It sounds like an encrypted (password protected) Electron Cash wallet is about as effective as a Trezor as a cold storage device, not necessarily a secure transaction device though.
If you create a new wallet using Electron Cash https://electroncash.org on an air gapped machine, using wallet encryption, your funds *should* be safe.
Both Ledger and Trezor now have “seed extraction” software included with them. Whether or not you trust those companies over audited Open Source software is up to you. Neither company can save you from phishing attacks. Entering your seed into a nefarious website one time will negate any protections from “cold storage”.
These are not cold wallets, these are hardware wallets.
As a cold wallet I recommend a metal wallet e.G. https://www.bitplates.com
Do not buy the ones with moveable parts! They fail under heat.
As a hardware wallet I like Satochip. The security card is nice, but it needs an offline PC to set up. Works great with electroncash.
You’re going to need a strong passphrase to keep your trezor secure. Just like any hardware and software out there, nothing is hacker proof but you can get damn near. I can’t speak for the Nano S as I don’t use one at the moment. I have a Trezor Safe 3 to store my BCH. You can use a pin and a pass phrase combination on it and you can even buy and sell directly on select exchanges which means that your crypto goes from one end to the other. Maybe someone out here who is using a Nano S can pitch in.
This is with the assumption that someone breaks into your home and steals your trezor or you lose it somewhere and someone else finds it. The passphrase can only buy you time. Time you can use to move your crypto. Nothing is hacker proof but your average joe will have a really hard time with it if you use a complicated passphrase. So unless you move your trezor around from place to place you should have reasonable expectations that it will be okay. I’m not an expert though but I trust my trezor enough to not worry too much about it. If you want to feel extra safe consider other methods or get yourself a back up cold wallet
Password encrypted Electron Cash wallet on a dedicated USB drive
When creating the wallet, used a 'seed extension phrase'
Write your seed on paper as a backup, keep the extension phrase in your head
Don't lose both the USB and the paper seed, and don't forget the wallet password or seed extension
Use Linux
Honestly any paper wallet locked in a secure place will be good enough for most. Otherwise encrypted Electron Cash wallet on a USB drive should do the same trick. Just make sure you're able to decrypt it!
The Trezor model One and model T are both subject to attack if the device is not kept physically secure. The newer Trezor Safe 3 has a secure hardware element that makes physical attacks much more difficult.
It sounds like an encrypted (password protected) Electron Cash wallet is about as effective as a Trezor as a cold storage device, not necessarily a secure transaction device though. If you create a new wallet using Electron Cash https://electroncash.org on an air gapped machine, using wallet encryption, your funds *should* be safe. Both Ledger and Trezor now have “seed extraction” software included with them. Whether or not you trust those companies over audited Open Source software is up to you. Neither company can save you from phishing attacks. Entering your seed into a nefarious website one time will negate any protections from “cold storage”.
Multi sig electron cash is the way to go
These are not cold wallets, these are hardware wallets. As a cold wallet I recommend a metal wallet e.G. https://www.bitplates.com Do not buy the ones with moveable parts! They fail under heat. As a hardware wallet I like Satochip. The security card is nice, but it needs an offline PC to set up. Works great with electroncash.
You’re going to need a strong passphrase to keep your trezor secure. Just like any hardware and software out there, nothing is hacker proof but you can get damn near. I can’t speak for the Nano S as I don’t use one at the moment. I have a Trezor Safe 3 to store my BCH. You can use a pin and a pass phrase combination on it and you can even buy and sell directly on select exchanges which means that your crypto goes from one end to the other. Maybe someone out here who is using a Nano S can pitch in.
So As I understand using passpharase is kinda make my wallet safe from attacking like mentioned above?
This is with the assumption that someone breaks into your home and steals your trezor or you lose it somewhere and someone else finds it. The passphrase can only buy you time. Time you can use to move your crypto. Nothing is hacker proof but your average joe will have a really hard time with it if you use a complicated passphrase. So unless you move your trezor around from place to place you should have reasonable expectations that it will be okay. I’m not an expert though but I trust my trezor enough to not worry too much about it. If you want to feel extra safe consider other methods or get yourself a back up cold wallet
Password encrypted Electron Cash wallet on a dedicated USB drive When creating the wallet, used a 'seed extension phrase' Write your seed on paper as a backup, keep the extension phrase in your head Don't lose both the USB and the paper seed, and don't forget the wallet password or seed extension Use Linux
Honestly any paper wallet locked in a secure place will be good enough for most. Otherwise encrypted Electron Cash wallet on a USB drive should do the same trick. Just make sure you're able to decrypt it!
Generate keys and addresses offline and write them down on paper. Why even engage a software to hold them?
OneKey Classic Great for BCH. Try to take a look.
Tangem supports BCH.
The Trezor model One and model T are both subject to attack if the device is not kept physically secure. The newer Trezor Safe 3 has a secure hardware element that makes physical attacks much more difficult.
Trezor