Bump! Cleaned the whole post and polished it a bit. [UPDATED: 10/8/2018]
Thoughts?
Topic: [GUIDE] Bitcoin/Cryptocurrency Wallets and it's risks [UPDATED: 10/8/2018] (Read 344 times)
October 07, 2018, 12:18:29 PM
May 15, 2018, 12:37:36 PM
But I think ledger nano s and Trezor doesn’t support all the currencies. Am I right? I would be thankful if you could suggest how can I keep them much super secure using myetherwallet. Regards
True. But you can use Trezor and Ledger Nano S to access your ETH and ERC20 token funds on MyEtherWallet. So I'd still prefer hardware wallets even when just using myetherwallet.Take a look at this screenshot: https://i.imgur.com/ScBzEhZ.png
Also, you might also want to view the small guide I posted here on bitcointalk recently: Topic: [GUIDE] Keeping your crypto secure: DOs and DON'Ts
May 15, 2018, 11:49:39 AM
But I think ledger nano s and Trezor doesn’t support all the currencies. Am I right? I would be thankful if you could suggest how can I keep them much super secure using myetherwallet. Regards
May 14, 2018, 08:23:22 AM
Thanks for the information. It's really important to know for beginners like me. May I use various wallets as a way to keep my coin safe?
Can you specify which wallets specifically and why you plan on using "various" wallets?Hello there, you briefed very nicely about the wallet security. I am a newbie in cryptos and holding some worthy coins at the moment. The only wallet which i hold at the moment is myetherwallet. Can you please tell me how can i make much more secure. I have a plan to hold my coins for at least 3 years. I would appreciate your time to reply me. Many thanks
Use a hardware wallet; preferrably a trezor or a ledger nano s. Especially since you're planning on holding for 3 years. Security should be a priority especially if you're holding huge amounts. May 14, 2018, 05:22:00 AM
Hello there, you briefed very nicely about the wallet security. I am a newbie in cryptos and holding some worthy coins at the moment. The only wallet which i hold at the moment is myetherwallet. Can you please tell me how can i make much more secure. I have a plan to hold my coins for at least 3 years. I would appreciate your time to reply me. Many thanks
May 14, 2018, 04:19:25 AM
Thanks for the information. It's really important to know for beginners like me. May I use various wallets as a way to keep my coin safe?
May 14, 2018, 03:32:26 AM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
I get what you mean. Exchanges aren't wallets, but when using your personal account on an exchange you are still given a wallet to use. And also, I'm pretty sure a good number of people(including people I know) use exchanges as wallets.
that still is not a wallet. it is an account that you have on an exchange and they give you an address that they fully control for you to deposit so that they can hold your funds for you. this is not how a wallet should be and the fact that people use it as a wallet doesn't mean it is a wallet!
So with that logic, you mean any wallet(that doesn't give you control over your private keys) like Coinbase and Xapo got instance, doesn't fall in the "wallets" category?
Also again, the point of this topic isn't to point out which are technically wallets and which are not. It's to educate about the risks they are taking when using these services.
true. these services call themselves "wallets" but they are not a bitcoin wallet. Coinbase,... are more like banks and when you deposit your bitcoins (or any other coin) with them you are opening an account, something like a bank account.
the best term for them in my opinion is "bitcoin accounts" not "bitcoin wallets".
also i am not arguing about the point of this topic. it is a good one. i am just pointing out some stuff for clarification
Alright fair enough. Cheers.
May 13, 2018, 11:42:33 PM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
I get what you mean. Exchanges aren't wallets, but when using your personal account on an exchange you are still given a wallet to use. And also, I'm pretty sure a good number of people(including people I know) use exchanges as wallets.
that still is not a wallet. it is an account that you have on an exchange and they give you an address that they fully control for you to deposit so that they can hold your funds for you. this is not how a wallet should be and the fact that people use it as a wallet doesn't mean it is a wallet!
So with that logic, you mean any wallet(that doesn't give you control over your private keys) like Coinbase and Xapo got instance, doesn't fall in the "wallets" category?
Also again, the point of this topic isn't to point out which are technically wallets and which are not. It's to educate about the risks they are taking when using these services.
true. these services call themselves "wallets" but they are not a bitcoin wallet. Coinbase,... are more like banks and when you deposit your bitcoins (or any other coin) with them you are opening an account, something like a bank account.
the best term for them in my opinion is "bitcoin accounts" not "bitcoin wallets".
also i am not arguing about the point of this topic. it is a good one. i am just pointing out some stuff for clarification
May 13, 2018, 11:26:07 PM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
I get what you mean. Exchanges aren't wallets, but when using your personal account on an exchange you are still given a wallet to use. And also, I'm pretty sure a good number of people(including people I know) use exchanges as wallets.
that still is not a wallet. it is an account that you have on an exchange and they give you an address that they fully control for you to deposit so that they can hold your funds for you. this is not how a wallet should be and the fact that people use it as a wallet doesn't mean it is a wallet!
So with that logic, you mean any wallet(that doesn't give you control over your private keys) like Coinbase and Xapo got instance, doesn't fall in the "wallets" category?
Also again, the point of this topic isn't to point out which are technically wallets and which are not. It's to educate about the risks they are taking when using these services.
May 13, 2018, 11:03:25 PM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
I get what you mean. Exchanges aren't wallets, but when using your personal account on an exchange you are still given a wallet to use. And also, I'm pretty sure a good number of people(including people I know) use exchanges as wallets.
that still is not a wallet. it is an account that you have on an exchange and they give you an address that they fully control for you to deposit so that they can hold your funds for you. this is not how a wallet should be and the fact that people use it as a wallet doesn't mean it is a wallet!
May 13, 2018, 12:35:37 PM
In my opinion, the most secure type of wallets is the hardware. But recently, a weakness was discovered in Ledger, so I'd prefer Tresor, but the choice is yours.
Hi. Can you be specific on what "weakness" that is?Hardware Wallets (Risk level: Very Low)
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Just to add to this, you can create your own de facto hardware wallet by turning Electrum/Bitcoin Core into an air-gapped wallet. All you really need is a "persistent" Linux installer flash drive that will never be connected to the internet again after the wallet installation, or an actual air-gapped PC. It's not as convenient as dedicated hardware wallets are, but not as inconvenient as paper wallets either.
Hi! Thanks for the heads up. I totally understand what you mean, that's why I actually linked a guide on creating an air-gapped device on our site. The guide made by Sowik: https://bitcointalksearch.org/topic/guide-secure-air-gapped-crypto-wallet-storage-method-2828437
May 13, 2018, 09:52:23 AM
Hardware Wallets (Risk level: Very Low)
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Just to add to this, you can create your own de facto hardware wallet by turning Electrum/Bitcoin Core into an air-gapped wallet. All you really need is a "persistent" Linux installer flash drive that will never be connected to the internet again after the wallet installation, or an actual air-gapped PC. It's not as convenient as dedicated hardware wallets are, but not as inconvenient as paper wallets either.
May 13, 2018, 08:22:04 AM
In my opinion, the most secure type of wallets is the hardware. But recently, a weakness was discovered in Ledger, so I'd prefer Tresor, but the choice is yours.
May 13, 2018, 08:04:33 AM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
I get what you mean. Exchanges aren't wallets, but when using your personal account on an exchange you are still given a wallet to use. And also, I'm pretty sure a good number of people(including people I know) use exchanges as wallets.
Anyway, this post isn't to tell the readers which technically are wallets and are not. It's to inform people of the risks they're taking when using these services.
May 12, 2018, 11:08:06 PM
Types of bitcoin and cryptocurrency wallets.....
.... Cryptocurrency Exchanges
exchanges are not wallets! they should not be listed where you talk about "wallets"..... Cryptocurrency Exchanges
Quote
Web wallets are wallets whereas you can access your funds by logging in to a website/app using a username and a password; and usually with most wallets, they don't give you access to your recovery seed; instead, they are stored online and is only accessible by them.
very true.maybe it is best if you put these two in a separate category at the end because they are not wallets. it is more like looks-like-wallet category where exchanges and web wallets like Coinbase are in it.
Quote
Paper wallets are a good alternative to hardware wallets ...
...if you just want to store your bitcoins. but if you want to spend regularly then paper wallets are a nightmare. May 12, 2018, 10:13:51 PM
If you're a serious cryptocurrency investor, or if you're simply paranoid about keeping your money in a digital wallet, a hardware wallet is generally viewed as a more secure option. As the name suggests, this is a device that connects to your computer but otherwise remains offline.
One of the better known hardware wallets is the Ledger Nano S. It looks just like a USB stick, except it has a small display for entering your pass codes.
One of the better known hardware wallets is the Ledger Nano S. It looks just like a USB stick, except it has a small display for entering your pass codes.
May 12, 2018, 09:33:39 PM
Hardware Wallets (Risk level: Very Low)
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
very well @cryptosec.info!
here you will find detailed information about the ledger nano s: https://bitcointalksearch.org/topic/ledger-nano-s-information-hardware-wallet-3716414
stay safe and do not let yourself be robbed, like me and many others.
Thanks for the heads up I guess
May 12, 2018, 12:54:39 PM
Hardware Wallets (Risk level: Very Low)
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
Hardware wallets are wallets whereas your private keys are only safely stored on the device itself. Hence, even if transacting on a malware-infected computer, the chances of hackers gaining access to your private keys are pretty much almost next to zero.
Hardware wallets might be a bit expensive for most people(Ledger Nano S is around $95 and Trezor is around $105), but if you're holding at least worth $1000+ in funds, getting a hardware wallet should be one of your priorities. Better to spend a hundred dollars on a hardware wallet than to risk your funds from getting hacked.
very well @cryptosec.info!
here you will find detailed information about the ledger nano s: https://bitcointalksearch.org/topic/ledger-nano-s-information-hardware-wallet-3716414
stay safe and do not let yourself be robbed, like me and many others.
May 12, 2018, 11:57:44 AM
hi. what wallets do you suggest?
Hi. It depends. For what coin/coin(s)? Do you prefer security or ease-of-use? Please be more specific.
May 12, 2018, 07:16:21 AM
hi. what wallets do you suggest?
Jump to: