Bank cards with hot wallets safety | Bitcointalksearch.org

traderethereum

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

Don't feel too paranoid to think that the hot crypto wallet can be hacked because that will depend on how you secure your wallet.
As long as you can keep it in a safe place, you don't have to worry about anything.
There are many tutorials or guidance on saving your wallet from the hacker, and you will find what you can do to protect your wallet, so your wallet will keep safety.
But you must remember that there is no 100% guarantee to feel safe because we might miss something that we forget to do.
But I wonder what bank cards that you mean?

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Quote from: Kocret02 on August 21, 2020, 05:45:04 PM

Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

I think a bank card is also a risk with hacking, but the scale of hacking a bank card is small if someone's bank card is lost. but the most important thing is that in my opinion storing in an offline wallet, it is definitely best and avoids real hacks

both have a high risk whether it is a bank or crypto wallet, both of which can be hacked
this is a true quote that is "no system is safe"
but if you choose low risk you can choose a legal cryptowallet and read the user's agreement when creating the wallet so you know what risks you will face.

iyamoxjhian

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I agree with these gentlemen.. Bank Cards are well risky to be hacked and controlled..lets say for example in my country..its not that I dont trust our bank system but that's whats happening..most of the hackers where from the same Bank that knows the system so they can access your account..you will be notified once there is unnecessary transaction or suspicious transactions..but the thing is, once youre notified thats the time you found out that youre money was lost or you have deducted amount from your account. I would still trust Hot Crypto wallets because it has security key features that you're the only one can access..unless you share it with someone.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

I think a bank card is also a risk with hacking, but the scale of hacking a bank card is small if someone's bank card is lost. but the most important thing is that in my opinion storing in an offline wallet, it is definitely best and avoids real hacks

Finestream

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

I guess you have already answered your question, both are using hot wallet so both are prone to hacking. If you could be more specific that would probably help for us to give you a specific answer, for example, what particular bank cards you are asking as different service could have different ways to secure their funds and the internal control is necessary to be determine first.

Quote from: tippytoes on August 21, 2020, 05:25:23 PM

I agree with this. If you don't have the keys for your wallet, take it as somebody is holding your funds.

That's why it's necessary to know the internal control of such platform to evaluate if our funds are secured, it's pretty similar to putting our money in exchanges where we don't own the key.

tippytoes

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Quote from: 20kevin20 on August 20, 2020, 08:41:00 AM

I have to agree with @ranochigo - hot wallets are as safe as you make them be. But knowing that so many people don't have much security knowledge, hardware wallets are usually more advisable for the average person.

If by "bank cards with hot wallets" you are referring to crypto cards like Wirex (not sure if this one still exists), it's way less safer imo than having a wallet that is non custodial, one for which you make your own rules. Storing your money on custodial wallets means holding your money in someone else's pockets. As I mentioned yesterday in another post of mine, I would not advise linking your Bitcoins with banks in any way.

I agree with this. If you don't have the keys for your wallet, take it as somebody is holding your funds. You have no total control for what may happen. What if one day, the team decided to disappear or someone hacked from their system, what do you think is the chance that you can recover your funds? So better to have your own wallet that you can control like hardware wallet.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

Although your statement is unclear but based on my understanding you are asking on the custodial wallet. Yes, they are using a hot wallet and probably safe for them but not for us. Why? Because they are the one who controls our bitcoin, in the name of trust we use them.

Actually, there is no system safe if what safety you are referring to. The chances that they might they will hack is also possible and also the chances that might they run our crypto that has been stored might also possible. That is why never stored for a long run in the custodial wallet. Always have your private key and password using a hardware wallet is a perfect wallet if you want safe.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

You want to buy bitcoin? So buy a hardware wallet, such as ledger or trezor. Then go to an exchange in your local country and transfer them to your hardware wallet.

Hot wallets, bank custodial services, etc, are not a safe. You may get hacked or scammed. There are many scams around. There are products some banks sells saying that it is bitocin, but it isn't. There are venture funds which have some bitcoin, but it is not the same.

The Cryptovator

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Nothing will happen to connect the card with a hot wallet. It will not make any difference. Imagine, you have an internet banking service and you connect your card with that account. So will it make any difference in your internet security? I don't think so, the same goes for the hot wallet as well. Custodial/web wallets wouldn't be safe and shouldn't hold a large number of funds. It's better to buy Hardware wallet if you could afford, otherwise use a non-custodial open-source SPV wallet. At least your fund will be under the control of you.

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Quote from: 20kevin20 on August 20, 2020, 08:41:00 AM

I would not advise linking your Bitcoins with banks in any way.

a hot wallet with trivial amounts of spending money is ok imo (and will of course be tracked up the wazoo and could get hacked/confiscated). but the bulk of your stash should be in a hardware/paper/airgapped/etc wallet. and in the usa at least what you hold is no ones business as long as you have a cost basis for when you cash out.

btw my coinbase account is linked to a bank account. all kyc and aml (or whatever). no issues. but i only xfer what i need to the exchange as needed.

#DYOR of course

Debonaire217

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There's a new feature wherein, hot wallets can be used in hardware, If I can still remember, MEW or myetherwallet is encouraging their users to connect their seed to the hardware such as ledger nano and trezor. Meaning, the security of a hardware wallet is higher than just plain hot wallet.

I can rate it like this,

3.Custodial Wallets such as (exchange wallets)
2. Non Custodial such as Electrum and MEW
1. And Hardware wallet at the top such as Trezor and Ledger.

despite of this, only we, could determine how secured our funds are depending on where we put information about are wallets and where we transact.

dothebeats

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It's entirely dependent on the user's online and offline activities honestly. If you're the kind of person that isn't really spending much time browsing questionable websites on a day to day basis, I'd say that your wallets and whatever sensitive information you are keeping on your machine would be safe. I would use me for example. None of my online accounts and hot wallets have been hacked throughout the years since I don't really visit sites that are questionable in nature, and when I do, I use a separate machine for that. It just boils down on how you use the internet and the machine in which you use to access it. Nothing fancy or technically-advanced in there, I guess.

While the tech that banks are using for their cards and whatnot may be susceptible to scheming, hacks, and other attacks, these are easily preventable IMO by staying vigilant. No matter how secure a tech is, if the user is its own vulnerability, it would always get hacked for sure.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

Do you mean using a plastic card technology for Bitcoin wallet? That technology isn't very secure, especially the older versions with magnetic tape. It's not a huge problem for banks, because they require additional confirmations for bigger transactions, so it's generally not worth it for hackers to target bank cards. But if it was Bitcoin, then there would be more incentive, because you can't limit transactions.

We already have hardware wallets, which accomplish a similar goal and are much more secure than payment cards, but not solutions is fundamentally unhackable.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

If you're holding a big amount bitcoin you should use cold storage than Bank cards. No system is safe, always put it in our mind so don't trust Bank cards too much. If you can't help yourself to not use them, insert a small amount that you need for your everyday transaction.

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Quote from: mk4 on August 20, 2020, 04:53:24 AM

Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

But what about bank cards with hot wallets?

Can you be more specific about what "bank cards with hot wallets" you're referring to? Do you mean like the Wirex or Monaco/Crypto.com card? If so, then yes. They're centralized services that could potentially get hacked. I'd say it's probably just very very slightly less risky than leaving funds on exchanges like Binance/Coinbase/etc.

If you have a good amount of bitcoin, just grab a hardware wallet dood. And just leave like $100 or something on your bitcoin debit card.

I definitely agree with you. If the main concern is with the possibility of your current wallet being hacked, hardware wallet would be the safest choice.

20kevin20

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I have to agree with @ranochigo - hot wallets are as safe as you make them be. But knowing that so many people don't have much security knowledge, hardware wallets are usually more advisable for the average person.

If by "bank cards with hot wallets" you are referring to crypto cards like Wirex (not sure if this one still exists), it's way less safer imo than having a wallet that is non custodial, one for which you make your own rules. Storing your money on custodial wallets means holding your money in someone else's pockets. As I mentioned yesterday in another post of mine, I would not advise linking your Bitcoins with banks in any way.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

Not safe is quite subjective. I find my hot wallet just safe enough for convenient access to my funds and the rest of my funds in my cold storage. If you're talking about Bitcoin debit cards, Bitcoin isn't reversible so they can still get hacked but fiat itself is relatively easy to reverse, albeit for a small fee.

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Quote from: Fromqlo on August 20, 2020, 04:44:33 AM

But what about bank cards with hot wallets?

Can you be more specific about what "bank cards with hot wallets" you're referring to? Do you mean like the Wirex or Monaco/Crypto.com card? If so, then yes. They're centralized services that could potentially get hacked. I'd say it's probably just very very slightly less risky than leaving funds on exchanges like Binance/Coinbase/etc.

If you have a good amount of bitcoin, just grab a hardware wallet dood. And just leave like $100 or something on your bitcoin debit card.

Fromqlo

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Hello guys! I've just ask this question in other topic but it's better to have a separate one. I know that hot crypto wallet are not safe and can be easily hacked. But what about bank cards with hot wallets? Are they safe enough?

Topic: Bank cards with hot wallets safety (Read 285 times)