Topic: Don't trust your old wallet of when u had no Crypto knowledge - page 3. (Read 668 times)

What you are saying is actually truth because many people whom attempt on doing that, they end up sending coin to a wallet that the either the seed phrase has been misplaced. And another person might be in possession of your seed phrase and whenever coin comes to it, the third party know about it and probably might swindle the money due to ones ignorant and carelessness. And I believe this is the main reason many people always complain about hacked wallet or stolen coin in wallet. All is just as a matter of misplacement of pass phrase

This is a piece of good advice given by the OP. Some keep old wallets that they created many years ago since they recently joined the crypto arena and got involved in participating in airdrops, bounties, and the like without securing themselves with the proper safety and protection procedures in place due to the lack of sufficient experience that they had when they were a beginner. They might be using these old wallets now and discover a sweeper bot or a malicious DApp connected to their wallets or that their seed phrases and security information are already exposed, leading to the draining and theft of their deposited assets.

Creating a new wallet only takes a few minutes for anyone, so there is no reason to use old wallets if they do not contain any valuable assets and if the person is not sure about the security of the old wallets in which he will deposit his capital into, there is no need for him to use them instead of losing everything in the blink of an eye.

And the ignorance attitude towards this article is mostly exercise by the newbies. This is one of the reasons for the thread which is basically pointing at either beginners and help who had done mistakes in an onset that hasn't been able to realize their ignorantic misconducts.

What we don't know is always bigger than us just as said that a questionaire is not no offensed for asking whom can probably misguided due to lack of knowledge so, intentionally, you can ask someone to create wallet for you due to the fact that it was the person that introduced you into the platform and sincerely, it should be assumed that you are not knowledge in the platform at that period of time.


You are absolutely right @Despairo but the fact is that you can't get hold to gain full access and privacy to your wallet just because you have your password and loose guards on your private seed phrases. Remember we are discussing about beginners and help here who are just comfortable about their wallets with the fact that they have their passwords with them but feels less concerned about their private seed phrases which one can retrieve or gain access to their wallets just with the entrance of their privet seed phrases. That is my point here. Just tips of advice to whom it may concern.


Privacy and security is undermined here. You can have access to your wallet and yet a third party could still have access to it without your knowledge. I strickly tried to explain it this way that if you don't trust your wallet during your begining, you can always create yourself a new one. As previously explained, someone who introduced you Into the system could create a wallet for you at a learning or beginners stage and at your experiences gain to Invest into the platform, due to doubts of your wallets privacies, you can always create a new one after your knowledges in rh industry.
Literarily, this thread is basically for the users with the potentials of being unknowledge able about the risks of their wallets formally untrustful wallets either by security or privacy doubts.

Hmm Yup, Bro you are on the right track...

Its never preferred to use custodial wallets, even though those are also Hot wallets but still, we need to realize that non-custodial wallets are way more secure compared to those ones, not every noncustodial wallet is reliable we need to find out by ourselves. I know the current topic is not about custodial vs noncustodial.

Still as always endorse the point "Not your key, not your coins" This should be mentioned and clarified everywhere, the pre-wallet login pin is a good feature but its not as reliable as if you are using most third-party apps and your wallet on same time and relying on the PIN, because its not cold storage or 2FA.

I love the idea of making things so private, I had a bad experience some time ago when I change a login details an account that was created for me back then and the mentor wasn't happy with me for changing my password so I then voluntarily gave him the pass code there after I have a little funds in my wallet, out of ignorance he moved the coin to his own private wallet and I was left without profit after putting in some energy to work.

Now here is the fact, when making a choice of wallet you should choose open source wallets[1]  whether mobile or desktop version of the wallet and hardware wallets/cold storage wallet should be considered all the time. at this point we should always remember the phrase that says "not your keys, not your coin"[2] security and privacy should be a paramount priority of a coiner.

Some days ago, I shared the idea of teaching wallet security and privacy issues in Bitcoin investment with JayJuanGee, he agreed to put in sure idea in his work of knowledge in the forum. I do care about security because a little mistake can flush out all you investment.

---

[1] https://alternativeto.net/category/cryptocurrencies/cryptocurrency-wallet/?license=opensource
[2] https://www.ledger.com/academy/not-your-keys-not-your-coins-why-it-matters

About such a situation I have also come to know where a friend of mine after creating a wallet and forgets to save it out of laziness or any others reasons and subsequently deposits there and he also lost his account accidentally. He opened the wallet to join an Airdrop. If he had a good idea about crypto then he would have tried to save it with utmost importance. There are certainly risks involved in using a cryptocurrency wallet without knowledge. Especially in security matters. It is necessary to know whether he has collected the seed phrase of his account or whether he is aware of the aspects of his weakness or not. One must know how important a cryptocurrency wallet's seed phrase.

this is good advice considering that we don't know how we treated our private keys in the past when we didn't understand the security of the bitcoin wallet, maybe our private keys were already in the hands of someone else or other possibilities which made our old wallet no longer safe. and because of this, when we know about the security of bitcoin wallets, we must be able to create a new wallet to be able to secure our assets from unwanted parties.

Sorry you had to lose your money to these hacks, but at least you learnt an invlauable lesson not to keep your seed phrase online, and that includes your email account, once your email account is hacked, your money in your wallet would be stolen. You should only make offline backups.
Doing this does not increase your security, i think you should move your money to a new wallet if think you have made a mistake that can possibly lead to your wallet being compromised, other than that, if you are using your wallet safely, there is no need to change it regularly.

Thanks Op for the heads up.

Anyways  I was not saying that I fully trust the LINUX Os, but my point is it is a better option than windows. Like for example if I was to setup an air gapped wallet I would definitely not make use of windows.

No wallet or OS is totally safe but the point is there are always better alternatives and options. If you come to think of it cold wallets are safe from the internet but are not totally safe from burglary and other physical thefts.

It's great to see people caring about the safety of their money and keeping their keys secure. Many crypto investors suffer consequences due to ignorance. Knowing how to protect your funds is crucial for any crypto investor. I've heard of investors losing their money for similar reasons you mentioned.

Recently, a friend lost $500 worth of altcoins because he forgot his old wallet's password. I advised him to import the wallet again, but he couldn't find the seed phrase.he was frustrated, but once you lose access to your keys, your funds are gone. He felt sad and blamed himself for not understanding crypto wallets earlier.

Let's all be smart about safety of our funds. Avoid buying wallets or having someone else open one for you. It's easy to learn how to manage them if you focus and put in the effort.

this has happen to me too , i was using blockchain wallet more than years never had any issue till one day someone withdraw all my money
I get rid of it  long time ago

This is the best advice I've read today, you are indeed very correct, I have used my old crypto wallets to do tons of stupid things and that's because I can remember this, I have claimed to many airdrops with the wallet, sign everything I saw online, no single free tokens escaped from me, I was 100% active and ready to earn free money at the time.

Imagine someone who did this, as a beginner, what do you expect? I was having a very good time learning about crypto, today I announced that such wallet can't be safe, because I believe so, I was just too carefree back in 2017, I am sure that the wallet address is already poisoned.

That's it, today I will like to advice any newbie to get a airgapped devices instead, but they should first take their time to learn how to safe guard their crypto wallet, even if its a hardware wallet you can do so many stupid things and still lost your assets.

If your private keys or seed phrase exposed to others then there is no chance for any balance left in that wallet so it doesn't necessarily mean your old wallet is compromised because you created with little knowledge. But I get your point, if you had better understanding about wallet security and where you need to store the funds that is intended for long term holding then definitely cold storage option is recommended.

Do you know that the advantage of Linux went down to the drain after it was discovered that almost all distros with Secure Boot support contain a vulnerability that allows remote code execution.

Therefore, I am convinced that singing the praises of any operating system is a lost cause. As we  say here, “for every bolt there is a nut.”

Wallet must rely on air-gapped machine rather than OS.

You meant that "Don't reuse wallets that were used long time ago when you are a newbie and have no or little knowledge about cryptocurrency and security".  Reuse, let's emphasize it.

I agree as it does not cost extra fee to create wallets. Hence if it is better and safer for your fund, it's a good practice to create a new wallet when you already have better knowledge about wallet, security and have new clean devices.

Remember that don't delete your old wallets as satoshi's advice "Don't delete your wallets".

It all start from here, what you should do and not.

1. Don't make use of a custodial wallet.
2. Don't make your private keys vulnerable to anyone
3. Learn to maintain and practice security and privacy
4. Don't use any old or existing wallet you don't know if it has been compromised or not
5. Make sure that you also cross check, validate and be rest assured of the steps you're taking in using a particular wallet, don't share devices with other people and don't allow them to help you set up your wallet, even when you're once a newbie, discard the old one set up by other people for you and create your own by yourself.

I agree with OP advice, There is high chance of losing assets from old wallets we created in time when we had not enough security knowledge to secure our wallet. We might tried our wallet phrase in scam sites or PC attacked vy malware. we should create new one and follow all security steps to secure our fund.

Well honestly all my wallets(more than six) has been hacked as i saved phrase in Gmail where hackers got access. Now from 2021 I started new journey of crypto and my wallet are secure till now.  Wallet security should be our first priority before holding btc or any altcoins.

You're not wrong. During my rookie days I made same mistake. I had the private keys of my first wallet stored on my phone which I've long abandoned because of the security risk. Your advice is good but for those persons who have misplaced their privates or seed phrase but still have access to their funds, aside having someone else steal their funds through the misplaced seed phrase. If they lose their device, they'd automatically lose their fund since they don't have the seed phrase. So it's important they generate a new seed phrase, back it up, and send their funds to the newly created wallet.

Good advice 👍.

Two of my old generated crypto wallets from 2018 have been compromised, I don't believe that I leaked the keys but I must have been careless with the keys without even knowing it, today I have learnt more effective ways to keep recovery seed safer than the old days, so you have a point OP, it's better to avoid the old crypto wallet from the time you don't have a lot of experience about crypto.

---

I will like to correct you that there is nothing like crypto wallet passwords, those passwords are for in phone security, but if your recovery seed get leaked your password becomes useless, what matters the most is your recovery seed and private key, they are the real keys to your digital assets.

---

Mind you, some people still use crypto wallets from 2016 and they are holding good amount of BTC in the wallets, they understood the security procedures and they stand by it, I called them smart beginners, but no one knows me better than myself, I was a slack person when I was new to crypto, it makes no sense for someone like me to use an old crypto wallet.

When new entrants to cryptocurrencies have very limited knowledge about cryptocurrencies, the wallet used is not properly stored or even if stored, the private contents of that wallet are unknowingly shared with others. Moreover, the initial condition is to connect the wallet by entering phishing links provided by various sources, which are likely to be hacked. i am As far as I know, if you connect the wallet to various phishing sites and AirDobs, that wallet goes under the hands of hackers and they can easily access those wallets. That's why it's best not to use a wallet that is currently in use when knowledge of cryptocurrencies is very limited.