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Is BISON more secure than a hardware wallet?

Hi everyone,

I have a question for the crypto experts among you. I received the following email from BISON:

“Hello XXX,

If someone follows the motto ‘Not your keys, not your coins,’ chooses to self-custody their assets, gets a hardware wallet, and uses it to generate their seed phrase—then they’ve done everything right, haven’t they?

That’s what many Coldcard users thought, too. Yet they still lost their coins. The reason: Several models from the hardware wallet manufacturer had a flaw that allowed attackers to calculate private keys and steal the funds from the wallets.

The lesson: Self-custody requires a flawless setup and constant vigilance. Don’t want the hassle? With BISON, you can sit back and let us take care of security—with insured crypto custody in Germany:

provided by Boerse Stuttgart Digital Custody GmbH
MiCAR-licensed
BaFin-regulated
with integrated crime insurance”

What do you think, experts? Is there any truth to this, or is a hardware wallet still the better option? I only hold crypto $BTC (-0,09%) , if that’s relevant to the answer.

5 Comentários

Paul@paul_finesse_

I've been using the Bitbox for just under 2 years and am completely satisfied... I haven't heard anything negative about it so far either. Best regards

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KoenigsRasse@KoenigsRasse

I bought mine on the $COIN marketplace.
It was all really easy, and it's insured for up to €100,000.

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Mc_Velli@Mc_Velli

I keep my coins on a hardware wallet—actually, on one of the affected Coinkite Coldcards.
I’m sticking with it anyway, and for now, I’m even sticking with the Coldcard.
Why? I generated my seed using the Coldcard and verified its functionality over 100 dice rolls. So security is still extremely high, and of course, nothing has been stolen.
I stand by my view: Bitcoin makes sense (only) if you follow and believe in its fundamental principle of decentralized self-custody.

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Zackdela79@Zackdela79

@Mc_Velli A reasonable argument 👍

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Stefan@Da_Fischi

Once my balance reaches a certain amount, I always send my $BTC to my BitBox02 (for UTXO management).
"Insured" is a bit of a gray area; as far as I know, whether and to what extent the insurance actually applies depends heavily on the terms and conditions of the respective exchange and the specific incident. I heard about a case where a crypto exchange went bankrupt around 2022, and the settlement process reportedly took just under 4 years. According to the victim, he was reimbursed for his loss, but in fiat currency and at the purchase price at the time. Depending on the coin and price movements, that can be good or bad, but in his case, it was very bitter 😓

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