Ripple update: Why is a hardware wallet more secure than my phone?
I’m trying to understand how a ledger nano or similar hardware wallet is more secure than using Toast on my phone.
Both require:
1. Device on your person, entering PIN # to access device
2. Must save wallet recovery key somewhere
3. Both devices wipe themselves if an incorrect PIN is entered too many times.
4. Both devices can be compromised by malware.
Advantages of phone:
1. Separate PIN # for toast app and phone.
2. Can wipe remotely / track location
3. You already own a phone, i.e. no additional expense
Advantage of Nano/etc:
1. You probably just put it in a safe somewhere and leave it there? i.e. less chance of losing it?
It seems like the big security risk to both devices is simply the storage of your wallet recovery key(s). I’m really not seeing an advantage to the Nano over a phone. If someone has your device + pin (either phone or nano) they can access your wallet. As the hardware wallets become more popular they will be compromised just like an Android or Apple device, so not sure they really offer long-term obscurity through obscurity, either. Chances are there’s already stuff out there for sale to compromise them on the darkweb… so… help me understand?
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Author: Trader5050
Score: 4
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