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Author Topic: Need advice for bitcoin wallet..  (Read 10150 times)

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Re: Need advice for bitcoin wallet..
« Reply #90 on: June 26, 2024, 10:18:48 AM »
First of all, regardless of which wallet you choose, make sure to do a backup and protect your wallet with a good password.
Yeah, it is good to use a good password, but better to add an extra layer of security such as a passphrase. I like the option of extending your seed phrase with a passphrase, at least if your seed phrase is compromised, the attacker would still need your passphrase to be able to access your funds. However, i should add that your passphrase must be a strong one that is almost impossible to brute force.
I agree with you that it is good to add passphrase for more security and the passphrase would not be kept with the seed phrase. Both of them should be kept swperatley so that if someone happens to see you seed phrase it is still useless to them because they do not have the passphrase. However, if you cannot acres your passphrase, you will not be able to access your wallet only with the seed phrase.

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Re: Need advice for bitcoin wallet..
« Reply #90 on: June 26, 2024, 10:18:48 AM »

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Re: Need advice for bitcoin wallet..
« Reply #91 on: June 26, 2024, 10:48:01 PM »
I agree with you that it is good to add passphrase for more security and the passphrase would not be kept with the seed phrase. Both of them should be kept swperatley so that if someone happens to see you seed phrase it is still useless to them because they do not have the passphrase. However, if you cannot acres your passphrase, you will not be able to access your wallet only with the seed phrase.
Yes, having safer data to access a wallet is quite significant. However, maintaining the confidentiality and security of this data is an obligation. Indeed, there is a risk of it being lost or deleted and something else and this happens very often. We have seen and read various articles about someone who lost data to access their wallets and in the end they were unable to get anything from their investments.

And this is enough of a lesson for us that data storage is very crucial. Of course, each person has their own way of securing this data. However, it is best to have a backup in some way. So even if we lose data on one device or item, we still have other storage for that data.

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Re: Need advice for bitcoin wallet..
« Reply #91 on: June 26, 2024, 10:48:01 PM »

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Re: Need advice for bitcoin wallet..
« Reply #92 on: June 27, 2024, 01:44:34 AM »
First of all, regardless of which wallet you choose, make sure to do a backup and protect your wallet with a good password.
Yeah, it is good to use a good password, but better to add an extra layer of security such as a passphrase. I like the option of extending your seed phrase with a passphrase, at least if your seed phrase is compromised, the attacker would still need your passphrase to be able to access your funds. However, i should add that your passphrase must be a strong one that is almost impossible to brute force.
I agree with you that it is good to add passphrase for more security and the passphrase would not be kept with the seed phrase. Both of them should be kept swperatley so that if someone happens to see you seed phrase it is still useless to them because they do not have the passphrase. However, if you cannot acres your passphrase, you will not be able to access your wallet only with the seed phrase.
Well remembered, extending seed words through passphrases is always an excellent strategy and security feature, I didn't mention this because the OP is a beginner, but it's a good idea to suggest this while he learns before using it.

It's also important to know how you will keep this data safe, both the seed words and the passphrase must be kept in a separate location. Or, if you prefer, save the seed phrase offline on paper and save the passphrase in a password manager like keepass.
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Re: Need advice for bitcoin wallet..
« Reply #93 on: June 27, 2024, 12:41:17 PM »
Well remembered, extending seed words through passphrases is always an excellent strategy and security feature, I didn't mention this because the OP is a beginner, but it's a good idea to suggest this while he learns before using it.

It's also important to know how you will keep this data safe, both the seed words and the passphrase must be kept in a separate location. Or, if you prefer, save the seed phrase offline on paper and save the passphrase in a password manager like keepass.

*If you remember it.

There is no point in keeping the seed words and the so-called "13th word" in the same password manager in any case, because that defeats its purpose.

Although since the third word can be anything, you had better make sure you remember it, because unlike with a wallet file password, if you forget your extended words then it's gave over for your holdings.
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Re: Need advice for bitcoin wallet..
« Reply #94 on: June 28, 2024, 12:47:08 AM »
*If you remember it.

There is no point in keeping the seed words and the so-called "13th word" in the same password manager in any case, because that defeats its purpose.

Although since the third word can be anything, you had better make sure you remember it, because unlike with a wallet file password, if you forget your extended words then it's gave over for your holdings.
I never suggested keeping the seed phrase and passphrase in the same place like in keepass. I suggested keeping the two items in separate places.
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Re: Need advice for bitcoin wallet..
« Reply #95 on: June 28, 2024, 12:15:09 PM »
I never suggested keeping the seed phrase and passphrase in the same place like in keepass. I suggested keeping the two items in separate places.


Adding pass phrase to your wallet with seed phrase is very important but we should also consider the best places in saving these security keys because if both enter the hands of the wrong person, they could wipe out all your coin in less than a minute. Storing your seed phrase on your mobile devices is not a good idea. The fear of digitalizing the storage medium for your mnemonic seed is very vital so you don't make mistakes in trying to do so. Hackers and scammers are becoming more smart and intelligent most especially on thing concerning cryptocurrency. A safe with water proof and fire proof feature will do just fine. But considering your pass phrase and mnemonic seed you'll have to get 2, and if possible keeping them in two different locations apart.
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Re: Need advice for bitcoin wallet..
« Reply #96 on: June 28, 2024, 04:27:50 PM »
-snio-
I never suggested keeping the seed phrase and passphrase in the same place like in keepass. I suggested keeping the two items in separate places.

I suggest storing seed phrases offline using media with water and fire-resistant and can store the seed phrases text longer than just writing them on plain paper.
Even if you want to split the seed phrase and store it in several places, you might be able to use a backup model like Shamir backup*.

*
https://trezor.io/trezor-keep-metal-shamir
https://guide.keyst.one/docs/shamir-backup


Regarding the thread title, there are currently many choices regarding Bitcoin Wallets. There are so many that it can be confusing, especially for beginners who want to use a Bitcoin wallet.

One reference that might be used when choosing a Bitcoin wallet is https://bitcoin.org/en/choose-your-wallet (choose the available options according to your needs).
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Altcoins Talks - Cryptocurrency Forum

Re: Need advice for bitcoin wallet..
« Reply #96 on: June 28, 2024, 04:27:50 PM »


 

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