Hardware Wallets and Software Wallets
I have been trying out hardware wallets and software wallets for the past few months. I wanted to learn everything I could about them. I started out by buying 2 Trezors. My next purchase was 2 Ledgers. From there I tried out a new wallet called Safepal that is associated with Binance. I own both SecurX wallets and I have a number of seed back recovery devices. I used the Ledger and Trezor to setup Monero wallets and after doing all of this, I came up with some findings. I love the ledger and Trezor so far. They are easy to use and they hold the majority of coins that I want to hold. I have not figured out exactly how to use Defi with my coins in the hardware wallets. I have set my Trezor to work with Metamask but I am not the biggest fan of Metamask so I didn't actually do any transactions.
Setting up my Monero wallet using the ledger was one of the cooler Crypto things I have done. I decided to download the whole node which essentially meant that I downloaded 100 gb of the entire history of the Monero coin. The Monero GUI wallet was locked to the Ledger and therefore I would only need a 24 word recovery phrase to restore the Monero wallet vs the standard 25 word phrase used by Monero.
The easiest wallet to use by far was Wallet by Coinbase. It is free and it works really well if you have Coinbase and Coinbase Pro accounts. In addition to working well with its sister companies, it is super easy to use defi. They work with a protocol called Walletlink. Walletlink is the coolest thing ever. You essentially go to a defi website on your computer. You generate a unique QR code and scan it with your wallet browser. The wallet browser connects to the website and attaches your wallet to the site. You can now do transactions with the Dapp using your Coinbase phone wallet. As an example, you can go to Compound and loan coins. Here is a link to the Compound Dapp. Check out the rates you can get. In order to use Compound, you need to have the various coins in your wallet so that you can lend them to the protocol. In return you will earn the crazy high interest rates they promise.
As I update this article months later, I am not really interested in Monero or Compound. Most of my focus is on Binance Smart Chain and Defi. We are using Trust Wallet, Safepal S1 and D'Cent to access Uniswap, Pancake Swap, and other Dapps.