CRYPTO WALLET SECURITY | Bitcointalksearch.org

I_Anime

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Quote from: ? on January 30, 2025, 04:48:48 AM

Half knowledge is always more dangerous than no knowledge at all in things like the crypto market,

Understand what Op trying to say here, many folks with half knowledge usually think they don't have to take their time to learn more again they are already good to go and this is usually Common space, especially when related to trading also .

They are usually in hurry to get rich fast which may make them think that going for more knowledge is a totally waste of time and stuff, so I will say the best is having the right knowledge.

Quote from: ? on January 30, 2025, 04:48:48 AM

4 OFFLINE STORAGE You can also store offline especially if it is in large quantity and you plan on holding for long
If I knew these earlier when I started I wouldn't have lost my first $2k, I hope this helps especially new ones and I know the bosses also have more to add

Storing your asset in an Hardwallet doesn't means is %100 , but when comes to protecting your coins from cyber criminals is the best , but you can still misplaced the wallet , and the wallet can also get damaged by external attack like water and fire. Not to talk about how expensive it is, which shows that something with advantages also have disadvantages. But still one of the best wallet when comes to storing ya assets, but never forget to always treat your assets with caution when comes to storing them..

?

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Quote from: promise444c5 on January 30, 2025, 05:17:51 PM

Quote from: ? on January 30, 2025, 04:48:48 AM

Half knowledge is always more dangerous than no knowledge at all in things like the crypto market,

You mean better than no knowledge at all ?? Half knowledge / little knowledge is still consider better than no Knowledge atall.

Quote

Non custodial: these are wallet that you manage by yourself, your keys and wallet security is your responsibility and this is the one most people use and mostly available

Not the most used but more secured than any form of custodial wallet since you have access to your keys and it has no influence from any third party thus giving you the privacy required if rightly used.

Quote

These wallets can be either online or offline wallets, however just like a normal wallet can be lost this wallet can also be stolen or lost

There's nothing like offline wallet, instead you have a cold storage... Every wallet need to connect to Internet not atleast to initiate or broadcast transactions.. although you can still broadcast using other means apart from your wallet ( like block explorer)
Cold storage == Offline Storage

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once a cryto wallet is registered it generates a 12 word meneric phrase that acts as a personal unlocking key away from the normal password for your wallet, now the thing with these words is

Following the Bip39 standard, It can be 24 as well... 12and 24 are common atleast that I know ..

Yes sir when I said offline I meant a cold wallet actually I had to use offline to add context to the explanation, a cold storage can still be considered offline since its can be kept away from direct Internet atleast

?

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Quote from: CryptSafe on January 30, 2025, 12:51:24 PM

It is nice you were able to research this topic matter. Although there are many threads with something similar to this topic, it is not bad you putting this up because newbie would still need them for their consumption. As much as crypto is concerned, it is nice we make the safety and security of our wallets and assets very important because if there is any loophole, hackers or scammers can take advantage of it to their benefit.

I have come to realize that people do not take their wallet updates seriously as this is a very important aspect of safety we need to know. If a wallet gives you a prompt for the update, do well to update it because it is assumed that the previous version is outdated and the security features are porous hence hackers would likely have their way, therefore, updating to the current version would be in your best interest to do for your safety.

Yes sir alot of traders especially newbies don't take their wallet security serious and most of them do not even know the implications

promise444c5

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Learning never stops!

Quote from: ? on January 30, 2025, 04:48:48 AM

Half knowledge is always more dangerous than no knowledge at all in things like the crypto market,

You mean better than no knowledge at all ?? Half knowledge / little knowledge is still consider better than no Knowledge atall.

Quote

Non custodial: these are wallet that you manage by yourself, your keys and wallet security is your responsibility and this is the one most people use and mostly available

Not the most used but more secured than any form of custodial wallet since you have access to your keys and it has no influence from any third party thus giving you the privacy required if rightly used.

Quote

These wallets can be either online or offline wallets, however just like a normal wallet can be lost this wallet can also be stolen or lost

There's nothing like offline wallet, instead you have a cold storage... Every wallet need to connect to Internet not atleast to initiate or broadcast transactions.. although you can still broadcast using other means apart from your wallet ( like block explorer)
Cold storage == Offline Storage

Quote

once a cryto wallet is registered it generates a 12 word meneric phrase that acts as a personal unlocking key away from the normal password for your wallet, now the thing with these words is

Following the Bip39 standard, It can be 24 as well... 12and 24 are common atleast that I know ..

CryptSafe

sr. member

Activity: 728

Merit: 421

It is nice you were able to research this topic matter. Although there are many threads with something similar to this topic, it is not bad you putting this up because newbie would still need them for their consumption. As much as crypto is concerned, it is nice we make the safety and security of our wallets and assets very important because if there is any loophole, hackers or scammers can take advantage of it to their benefit.

I have come to realize that people do not take their wallet updates seriously as this is a very important aspect of safety we need to know. If a wallet gives you a prompt for the update, do well to update it because it is assumed that the previous version is outdated and the security features are porous hence hackers would likely have their way, therefore, updating to the current version would be in your best interest to do for your safety.

?

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Merit: -

Half knowledge is always more dangerous than no knowledge at all in things like the crypto market,
this was my experience back in 2017 when I started and I lost just too much, I wish to help as many newbies as I can

So let start from one of the basics

WHAT IS A WALLET: this a software applications encrypted on a block chain that carries and contains your coins, it is called a wallet because it is synonymous to the normal wallet that we use to carry cash and other things, this is where crypto currencies are stored, sent and received
There are different kinds of wallet eg.
Custodial wallet:, this type of wallet you have a third party manage your keys for you, maybe a company or an organisation
Non custodial:, these are wallet that you manage by yourself, your keys and wallet security is your responsibility and this is the one most people use and mostly available
These wallets can be either online or offline wallets, however just like a normal wallet can be lost this wallet can also be stolen or lost

How then do we secure this wallets
1 SEED WORD
once a cryto wallet is registered it generates a 12 word meneric phrase that acts as a personal unlocking key away from the normal password for your wallet, now the thing with these words is
a.. they are arranged in a certain order, if you miss the arrangement if won't work
a...if it is lost it cannot be recovered
c...if you miss one word it still won't work
This then means that to secure your wallet this phrase must be kept in a safe and secure place preferable away from your utility phone, or device because anyone that accesses it has a full access to your wallet
2 ENCRYPTION you can personally encrypt your wallet that means lock your wallet app with a computer code only you recognises
3 TWO FACTOR AUTHENTICATION You can also use two factor authentication that is to say lock your crypto wallet in such a way that it requires two means of identification to access your wallet
4 OFFLINE STORAGE You can also store offline especially if it is in large quantity and you plan on holding for long
If I knew these earlier when I started I wouldn't have lost my first $2k, I hope this helps especially new ones and I know the bosses also have more to add

Topic: CRYPTO WALLET SECURITY (Read 55 times)