.

In this guide, we will see how the three main competitors in the space fare in many areas like security, coin support, setup and user experience.

Overviews

Ledger Nano X

The Ledger Nano X is Ledger’s newest hardware wallet.

The main benefit is that it has bluetooth, making it the first hardware wallet that connects with iOS devices.

It’s more secure than using just an app on your phone, because all transactions are signed with the Nano X.

It’s very easy to setup and use.

TREZOR Model T

The TREZOR Model-T is a second generation Bitcoin/crypto hardware wallet manufactured by SatoshiLabs.

The TREZOR line debuted in 2020 with the TREZOR One and has remained one of the most popular cryptocurrency cold storage solutions to date.

KeepKey

KeepKey has the nicest feel to it and feels solid in your hand.

The main argument against KeepKey is that it lacks support for many coins. KeepKey also is the slowest of the three to add new features.

Ledger Nano X

Secure storage for any cryptocurrency

TREZOR Model T

Second generation of the TREZOR

KeepKey

Hardware wallet for basic coins

Screen

A screen is a really important security feature for hardware wallets.

The screen lets you backup the recovery phrase without exposing it on a computer. It also allows you to review the addresses and amounts before confirming an outgoing transaction.

All three devices have a screen.

The TREZOR T has a color screen. Ledger Nano X and KeepKey have OLED screens.

Wallet Screen Buy
Ledger Nano S
KeepKey
Trezor

Supported Coins

The Ledger Nano X supports the most coins. The TREZOR T also supports a good amount of coins. KeepKey supports the least amount of coins.

All three devices support any ERC20 token.

Here are the supported coins out of the top 20 largest cryptocurrencies:

Ledger Nano X TREZOR T KeepKey
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
Litecoin (LTC)
Bcash (BCH)
EOS (EOS)
Binance Coin (BNB)
Bcash SV (BSV)
Tether (USDT)
Stellar (XLM)
Cardano (ADA)
TRON (TRX)
Monero (XMR)
Dash (DASH)
Cosmos (ATOM)
IOTA (IOTA)
NEO (NEO)
Ethereum Classic (ETC)
Zcash (ZEC)

Price

Wallet Price Buy
Ledger Nano X $119
TREZOR T $165
KeepKey $99

Ledger Nano X

Secure storage for any cryptocurrency

TREZOR Model T

Second generation of the TREZOR

KeepKey

Hardware wallet for basic coins

Size & Design

Each wallet does have some unique differences that are hard to see in the picture.

The KeepKey, on the other hand, is the biggest of the three.

The TREZOR T and Ledger Nano X both have two physical buttons, while the KeepKey has one.

Security

All three wallets are a very safe way to store your cryptocurrencies. All three are much better than using normal wallets on your phone or computer.

Still, there are some differences, the main one being that the Ledger Nano X is based on a dual chip architecture featuring a secure element.

All three devices have screens which means you don’t need to expose the recovery phrase to your computer.

Software Compatibility

In order to use any hardware wallet you need software that helps you command and interact with the wallet. The table below shows the compatibility of Bitcoin wallet software with each hardware wallet.

TREZOR T Ledger Nano X KeepKey
Electrum
Mycelium
Copay
MultiBit HD
GreenBits
GreenAddress
myTREZOR

Do They Support Segwit?

Yes, all three wallets support Segwit addresses.

The main benefit of Segwit is lower fees when sending transaction.

Which is Best?

We wouldn’t say there is a “best”.

KeepKey’s lack of updates are cause for concern, and we’d likely turn to one of the other two wallets.

The TREZOR T is $165, vs $119 for the Ledger Nano X. If the color screen is important the TREZOR T might be worth it.

Ledger Nano X

Secure storage for any cryptocurrency

TREZOR Model T

Second generation of the TREZOR

KeepKey

Hardware wallet for basic coins

Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.

Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website.

Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites.

Wallabit Media LLC and/or its owner/writers own Bitcoin.

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