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Are trusted online wallets as safe as hardware wallets if there’s no activity on them for years?

When I was completely new and made my first investment in bitcoin 2 months ago, I joined as many subreddit and forums and I followed a lot of people that share crypto news. One of them shares how some sharks transferred millions of dollars from one wallet to another. Or another wallet got logged in after multiple years.

If we focus on the last sentence where that guy posts how someone logged in to their wallet after a long time, does that mean keeping in software wallet is as safe as hardware wallet if there’s no activity for years? Or am I missing something?

My guess is that those people bought a lot of bitcoin when it was new and very cheap. When the prices are extremely high, they are logging back in their wallets to cash out or something like that.

What do you think?

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4 Comments

  1. There is a higher chance someone can manipulate the device and hot-wallet is on. Making the private keys vulnerable.

    With a cold-wallet, the keys are disconnected from the internet, so there’s no way to steal them through a device.

  2. No. An online “wallet” isn’t your wallet at all. Someone else has possession of your bitcoin and you’re trusting them not to run away with it. You’re also risking hackers stealing your account, the website going out of business, or government seizure of funds.

  3. Hardware wallets are the safest bet. They can’t be hackers or attacked even when a platform where your wallet is located is under an attack.

    So you shouldn’t store more than the amount you need on regular basis or to trade in your software wallet. Why take the risk?

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