Topic: Don't trust your old wallet of when u had no Crypto knowledge (Read 761 times)

Creating new wallets is not as hard as we might think and we need to keep creating new wallets to differentiate our wlalt from the rest.
Th repeated use of hold wallet can be somehow unsafe from us because the private key might be exposed to the public and we might be surprised to face the consequences of trying to convert an old wallet to the one we could be using to keep all our transactions.
Since creating a new wallet is very easy without much difficulty steps, it is good when create new ones to carry out a separate transactiona.

And having newbies the privilege and benefits of doubts, I also think old members should at times try to understand that newbies might not be grounded so much in the forum to posses the abilities of putting every of intended details on an understandable ways, sometimes they could have some important messages to pass through but their newbies inability are not sufficient enough to let them make it standard for a proper understanding.
We could do well and correct them that this is how is was supposed to be Instead of the other ways.

They are here to learn and so every forum users too. As long as we keep coming across new things it is to be accepted that it might be something we may either have a layman's thought of it but not dipped in thought of grabbing it all.

However, I think the OP is trying to pass some advices about wallets straight up to the fellow newbies.
I understood in his contexts that during most of us times when we are Into acquiring knowledges about Bitcoin before we invested our funds, we do had guidance someone who has be building us all through those times of learning about Bitcoins.

So to my best understanding, he claims to say we should not trust the wallets created for us by our guidance during the learning days because due to privacy demands about this Bitcoin investments, someone you trusted can turn out sometimes else in the future meaning to say the guidance may still have access to the wallet without your notice as a newbie those days.

Sometimes too you may have been careless with your seed phrases during your learning stages so to be in a safer side during when you must have acquired the a suitable knowledge that is fit enough to guide your investment, you can as well create a new wallet and trash the others just to secure your assets and as well keep a privacy to your investment.

Don't reuse your old wallets but don't throw them away. Make sure you always have back ups of your old wallets, just note them as old wallets for yourself to know in order to don't reuse them.

It is easily to create a new wallet in cryptocurrency so it's a best practice to create new wallets when you are unsure about your practice in the past and when you need to expose your fund to a new platform, new smart contracts.

New projects have risk of some back doors or security issues so you must protect yourself at the start.

Even if you have crypto knowledge it's still not advisable to use your old crypto wallet because you are still very knew to crypto and nobody have the right knowledge when they are a beginner, so either you have the knowledge or not, everyone was once a newbie, do not use your old crypto wallet, the chances that it's been compromised already is very high.

I believe that no one is capable of remembering how they use their first crypto wallet when they came into crypto space, with the hope of having some knowledge we must have tried a lot of things just to get by, and knowing which is right or wrong remains unknown. 

To avoid unnecessary mistakes it's better to download and create a new crypto wallet from scratch and keep the recovery seed offline, let what's bygone be bygone, new wallet is way safer.

I believe most of us have created tons of wallet back in the day we still a new comer to the crypto world, and then we just forget the private key. From Bitcoin to Ethereum, and other thing like Litecoin, Monero and other stuff. So, I doubt if people is still using their old wallet from the time they are still reckless, most of them would already lost it and create a new wallet.

Also I guess people wouldn't store much worth of a crypto on their old forgotten wallet, most of my forgotten wallet filled with worthless Ethereum and Stellar Token.

Using the same wallet to participate in airdrops and using it for storing coins should be avoided. I do not suggest anyone use a regular device to store their crypto. Recently, I started checking some airdrops, and I do it with a different browser. The most important thing is that you have to avoid projects that come from unknown sources. I follow some influencers, and they work on those projects as well. I am not working actively, But I am keeping my eyes open.

Random forum account is not a trusted source. Even if they post it in public, make sure you know the project before you click on anything. Or make sure you want to take the risk to open a link from unknown person. Do it with your own risk.

Creating new wallet will not eat a lot of time so this should not be an issue for new people to execute since by grabbing fresh wallet which they know much safer they can get away on any possibilities that they might get compromised. Some fail to do it experience a hacking so they should not wait for certain incident like that to happen before they would think about changing their wallet since for sure we can't afford to lose money by simple mistake which is avoidable to happen.

For sure at early part of our participation on crypto activities we are not aware on the risk and there's a chance that we mishandled it that's why the chance to be on risky situation is so high so its important for us to have new wallet grabbed so that we can safely go and don't worry about the balance we left on our new wallet.

Guidelines or even a walkthrough are always shows when you are creating a new wallet, you have already know something about it, simply because you have read or see it, in the web, and keeping your wallet safe, are always written even on blogs or videos of a blogger, maybe its safe to say that you should not share your private keys with other people, because this are most cases you are lured into a website where they tricked you to input your seed phrase without knowing its not a legit website.

I agree with this. Even though in public they will get different opinions, people won't be able to deceive them into scamming them because others will see and point out that it's a scam.
This is a reason why newbies should be ready to read and research. Be it in private or public, when you hear something new try to read up on it and get a better understanding before deciding on the matter. Verify and ask questions from 2 other people to be certain.

I believe asking questions publicly is good because it can also benefit someone else. A lot of newbies have used their addresses for airdrops and clicked on different links and now they still use those same wallets and addresses to keep their coins. If something like this was discussed privately, I don't think they'd know that it's not safe.

We can't afford to just waste our hard-earned money on storing our coins in an old wallet believing that it was already compromised. Therefore, we need to create a new one for security assurance, and at least, we are confident that nobody knows the keys/password. It is very important that we have to be more cautious when storing our keys and one big factor is to know how secure is the wallet we use and if we see any suspicious activities, it only means that there is something happening and already accessed by other people. And much more careful when using an old exchange wallet even if that was just for trading.

Discussing everything in the general chat is better because beginners will only accept the advice given by people in the chat. and this is also an education for beginners that no one will teach them they volunteer and send messages as if they are someone who really cares. in the end you will only be sent a phishing link which is a trap for beginners to lose all their assets and commit fraud and the like. Beginners should be more alert to someone who suddenly sends any message. all help can be obtained easily without having to send a private message.

What really happened is that when someone is teaching you or is making wallet for you you need to be very careful and mindful or watchful to know how he is sharing you seed phrase although you made a very good suggestion but sometimes even though you create the wallet yourself and still not careful about it same thing could likely happened to you without knowing where it is coming from. Wallet creation requires utmost privacy because if you don't guide yourself very well then your investment is for someone else since that person won't know what you passed through to have accumulate those bitcoin they easily empty your wallets, the best is to have a hardware wallet after gaining the knowledge that is required over the period of time.

If there is anything I am more conscious about in the crypt currency space, then it is my asset security and protection. I don't joke with my wallet information, if by any carelessness my wallet information is exposed or I feel insecure with my wallet safety, I will create a new wallet and move my asset from the exposed wallet information.

There are wallets which also makes use of pass phrase which need user to combine both the phrase and the pass phrase in other to be able to gain full access to the wallet, as for exchange those are just account which are linked to the users email or what ever details that was used to create the account they can always login to it from any part of the world just having a network connection and the right login details which if they don’t have it they can always request for change of password.

With wallet phrase or private key you can still recover your wallet but some wallet I guess made the passkey password compulsory needed in other to gain full access to it especially on wallet that requires them.

and what about people who started to send private messages to other members to know these things? Even though the person helps a newbie, I believe it is not correct to send a private message to others to learn such sensitive things. It is advised to discuss everything in private so that others cannot misguide newbies. I guess a lot of us heard about crypto exchange scams.

Some bad people try to misguide newbies so they can get some advantage to scam them. They suggest they open an account on a phishing website and then steal their cryptos. So, newbies should discuss everything in public so the percentage of making mistakes can be reduced.

You're right. People should not always rely on a previous exchange address they last used a long time ago without checking with the exchange before depositing into that exchange. Sometimes, exchange updates can also include wallet change. For me, a month is the limit. I must crosscheck before transferring once it exceeds a month.

Newbies do that mistake and I don't blame them that much because they always appear lost. Those I blame are the ones who take advantage of them. I've opened several accounts for those I mentor but I made sure not to peep at their passphrases while they copied them. I distanced myself and allow them do that alone. Thereafter, I ask them if they saw what I did while they were writing their passphrases down and make them get the consciousness of not allowing anyone else see their passphrases. It should be that simple.

It's understandable when beginners make these mistakes because they don't understand how crypto works. I also made a lot of mistakes in the past about how to use a wallet and how to secure it. As time went by I started to learn and find out what needed to be done to make a wallet and secure it. as a beginner you must have the desire to learn independently in order to understand what you are doing.

Thank you so much for this important advice, as a beginner we might have done many mistakes relating to security of our wallet, it is important we need to take note of this. Some people at the the early time of knowing cryptocurrency some persons might have helped in creating a wallet for them, it is important such wallet needs not to be functioning for security purpose.  Creation of wallet should be personal and no third party.

Security of wallet is an important aspect of bitcoin that beginners always take for granted by not trying to get more information about it to make sure that it is handled in a proper way that other people won't have access to it. Wallets are what investors don't need to joke with because with a slight information of wallet details that are supposed to be private it is possible for you to lose all your money in the wallet.   This is an important topic that investors needs to look into because their was a time thst wallet information was not handled with care.

Crypto newbies do not understand what is seed phrases are for and what is the private key. Most of the newbies think it's like creating an account on an online platform with an email and password. If they forget the password, what's the problem? They will use forgot password feature and recover their wallet. That's how exchanges work! But, they do not understand that Non-custodial wallets do not work like this.

I have used centralized exchanges for a long time as a wallet before I understand the importance of non-custodial wallet. So, all we need is awarness so everyone understand why they should backup their private key and seed phrases.

Yeah kind of that. It is also not just about if you have misplaced your seed phrases at those times and yet you still uses the wallet. We should also consider the fact during our beginnings we never took the seed phrases keys so private that no one was supposed to know about it instead we just kept them careless like the novels which everyone could just pick and read without realizing the state of risk would come of it. Due to your lack of knowledge and indisciplined, someone would just copy them and still leave it with you and to yourself you feel safe with it that as long you could always find it to wherever you keeps it then the wallet would always be safe for you to be used. Oh damn lack of knowledge is indeed living a blackout.