Are not you afraid to lose money when using software wallets?

[Z-tight]

Atomic wallet is a closed source wallet, just like the popular trust wallet and others, they are not recommended because they are closed source and it is impossible to verify their code. Wallets like Electrum is open source and well reviewed, so everything is open and can be verified, it is a software wallet, but safer than Atomic wallet and trust wallet.

However, if you are going to store a large amount in BTC, you should run your Electrum wallet in an airgapped device that will be completely disconnected from the internet, because anything online is prone to hacking.

[MrSpasybo]

Atomic wallet is a closed source wallet, just like the popular trust wallet and others, they are not recommended because they are closed source and it is impossible to verify their code. Wallets like Electrum is open source and well reviewed, so everything is open and can be verified, it is a software wallet, but safer than Atomic wallet and trust wallet.

However, if you are going to store a large amount in BTC, you should run your Electrum wallet in an airgapped device that will be completely disconnected from the internet, because anything online is prone to hacking.

If a investor have a large amount of BTC, I think he should use a hardware wallet instead of Electrum. Hardware wallets protect the private key of the user's account from all network attacks using a dedicated chip, which helps to isolate the private key from risks.

If trader is not yet able to own a hardware wallet, choosing a reputable software wallet is essential to minimize risk. We all work hard, put our investment capital into the market and trade to make a profit, we should not let hackers attack and steal those fruits! The market has many open source crypto wallets for us to choose and use.

[PX-Z]

If a investor have a large amount of BTC, I think he should use a hardware wallet instead of Electrum. Hardware wallets protect the private key of the user's account from all network attacks using a dedicated chip, which helps to isolate the private key from risks.

Electrum is good wallet too especially if user prioritize the security of the device where it was installed. Using electrum in an airgapped device, either a very old computer or laptop instead of buying new will be a good choice.

Well, hardware wallet is indeed a good investment for greater security, i'll go for cheaper one like the safepal s1 and trezor model one.

[ABCbits]

Atomic wallet is a closed source wallet, just like the popular trust wallet and others, they are not recommended because they are closed source and it is impossible to verify their code. Wallets like Electrum is open source and well reviewed, so everything is open and can be verified, it is a software wallet, but safer than Atomic wallet and trust wallet.

However, if you are going to store a large amount in BTC, you should run your Electrum wallet in an airgapped device that will be completely disconnected from the internet, because anything online is prone to hacking.

If a investor have a large amount of BTC, I think he should use a hardware wallet instead of Electrum. Hardware wallets protect the private key of the user's account from all network attacks using a dedicated chip, which helps to isolate the private key from risks.

You're right, although @Z-tight specifically mention usage of airgapped device which should prevent all network attack or attack using internet connection.

If trader is not yet able to own a hardware wallet, choosing a reputable software wallet is essential to minimize risk. We all work hard, put our investment capital into the market and trade to make a profit, we should not let hackers attack and steal those fruits! The market has many open source crypto wallets for us to choose and use.

If they have money to perform trading, i expect they should able to spare some money for hardware wallet. Although there's exception if the trader live on country which ban cryptocurrency or the one who sell the hardware wallet can't ship to their country.

[God Of Thunder]

Aside from Software wallets, I am afraid of losing money when I use Defi wallets like Metamask, Rabby, or Rainbow. It is too easy to get hacked these days. So, people must be careful before they allow connecting a wallet to a website. Especially, when you hunting for airdrops, sometimes you rush and do not check the URL properly and don't check what you are signing for!

I did the mistake a couple of weeks ago and I lost over $300 I guess. When you use a Defi wallet, it's always connected to internet. The only way to prevent hack is, always be careful and examine the URL and check what you are signing for!

[Z-tight]

If a investor have a large amount of BTC, I think he should use a hardware wallet instead of Electrum. Hardware wallets protect the private key of the user's account from all network attacks using a dedicated chip, which helps to isolate the private key from risks.

A large amount of BTC should be stored in cold storage, and like i said Electrum run in an airgapped device that is completely disconnected from the internet is cold storage, and offers the same protection as a hardware wallet. In an airgapped wallet, your keys are stored offline, and you create and broadcast tx's in your complementing watch-only wallet.

[Charles-Tim]

I did the mistake a couple of weeks ago and I lost over $300 I guess. When you use a Defi wallet, it's always connected to internet. The only way to prevent hack is, always be careful and examine the URL and check what you are signing for!

Sorry about you loss. I remember when I wanted to try some new projects, many people were sending me telegram message, they gave me different links which I knew what their plan was. Thanks to Bitcointalk good users and Bitcointalk that we have discussed about something like that which made me know that they are scam. It is worth knowing that checking the URL of web3 wallet is not the only solution to avoid your wallet not to be compromised. Most of the wallet are still online and it is better you have small amount of money an online wallet and use offline for the big amount of money.

On online wallets, it is also good to avoid ads and other means we can download malware which are the main cause of hack.

[God Of Thunder]

Sorry about you loss. I remember when I wanted to try some new projects, many people were sending me telegram message, they gave me different links which I knew what their plan was. Thanks to Bitcointalk good users and Bitcointalk that we have discussed about something like that which made me know that they are scam. It is worth knowing that checking the URL of web3 wallet is not the only solution to avoid your wallet not to be compromised. Most of the wallet are still online and it is better you have small amount of money an online wallet and use offline for the big amount of money.

On online wallets, it is also good to avoid ads and other means we can download malware which are the main cause of hack.

I know buddy. I shouldn't keep a lot of money on those Defi wallets. But as you may know, I have been participating in Airdrops lately and I made some money from it. So, I need some funds to participate in airdrops. Sometimes I had to swap a good volume of money on DEX's to farm airdrops. As you may know, debridge and orbiter.finance are trending again and I don't want to miss their Airdrops. This is another reason I have to keep some ETH on different chains to try these exchanges to farm points. Now, all I can do is, just be careful when I connect my wallet.

[EluguHcman]

Hackers are chronic programmers being more studious than the legal developers. They could be professionals looking into breaking of protocols and privacies with their best know malicious tricks of invading users through legal updates of platforms developers.

So it is hard to say either the Dev are to be trusted in a software because you can nti attest to believe a required update is coming from a genuine source.

The software source is just being a World of threats and bullies. But staying careful and living on research and enquiries would always give us that privilege to staying safe.

[Z-tight]

The software source is just being a World of threats and bullies. But staying careful and living on research and enquiries would always give us that privilege to staying safe.

I am having a really hard time understanding anything you said here, however, open source and well reviewed software wallets are recommended, if the community can review the code, then they can detect bugs and vulnerabilities in it. Closed source wallets are not recommended by the way, because it is impossible to verify if something malicious is added to the code.

[Aanuoluwatofunmi]

We need to know about the right and appropriate wallet to use, then also the way to maintain the practice of that same wallet for our security and privacy, if you like make use of any kind of cold storage for your bitcoin or any crypto of your choice, if you expose your private keys information to the public then you will be attacked and the coins you have will be stolen from you, also, some wallet could bear a vulnerability of getting hacked easily when we still don't maintain a secured practice on its security.

[Z-tight]

if you like make use of any kind of cold storage for your bitcoin or any crypto of your choice, if you expose your private keys information to the public then you will be attacked and the coins you have will be stolen from you,

Operational security is very important in the network, if you have good opsec and in addition use good and recommended wallets, your funds cannot be stolen. This is what makes BTC different from centralized fiat, you are in control of your funds and your security depends on you, some people fail to understand this and that's why they have problems and lose their funds.

[joniboini]

So it is hard to say either the Dev are to be trusted in a software because you can nti attest to believe a required update is coming from a genuine source.

If you're saying that updating software is risky because some phishing/malware disguises themselves behind an app update, then you can always verify the downloaded files. You can also verify the websites you're downloading the app from, and so on to make sure you aren't downloading fake apps. Most software wallets provide a hash and a secure website to compare the signature of the files you've downloaded, it doesn't take too much time to verify them either.

[Z-tight]

Most software wallets provide a hash and a secure website to compare the signature of the files you've downloaded, it doesn't take too much time to verify them either.

I must add that you can only verify the codes of open source software wallets and that is why they are recommended, if it is closed source wallets, you simply have to trust and believe what the developers tell you, because you cannot review the code yourself.

[_act_]

Why won't I be afraid. But online wallets are vulnerable when you open doors yourself to malware. If you are the only one that is using your device and avoid the malware which can be through downloading, you device will be safe. But if you have high amounts of coins, get yourself a cold wallet.

Most software wallets provide a hash and a secure website to compare the signature of the files you've downloaded, it doesn't take too much time to verify them either.

I must add that you can only verify the codes of open source software wallets and that is why they are recommended, if it is closed source wallets, you simply have to trust and believe what the developers tell you, because you cannot review the code yourself.

I think he is referring to PGP key of the wallet file that is downloaded. To verify it to know that it is not a fake one.