Are your coins really safe stored in your wallet? - page 2.

bocyaj

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

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.

glendall

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as long as the wallet key is stored safely and the wallet is never used as an airdrop wallet or entered by connecting to sites, I think the wallet we have will be safe

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

Bank is centralized they can size your money anytime without showing any reason.
Bitcoin is decentralized, no one have the power to size your bitcoin or lock your bitcoin. it is only you who is responsible for your coins.
A software wallet or hardware wallet just gives you a private key to separate you from others. until you keep this private key secure your funds are 100% secured, no one have the power even Satoshi Nakamoto the creator of Bitcoin will never access your funds without private key Wink

.

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

I wouldn't trust on centralized exchanges and wallets in storing my assets. No matter if their security measures are so intensive, the hackers are always going to find ways to look for a backdoor that would bypass all restrictions just like what happened in Axie Infinity. Plus, CEXs are centralized and we don't have the full control of the assets that we've stored there.

It's better to store them in hardware and non-custodial wallets such as Ledger, Trezor, SafePal, Trust Wallet, etc.

JayTrain

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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.

darewaller

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They are in binance. Just do not make a big deal out of this man, why do everyone keeps on insisting that I have to store it amazingly and the most secure high tech cutting edge way? Just put it on binance and it is safe there. Who could hack into my binance account with 2fa protection? Who could hack binance big enough that they wouldn't be able to recover from?

I mean this is binance we are talking about, I am sure they have protections much better than I could ever reach and that is good enough for me. People who think that if they put their money on some hardware wallet like ledger and be more secure than binance make me laugh, you are not protecting it better than binance could.

Nerdy doctor

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Quote from: Lucius on April 14, 2022, 05:48:45 AM

Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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.

If you have a bank account and you have a certain amount of money in that account, in case someone robs the bank, or steals your bank card and steals money that way, the bank will reimburse you in full. From this point of view, the bank looks like a pretty safe place if we would make a comparison with any non-custodial crypto wallet where each user has their own bank.

The key question here is how well the average individual is able to protect their bank from theft/hacking, especially if we consider that in the event that someone steals digital assets from a non-custodial crypto wallet, the chances of recovering such stolen funds are minimal.

Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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 the crypto wallet is open source and the code can be checked, and if the user knows what he is doing - then we can say that the security is quite high. If someone doesn’t understand how things work, then hackers happen to have a very profitable business as was the case with Electrum a few years ago when a vulnerability in that wallet was exploited to trick users into downloading a fake wallet and thus losing their BTC.

Banks could in a way refund you when robbed but what if some valuable rocks or documents are stolen..
That aside, I am beginning to understand how secure blockchain and the wallet is. Also now knowing that coins aren't stored in the wallet.

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Quote from: bitzizzix on April 15, 2022, 11:55:09 AM

Your bitcoins are stored on the blockchain very securely and your private keys are stored in your wallet and only provide access for transactions there including sending your bitcoins in exchange for $ you need your private key.
always use hardware wallets for security and don't store your access keys online anywhere, your keys will be safe as long as you keep them very secure.

As you know, it is impossible to do that all the time. I recommend keeping your coins and tokens on the exchange only for as long as you are actively trading with them. Once the trade has been completed, withdraw the tokens to your personal wallet. This is especially important if you plan on holding coins and tokens long-term. Of course, you have to keep an eye on the transaction fees and make sure that you do not spend more on fees than you made from the trade.

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I think your coins really safe in your wallet .A big reason behind this is that these wallets are managed through blockchain network. Currently blockchain networks are extremely highly secure. Bitcoin Ethereum is one of them. And if the secret phrase or private key of these wallets can be kept in a well protected place then I think it is much better than a bank statement. And there is hardware wallet especially for security .

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

Nothing will go work 100% safe in this world. That is also for the Bitcoin wallet. Moreover, if we save our Bitcoin in an online wallet, it definitely still has high risk to be lost because of hackers, malware, phishing, and other criminals. That is why we are supposed to use a hardware wallet if going to save our Bitcoin more safely, it's not also 100% safe but it is safer enough than an online wallet. A hardware wallet is very recommended to save our assets.
However, at least, we can secure our data in order to avoid from being hacked or phising or other scams or fraud.
We must be careful when saving the important data suhc as private key, password, PIN< phrase, seeds, and other important data. Only trust anyone that we exactly know that he or she is exactly trusted. But better to save it with yours

Wexnident

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The wallet itself is like how you think banks treat the money they store, just that, it's in a much smaller scale which makes it a LOT easier (depending on how you look at it) to hide and keep. I mean if you were to ask me to protect multiple wallets vs a single wallet, I'd go for the single one.

As for bruteforcing PKs, pretty sure we're still far off from being able to pull that off. So as long as YOU keep it safe, everything should be fine, since that PK is like the sole key to your own bank.

Mahanton

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

As long you dont expose your keys then you would really be assuring that your coins is on the safe side.

1. Chances of Brute forcing a PK?
https://decrypt.co/43093/how-hard-is-it-to-brute-force-a-bitcoin-private-key
Not that realistic.. Quantum? We arent still there yet.

2. Storage physical risks (wet,burned,lost etc.)
This is where i do say that a certain user should be minding off.

isaac_clarke22

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

~

As long as you don't really connect to the internet, there ain't much to be worried about. This is why I write the seeds and private key of my isolated wallet in a piece of paper and hide it in somewhere...private.
Just avoid web wallets or online wallets if you're genuinely concerned about your coins. Don't get that precious Bitcoin of yours get frozen by a third-party authorities just because they thought that you were doing money laundering. Cheesy

Emitdama

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In a case similar to what you have compared to with banks which is robbery, if someone sees cryptocurrency wallet in your phone they can force you at gunpoint send cryptocurrency from that wallet to their wallet if they have one. You can be robbed of cryptocurrency just the same way that banks can get robbed.

I have read such a story years back, which is why you will have to be careful and keep things that has to do with your finance away from the public, keep it to yourself. Then make sure that you don’t let anyone get easy access to your private keys, and also don’t store your coins on online wallets or exchanges that can be hacked.

Alisha FR

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the security of altcoins stored in the wallet only because they are hacked if we don't make strong security, for example creating some codes to login, and making notifications especially when there is a login attempt on a device that we don't recognize. and talking about finances at this bank will be different, in the bank there will be very many managers, and the security of our money is entirely the responsibility of the bank concerned. I think both are very safe. and in the wallet should create strong security on the blockchain.

Wimex

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The virtual wallets that store any cryptocurrency are mostly reliable, they have certain security systems trained to protect their assets; When deciding on one of the most recognized ones such as the of Coinbase or Binance, it will depend much more on its benefits than on the guarantee of its protection. I believe that the danger would fall more at the time of transferring these coins to someone else, since there are too many malware attentive to swindle, so I would advise being aware of each movement in order to carry out the transfer without any inconvenience.

SOURCE: https://cointelegraph.com/news/bitcoin-stealing-malware-bitter-reminder-for-crypto-users-to-stay-vigilant

bitzizzix

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Your bitcoins are stored on the blockchain very securely and your private keys are stored in your wallet and only provide access for transactions there including sending your bitcoins in exchange for $ you need your private key.
always use hardware wallets for security and don't store your access keys online anywhere, your keys will be safe as long as you keep them very secure.

haasanjui

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Yes! My coins are safe in my wallet because I not have shared my private key from anyone. And not opened any phishing link in my wallet and i have opened private key option of my Wallet. Now anyone will login or make transaction it will ask passcode.

alik111

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Your coins are really safe when you store your assets in a decentralized wallet.If you use centralized wallet or exchange, you will have no access of your private keys. So make your funds secured by holding in personal decentralized wallet.

btc78

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Quote from: Nerdy doctor on April 14, 2022, 02:38:06 AM

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

Had been holding my coins for years(though they come and go because I sell them sometimes and Buy sometimes) but till now they are all safe mate , never experience something serious though there are delays in transactions or experiencing congestion but all in all? safe and all are intact as far as i know.
But Of course I am not taking out the compromising part but still? i can carry and better.

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