Unstoppable Wallet vs Cold Wallet (2024)

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Hi,

As far as i know Unstoppable Wallet is open source. How would it compare to an open source cold wallet like for example Onekey Classic?

I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

Or use Onekey on computer or any phone, although it had some vulnerabilities in the past that were fixed, but none the less anything might happen.

Which variant would be safer?

Thoughts?

P.S Thank you!

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As long as a wallet is on a device that connects to the internet or has even in the past connected to the internet then it is vulnerable to hackers.

The safest form of storage is using an offline wallet also non as cold wallet where the device you use the Wallet that holds the seed phrase or private is a device that has never touched the internet or will ever touch the internet. Then you set up a watch only wallet on a second device which can be online. This is the safest option. But as a total newbie I would advice you go for an hardware wallet like Passport so you don’t complicate things while setting up your offline wallet

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I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

You mean you will use the iphone only for the wallet and not use it for any other purpose, but in a way it would still be connected online? Why not sell the iphone and use the money gained from it to buy a hardware wallet? Like Passport which is an airgapped hardware wallet with the use of QR code for making transactions.

If you do not use the online device but just for wallet purpose, and you disable all apps not to install anything, and you disabled the app store not to download anything other apps or update anything, and you are not using the online device for file transfer and the likes, this will increase the device security, but it is still online and you can make a little mistake that can lead to loss of your coins.

Unstoppable wallet is a bitcoin wallet that supports altcoins, probably you need a bitcoin wallet that is supporting altcoins, Keystone would be the best that I can recommend.

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As far as i know Unstoppable Wallet is open source. How would it compare to an open source cold wallet like for example Onekey Classic?

Onekey classic is an open source hardware wallet, but i don't think it is all that recommended by the community, when i read about this hardware wallet, i learnt that they cloned Trezor's code, so if i were you, i will do my research very well about this wallet before i use it or it's better if you simply go for recommended hardware wallets like Passport. Unstoppable wallet is an open source software wallet and i would recommend it if you need a wallet to store your sh*tcoins, that's because it is a multi-coin wallet.

I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

Anything online is prone to hacking, so if you want better security; you either run your software wallet in an airgapped device or you get a recommended hardware wallet.

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Onekey classic is an open source hardware wallet, but i don't think it is all that recommended by the community, when i read about this hardware wallet, i learnt that they cloned Trezor's code, so if i were you, i will do my research very well about this wallet before i use it or it's better if you simply go for recommended hardware wallets like Passport. Unstoppable wallet is an open source software wallet and i would recommend it if you need a wallet to store your sh*tcoins, that's because it is a multi-coin wallet.

One of the hardware wallet that I can not recommend is Onekey.

A vulnerability was found with the wallet this year: https://m.youtube.com/watch?v=b8OrakRJmHE
https://dailyhodl.com/2023/02/12/popular-hardware-crypto-wallet-onekey-hacked-by-security-firm-proving-critical-vulnerability/amp/

It was said to behave been patched: https://cointelegraph.com/news/onekey-says-it-s-fixed-the-flaw-that-got-its-hardware-wallet-hacked-in-1-second/amp

Although, well known Trezor and the unrecommended Ledger have vulnerabilities and patches in the past, but I am still discouraged about Onekey.

Dkbit98 posted that the developers add bugs connected with the hardware's secure element.

OneKey is biggest hardware wallet manufacturer from China and they are very popular there, but they mostly cloned code from Trezor.
From my own experience after talking with them about working together on one project, I can say they are semi-amateurs and liars.
I can't seak much about quality of Onekey wallets, but I know they had serious bug connected with secure element, and I wouldn't really use any Onekey device as a main hardware wallet.

There are good options available.

For bitcoin-only wallet, Passport is still the best, but let us see when upcoming Coldcard and Keystone hardware wallets would be released and see the features they come with.

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Thing is i have Onekey Classic.

I upgraded the firmware and everything.

What if i reset it, create a new wallet and then only use it with Sparrow?

Guess if it would not touch their wallet it should be safe…right?

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As far as i know Unstoppable Wallet is open source. How would it compare to an open source cold wallet like for example Onekey Classic?

The hardware wallet is always better than any hot wallet like Unstoppable. Although Unstoppable Wallet is a recommended wallet for storing your coins and it is open source too but this does not mean that it can replace the hardware or cold storage wallet.
I haven't use Onekey Classic but I would have never used it only because it has vulnerabilities in the past, although fixed, but why i should be buying a wallet with past vulnerabilities?

I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

Any wallet which is installed having an internet connection means it can be hacked. You may make an air-gapped Bitcoin wallet on the iPhone that never touched the internet. It can act as a cold storage and believe me it is better than to use Onekey Classic, which has doubts in mind about past vulnerabilities.

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I never heard of the OneKey hardware wallet so if you want to compare them then I will choose the unstoppable wallet which is way safer.

This was the first time that I heard of Onekey without trusted reviews from well-known users here we can't trust this wallet. Unstoppable Wallet has already been tested by many people here on the forum.

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What if i reset it, create a new wallet and then only use it with Sparrow?
Guess if it would not touch their wallet it should be safe…right?

I mean we can't really say it would be fully safe from any form of attacks if hackers can simply use other means of attacks like phishing, etc. I believe it comes back to what is your goal and how familiar are you with crypto wallets etc. I don't seem to see your answer related to this question. It sounds like you want to make crypto transactions regularly but you don't need mobility, so using a phone is probably not necessary. On the other hand, you mentioned a cold wallet, which doesn't sound like what you described above.

AFAIK, just opening and using a wallet on your phone is not going to lose you money. Most hacking cases happen from storing your seeds online, phishing, etc. A wallet hack due to software/server issues like what happened with Atomic is rare iirc, and you should be able to avoid it most of the time as long as you don't use closed-source software. CMIIW.

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By the way, we should not be comparing Unstoppable Wallet with a hardware wallet like OneKey Classic.

OneKey Classic can be compared to Trezor or Ledger hardware wallets.

Anyways, as I understand this OP seems to have OneKey Classic hardware wallet with him already and he is confused about whether he should continue using it even though the vulnerabilities detected in it in the past or quit OneKey Classic and use only an Unstoppable wallet.

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I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

Yes — though if you use a smartphone solely for wallet purposes, the chances are lower, but definitely not impossible. Smartphones can still have exploits even if you don't install random apps.

Which variant would be safer?

A hardware wallet.

Read --> https://chainsec.io/wallets

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OP, what he said, especially read the bolded quote,

Although a hardware wallet will also work and be perfectly OK in any situation that requires cold-storage, BUT it's actually more advisable to make your own cold-storage set up using old computers that WILL NOT connect to the internet anymore (remove all WIFI/LAN cards, use only one USB for signing) and learn how it actually works. There will be minor inconveniences, but I'm confident that THAT will save you from doing anything impulsive with your coins.

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I know hot wallet, cold wallet. But...in case i would use the hot wallet on an iPhone that has installed only the wallet and have internet connection...would it be possible to get hacked in a way if only that would be the use for it?

The use of hot wallets will also be safe if the key or seed phrase consisting of 12-24 words stored in offline storage. CMIIW.

AFAIK, if you use a mobile device like an iPhone and only a wallet application is installed without any other applications because your iPhone specializes for a wallet, I think it can provide good security even though the wallet hack can occur beyond your expectations and at any time.

I mean in terms of safety, cold wallet is safer than the use of hot wallets.

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The use of hot wallets will also be safe if the key or seed phrase consisting of 12-24 words stored in offline storage. CMIIW.

A hot wallet is a wallet that is connected to the internet, so your wallet secrets that is stored locally is prone to hacking because it is exposed to an online enviroment, you may back up your seed phrase on paper and store it safely, but the risk is with your wallet file that is stored in an online device.

AFAIK, if you use a mobile device like an iPhone and only a wallet application is installed without any other applications because your iPhone specializes for a wallet, I think it can provide good security even though the wallet hack can occur beyond your expectations and at any time.

Instead of doing that, it is better to make the device airgapped, in order to be sure that your funds are safe. As long as your wallet is connected to the internet, it is vulnerable to attacks.

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Creating several seed phrase backups offline is a process that must be carried out to protect against asset loss, although it is still possible that vulnerabilities in wallet files stored on online devices remain a risk that requires increased vigilance, such as malware that is infiltrated through applications installed on the device as an entry point. steal mobile device data.

The limitations of hot wallets lie there - because they are still in the internet circle so in terms of security level it is better to use cold wallets.

Correct. Efforts to prevent leaks of important information and data, providing security such as airgaps are recommended.

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A hot wallet is a hot wallet, regardless of how often you use it. And an internet-connected smartphone remains a hot wallet even if you don't use it for any other purposes than working with the Unstoppable Wallet. A good software wallet doesn't beat a good hardware wallet in terms of security (unless the Ledger Recover fiasco becomes a standard in the future).

Onekey and open-source, I don't know. WalletScrutiny was able to build the software using the provided codebase, but the binaries didn't match. That information is a few months old, and maybe it's been fixed in the meantime.