Topic: Don't trust your old wallet of when u had no Crypto knowledge - page 4. (Read 761 times)

People really need to know that the first wallet they use is so risky since there's a chance that someone has an access on it especially when the time we don't know how to use it. For sure there's a lot of programs we participate and we are not sure by that time if we do the right thing. That's why much advisable to anyone to create a new wallet when they gain knowledge about crypto since for that they can assure that there new wallet is safe.

They should not look back at their old wallet since there's nothing to waste their if they don't have any balance left.

To many newbies fall from this since they think their old wallet used is safe and they've been hacked by those people waiting for them to deposit some balance so to avoid this to happen delete all old used  wallet and try to get new one so we are confident that we are away from hackings or other methods that can affect us.

I remembered myself. Coming to the forum in the bounty era and being intoxicated by the news background from all YouTube and Internet sites about the profitability of these companies, the first thing I did was create a wallet.
I didn't know anything, but I created a wallet, expecting that the time of my wealth would come. Afterward, I laughed at my thoughts for a long time.
You are right, OP, that you shouldn't trust what was created while you were growing up. There will definitely be mistakes. And I think perfection is common to all people. We want the best; we buy better gadgets, handle them better, understand how important it is to keep devices clean, and naturally, we must be more careful with those things on which our financial life depends. In this case, the accuracy and safety of wallets.
Start to understand that when you better understand a particular area, everything that came before can be called a draft. And they are usually destroyed.

I believe anyone that has spent up to a month active in this forum will know that it is a normal say that your seed phrase should be backed up and kept safe in three different locations very far from each other. Anyone who is using a wallet that he does not know where the seed phrase is, I think that person is gambling with his coins, because password is useless when it comes to wallet. This is because you can create wallet and use a different password and import your seed phrase incase you don't have access to your phone or you forgot your password.

One thing I practice most times for security is that, I try as possible not to use the same wallet for a long time, because creating a new online wallet is easy. The safety of your bitcoin is in your hands and be safety cautious. The good thing is that I started my crypto journey from this forum, and it has helped me a lot.

Using a receipt address from centralized exchange when you didn't login into the exchange, that's called ignorance because any exchange can update the customers' receipt address without notify.

Asking someone else to create a wallet for you, that's called stupid.

Wrong, as long as you have the private key, you can access to your wallet even though you lose your password and 2FA.

Incorrect, what you talk is about security, not privacy.

This is one of the best advices I've seen today. During my newbie journey before I joined this forum I knew little about how privacy works and how to even manage it. However as I spent more time I began to get the bigger picture.
Using old wallets you used when you were less aware of your privacy for storing your Bitcoin hodlings is a very wrong move. because unknowingly to you, you may have been exposed to some phishing attempts in the past or already have your computer being monitored by some hacker via a malware without your knowledge.

Now when I got to understand these things I knew the best idea was to start afresh. I did this by formatting my computers removing the pre installed windows and installing a more open source software (LINUX). Doing all these helped keep me safe from hacks and phishing malwares.

As for this, the ultimate ownership of a wallet is in the seed phrase and master private key. Passwords are only used in wallets like Electrum to encrypt the file hodling the seed phrase and private keys.

I get your point OP and it's a good one
However, you're mixing things up settings up a password is  general for wallets but using a password for wallet recovery  after a long period of time probably on a new device  or reinstall of wallet software is only limited to Exchange wallets as youonly need your sign in id and your registration password to get things running again.
Non custodial wallets only use secret seeds for retrievals but you can setup a login password to always enter your account each time you feel like accessing it to prevent  someone from accessing your wallet through your phone without  permission.

To the rest of us in the forum, I am to let you know that if you have created a crytop wallets before probably during your ignorant eras such as when you never had the security knowledges of Bitcoin and your wallet, which you may have in anyway exposed your private and security phrases to others due to your previous lack of crypto and wallets understanding, you are advised to dump the wallet and creat a new wallet with a newly generated private and security phrases which you can now keep carefully and privately to your best of safe mode.
I brought this up here because lot of individuals has long time ago installed the crytop wallets to their devices even before they are embracing the crypto sphere, they had then loose guarded their private phrases but due to the fact they could remember the wallets passwords and have access to the wallet, they feels so safe in using the same wallet at once they have embraced the crypto industry.
Having your wallets passwords in gaining access to your wallet is the ultimate of ownership of your wallet but your Private keys phrases matters because you one can who is knowledgeable about those private phrases has the access command to retrieve your wallet to themselves anytime any day.
So, be concious about your wallets privacies.
Meanwhile some persons may have been putting you through the thoughts about Bitcoin whom may have helped you in creating a crytop wallets during a learning era about the coins which probably they may have got access to your private phrases without your knowledge then. My advice at a case like this is that at your readiness of Investing your funds in the crytop, do not use the wallet, you are free of charge to create a new wallet with a generated private phrase keys which can personally be to yourself all alone but depending on how careful you could be about your privacies.