I know there is small possibility in this scenario, but let's say today I buy amount of BTC and never sell in following 10-15 years. What happens with firmware? In most causes he needs to be regularly updated.
What would happen if the hard wallet company goes bankrupt ? Is this can affect access to BTC?
byu/WorkerPlayful4192 inBitcoinBeginners
Posted by WorkerPlayful4192
7 Comments
Then I use my seed phrase to restore the wallet on a new hardware wallet purchased from another company.
You don’t lose your funds just because the hardware company goes belly up.
paper wallet Seed phrase is safestz
You keep your seed phrase safe and import into a different wallet.
Don’t buy a hardware wallet that needs to be updated. I started on a Trezor, it was simple and painless. But it was so quickly found to be inadequate that it was a waste of money. Would’ve saved a lot of time and money just going right to a Seedsigner, Jade, Coldcard, etc and using Sparrow. There’s hundreds of hours of information and tutorials on YouTube. There’s zero reason to give your money to inferior wallet makers.
Your seedphrase is your wallet. If the hardware wallet company goes bankrupt, you still have your seedphrase.
No. You have a seed phrase that you can use with any wallet.
Oh dear