Essential Tips for Choosing the Best Free Crypto Wallet

[Themepen]

Personally I believe the importance of safeguarding one's seed phrase cannot be overestimated. Entrusting a third-party service with information as important as ones seed phrase can compromise the persons safety of funds or ownership of his cryptocurrency.
Seed phrases are quite an important data and storing it can carry a lot of pressure to some people , probably that's why they opt in for services of this nature. My point exactly is that it is also no different from an exchange in the sense that in both cases you are definitely not the only one having the ability to control your wallet. Yes seed phase isn't given on exchanges but if one should share the seed with a third party then you have also shared your ownership indirectly.

You are right it is very important to keep your seed phrase safe. If anyone give this information to someone else so his/her cryptocurrency might not be safe anymore. Seed phrase is like key to our digital money so we need to store it in safe place. Some of us might want to use service to store it for them but that is not good idea.

When we do that we are not only one who can control our money. You are also right that it is like using an exchange we are giving up some control. If we share our seed phrase with someone else we are basically sharing our money too. So it is very important to keep our seed phrase safe and secure.

[gunhell16]

Honestly speaking, I've been in the field of cryptocurrency industry for a few years, and I've never used a hardware wallet, although non-custodial wallets and exchange site platforms are the only ones that I use often since 2017.

But by the grace of God, I don't encounter any problems, and I'm thankful for that, and I only use cold wallets, hot wallets, and app wallets. As long as I hold the seed or private key on a USB, it's fine, just more 1.

[PrivateKayla]

No exchange gives you a seed phrase, i believe what they are talking about is a service like ledger's opt-in recovery service, which isn't a recommended service to opt-in for. I would not recommend any wallet that in one way or another makes available a service of them helping customers to keep custody of their seed phrase, it is bad practice. People should be encouraged to back up their seed phrase themselves only, no third parties at all.

Personally I believe the importance of safeguarding one's seed phrase cannot be overestimated. Entrusting a third-party service with information as important as ones seed phrase can compromise the persons safety of funds or ownership of his cryptocurrency.
Seed phrases are quite an important data and storing it can carry a lot of pressure to some people , probably that's why they opt in for services of this nature. My point exactly is that it is also no different from an exchange in the sense that in both cases you are definitely not the only one having the ability to control your wallet. Yes seed phase isn't given on exchanges but if one should share the seed with a third party then you have also shared your ownership indirectly.

Some users I think don't realize how important seed phrases are. You're right in saying maybe they don't like the pressure of managing it themselves. I don't understand why they opt for this when it's on top of the list of how to secure your assets.

[Mia Chloe]

Some users I think don't realize how important seed phrases are. You're right in saying maybe they don't like the pressure of managing it themselves. I don't understand why they opt for this when it's on top of the list of how to secure your assets.

Sometimes I just come to think about the Reason why certain persons jeopardize the safety of their funds via the privacy of their seed phrases and security of their keys. Could it be that persons like this are not aware of the dangers of sharing their seeds with third parties? Or are they fully aware and for some reason still decide to do it thinking they can't keep their keys safe enough or they are aware and still just decide to keep a blind eye to all these?

Personally I don't think you need a very solid technical understanding of bitcoin to be able to understand what security of your wallet and privacy of your funds really mean. With a nice understanding of the concept of privacy and security one should be able to understand how crucial it is to store your seed and keys yourself.

[Kemarit]

Some users I think don't realize how important seed phrases are. You're right in saying maybe they don't like the pressure of managing it themselves. I don't understand why they opt for this when it's on top of the list of how to secure your assets.

Sometimes I just come to think about the Reason why certain persons jeopardize the safety of their funds via the privacy of their seed phrases and security of their keys. Could it be that persons like this are not aware of the dangers of sharing their seeds with third parties? Or are they fully aware and for some reason still decide to do it thinking they can't keep their keys safe enough or they are aware and still just decide to keep a blind eye to all these?

It could be both in my opinion, when we started our crypto journey, we really don't know about the intricacies of wallet and how to back up or private key or mnemonic phrase. Or we are all aware, but we don't know what is the best practice for it. There could be newbies saving their important info on a cloud or even in their email. And so when hackers gets access to it, then it's going to be over for them.

Personally I don't think you need a very solid technical understanding of bitcoin to be able to understand what security of your wallet and privacy of your funds really mean. With a nice understanding of the concept of privacy and security one should be able to understand how crucial it is to store your seed and keys yourself.

At least a basic understanding of how to used wallets and then where to get the private keys and then what is the best practice being used by the industry so that you can protect it at all cost and stay away from this hackers or criminals.

[taufik123]

-snip-
At least a basic understanding of how to used wallets and then where to get the private keys and then what is the best practice being used by the industry so that you can protect it at all cost and stay away from this hackers or criminals.

Before buying any hardware wallet, it's a good idea to first learn how users can implement maximum security and what features are provided.
This will help users understand better and also stay away from some of the traps that could be the beginning of a hack.

Each hardware wallet has its own features, has security that is always improved, users must be aware of all of that before using it.

[Aanuoluwatofunmi]

Fist of all we have to understand that crypto wallets are available for us to use freely except for the use of hardware wallet which may require from us the use of little amount of money in securing for one, secondly, we should have it in mind thar the best suggested wallet category is the non custodial wallets, once we know this, we are going to have direction on the types to use under them.

[libert19]

Open source the better (I can't read code, but it just gives psychological assurance), user should hold seeds (unlike Word blocked because repetitive posts for example), reputation also helps — the older the wallet, more I would be inclined to trust it.

I use blue wallet, alpha wallet, metamask myself, and aforementioned reasons played role in choosing them.