Excellent guide with some really helpful tips for non tech savvy people or beginners.
thank you for your input! in the future, try not to quote the whole big text
Topic: General Crypto Safety + Wallet Guide (Read 471 times)
thank you for your input! in the future, try not to quote the whole big text
Yeah they can use USDT but that's just really another cryptocurrency and I certainly do not trust USDT although sometimes I'm forced into using it. I definitely think it's not safe to have a lot of USDT because it can collapse at any moment. Personally if I want to hold fiat for long periods of time I use bitstamp or any other exchange that supports real USD.
I see, about trusting USDT, are you referring to the idea of having one pegged to USDT or do you mean the company backing USDT isn't trustworthy?
I know there were lots of discussion about USDT in the start of the year, but seems like nothing bad came from the audit?
also isn't there a couple of new various real-world currency pegged crypto? I think so, like DAI is one.
although I'm not qualified to say which one is better of anything like that, what is your opinion?
Which audit are you talking about? As far as I know they haven't had a real audit yet. https://cointelegraph.com/news/canceled-audit-and-issuance-of-300-mln-new-tokens-whats-going-on-with-tether
Oh, that's my mistake.. hmm, concerning what might happen then, seeing as people are saying Tether is somehow pumping Bitcoin..!
Hello! I'm a new fish in the pond, but I need help. Hope this is okay to post this here... I sent a direct message to achow101 and they were very helpful, but I'm not allowed to send any more messages to them today due to my new status on this website. Anyway, my eboost wallet is corrupted. I made a back up wallet, but can't for the life of me figure out how to correctly use it to restore my wallet. I removed the original wallet.dat and replaced it in the data folder with my backup and renamed the backup as "wallet.dat" Then I tried opening my wallet again and I just keep getting this message:
A fatal error occured. eBoost can no longer continue safely and will quit.
EXCEPTION: 22DbRunRecoveryException
DbEnv::open: DB_RUNRECOVERY: Fatal error, run database recovery
eboost in Runaway exception
I was told that I may need to "try starting your wallet with the -salvagewallet option".
I have no idea how to do this. Desperate for a little help.
A fatal error occured. eBoost can no longer continue safely and will quit.
EXCEPTION: 22DbRunRecoveryException
DbEnv::open: DB_RUNRECOVERY: Fatal error, run database recovery
eboost in Runaway exception
I was told that I may need to "try starting your wallet with the -salvagewallet option".
I have no idea how to do this. Desperate for a little help.
Yeah they can use USDT but that's just really another cryptocurrency and I certainly do not trust USDT although sometimes I'm forced into using it. I definitely think it's not safe to have a lot of USDT because it can collapse at any moment. Personally if I want to hold fiat for long periods of time I use bitstamp or any other exchange that supports real USD.
I see, about trusting USDT, are you referring to the idea of having one pegged to USDT or do you mean the company backing USDT isn't trustworthy?
I know there were lots of discussion about USDT in the start of the year, but seems like nothing bad came from the audit?
also isn't there a couple of new various real-world currency pegged crypto? I think so, like DAI is one.
although I'm not qualified to say which one is better of anything like that, what is your opinion?
Which audit are you talking about? As far as I know they haven't had a real audit yet. https://cointelegraph.com/news/canceled-audit-and-issuance-of-300-mln-new-tokens-whats-going-on-with-tether
Added a note on 2 Factor Authentication for exchanges now! Does anyone else have any good security tips?
Any software related? as I don't really use one and it'd be good knowledge!
Any software related? as I don't really use one and it'd be good knowledge!
Yeah they can use USDT but that's just really another cryptocurrency and I certainly do not trust USDT although sometimes I'm forced into using it. I definitely think it's not safe to have a lot of USDT because it can collapse at any moment. Personally if I want to hold fiat for long periods of time I use bitstamp or any other exchange that supports real USD.
I see, about trusting USDT, are you referring to the idea of having one pegged to USDT or do you mean the company backing USDT isn't trustworthy?
I know there were lots of discussion about USDT in the start of the year, but seems like nothing bad came from the audit?
also isn't there a couple of new various real-world currency pegged crypto? I think so, like DAI is one.
although I'm not qualified to say which one is better of anything like that, what is your opinion?
Surely it's better to hold them on your personal paper wallet since it is extremely safe but a lot of people, me included, are not holding coins for a long period of time, I personally trade almost every single day and even when I hold I don't do it for more than a few days or weeks so it is not an option for us to print a paper wallet offline. There are some decentralized exchanges like IDEX but they will never accept USD.
Oh, in such a situation it seems like not keeping on an exchange would be very tedious
not much to do except keeping them on an exchange as you say, maybe a decentralized exchange, but they're not really up to quality yet?
Decentralization sounds really good in theory but in practice can be really hard to apply to certain things. There aren't many decentralized exchanges, IDEX being the most famous one, they are, for obvious reasons a bit slower than normal exchanges, also you can't use usd or any fiat currency. Then again most normal exchanges are crap too, cryptos are still in early stages. IDEX basically uses your ethereum wallet so you do have control over your wallet but they are known to be prone to hacks.
can't they just list USDT, then the only issue would be getting fiat into crypto initially?
or actually is that what you mean? still one barrier to overcome, no easy way to purchase from other people?
there is localbitcoins but usually it's above market price + most sellers ask for private info anyway
wonder what the solution will be.. maybe some sort of private smartcontracts
Yeah they can use USDT but that's just really another cryptocurrency and I certainly do not trust USDT although sometimes I'm forced into using it. I definitely think it's not safe to have a lot of USDT because it can collapse at any moment. Personally if I want to hold fiat for long periods of time I use bitstamp or any other exchange that supports real USD.
Great writeup! We also briefly touched on the security of digital assets for the beginner/inexperienced users in our community.
https://steemit.com/bitcoin/@savantpr/securing-your-cryptocurrency
https://steemit.com/bitcoin/@savantpr/securing-your-cryptocurrency
Surely it's better to hold them on your personal paper wallet since it is extremely safe but a lot of people, me included, are not holding coins for a long period of time, I personally trade almost every single day and even when I hold I don't do it for more than a few days or weeks so it is not an option for us to print a paper wallet offline. There are some decentralized exchanges like IDEX but they will never accept USD.
Oh, in such a situation it seems like not keeping on an exchange would be very tedious
not much to do except keeping them on an exchange as you say, maybe a decentralized exchange, but they're not really up to quality yet?
Decentralization sounds really good in theory but in practice can be really hard to apply to certain things. There aren't many decentralized exchanges, IDEX being the most famous one, they are, for obvious reasons a bit slower than normal exchanges, also you can't use usd or any fiat currency. Then again most normal exchanges are crap too, cryptos are still in early stages. IDEX basically uses your ethereum wallet so you do have control over your wallet but they are known to be prone to hacks.
can't they just list USDT, then the only issue would be getting fiat into crypto initially?
or actually is that what you mean? still one barrier to overcome, no easy way to purchase from other people?
there is localbitcoins but usually it's above market price + most sellers ask for private info anyway
wonder what the solution will be.. maybe some sort of private smartcontracts
Surely it's better to hold them on your personal paper wallet since it is extremely safe but a lot of people, me included, are not holding coins for a long period of time, I personally trade almost every single day and even when I hold I don't do it for more than a few days or weeks so it is not an option for us to print a paper wallet offline. There are some decentralized exchanges like IDEX but they will never accept USD.
Oh, in such a situation it seems like not keeping on an exchange would be very tedious
not much to do except keeping them on an exchange as you say, maybe a decentralized exchange, but they're not really up to quality yet?
Decentralization sounds really good in theory but in practice can be really hard to apply to certain things. There aren't many decentralized exchanges, IDEX being the most famous one, they are, for obvious reasons a bit slower than normal exchanges, also you can't use usd or any fiat currency. Then again most normal exchanges are crap too, cryptos are still in early stages. IDEX basically uses your ethereum wallet so you do have control over your wallet but they are known to be prone to hacks.
Surely it's better to hold them on your personal paper wallet since it is extremely safe but a lot of people, me included, are not holding coins for a long period of time, I personally trade almost every single day and even when I hold I don't do it for more than a few days or weeks so it is not an option for us to print a paper wallet offline. There are some decentralized exchanges like IDEX but they will never accept USD.
Oh, in such a situation it seems like not keeping on an exchange would be very tedious
not much to do except keeping them on an exchange as you say, maybe a decentralized exchange, but they're not really up to quality yet?
I personally think people demonize exchanges and their safety. Holding coins on different exchanges with different passwords is still a better way than holding all the coins in 1 personal wallet on your computer. If a hacker gets access to your computer, he would still not be able to access your coins on any exchange that has a 2fa enabled.
it's very true! I agree with that, that's why I said that for people who aren't very technical-knowing, it's maybe better to leave it at an exchange.
however, in my opinion, one does expose themselves more by keeping them on an exchange.
sure, hot/cold wallet makes a difference and only a small part could be lost by that, but the exchange could possibly shut down in some way, or exit-scam, etc.
+ considering maintenance and things like that is bad if one wants to access their crypto
+ we don't support Decentralization if we use exchanges for safe-keeping, then they're like banks!
on a hardware wallet = as long as there's no online threats(like a flaw in the software so private key is exposed), it's in my opinion, safest, simply because one requires a PIN-code + physical access.
however, I have read that people in the past in various ways and for various wallets has been able to retrieve the private key, but! it still requires physical access + alot of knowledge, it's not something I could do to my wallet even if I wanted to, I think
just keeping a keyfile or something like that, is unsafe if someone has access to your computer Or you got a virus, so that's double exposed.
printing a paper wallet offline and then always taking necessary precautions when doing transactions, I see why it's very safe - but it does require more technical knowledge.
considering you aren't exposing yourself to any potential software issues (hardware wallet), it maybe is safest. but one small mis-step and it's not so safe anymore.
thank you for the merit!
Surely it's better to hold them on your personal paper wallet since it is extremely safe but a lot of people, me included, are not holding coins for a long period of time, I personally trade almost every single day and even when I hold I don't do it for more than a few days or weeks so it is not an option for us to print a paper wallet offline. There are some decentralized exchanges like IDEX but they will never accept USD.
Your post is very helpful for most beginner in crypto space, this is sample of constructive post and high quality post in my opinion. Safety tips for wallet is surely important for every crypto holder, otherwise the wallet can be easily hacked.
You can try mycrypto wallet (https://mycrypto.com) with the interface and usage exactly like Myetherwallet, it's easy to switch to the newbie
Wow.. Very educating. I'm overly enlightened by this post. But I came across a post online about adding custom contact address on MEW and the possibility of getting hacked because of adding unknown tokens. How true is that? Can MEW be hacked through adding custom contact address?
I'm 99% certain that there's no possible way to lose money from adding a token contract. How would it work?
a contract can't reach in and grab your funds! but if you somehow send tokens to it, then it maybe won't send any back.
but, 99% sure - hopefully someone more knowing will answer!
Wow.. Very educating. I'm overly enlightened by this post. But I came across a post online about adding custom contact address on MEW and the possibility of getting hacked because of adding unknown tokens. How true is that? Can MEW be hacked through adding custom contact address?
I personally think people demonize exchanges and their safety. Holding coins on different exchanges with different passwords is still a better way than holding all the coins in 1 personal wallet on your computer. If a hacker gets access to your computer, he would still not be able to access your coins on any exchange that has a 2fa enabled.
it's very true! I agree with that, that's why I said that for people who aren't very technical-knowing, it's maybe better to leave it at an exchange.
however, in my opinion, one does expose themselves more by keeping them on an exchange.
sure, hot/cold wallet makes a difference and only a small part could be lost by that, but the exchange could possibly shut down in some way, or exit-scam, etc.
+ considering maintenance and things like that is bad if one wants to access their crypto
+ we don't support Decentralization if we use exchanges for safe-keeping, then they're like banks!
on a hardware wallet = as long as there's no online threats(like a flaw in the software so private key is exposed), it's in my opinion, safest, simply because one requires a PIN-code + physical access.
however, I have read that people in the past in various ways and for various wallets has been able to retrieve the private key, but! it still requires physical access + alot of knowledge, it's not something I could do to my wallet even if I wanted to, I think
just keeping a keyfile or something like that, is unsafe if someone has access to your computer Or you got a virus, so that's double exposed.
printing a paper wallet offline and then always taking necessary precautions when doing transactions, I see why it's very safe - but it does require more technical knowledge.
considering you aren't exposing yourself to any potential software issues (hardware wallet), it maybe is safest. but one small mis-step and it's not so safe anymore.
thank you for the merit!
I personally think people demonize exchanges and their safety. Holding coins on different exchanges with different passwords is still a better way than holding all the coins in 1 personal wallet on your computer. If a hacker gets access to your computer, he would still not be able to access your coins on any exchange that has a 2fa enabled.
Well it can happen, but I keep all my stuff on a hard drive that is unplugged after use. The main thing about keeping coins on exchanges is that they can delist them or keep you from transferring.
I personally think people demonize exchanges and their safety. Holding coins on different exchanges with different passwords is still a better way than holding all the coins in 1 personal wallet on your computer. If a hacker gets access to your computer, he would still not be able to access your coins on any exchange that has a 2fa enabled.
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