Topic: Are your coins really safe stored in your wallet? - page 3. (Read 571 times)
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You are right, but if I say so, there are more or less unexpected events in both places. But in my opinion, our cryptocurrency decentralized wallets are largely safe from banks. Because you are the only owner of this wallet. First of all, your role in protecting it. If you can keep the secret phrase of wallets in the right place and keep yourself away from unwanted phishing websites then I think your wallet will be more secure from the bank. And there is a hardware wallet for more security
Have different between bank and bitcoin wallet as saving our money, I think bank controlling by many people from staff and security working on bank know with our data, in my country several time member loss their money on the bank and different with crypto as saving fund, only you are the controlling there and not any one know with your phrase or id about your wallet, not any one can access to your wallet depending how keep secure your data saving.
People don’t just mysteriously have the money in their bank account disappear for no reason (unless you mean the fees that banks do charge). Same way that you have hackers in the cryptocurrency community looking for those that they can hack their wallets are the same way you have them in banks and your family members must have fallen for one of them, because I have seen such situations where people fall for tricks from hackers and they wipe up their bank accounts, yes it happens, which is why your bank will warn you not to give out information about your account like pin, card number, etc.Same way that you shouldn’t be giving out information about cryptocurrency wallet or your emails that carries important information, because they can be hacked and if you’re storing something there, hackers will go through it to access other things.
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
You know that nothing is absolutely safe even when you deposit money in the bank. The security of your coins depends on your choice of wallet and where you store your keys. The best way is that you should choose for yourself a hardware wallet, hardware wallet is considered the safest solution today to store coins and your job is to keep the key where you think is the safest. That's all we can do.
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
Even with banks, the safety of one's funds to a greater extent depends on one as the account holder. This is the simple reason banks tend to lay the blame on distressed customers who complain of illicit transactions on their accounts. Banks tend to blame these customers first before anything else. The first questions are often around how did the account holder handle their ATM cards and apps. They want to know first if it was compromised on the part of the account holder before digging deep. It shows that the safety of any account is with the holder. It's the same thing I see with cryptos. It doesn't really matter if the wallets and apps are the safest in the world. Once the holder isn't security conscious and takes steps to safeguard their account, and it gets into a wrong hand it's all gone. So, security of wallets is self dependent. 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 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
You see op, Bitcoin itself and it's blockchain technology is well made and is pretty safe compared to banks nowadays. Now, the extent of this safety doesn't rely on wallets and bitcoin along with it's blockchain technology alone. If human error is involved, then even if bitcoin is safe, it wouldn't matter. For example if you accidentally pasted a private key instead of an address and it gets notifed by someonw, then it would likely be stolen. So it's safety really depends on the person holding the keys.
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
Nothing is stored in your Btc wallet but your private keys. Once you have it, you will have the control on sending all the coins associated with that Btc address.
Now, when it comes to safety, hardware wallet would be the most secure (from online attacks). However, there's a very rare chances that you'll going to be attacked by someone physically and forcefully to take your Bitcoins away.
That's basically the same as bank robbers robbing the bank vaults.
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
Depends on the wallet you choose on where you stored your balance since if you just leave it on web wallets then most provably you will get hack if the wallet provider you choose got hit by certain hackers. But this also depends on how you handle your wallet so I best to choose the best wallet and those are hardware wallets which you can safely leave your money there. But overall about this you should keep your wallet safe away from phising sites since mostly this one hit the most of newbie investor and they always fall in the trap that's why they lose their own hard earn money.
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
To be honest, not all wallets are safe, it could be hack, your coins stolen, and there are a lot of point of entry for you to lose your coins not just from hackers and criminals. Let's say your house got burn and your hardware wallet is store there and your back up. So it's better to have a backup somewhere else, maybe in bank vault or something. So it's matter on how to practice security or even privacy hygiene to protect yourself from losing your Bitcoins.
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.
As long as I use krypto until now I am still safe keeping my coins in my wallet, because I have a principle I will never divulge to anyone, about the keys I keep, in fact I have never told anyone that I have bitcoins, because it prevents more better than treating.
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.
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.
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
Your coins are not stored in a wallet, the wallet its an interface to access our coins stored in the blocks where it belongs and no one actually can access without the private keys which is supposed to be in your hands only so your Bitcoin will be with you as long as your private keys are in your hands. 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 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
If you are dealing with cryptocurrencies, then your knowledge should be at the proper level. You need to understand that in fact you are your own bank, and all responsibility will lie with you. Banks have created the illusion of security, their marketing is based on this, but you need to understand that this is not so. Hardware wallets are a good option for storing crypto, and you can only store a small amount of coins on an exchange if you are actively trading, otherwise it makes no sense from a security point of view.
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
If your coins are stored in non-custodial wallets ( the wallets which give you access to the private keys), then your coins are safe. (although you need to know about the best practices and security measures.
If you are storing your coins on centralized wallets or exchanges ( wallets protected by username and passowrd), then you are at a big risk and should immediately take action to move the coins to the secure wallets.
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.
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.
Pretty simple answer and easy to understand. If the coins were on our devices then I’m pretty sure it would have been possible to hack the wallet and take out those coins. Because at some point there would have been some sort of file that will be stored on the device to recover the number of coin information. Moreover, if there was saving of our coins on the devices then blockchain technology would have been little different than the current one. Because imagine that device getting disconnected from the internet, then how would blockchain node would know about those coins? So it’s just keys and phrase.
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
Bitcoin and other cryptocurrencies can be stored in different ways. The most popular way are personal software or hardware wallets such as those available at https://bitcoin.org/en/choose-your-wallet. These wallets have been reviewed and tested by the community and security experts as strong enough to protect your coins from theft and hackers.
Since you control your private key, you are liable for everything that goes on with your digital wallet, including security. To safeguard your digital wallet you need to make sure it is installed in a safe and protected environment, as well as with strong passwords. A key feature of a blockchain-based wallet is that it is designed to be difficult to compromise by hackers. Ideally, you should keep your wallet in a mobile phone or computer that cannot be easily accessed by other people. It is also important that you regularly run security scans, to catch possible threats and vulnerabilities that can put your coins at risk.
Well, the central bank is totally different from your crypto wallet --and storing your money in the bank is not a good idea because you cannot use it anytime whereas in a crypto wallet once you will own the key it means you own your coin. Why do we trust a third party, especially the central bank which is they will have more power over us with our money.
An open-source crypto wallet is the safest way to store our coin and it should be a hardware wallet that has a feature that can protect itself away from the hacker and even malicious links or malware-infected PC. If you know how to store it safely, you are safe and convenient that your coin is safe and no one could get it except you alone.
An open-source crypto wallet is the safest way to store our coin and it should be a hardware wallet that has a feature that can protect itself away from the hacker and even malicious links or malware-infected PC. If you know how to store it safely, you are safe and convenient that your coin is safe and no one could get it except you alone.
I do think for me I look at it in two ways:
1. How you personally affect their safety
2. How you choose the wallet
One needs to understand that there are many wallets available and sometimes you do have a basic choice that everyone has to make : offline or online . Everyone knows not to go for the online wallets because they are easy to hack, way easy.
Then comes the matter of : how many coins you own ?? if you do have a lot of coins then you might have to invest in a small hardware wallet to make sure they stay safe. You can always go to the good old paper wallet but chances are if you ever lost some money, you are bound to loose it, for me that's just a physical bitcoin.
Then comes the matter of keys! which everyone rightly says " not your keys, not your coins ". Then again how good is your mobile phone ? Is it virus free? Is it bundled with numerous bugs and unnecessary apps from third parties ?? It's just not a small matter I do think people can go on and on about the safety..
1. How you personally affect their safety
2. How you choose the wallet
One needs to understand that there are many wallets available and sometimes you do have a basic choice that everyone has to make : offline or online . Everyone knows not to go for the online wallets because they are easy to hack, way easy.
Then comes the matter of : how many coins you own ?? if you do have a lot of coins then you might have to invest in a small hardware wallet to make sure they stay safe. You can always go to the good old paper wallet but chances are if you ever lost some money, you are bound to loose it, for me that's just a physical bitcoin.
Then comes the matter of keys! which everyone rightly says " not your keys, not your coins ". Then again how good is your mobile phone ? Is it virus free? Is it bundled with numerous bugs and unnecessary apps from third parties ?? It's just not a small matter I do think people can go on and on about the safety..
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
They're safe based on the knowledge you have on how to keep them safe.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
But I'd say that they're really safe. I've got a hardware wallet and it has been there for years I'm happy that I've purchased one before because my funds are safe there for a long time.
Funds will be compromised if you're no good in keeping them and you're careless the way you keep it.
There are many ways to make your coins safer but if you are at gun point, which one would you rather lose your coins or your life?
Banks is not so different with you having the coins in your wallet. Robbers can also knock on your door. But you can definitely make the coins in your wallet safer from online threats. I could certainly be keeping my coins in my wallet safe by not even try to connect it online if possible not make a single transaction using this wallet.
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