Topic: Don't trust your old wallet of when u had no Crypto knowledge - page 2. (Read 770 times)

You must have committed every possible mistakes with your old crypto wallet, it happens 99% of the time with newbies, I was a big airdrop hunter when I get into crypto, I don't have any money to invest in Bitcoin and crypto airdrop looked like the only way to start something, and believe me, I used my old wallet in everything I could find online, some websites that I am used to are no more working today, and I've claimed so many dollars from them, I don't even know what someone could do that can drain their wallet at the time.

So what could make me to go back and start using such crypto wallet again? Isn't that the most stupid thing to ever do to yourself? It's very likely that your funds will be moved out in a matter of days, because somehow you must have leaked your recovery seed without you even knowing it.

Definitely, using the old address that was used as a beginner and times when you had no much security knowledge and awareness of your coin is very important because the people that were guiding you those days might have your seed phrases thereby can access your wallet anytime they wish to, so changing one's wallet address at a time when you are fully aware of how everything works and the need for keeping your seed phrases secret and private is very vital.

From 2020 to 2023, you needed 3 years in cryptocurrency market to join Bitcointalk. It's a long time.

Revoke your smart contract approvals when you no longer to need them. A safest way is to use a new wallet as suggested but revoke smart contract access is not a bad practice.

How to Revoke Token Approval
https://etherscan.io/tokenapprovalchecker
https://revoke.cash/
https://app.unrekt.net/

Definitely, I remember I had some wallets I used for many airdrop chasing in 2020, created all with trust wallet, which most of the tokens didn't even make it to being listed on exchanges. funny though, I had them connected to particular platforms launching those airdrops, which gives them the power to manipulate your wallet at will. Knowing that some projects are scams targeted at harvesting the content of ignorant people's wallets at a later time, I simply ignored these wallets and went for a more decentralized Etherum wallet for my holdings.

As regards my seed phrases, I do not like much drama and I took my wallet security to my own next level. I run encryption of the seed phrases myself with a secret key known to only me, so the risks of having my seed phrases intercepted while being stored offline is what I don't ever wish to deal with, so what I now store offline is the encryption of my seed phrases and the secret key and the way it is written is another mystery which only me can unravel, so it is totally useless for the person that might even come across it. If for any reason I need to import it to any device, I write the little Api and run a server to decrypt it in a clean computer, decrypt it to a file, use it for the purpose, delete and reformat the computer.

OP is still a newbie and we shouldn't  expect something that much from him, he did try from his post and he only need some little corrections to understand better.

Sometimes, it is good for newbies to try and understand the things they intend to explain because this alone could cause contradiction and may trigger some kind of confusion to the readers and those that want to contribute. It is good for us to know what we are doing and not try to confuse other. Op need to understand more about wallet and how the cryptocurrency market do it things. This would help him in a long way because it will broaden his faculty to give a well detailed explanation without any problem.

You pointed out an important thing. I remember having a Bitcoin core wallet in my old device. I wasn't able to synchronize it back then due to low RAM and lags. So, I don't even remember if I created a wallet or not, I didn't know if I could import into another wallet or not. I remember using Trust wallet for a long time. I still have access to that wallet. But, I don't know where is my seed phrases are.

I didn't think about possible issues. What will happen if I lose my device somewhere. This is a good reminder for people who have been using their old wallet for a while but they don't remember the seed phrases anymore.

it all depends on the character of the person who teaches us Bitcoin. regarding wallets and also exchanges made.
It is indeed risky to continue using a wallet made by someone else when we learn to use a wallet for transactions. I also changed my wallet which my friend found out about. Even though there are still some assets that are not large, there are never any problems with the wallet.
The risk is still there, but what matters is the character of each person. if they are good, bad things will not happen even if there is a chance. but if a person's character is bad, no matter how small the assets are, they can quickly change hands.

No it's not free of charges unfortunately. BTC transaction fees are a real issue for this kind of things because you will need to spend much fees if you want to spread your funds on the same number of adresses without grouping them in order to take care of your privacy. That's certainly one of the reasons why people are still dealing with their old wallet. So maybe it's better to just spend funds from old wallets and start with fresh funds placed in a new one if you can afford it.

Seriously, I made a mistake that I notice most newbies make after joining cryptocurrency. When I created my wallet, I decided to store my private key online. I stored my private key on my gmail, and I decided to screenshot it after saving it on my gmail, and I saved the screenshot as an image on my phone, but I never knew the repercussions of sharing my private key online and on my phone. I thought it was just the most secure and easy way to access my private key. I was thinking if I can lose access to the one I stored on my phone, then I will be able to make use of the one online, but I didn’t know I was making a mistake. I later discovered that what I was doing was wrong, so I decided to delete it online, and I deleted the image I saved on my phone.
 
It’s better you just change your wallet if you know you have made some errors previously, because someone might already have access to your private key, and you won’t know. Maybe they are waiting for you to have enough money in your wallet first before they are going to attack you.

I have heard about issues like that before. The person who guided the guy when he was learning about bitcoin was the one who scammed him because he had his private key and other information’s about some exchanges when he was registering an account. The best thing is that you should make sure you change your password for all the exchanges that someone guided you to register on, and you should also change your non custodian wallet so that at least the person won’t have access to your new wallet. You should also make sure you empty the old one.

It's quite true, going back to your old wallets would be very risky, a lot of newbies didn't care shit about their private keys, i even stored mine on my WhatsApp 😄, what if someone has access to it then, we might have even mistakenly logged in on some online scam site or given access to the wrong people.

I think this should be added to one of the safety precautions to save your asset.


Yeah some of our old wallets might have already been compromised or hacked, who knows what Links we have clicked on in the past out of ignorance. Going back to old wallets can be very risky, unless you have some asset in it, but what you should do is to move out the asset to a new wallet and stop using old wallet.

I remember back then when myetherwallet was very popular which must of my wallet was all created through it and the private key printed and safe guided in a secured location, but there have been lot of now closed dex exchanges which I have connected those wallets to like, forkdelta, etherdelta and many others which I can’t remember many of those exchanges have been compromised which our wallet data might also be part of the stolen data.

I personally have abandoned those wallets as I can’t remember the last time I used it, unless I come across some airdrops which I want to try luck on then I can use the old wallet which I use for nothing to connect and risk it there.

Ignorance has allot to play especially as newbie but this advice is very deep as most our ideas speak my mind. See anything wallet is not what one need play with mostly when there is a money involved, private key,pass phrase password and all details need be personal security no interference of any second or third party, Saving it as software is even dangerous it's even more advisable to make use of hardware wallet than software, even leaving your money on exchange is very dangerous, I think allot has be given as opinion who ever that want learn should learn from others mistake because been a victim you may not leave to testify.

I still remember my first wallet was created on a custodial platform and I stored the credentials to access the wallet in the cloud which may now be exposed. Even though this is very basic, it is true, using a wallet that is no longer secure is a bad choice.

As long as creating a new wallet is free, and the longer we learn, the better we become at improvising security and privacy, it's a good idea to use the newest wallet. This is really related to the security of our data, so I also recommend not using old wallets. If there is a balance, moving to a new wall as soon as possible is the best option.

It is a good advice coming from you OP but not all old wallet you have can't be trusted because I have an old wallet myself but it is still to br trusted and wasn't compromised although your point is still good because some people didn't even know that their own old wallet is compromised or someone know the seed phrase of the wallet. If you think that the wallet is no longer safe then creating new wallet should be the first thing to do and transfer all the crypto from the old wallet.

IMHO, there is no problem if you use an old wallet with a new address. As long as you haven't used it publicly and you are the only one that knows it, that's totally fine and there's no issue at all. But if that's what making you confident and happy to not use an old wallet or address, you better make a new one for your own confidence. I think this is a reminder to the bounty hunters where they've been using addresses and they are being attacked by dust attacks to conceal their identity. It's a matter of privacy concerns that you have to check out upon using old wallets of yours. So, it's more likely that you're giving a reminder to the airdrop and bounty folks wherein they're required to do some test nets and transactions which makes them pay the fees and stuff. But if you use your wallets privately and you don't connect it to any random website or don't do transactions often, you have nothing to worry about.

Creating a new wallet should not be an issue since this could make them feel safe regarding on what those possible problems that might come to them. If they have balance left on their old wallet then they can simply transfer it and for sure it will not eat a lot of their time to do it.

Also if they are worried about possible upcoming airdrops and their wallet might be eligible on one of those then I guess much better for them to keep their old private key and just visit them when there's a airdrop rumored on the past platforms they are using to see if they are eligible for possible airdrops. Many suffer really from hacking from not doing anything on their old wallets and if they are just aware about the risk for sure they would never encounter any hacking issue.

You can set another password if you transfer your wallet to another device, private keys are the most essential you need to keep not the password, get into the trend if you know that old wallets doesnt support any kind of features for another layer of security there's nothing wrong if you will migrate your money to make it more secure, if you have a funds why not buy a hardware wallet these make you feel safe. Dont hesitate to invest in your security not only with the hardware but also to the device you are using with.

Actually, there is no need to wait long to change our cryptocurrency wallet. If we feel that our wallet is connected to an airdrop or something similar, we should create a new cryptocurrency wallet because this is to maintain the security of our assets in the wallet.

Especially if we have a lot of assets, it is best not to use this wallet for things that are not important, such as taking part in airdrops and bounties. Because both are very vulnerable to wallet hacking. So apart from not using your old wallet, it would be a good idea to separate your main wallet and a wallet for participating in airdrops and so on. Many people experience hacking because they think things like this are trivial.

Thanks for bringing this topic up, a lot of us have made mistakes when we were ignorant of the various scams and hacks in the crypto space, immediately a person that's into crypto gains knowledge, they must review everything that they've done before gaining knowledge to see if they've made any mistake that needs correction. Opening a new crypto wallet seems easy to us now, but the truth is that most of us were guided by others to open our first wallets, and you never can tell if the person has copied our seed phrase and can use it to import the wallet to be monitoring transactions inside it, if a substantial amount of coins enters it, they can easily move the coins to another wallet.