Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Taylor77 on February 05, 2024, 06:07:04 PM
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Yes it is true that it is the most important thing because many of us start their journey with the centralized wallet, and after that they face many isuses, like if you see back then the FTX incident will remind that. So for long-term investment always choose a decentralized walletvfor holding after that if the fund is big then you should use a Cold wallet it gives more security because offline system. Even then the security is on your hand if you don't browse carefully then there is also still chances to get hacked. So what ever wallet you use responsibility is yours.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
When one enters the crypto space, the first thing they are taught is how to have a crypto wallet and to have their bitcoin stored in them.
Since numerous crypto wallets exist in the crypto sphere, one should go with a wallet that has strong security and it is not prone to hackers easily.
For the security of a crypto wallet, I advise Electrum to be used because of it serves as the best crypto wallet to have. For a large amount of bitcoin, a cold wallet is a wallet to have.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Depends on my use case.
Only use hot wallet for smaller amounts say paying things online, the balance will comes from my cold wallet which will be used for longer hodling such hardware wallet and airgapped device.
Even though electrum is not considered as hot wallet but that's what i usually using when paying smaller bills, payments online, small transactions, you named it.
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As a crypto user your choice of which one of the two wallets to use depends on the level of accessibility and security you are interested in.
Cold Wallets are known to be highly secured as a result of their offline nature and with it's many procedural steps in accessing funds by user it's very difficult for an unauthorized person to gain access to funds. While hot wallets on the other hand are internet use wallets that are seamless to use with no cumbersome procedures for use and access, example of a hot wallet is electrum wallet.
Just as the first comment noted, whichever one you chose to make use of, the responsibility for it's security still lies in the user's hands.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Choosing wallets that are open-source, non-custodial (self-custodial) to use.
Use this https://bitcoin.org/en/choose-your-wallet to choose your wallet, from Beginners to Advanced levels.
Read some resources to secure your wallet.
Secure your wallet (https://bitcoin.org/en/secure-your-wallet).
Security checklist (https://chainsec.io/checklist/).
Recommended wallets (https://www.lopp.net/bitcoin-information/recommended-wallets.html).
Bitcoin security and resources (https://www.lopp.net/bitcoin-information/security.html).
Read wallet reviews, more helpful for open-source, reproducible wallets.
Walletscrutiny.com (https://walletscrutiny.com/).
Bitcoinbinary.org (https://bitcoinbinary.org/).
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As a crypto user your choice of which one of the two wallets to use depends on the level of accessibility and security you are interested in.
Cold Wallets are known to be highly secured as a result of their offline nature and with it's many procedural steps in accessing funds by user it's very difficult for an unauthorized person to gain access to funds. While hot wallets on the other hand are internet use wallets that are seamless to use with no cumbersome procedures for use and access, example of a hot wallet is electrum wallet.
Just as the first comment noted, whichever one you chose to make use of, the responsibility for it's security still lies in the user's hands.
Choosing a wallet is indeed very important just as much as it's completely dependent on the individual which to use, whether cold or hot wallets, Cold wallets, also known as hardware wallets, are indeed more secure because they're not connected to the internet and are therefore harder to hack. They also tend to have multiple security measures like PIN codes and two-factor authentication. People tend to use cold wallets because of it's high level of security and the fact that it's impossible for hackers to access it, while On the other hand, hot wallets are more convenient to use because they're connected to the internet and can be accessed easily. But they're also more vulnerable to hacking because they're connected to the internet, but despite its vulnerability, most people still find it more preferable maybe because it's quite expensive to use, unlike the Cold wallets.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Whatever wallet you choose depends on the amount of Bitcoin you wish to hold and how long you intend to hold. Cold wallet such as hardware wallets are the safest and they're suitable for long term storage. Hot wallet like sparrow wallet, electrum wallet, Blue wallet, Unstoppable wallet can be used to store less amount of Bitcoin and for short term storage. Electrum wallet or blue wallet on an airgapped device is also good for long term storage.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Choosing a Bitcoin wallet is most likely the simple thing to do, just go with the wallet that is mostly recommended by crypto experts. Trezor is a great hardware wallet, then for software wallet, you can go will Exodus, blue, or electrum wallet.
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Cold Wallet is always safer, but using it is not very simple. Meanwhile, hot wallets are very simple and quite easy to access anytime and anywhere.
My advice, is to learn between the two, for Hot Wallet I can recommend Electrum, while for Cold Wallet I can recommend Trezor. Trying these two wallets might make you more comfortable in determining which wallet is suitable for your needs.
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Not your key, not your coin so always go for a decentralized and open-source wallet, understand how it works and how to safeguard these wallets new hardware wallets are coming up in the market because of the demands, the community is growing and there is a market need so to give you a list of the best Crypto wallet in the market today check this comprehensive reviews.
Be sure to understand how this wallet works there are wallets for your every need.
16 Best Decentralized Crypto Wallets in 2024 – Safest DeFi Wallets Compared (https://www.techopedia.com/cryptocurrency/best-decentralized-crypto-wallets)
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I will say this - if you do not understand Bitcoin in terms of all its advantages and risks, then you will not be able to choose the right wallet. Therefore, we can say that the average investor in BTC chooses his wallet based on the knowledge he has, and then we could classify people into several categories according to the way they store their coins.
- The first category is those who know very little and accordingly approach investing in BTC by opening an account at an exchange where they buy and keep it. They are at risk of losing their coins if the exchange is hacked, if they click on a phishing link, or if they fall victim to clipboard malware.
- The second category is those who know a little more and don't keep all coins on CEX, but keep them in hot wallets, whether they are desktop or mobile versions. They are most at risk of downloading a malicious wallet that will lead them to enter their seed, and also of becoming victims of clipboard malware.
The third category is those who know a little more and use hardware wallets, although they do not fully understand how important a backup (seed) is and save it online (e-mail, cloud) or on a computer as plain text without any protection. Hackers often take advantage of this, and then the same users say that someone hacked their hardware wallet.
The fourth category of users knows the most and for complete security they use cold/airgapped wallets, in a way that they use devices that are completely isolated from the internet and communicate with the online world via QR codes or SD cards.
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The most important thing when choosing a BTC wallet is to ensure that it is open source, well reviewed and self custodial, i.e. wallets like Electrum, BlueWallet, Sparrow wallet, etc. If you are holding a large amount of BTC's, then you need a cold wallet, and that will either be a hardware wallet or an airgapped wallet, a hardware wallet is easier to use if you don't really know much about BTC's, but you have to be knowledgeable to set up an airgapped wallet.
To store smaller amounts of BTC's and for spending on the go, you need a hot wallet, Electrum is a good wallet for that purpose, but ensure you keep ~ $100 in such wallets.
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To store smaller amounts of BTC's and for spending on the go, you need a hot wallet, Electrum is a good wallet for that purpose, but ensure you keep ~ $100 in such wallets.
Although I will agree that the amount we have in the mobile hot wallet should not be in a larger amount, it should be clearly said that the coins in such wallets are safe to the extent that the owner of the smartphone is careful. Someone who constantly downloads various apps, who hasn't had critical/security updates for a long time is at a much higher risk than someone who treats their smartphone in the exact opposite way.
I had much larger amounts in my hot wallet than the one you mentioned, but I try to keep the security of my smartphone at the same level as my desktop computer. Of course, with mobile hot wallets there is also a risk that someone who knows we have them will try to physically attack us and force us to unlock the wallet and transfer coins to him.
That is why it is always good to have one wallet that would serve as a decoy with a smaller amount, and another that is protected in a better way and is not visible to the attacker.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
If you're into crypto, keeping your funds safe is very important. Choosing the right wallets is key, especially if you plan to hold onto your coins for a long time. There are different types of wallets to consider based on your needs and preferences.
For those aiming to store their coins securely for an extended period, cold wallets (hardware wallets) are recommended. They offer enhanced safety by keeping your coins offline, away from the internet. If you're using hot wallets because hardware wallets are costly, opt for reputable ones like Electrum or Blue Wallet. While most hot wallets, including Electrum, are generally safe, it's essential to prioritize security and always download from the right source ie, their official website.
Avoid relying on centralized platforms to store your funds unless you're a trader or a business owner who needs frequent access to funds. Centralized platforms pose higher risks.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
If I have to use my funds again and again for various purposes like for trading, for withdrawing, for business purposes, then I will choose a hot wallet and If I am planning to hold onto my funds for a longer period of time without the need for using them in a short period, then I will prefer cold wallets. That's the basic purpose of both, if you have to use your funds again and again then hot wallets are best, and cold wallets are not.
Now the question arises which hot and cold wallet is best for you, that depends, there are many hot and cold wallets with different features, some cold wallets have coinjoin feature, some don't have it, some support taproot, some don't, some hot wallets are centralized and some are decentralized. Overall selection of one wallet depends on the need, for example how much funds do you want to store, for how long, for what purpose etc.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
To work in crypto currency, you must first select the wallet, if you don't select the right wallet first, then you will face a lot of problems. Many people have suffered many defeats in life due to not being able to choose the right wallet, in that case if you don't have proper knowledge about the right wallet then I will definitely suggest you to use electrum wallet to store bitcoins. Apart from that I can suggest you to use Trust Wallet, Blue Wallet, Exodus Wallet if you are using all these wallets safely. Every wallet is very secure if you can use it properly. No wallet will ever be safe for you if you can't use all these wallets safely and properly. I am using trust wallet myself but I keep the seed phrase of my wallet very safe so I am very safe.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
If this is for longer time period of holding, Cold Wallet is much better and safer than hot wallets.
Hot wallet is commonly connected to internet connection that can be installed or connected in your devices or such account. So, it means that hot wallet has bigger risk of cyber crimes, malware, and others.
That is why many holders prefer to choose cold wallet to minimize the risk, because nothing is zero-risk, what we can do is by minimizing the risk. But in this case, we may consider that cold wallet is commonly pricy. That is why we must prepare some money to buy. But actually, it is no matter as long as it is for the more safety of our assets.
More about hot vs cold wallet here:
https://www.ledger.com/academy/topics/security/hot-wallet-vs-cold-crypto-wallet-whats-the-difference
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Choosing the right wallet is the most important thing for storing bitcoins. But if the right wallet is not selected then we will never be able to safely deposit our bitcoins there. Choosing the right coin is one of the most important things to do before investing. Different wallets are preferred by different investors considering different aspects. There are some investors who use software wallets, some investors who prefer to use hardware wallets, and some investors who use exchange wallets. There are several advantages of using an exchange wallet which is why most of the users use this wallet. However, some investors feel that it is risky to keep bitcoins in exchange wallets, although it is somewhat risky because there are enough benefits here that investors can keep their money if they want to.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
After getting into crypto currency people have an idea of how to keep their crypto currency safe. After starting this thinking comes how to choose a bitcoin wallet. There is no end to people's curiosity about which one to choose from hundreds of Bitcoin wallets. I have generally experienced using several Bitcoin wallets and the most secure I find are Exodus and Electrum Bitcoin wallet. You can use any of the above if you want.
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I have generally experienced using several Bitcoin wallets and the most secure I find are Exodus and Electrum Bitcoin wallet. You can use any of the above if you want.
Exodus wallet is not a BTC-only wallet, it is a multicoin wallet that supports many different cryptocurrencies. It is also worth mentioning that Exodus wallet is a closed source wallet, meaning you cannot verify how the keys was generated, i would neither use nor recommend Exodus wallet for people looking for BTC wallets, there are options like Electrum, BlueWallet and Sparrow to choose from.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
So far, cold wallets should be the most recommended for storing Bitcoin, especially for long-term investments. Because after all, cold wallets provide better security features compared to hot wallets. Not only that, we can actually store our own keys and manage them well. The crime rate due to cyber crimes is also very far away here and can be reduced. In this case, cold wallets have many benefits compared to hot wallets which are more vulnerable to various cyber crime attacks. But that doesn't mean it's zero-risk. But there are risks, but they can really be managed well and minimized.
But anyway, actually, so far, I'm still using a blockchain address to receive BTC temporarily. Only then will the next thing be different, whether it will be converted to another coin, or will it be traded, or will it be stored. Because that is also an influence on which wallet will be used next. It could be wallet exchanges for short trading activities and it could be sent to other wallets for safer long-term investments.
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Because after all, cold wallets provide better security features compared to hot wallets. Not only that, we can actually store our own keys and manage them well.
Cold wallets simply store your keys offline, and since anything that is online is prone to hacking, it would be hard for an attacker to compromise a wallet that is offline. Take note that managing your keys has nothing to do with cold or hot wallets, to manage your keys you have to use self custodial wallets and not custodial wallets, and there are many online wallets that are self custodial.
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While choosing a wallet, the first thing that must come to the minds of everyone is security. The issue of hacks and money theft is quite high, with the majority of internet users likely to become victims, no matter how careful we are.
In the journey of cryptocurrency, not everyone can afford a cold wallet as they are sometimes expensive. A hot wallet happens to be very popular and easy to use, thereby attracting those who are new to the community.
A cold wallet happens to be very secure, clearly from a major point of view, but there shouldn't be a 100% guarantee of safety. A cold wallet is considered the best, but we should be prepared to bear every responsibility when we fall victim to any possible attack.
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There are so many factors to consider before choosing the best wallet to store your Bitcoin, it is these factors that'll help you pick among several options that are at your disposal.
The most important factors to consider are.
1. Security: Security is the most important factor to consider because the safety of your assets should be prior to any other thing, if you jeopardize the safety of your Bitcoin then every other thing is at stake because you could loose your asset anytime and when that happens, you have no more investment.
2. Privacy: Bitcoin is a Decentralized asset privacy and anonymity plays a vital role when it comes to Bitcoin storage, you'll be risking so much if the privacy of your wallet and asset is being jeopardized.
3. Accessibility: while safety and privacy is important when it comes to bitcoin storage, you still need to be able to access your bitcoin whenever you wish, so when considering a wide range of choices for the best wallet for you, you should also consider the accessibility of the wallet.
4. Cost: Last but not the least on my list is Cost. When choosing the best storage method for yourself, it's important to check your pocket and know evaluate the cost of the wallet, there are wallets that are very expensive, such as the Hardware wallets, they are considered to be the safest but most expensive form of Bitcoin storage. If you feel you can afford it then you go for it, but if it's beyond your reach then you might as well consider going for a much cheaper wallets such as the software or the paper wallets.
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For those aiming to store their coins securely for an extended period, cold wallets (hardware wallets) are recommended. They offer enhanced safety by keeping your coins offline, away from the internet.
It (cold wallet) is not the only way to store your bitcoin and cryptocurrency safely. There are open source non custodial wallets that can give you options to have 2FA wallet (must pay extra fee) or multi signature (mulitsig) wallets.
Remember to
- Pick non custodial wallets to own wallet seed, private keys, that means you actually own your cryptocurrencies.
- Choose open source wallets to use because it will help you to have good reproducibility from developer community and reviews from them. Any backdoor of open source wallet will be detected by community.
If you're using hot wallets because hardware wallets are costly, opt for reputable ones like Electrum or Blue Wallet. While most hot wallets, including Electrum, are generally safe, it's essential to prioritize security and always download from the right source ie, their official website.
With Electrum wallet, you can do
- Creating a mulitsig wallet (https://bitcoinelectrum.com/creating-a-multisig-wallet/)
- Creating a cold storage wallet (https://bitcoinelectrum.com/creating-a-cold-storage-wallet-in-electrum/)
Remember to verify your wallet, back up your wallet. Test your backup usability before starting to fund your wallet.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.
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I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.
There is nothing wrong in using a software wallet, Electrum and BlueWallet are software wallets and they are very recommended, however, anything online is prone to hacking and if you have a large amount in BTC, a hardware wallet or setting up your software wallet in an airgapped device is recommended. It is also worth mentioning that the safety of your funds is only as safe as the device you store it in, so if you have good opsec, you are relatively safe.
Exodus is a closed source wallet, so i do not recommend.
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I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.
There is nothing wrong in using a software wallet, Electrum and BlueWallet are software wallets and they are very recommended, however, anything online is prone to hacking and if you have a large amount in BTC, a hardware wallet or setting up your software wallet in an airgapped device is recommended. It is also worth mentioning that the safety of your funds is only as safe as the device you store it in, so if you have good opsec, you are relatively safe.
Exodus is a closed source wallet, so i do not recommend.
This is the point. In fact, this is also a personal reference, perhaps also because it is related to purchasing hardware wallets which sometimes makes investors reluctant to do so. Even though that could be quite influential in the future for much safer assets.
Because online wallets tend to have higher risks than hardware wallets. Everything online will definitely be very vulnerable to various online attacks, be it hackers, scammers, malware, and so on. That's why there will be negative sides to these online wallets.
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Cold Wallet is always safer, but using it is not very simple. Meanwhile, hot wallets are very simple and quite easy to access anytime and anywhere.
My advice, is to learn between the two, for Hot Wallet I can recommend Electrum, while for Cold Wallet I can recommend Trezor. Trying these two wallets might make you more comfortable in determining which wallet is suitable for your needs.
Yes it's true that cold or hardware wallets are a lot more secure than the hot or software wallet, but it can be a lot more complicated to use and may not actually be that accessible for everyday transaction, because it's a hardware and it needs to be plugged in to a computer before you can use it, so you can't be carrying it around. But if security is your priority, then the cold wallet is for you. Again it can be a lot more expensive to afford, especially for new Bitcoiners.
Sometimes, security isn't really the only factor to consider when investing in Bitcoin, there are other things, but its important first consider your goals first, and that will help you choose which wallet's best for you
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This is the point. In fact, this is also a personal reference, perhaps also because it is related to purchasing hardware wallets which sometimes makes investors reluctant to do so. Even though that could be quite influential in the future for much safer assets.
Because online wallets tend to have higher risks than hardware wallets. Everything online will definitely be very vulnerable to various online attacks, be it hackers, scammers, malware, and so on. That's why there will be negative sides to these online wallets.
I'm sure there are several reasons why the purchase of a hardware wallet could be delayed, and as long as we can still secure BTC and the seed key generated by Electrum or BlueWallet, it is safe enough to secure our assets. Buying a USB wallet like Trezor or Ledger does offer extra security, but it also requires costs that new users will definitely have to bear.
I think using a USB wallet or what is usually called a hardware wallet is more suitable for Bitcoin owners with larger amounts because they need that extra security. For those who have a small balance or even the balance is smaller than the price of the hardware wallet, you can postpone it first and learn that the security for the software version is not bad either.
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Its very important that before we start any form of investment in bitcoin or cryptocurrency, we should make research about the various category of wallets we have and know how to differentiates them from one to the other, under the normal category, we can have a wallet to be either a custodial wallet or non custodial wallet, but the best to always go for are the ones which are non custodial wallet because you will have access to the private keys of such wallet.
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under the normal category, we can have a wallet to be either a custodial wallet or non custodial wallet, but the best to always go for are the ones which are non custodial wallet because you will have access to the private keys of such wallet.
Yeah it is recommended to use self custodial wallets, but that is not the only criteria to check when choosing a wallet, because there are many self custodial wallets that are not recommended, i.e. Atomic wallet. You should ensure that the wallet is open source and also well reviewed, i.e. wallets like Electrum and BlueWallet.
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Its very important that before we start any form of investment in bitcoin or cryptocurrency, we should make research about the various category of wallets we have and know how to differentiates them from one to the other, under the normal category, we can have a wallet to be either a custodial wallet or non custodial wallet, but the best to always go for are the ones which are non custodial wallet because you will have access to the private keys of such wallet.
Before investing we need to be sure about the wallet first that we have selected the right wallet or how safe our invested bitcoins will be in the wallet we have selected. You put your money in a wallet but if that wallet is not good then there is a possibility of losing money from that wallet. I have invested enough bitcoins but I have selected the weakest wallet in terms of wallet selection, but we have no benefit from that investment because any other hacker can easily access our wallet and transfer bitcoins to his wallet from that wallet. So before investing we should give utmost importance to choosing the right wallet.
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Its very important that before we start any form of investment in bitcoin or cryptocurrency, we should make research about the various category of wallets we have and know how to differentiates them from one to the other, under the normal category, we can have a wallet to be either a custodial wallet or non custodial wallet, but the best to always go for are the ones which are non custodial wallet because you will have access to the private keys of such wallet.
Before investing we need to be sure about the wallet first that we have selected the right wallet or how safe our invested bitcoins will be in the wallet we have selected. You put your money in a wallet but if that wallet is not good then there is a possibility of losing money from that wallet. I have invested enough bitcoins but I have selected the weakest wallet in terms of wallet selection, but we have no benefit from that investment because any other hacker can easily access our wallet and transfer bitcoins to his wallet from that wallet. So before investing we should give utmost importance to choosing the right wallet.
Also, after which we might have made the right decision in choosing the best water for ourself, we should not fort=get the means to practice the safety of this wallet through the way we handles the security of such wallet, we have to understand the means to safely secure the private keys to our wallet in such a way that we are the only one to have access to them, not your keys not your coins is real.
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Also, after which we might have made the right decision in choosing the best water for ourself, we should not fort=get the means to practice the safety of this wallet through the way we handles the security of such wallet, we have to understand the means to safely secure the private keys to our wallet in such a way that we are the only one to have access to them, not your keys not your coins is real.
The best way to protect your wallet is to generate the keya offline and store it in an offline machine, and that is either a hardware wallet or an airgapped wallet, as for your seed phrase, it should be backed up in more than one location. It is also great to add an extra layer of security, i.e. a passphrase, it can also help you for plausible deniability, in cases of a $5 wrench attack.
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The best way to protect your wallet is to generate the keya offline and store it in an offline machine, and that is either a hardware wallet or an airgapped wallet, as for your seed phrase, it should be backed up in more than one location. It is also great to add an extra layer of security, i.e. a passphrase, it can also help you for plausible deniability, in cases of a $5 wrench attack.
Storing on an Offline machine may be on a device such as a flash drive or hard drive and such, this is still in digital form.
But what is safer is to use a special steel plate that is indeed used to engrave seed phrases so that it can be stored properly for the long term.
There are many ways that can be done to do the storage of seed phrases, using a capsule tube that is resistant to all sorts of damage.
And to make backups to make sure everything is done correctly, only trusted people can find out.
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The best way of choosing your bitcoins wallet to make sure it is secured and safe. And always check it.
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Its very important that before we start any form of investment in bitcoin or cryptocurrency, we should make research about the various category of wallets we have and know how to differentiates them from one to the other, under the normal category, we can have a wallet to be either a custodial wallet or non custodial wallet, but the best to always go for are the ones which are non custodial wallet because you will have access to the private keys of such wallet.
Before investing we need to be sure about the wallet first that we have selected the right wallet or how safe our invested bitcoins will be in the wallet we have selected. You put your money in a wallet but if that wallet is not good then there is a possibility of losing money from that wallet. I have invested enough bitcoins but I have selected the weakest wallet in terms of wallet selection, but we have no benefit from that investment because any other hacker can easily access our wallet and transfer bitcoins to his wallet from that wallet. So before investing we should give utmost importance to choosing the right wallet.
Also, after which we might have made the right decision in choosing the best water for ourself, we should not fort=get the means to practice the safety of this wallet through the way we handles the security of such wallet, we have to understand the means to safely secure the private keys to our wallet in such a way that we are the only one to have access to them, not your keys not your coins is real.
I think you should never share your wallet private key with anyone. Suppose my wallet is empty and there are no coins or any money in my wallet, still I say even if my wallet is empty I should not share the key of that wallet with anyone else. Maybe your wallet is empty now but in the future your wallet may have enough money so if you share your wallet key with someone while empty and later you have enough money in your wallet but later share your secret key with your wallet you may get into trouble. So I think it's safest not to share your private key with anyone under any circumstances.
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I think you should never share your wallet private key with anyone. Suppose my wallet is empty and there are no coins or any money in my wallet, still I say even if my wallet is empty I should not share the key of that wallet with anyone else. Maybe your wallet is empty now but in the future your wallet may have enough money
Another risk of sharing or leaking a wallet private key or mnemonic seed is perhaps in future, after creating many wallets, without any note - what wallets are used, what wallets are empty, what wallets are leaked by yourself - you will fund that wallet and who knows, that wallet will be hacked quickly.
Bad people can have automatic tool to detect any In transactions and will move it out as soon as possible.
If you are careless enough to share / leak your private key, you will be careless enough to do many things without any note.
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Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?
Since cold wallet are safest one because you don't need to connect to the internet, there are several hot wallet are safe to use especially those who non custodial and open source wallet such as electrum. However, hot wallets are always prone to malicious threats. But if you just keep your device clean internally and won't connect to any random site then probably there's nothing to worry.
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Since cold wallet are safest one because you don't need to connect to the internet, there are several hot wallet are safe to use especially those who non custodial and open source wallet such as electrum. However, hot wallets are always prone to malicious threats. But if you just keep your device clean internally and won't connect to any random site then probably there's nothing to worry.
What needs to be underlined is that the process of entering viruses or other threats on a device is not just from visiting certain sites. It could be that an open flash disk from a friend or our family's flash disk could be another source of threat. Moreover, if you want to dedicate one device for cold wallet purposes without being connected to the internet, I think that's quite a high sacrifice.
There is Trezor which is more useful if you want a good layer of wallet security. We can still use the device as usual, while Trezor's function is to secure the assets stored in it.
The internet is indeed dangerous, but we must still protect devices with the strictest security even though they are not connected to the internet.
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I think you should never share your wallet private key with anyone. Suppose my wallet is empty and there are no coins or any money in my wallet, still I say even if my wallet is empty I should not share the key of that wallet with anyone else. Maybe your wallet is empty now but in the future your wallet may have enough money so if you share your wallet key with someone while empty and later you have enough money in your wallet but later share your secret key with your wallet you may get into trouble. So I think it's safest not to share your private key with anyone under any circumstances.
In my opinion, if a Bitcoiner must share share wallet phrase to any, it should be a wallet that they are fully aware that they will never make use of it in the future but if that wallet have already been used by them to carry out important transactions, then they should never share the wallet information to anyone, rather they can just discarded it without letting anyone know that the wallet belongs to them because if anyone get hold of the wallet, they can still be able to track down to the new address that is holding your Bitcoin. Privacy and security is a paramount fact or investing into Bitcoin.
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Storing on an Offline machine may be on a device such as a flash drive or hard drive and such, this is still in digital form.
But what is safer is to use a special steel plate that is indeed used to engrave seed phrases so that it can be stored properly for the long term.
Steel plate is for backing up your seed phrase, it is an offline back up, just like writing it down on paper. But when i said an offline machine, i was talking about how to store your wallet file which has your keys, and it should either be in an airgapped wallet or in a hardware wallet. Take note that a flash drive is also not a bad option for offline storage, you simply have to make more than one copy of it and also have your seed phrase on paper.
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Storing on an Offline machine may be on a device such as a flash drive or hard drive and such, this is still in digital form.
But what is safer is to use a special steel plate that is indeed used to engrave seed phrases so that it can be stored properly for the long term.
Steel plate is for backing up your seed phrase, it is an offline back up, just like writing it down on paper. But when i said an offline machine, i was talking about how to store your wallet file which has your keys, and it should either be in an airgapped wallet or in a hardware wallet. Take note that a flash drive is also not a bad option for offline storage, you simply have to make more than one copy of it and also have your seed phrase on paper.
Storing seed phrases in metal sheets as engraving can be one of the backups but having it as our only backup is highly risky and I never intend to take such risks.
Tails on memory stick kind of wallet can add the security of the wallet but nothing ever comes near in terms of security as air-gapped/cold storage that is why whoever is holding a pretty good amount in crypto should opt out cold storage and don't use it very often to keep them safe from the scammers and hackers.
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that is why whoever is holding a pretty good amount in crypto should opt out cold storage and don't use it very often to keep them safe from the scammers and hackers.
Offline backups, i.e. hardware or airgapped wallets are to be completely offline and never connected to the internet, so the number of times you use it to sign tx's does not matter because there is almost no chance of any successful attack on your offline device, if you know exactly what you are doing and do it correctly.
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that is why whoever is holding a pretty good amount in crypto should opt out cold storage and don't use it very often to keep them safe from the scammers and hackers.
Offline backups, i.e. hardware or airgapped wallets are to be completely offline and never connected to the internet, so the number of times you use it to sign tx's does not matter because there is almost no chance of any successful attack on your offline device, if you know exactly what you are doing and do it correctly.
That's right, with hardware like this that can make a Bitcoin wallet an offline wallet, it will be very safe and can be stored for a very long time. However, this must also be proportional to the contents of the wallet you have. As long as you have lots of Bitcoin or other cryptocurrency assets. With a very large number, a wallet like this could be the best choice.
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that is why whoever is holding a pretty good amount in crypto should opt out cold storage and don't use it very often to keep them safe from the scammers and hackers.
Offline backups, i.e. hardware or airgapped wallets are to be completely offline and never connected to the internet, so the number of times you use it to sign tx's does not matter because there is almost no chance of any successful attack on your offline device, if you know exactly what you are doing and do it correctly.
An actual air-gapped device is safe no matter how many times we use it for transactions but taking other factors into consideration especially human errs then better maintain a hot wallet where we store part of the portfolio that we have to use more often and a cold wallet that we have to touch only when we need that.
At the same time, we have to ensure the existence of the wallet, status of the device cause electronics tends to malfunction while ages is pretty good practice to follow.
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I think you should never share your wallet private key with anyone. Suppose my wallet is empty and there are no coins or any money in my wallet, still I say even if my wallet is empty I should not share the key of that wallet with anyone else. Maybe your wallet is empty now but in the future your wallet may have enough money so if you share your wallet key with someone while empty and later you have enough money in your wallet but later share your secret key with your wallet you may get into trouble. So I think it's safest not to share your private key with anyone under any circumstances.
In my opinion, if a Bitcoiner must share share wallet phrase to any, it should be a wallet that they are fully aware that they will never make use of it in the future but if that wallet have already been used by them to carry out important transactions, then they should never share the wallet information to anyone, rather they can just discarded it without letting anyone know that the wallet belongs to them because if anyone get hold of the wallet, they can still be able to track down to the new address that is holding your Bitcoin. Privacy and security is a paramount fact or investing into Bitcoin.
And who will they share their wallet phrase? to their wife and kids? I think it is too early. There are ways on how to make it as a inheritance though and it has bee heavily discussed on the other forum.
So I wouldn't do that, sharing my phrase even if it is empty, who knows, maybe you can mistakenly send some coins on it. Metal back up is good, but it cannot be the only way to back up your phrases.
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I hold bitcoin in electrum wallet and some time in exchange wallet, I know too risk when holding bitcoin in exchange wallet because not your key is not your coins looking the accident with FTX exchange. Usually for long term holding I hold my bitcoin in electrum wallet but for short term if want trade using top exchange like Kucoin for holding my bitcoin.
Today have many kinds wallet support for holding bitcoin just looking an easily feature for holding bitcoin and how easily understood by our family when sharing them bitcoin seed phrase wallet.
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An actual air-gapped device is safe no matter how many times we use it for transactions but taking other factors into consideration especially human errs then better maintain a hot wallet where we store part of the portfolio that we have to use more often and a cold wallet that we have to touch only when we need that.
I agree with this, privacy is another reason why we should have a hot wallet even if we have an offline wallet. Your offline wallet is going to hold the majority of your funds, so it is bad for privacy to spend $5 on coffee from a wallet or address that holds 0.5 BTC. This is why having a hot wallet that holds < or = $100 is great.
At the same time, we have to ensure the existence of the wallet, status of the device cause electronics tends to malfunction while ages is pretty good practice to follow.
Even if your device malfunctions, you won't lose your funds if you have backed up your seed phrase well, either on paper or on a stainless steel.
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Base on my experience and the same scenario before investing in different investments we make sure that our selected wallet may choice is secured, safe and most of all convenient to stored your money in a long duration of time without any issues.