1. There are no coins in your wallet, your wallet only holds the keys
2. Your wallet is just as secure as you make it to be. You use a hot wallet with your recovery phrase stored digitally? Automatically at high risk. You use a reputable hardware wallet and just keep your recovery phrase physically on pieces of paper or a steel sheet? You're funds are pretty secure.
Topic: Are your coins really safe stored in your wallet? - page 4. (Read 571 times)
I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
You get maximum guarantee in securing your coins using Decentralized exchange or let me put it like this, get an open source hardware wallet, its more safer because there you own the keys to your coins, they are non custodial wallet for maximum security. avoid the use of hot wallet.
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 I've said earlier, the safety of your coins lies in your hands this time around and not on the vault in banks or government, if you make use of a centralized exchange then two things are involved, their site may be later hacked and they loose users data or your security privacy can not be guaranteed in them. i will recommend you go through open source hardware wallet where you can have varieties of hardware wallets in this category to best meet your purpose.
If your wallet is non custodial, open source and if you have backy your wallet then you are the owner and controller of your wallet. All your crypto assets are not stored in the wallet but on the respective blockchain. You wallet only provides access to your crypto assets. You are primarily responsible of the loss of your cryptocurrency and no one else.
Now ask this question from yourself. Does your bank control your money or you a actually control your money kept in your bank account?
Now ask this question from yourself. Does your bank control your money or you a actually control your money kept in your bank account?
You have your wallet, you have you private key, you anonymize transactions or having privacy while using bitcoin, no one should know you have coins, then you are safe from physical attackers.
You use cold wallet for most of your coins, online open source reputed wallet with safe, secure and non-infected device with low amount of coins. You don't click on ads, you install ads blocker like ublock origin and you do all possible things you can to avoid downloading malware, then you are safe.
You use cold wallet for most of your coins, online open source reputed wallet with safe, secure and non-infected device with low amount of coins. You don't click on ads, you install ads blocker like ublock origin and you do all possible things you can to avoid downloading malware, then you are safe.
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.
Banks are controlled by entirely different individuals with different interests at heart, the bankers could conspire to rob a bank where as in the case of None Custodian wallets, you have absolute control over your assets provided your pass phrase don't get leaked to a third party. So, your coins are very safe provided you can keep your pass phrase from third parties.
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
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. 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
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