Be careful of mobile wallets that holds private keys

nc50lc

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Quote from: jdarren on September 17, 2019, 02:59:34 PM

What are everyone's best practices to holding private keys? I read to not keep it on your phone or desktop

Let me guess: you've read the title said "holds private keys", then you came up with this post.

Private keys aren't passwords, you don't "hold" them in a list lest memorize them all (Is that even possible?).
"Everyone" shouldn't hodl private keys like it's his account number, it shouldn't be displayed at all unless necessary.
Except if you're planning to sweep the funds to another wallet or for making a paper wallet.

Quote from: jdarren

but also how does anyone memorize it? What about a place like Lastpass?

You can memorize the Mnemonic SEED phrase (if your wallet have one) where your private keys were derived
but not each of the private keys of your addresses.

Keep your wallet encrypted, in a secure storage and device (also your SEED in a piece of paper); that's where your private keys should be.

jdarren

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What are everyone's best practices to holding private keys? I read to not keep it on your phone or desktop but also how does anyone memorize it? What about a place like Lastpass?

Malvika_sitlani

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It is always adviceable that don't store your coins on the exchange but there are some mobile wallets are there who controls your private keys just like free wallet.If you keep your funds with them they can do what ever they want to do with your funds.So it is better to use that you can control your private keys.Also it is better to use one trustable wallet.

ezeobulu007

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Only centralized exchanges have issues when storing assets on the exchange because they might get hacked and poof, your funds are gone. The best way to store your assets are on decentralized platforms this way you're not actually storing your asset on it.

dkbit98

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Quote from: RadiantKing on July 25, 2019, 06:08:16 AM

Can someone please tell me the best bitcoin wallet I can download on my phone?not other coins just bitcoin wallet only

Electrum wallet would be fine.
Its has mobile and desktop version.

Anyway I would not keep all my Bitcoin on mobile wallet,
and I would ALWAYS keep my seed/private key safe in backup.

bob123

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Quote from: RadiantKing on July 25, 2019, 06:08:16 AM

Can someone please tell me the best bitcoin wallet I can download on my phone?not other coins just bitcoin wallet only

There are already a lot of threads regarding this topic.

You can find a somewhat large list at https://bitcoin.org/en/choose-your-wallet.

The most recommended and used within this forum are Mycelium and Electrum for android and GreenAddress for ios.

RadiantKing

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Can someone please tell me the best bitcoin wallet I can download on my phone?not other coins just bitcoin wallet only

nakamura12

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Even if they will give the private keys that they hold they still have access to your wallet and it's still not safe to use that wallet and better find another wallet provider that the only one who have access to the private key is the wallet owner only and no one else should then that will make me feel safe storing my funds in the wallet rather than storing your funds to an exchange or a wallet which they will ask you to do KYC which will defeat the purpose of cryptocurrency being anonymous.

gentlemand

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Quote from: nero_monney on July 23, 2019, 08:19:43 AM

Who gave you the right to decide for others or judge them? Don’t forget that personal experience is great.

The sheer quantity of nothing accounts popping up in this thread defending them is somewhat revealing. Since when have a number of complete and utter noobs cared so very much about this one justifiably objectionable, and rather obscure, subject?

Lucius

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Quote from: nero_monney on July 23, 2019, 08:19:43 AM

Who gave you the right to decide for others or judge them? Don’t forget that personal experience is great.

It is important to warn others if you have problems with some wallet / crypto related service, or to educate others what is wrong to do, or which way is more secure, more appropriate and correct.

Sharing cryptocurrency private keys (which is actually the most sensitive information that exists) is same as giving your home keys to complete stranger just because he claims you can trust him. It is a risk which no one has to accept when we have wallets that gives us complete control over our private keys, and they are free&simple to use.

I have nothing against personal choice, some people maybe like to learn from their own mistakes - but cryptocurrency is not fiat bank where you can step in and say : "I lost my card, can you cancel it and issue me new one". When you lost your crypto coins, they are in most cases gone forever.

nero_monney

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What’s the fuss again? Isn’t it boring to both of the sides to tell their truth? It’s like idk arguing between favorite colors or favorite food.

If they want to give away their private keys, just LET THEM DO SO.

Who gave you the right to decide for others or judge them? Don’t forget that personal experience is great.

noormcs5

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Quote from: Samayuki on July 20, 2019, 08:19:15 AM

Freewallet is a red flag and shouldn't be used by crypto investors,if its a must for you just make sure you keep coins that have no value on freewallet and keep high valued coins on wallet with private keys

As the crypto currency will become more popular we will see more and more crypto wallets and apps being developed and many of those apps will be to scam people by collecting their private keys and stole their funds. Freewallet is one example of how these wallet can scam the people who are not aware which wallets are trusted ones.

Samayuki

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Freewallet is a red flag and shouldn't be used by crypto investors,if its a must for you just make sure you keep coins that have no value on freewallet and keep high valued coins on wallet with private keys

gentlemand

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Quote from: S00N_44 on July 19, 2019, 04:05:42 AM

I’ve been scammed by another wallet but I do not scream and shout about it on every corner. Why would you do so? It’s disgusting Sad

Is this post a piece of performance art?

Can I come to the gallery for the launch?

DdmrDdmr

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Quote from: S00N_44 on July 19, 2019, 04:05:42 AM

<…>

Actually, that’s precisely what should be done, providing proof and details in the process so as to make the accusation stand, while serving as a warning to others. One (the reader) then has to calibre the presented facts and make his own assessment of the situation.

S00N_44

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I’ve been scammed by another wallet but I do not scream and shout about it on every corner. Why would you do so? It’s disgusting Sad

gentlemand

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Quote from: rosezionjohn on July 18, 2019, 10:04:25 AM

I doubt you are serious here. You are probably just one of the many newbie accounts controlled by freewallet. Come to think of it, I have not seen any account higher rank members here who endorses freewallet. Why is that?

Wouldn't you come out of a four month slumber just to post that?

rosezionjohn

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Quote from: polar.bear824 on July 18, 2019, 09:46:03 AM

To share your private keys or not to share: that is the question. It’s up to the traders to decide, but thanks for your point of view here. Freewallet provides me the fastest transactions and I do not want to change the wallet so please, leave your horror stories for someone else.

I doubt you are serious here. You are probably just one of the many newbie accounts controlled by freewallet. Come to think of it, I have not seen any account higher rank members here who endorses freewallet. Why is that?

polar.bear824

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To share your private keys or not to share: that is the question. It’s up to the traders to decide, but thanks for your point of view here. Freewallet provides me the fastest transactions and I do not want to change the wallet so please, leave your horror stories for someone else.

dothebeats

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Quote from: Denv_eagle on July 15, 2019, 10:25:54 AM

I can’t remember my phone number and you want me to remember my private keys?

If you can't find a way to remember your phone number, then you're basically doomed on times of emergencies, especially if you don't have your phone with you and don't remember any other phone numbers as well. Also, no one needs to 'remember' their private keys, you just have to 'store' it somewhere safe wherein no one can get/retrieve it and have access to your funds.

Quote from: Denv_eagle on July 15, 2019, 10:25:54 AM

No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

What's the point of owning cryptocurrencies and being your own bank if you entrust your funds with other people who can screw you at anytime they like? Then again, your money, your loss, not mine. Non-custodial wallets are still the go-to wallet for someone wanting to have full security and full control of their funds and is also the best type of wallet one can ever ask for, be it the full client wallet, an HD wallet, hardware, you name it.

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