Why is a ColdCard better than a Ledger for self custody? đ¤
And a follow up, what is the best way to keep my bitcoin safe in self custody long after every single wallet company goes instinct and replaced by others?
Please help a fellow pleb understand đ
Ledger is closed source. Especially if you use it with ledger live, that means that nobody can examine or verify the code running on the device or on your computer.
All the wallet companies will not go extinct, but it doesnât matter if yours does. Coldcard doesnât create software for instance. You have to use a Coldcard with generic software like Sparrow Wallet, meaning that once you buy the device it doesnât matter what happens to the company. You can even use a ledger with most generic software.
That means that if I have a ledger, I donât have to use the ledger live and can choose whichever software I want. The difference is that ledger is close and cold is open source?
How does that affect a simple user that has little to do with coding or the ability to examine or verify the code?
What happens if ledger goes bankrupt and closes all its services, would I still be able to access my funds? And what about Cold?
Thank you, much appreciated
You could still access all your funds.
It doesnât really impact you, unless there is bad or malicious code in the device which gets exploited. The difference is that with open source code, smart people can look at it and verify that it doesnât, but with closed source code, you just have to trust the company.
Iâm not sure how much software supports ledger devices, but they are pretty common so I would assume most does. Ledger also supports shitcoins, which opens up a wider attack surface and is another thing to consider. I personally would never recommend a ledger product to anyone, but if you already have one and really donât want to switch it, at least get ride of the dogshit ledger live software.
Gotcha!
Much appreciated man! đŤĄâĄď¸
A bip 39 seed will work anywhere.
Coldcard is "source viewable" NOT open source.
Both are subject to supply chain attacks and potential rug pulls from the company itself.
However, Coinkite (maker of coldcard) has demonstrated FAR MORE trustworthiness than Ledger over the last few years.
Interesting đ§
Can you describe trustworthiness? What did they demonstrate to make you and others trust them more? Why Ledger is least so?
A genuine question, I am really trying to figure this out
Coldcard is shit. Ledger is shit. The best way to preserve your bitcoin is to first understand that âbitcoin walletsâ are pretty unnecessary. While I have them, they serve a different role and are not the best solution for long term storage. Get a seedsigner. nostr:npub17tyke9lkgxd98ruyeul6wt3pj3s9uxzgp9hxu5tsenjmweue6sqq4y3mgl
What is a seedsigner?
How does it defer from other custody services?
Seedsigner generates a seed then all data is wiped when the device loses power when you unplug it. Coldcard holds the seed in the device.
ok, really mad_? tell us why seesigner is the best for LTS? u never explaind your point, r u paid commission by SSigner? the QR u generate is no safer than another seed on any surfaces? at least the buttons on ccard works, SSigner doesn't even have the rubber caps on the push buttons in barebone kit, how many ppl will be using products like that, only nerds like your dentist, product market fit not yet there for ssigner unless u tell us otherwise. peace mad_
I am ignorant. Is seedsigner not a hardware wallet just like coldcard. Only difference you build it from scratch?
Stateless so the device itself is "immune" to physical compromise.
Commodity hardware dramatically reduces the chance of supply chain attack.
Commodity hardware also reduces the chances of being identified as a target for having enough bitcoin to come after.
Seedsigner is not immune to physical compromise. By default it has no tamper evident properties. If you're depending on it as your sole hardware signing device, I would strongly encourage locking it up when not in use and using a tamper evident tape. Odds are low that you'll ever experience an issue, but no reason not to add extra low cost layers of defense.
Seedsigner doesnât save the seed on the device. Once it loses power the seed is wiped. Coldcard stores the seed in the hardware
You donât need to connect your coldcard to a laptop.
Most laptops have been compromised whether the user knows it or not. I have issues plugging a device like ledger into an everyday laptop/desktop.
Coldcard also has many great features including the passphase (13th/25th word) which creates a separate wallet. This can be used as a decoy incase of a break-in or âwrench attackâ
Bitcoin core
Seedsigner
Glacier protocol
Yeticold
There is no secret formula. Spend some time reading the documentation on all of those, and ask yourself; "Why are those the only one's he recommended?"
When you understand the answer to that question, you'll be ready to decide what type of long term storage is right FOR YOU.
Will definitely research all of those.
To my understanding from this post and the comments, these are âa level deeperâ that a cold wallet like Ledgers, Trezors and Coldcards as they provide leas exposure and are much more basic than the big and advertised companies.
Will check each and every one, thank you for the tips and the great comments man, you really put things in a bit more order for me đŤĄ
SeedSigner is pretty simple and can use standard BIP 39 seeds.
It can be used to develop advanced multi-sig setups when you are ready too.
