How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins
If you are using some offline wallet or hardware wallet then the amount of security depends on how you manage them by yourself. If you click some weird stuff on internet and yeah you are vulnerability to any malicious attacks on the internet, it just depends on how you browse the internet, it may very between users. But, if you are storing your money on exchanges and then it depends on how well they manage their security. 
Topic: Are your coins really safe stored in your wallet? (Read 583 times)
I kept the private key in my wallet very carefully. There are many people whose private keys have been hacked.In fact, we are responsible for being hacked. If we are a little careful but our private key will not be hacked our wallet will be completely saved.I have seen many accounts being hacked only because of their negligence.We will work with the utmost care to ensure that our wallets are less likely to be hacked.
I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins
This is indeed a very good, important and relevant question, since you really don’t want to suddenly lose your crypto assets. Previously, I thought that, in principle, storing your cryptocurrencies on different crypto wallets is safe, unless of course you yourself foolishly transfer your data to scammers. But recently, news began to come in about random hacks of various crypto systems, which indicates problems with the storage of cryptocurrencies. Of course, this information may not be true, but whatever it is, you need to pay attention to it. At the moment, I have no problems storing my cryptocurrencies on different crypto wallets, because to some extent I try not to store a lot, but even those funds that are currently safe. What will happen next, I think time will tell.
My coins are safe in my wallet because my wallet provide me good security and secure transactions when ever any one login in my wallet or make transaction my wallet ask security code which only I know. If he not enter code then transaction will be cancelled.
First of all note that your bitcoin is not stored in your wallet. Your coins are stored in the blockchain.
The blokchain is shared between many people and there are thousands of full nodes that validate transactions. In bitcoin we are not dealing with a centralized party.
Your wallet only stores your keys and you use them for making transactions. As long as these keys are kept safe, no one can have access to your bitcoin.
thank you for your answer, my knowledge of bitcoin is increasing. all this time I thought that the Bitcoin I had was stored in my wallet but it turned out I was wrong, turns out it's stored on the blockchain. The blokchain is shared between many people and there are thousands of full nodes that validate transactions. In bitcoin we are not dealing with a centralized party.
Your wallet only stores your keys and you use them for making transactions. As long as these keys are kept safe, no one can have access to your bitcoin.
the answer is to the degree of how well you can keep your wallet keys or phrases. nothing is hidden in the bank because they have access to everything you have with the. this is not so with bitcoin such that only if your wallet address is exposed thats when people can see what you have as balance and yet they cant do anything without your keys.
As far as I know trustwallet and binance have a history of hacked but I don't know about the others on your list, maybe some of them have been hacked too? Let's only hope that their security have improved now. I too use trustwallet but I don't store all my cryptos here just in case something bad happens to this wallet I still have cryptos left on other wallets.
Nothing is safe, whether in real life or on the digital world both are possible for our money to get robbed but I think there are companies that offer refunds, like on some banks and some centralized exchanges. This is one of their advantage when we keep our money with them.
Trustwallet and Binance have certainly stepped up their security, as they learned from past mistakes that made their security vulnerable to hackers.Nothing is safe, whether in real life or on the digital world both are possible for our money to get robbed but I think there are companies that offer refunds, like on some banks and some centralized exchanges. This is one of their advantage when we keep our money with them.
nothing is safe in this world. it all also depends on how you store it, because if the system you use has the maximum possible security, but the user is too careless, it will be very easy to hack. Social Engineer is a method that is also widely used by scammers to manipulate users' minds so that they can find loopholes to hack.
The best and quite safe wallet in my opinion is a hardware wallet which has double security because it requires several verifications to be done before making a transaction. For example, hardware wallets such as Ledger, Trezor, ImKey, Safepal etc.
My all the crypto coin was in the trust wallets.Because it had many supported coins and it was a unique wallet from long.No one can access your wallet ,without your private ket.Actually I was speaking about the wallet and not about the exchange.While coming to exchange,my first option will be FTX,then Binance,WAZIRX,KuCoin.Because this exchange was trusted from long.
As far as I know trustwallet and binance have a history of hacked but I don't know about the others on your list, maybe some of them have been hacked too? Let's only hope that their security have improved now. I too use trustwallet but I don't store all my cryptos here just in case something bad happens to this wallet I still have cryptos left on other wallets.Nothing is safe, whether in real life or on the digital world both are possible for our money to get robbed but I think there are companies that offer refunds, like on some banks and some centralized exchanges. This is one of their advantage when we keep our money with them.
crypto wallets are 100% safe so far there have been no crypto wallets such as bnb and eth that can't be hacked so I'm very sure of storing coins in a crypto wallet compared to storing money in a bank account book.
The most secure storage method is actually a storage method without an internet connection. If you do not have a suitable device for this, you can keep it in a notebook that you think you will not lose.
Bank is not safe and funds can be easily stolen from customers or either staff/co-workers could align to rob the bank and made away with your resources but in Bitcoin you are custodian of your funds, this means you have access to your bitcoin phrase and passwords less until you reveal it to external body's before it could be stolen from you
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Well regardless, you would not want to let someone handle the safety of your coins. Maybe for the type of wallet, but not the exchange even DEX, the private key should be primarily be watched under your own supervision and not by any people.I am not an old user even if I was here since 2017, but I am pretty sure that is a common thought already. I recall back then when I thought my coins are purely safe inside Binance, but then I realized that exchanges are hackackable.
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Well regardless, you would not want to let someone handle the safety of your coins. Maybe for the type of wallet, but not the exchange even DEX, the private key should be primarily be watched under your own supervision and not by any people.I am not an old user even if I was here since 2017, but I am pretty sure that is a common thought already. I recall back then when I thought my coins are purely safe inside Binance, but then I realized that exchanges are hackackable.
The wallet security is depends on the exchange or wallet which you had chosen. The best way to chose a wallet is by the feedback from old users. You can check the google users review for it. Some dummy feedback will be done by the company, it short out. Finally you can make a decision with that. The private key is important one for the exchange.When the private key was stolen or forgotten. You make forced to lose the holding crypto on that wallet.
I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins
Security issues with banks are quite different from issues that can take place with crypto wallets, With banks the biggest challenge is physical robbery rest all the problems are secondary while with the wallets the problem is hacking, but the truth is decentralized wallets are pretty difficult to get hacked, eventually if you want to hack out some coins you'll have to goof up the blockchain altogether which is really difficult because the consensus would just never match, the only way to scam people is make a fake wallet or fake copy of some original wallet and broadcast transactions in some other address than what is input by the users, but if you fall prey to this I would call this as your mistake to download wallets from unverified sources. With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins
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cryptocurrency wallets are safe exactly as much as possible, if money is kept in the account in banks and guaranteed by a paper contract, then in a cryptocurrency wallet the owner himself owns his assets using his private key, it is the security of this key that determines the security of assets.
I think, crypto wallet are more secured and safe than bank account because in cryptocurrency wallet nothing like third party which nobody can have access to your wallet. You can make use of your coins at anytime you want in your wallet without taking any permission from anybody before your transaction can be successful compare to Bank account which bank officials must verify before your transaction will be done or successful. It is very difficult for people to have access to your wallet because all your private keys are in your hands.
The difference between storing money in a personal wallet and a bank account is more like the difference between holding assets on an exchange and holding assets in personal wallets, upon holding money in a bank account you are not actually holding the money and you do not have any control over the money you think you have and that's because of the centralization of the banks, but in the other hand, whenever you hold your bitcoin on your personal wallets, you actually have control over your assets if you have the private keys and no government or organization can be involved in this.
I got to understand that security is in levels and the worst decision is to have fiat currency in banks for an investment, now when it comes to bitcoin, we also have levels and using a centralized exchanges is synonymous to using banks just that this time its on digital currency because you don't have full control over your coins, if not for exchange purpose (trading) a centralized exchanges is a bad choice for an investment, people need to understand the need for having their wallets keys in possession through the use of hardware wallets.
Binance was my preferred exchange to hold all you savings crytocurrency.Binance was the big exchange which leads in many country of the world by doing partnership to the country owned crytocurrency. For example, the wazirx is connected with binance and the cause of it is to captured the asian crowd towards binance or wazirx. But the effency of the mother company was great compared to son company which is wazirx.
Your fund's security totally depends on how your wallet is secure. And your wallet security depends on how are you securing your seed phrase or private keys. Forget about the custodial wallet, it's like your bank. I am talking about your non-custodial wallet where you should secure your funds. In the case of bank robbery, it's the bank's or government's fault since they failed to secure the client's funds. But in case of lost your funds from your non-custodial wallet, you are the one who is responsible. So you have to care about your wallet and seed phrase, then your funds will be secure.
Yes! My coins are safe in my wallet. I use binance app and store my coins in it because no one can hack binance from phishing link. And if I do any withdraw or transaction it asks for 2FA and send OTP to my phone number. Without OTP anyone can't withdraw my fund.
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