Do you need to keep your wallets updated?

Gintama214

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Well for me I think yes, you need too but it doens't mean that you need to update it everyday. Sometimes altcoins will update their program due to many issues or etc.. thats why they need to update their program so they want you to update it too. You can just update it once a month or so if you have a free time to check if your coin is still there or if there is any changes on it and etc.. and if you really want to be in this bitcoin business you are really obligated to do it because you want to earn or invest something. You don't just leave it alone in darkness, for example like if you leave your wallet in a park and it has $5 then after many many many days you leave it there of course what will happen? It will disappear because someone will took it. It will not just increase its value because of course it real money and not a altcoin but you know what I mean?. Updating it once a while and checking it is not much an hassle and I know if you really want to earn you need to keep checking on it and if not. I think this is not right for you.

Omega Weapon

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Depending on your needs, you can try several approaches to store many coins, one is to download individually the wallets of each coin but that takes time, another is to use a wallet like myetherwallet that stores many coins, another option is to use the wallet of an exchange to store all your coins, and finally you can use a wallet from a decentralized exchange and store your coins there.

Aztek

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Activity: 423

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Was that really a thing so if you dont have or lose a internet connection at home in 1week and dont update your bitcoin wallet your really doom because your bitcoin or something could lose what is that ahahah but i guess if its a good wallet your not gonna need that.

haroldtee

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I am not sure not keeping a wallet updated can make you lose tour coins, at least talking from the perspective of a light desktop wallet. Usually, in every upgrade, additional features are always added for better user experience and some wallets will add additional crypto currency as well. As long as your funds are properly backed up, not upgrading shouldn't make you lose your coins. Nevertheless, I see no reason why I shouldn't update my wallet since it is lightweight as the upgrade automatically installs on the old one without having any issue with your wallet and everything still remains intact with your keys being stored on a special part of your PC.

Hutalar

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Quote from: CryptoPro3 on June 25, 2017, 03:32:29 AM

This is why I prefer the lightweight wallets. Honestly the qt wallets confuse the f*ck out of me.

Hmm interesting to keep light weight wallets.Because it can be easily updated and no need to worry while qt wallets confusing people and shit arround us.Thats why i prefer light weight wallets it is an amazing can be easily update by itself.

MetalGear

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Not so needed to keep ypur wallet updated becaus bitcoin is already tested and it is 100 ℅ legit so we should not worry so much when it comes to our bitcoin.

elektra

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Quote from: talkbitcoin on June 25, 2017, 03:53:12 AM

be very careful when downloading wallets of random altcoins, even if they are famous!
many of them are not reviewed and may even contain malware. it has already happened multiple times. they introduce some keylogger or something similar and steal your bitcoins. it is best to run all the altcoin wallets on a virtual machine or away from your main PC and your main bitcoin wallet.

Have you got some source on this happening in the past?
I have thought about this, but I have never heard about such a case, especially not for famous coins.

HCP

legendary

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Quote from: elektra on June 25, 2017, 03:31:25 AM

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "
If you don't do this and keep the wallet updated, can you end up losing your coins?

Generally speaking... you shouldn't lose bitcoins. If you have appropriate backups and can access the private keys, the coins are yours and you will be able to get access to them, even if you need to use other wallets or software to do so.

Think about paper wallets... they are simply a private key printed on a piece of paper... how can that be upgraded? And yet, they're considered to be one of the most secure forms of "long term" bitcoin storage (assuming they were generated correctly and stored safely).

"Major upgrades" may cause problems with using the network, like when High S Value transactions were no longer allowed, if you didn't upgrade you would find that you could not create/send transactions to the network. However, your coins were not lost. They were still contained within the private keys that your wallet controls.

The only real scenario I can think of where not upgrading could really lead to losing coins, is a security vulnerability is discovered that allows someone to hack your wallet and gain access to your private keys. If you don't update your system you are effectively leaving yourself open to attack.

Karmakid

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Actually not at all,there are wallet hosting services like myetherwallet or jaxx or any other wallets around there that offers multi altcoins storage for storing different kinds of altcoins in your wallet with just using one wallet and not making that huge amount of wallets

talkbitcoin

legendary

Activity: 1372

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All I know is that I know nothing.

be very careful when downloading wallets of random altcoins, even if they are famous!
many of them are not reviewed and may even contain malware. it has already happened multiple times. they introduce some keylogger or something similar and steal your bitcoins. it is best to run all the altcoin wallets on a virtual machine or away from your main PC and your main bitcoin wallet.

about update i have to say you should keep an eye on the change log. sometimes it is a simple upgrade adding new features or making small changes but sometimes it is a serious bug fix. the last case should be updated without hesitation but the first one is not so serious.

Ichijou025

newbie

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Well i dont fully understand the wallets but you dont lose your coins just because you didnt update it. Just make sure to choose the most trusted wallet.

hajimasan

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Activity: 882

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Quote from: elektra on June 25, 2017, 03:31:25 AM

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Actually you are newbie and also I think you never tried it for the store of coins in Thier official wallet .
Actually to put your coins in the official wallet is a better option of making money because few of the coins owner giving the better profit to put coins in the wallets but there is a condition .
Just try to understand with the example , we uses the android apps like WhatsApp , if you are a beta user then you will see weekly new update in the playstore but when you will not update the app for month then ofcourse forcely you need to update the application to continue to use the app for long run .
I hope you understand , and also you should understand that you need daily to run your wallet with better internet connection so that all the transaction goes through wallet and network get supporting easily .

CryptoPro3

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Activity: 182

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Money loves speed

This is why I prefer the lightweight wallets. Honestly the qt wallets confuse the f*ck out of me.

elektra

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Activity: 140

Merit: 100

I read an article where it was stated that:

"To store most other altcoins you will need to download the wallets created specifically by their developers. If you’re collecting many altcoins this can be very time consuming and requires additional space on your computer to download all their blockchain data. You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

It is the last sentance I am a bit troubled about:

"You’ll also need to make sure these wallets are up to date in case there are major upgrades. "

If you don't do this and keep the wallet updated, can you end up losing your coins?

The article was here: https://cryptohustle.com/bitcoin-and-cryptocurrencies-for-beginners

Topic: Do you need to keep your wallets updated? (Read 571 times)