Topic: How can I secure that my wallet is safe? (Read 162 times)

If you read through my questions carefully, you would be aware that I fully understand how to handle  a private key. However if you can read out the private key of the hardware device your hardware wallet is not safe anymore.
That's why I am asking this kind of questions because if you search deeper into that topic you will find interesting security concerns...

For example this article:
https://medium.com/@Zero404Cool/trezor-security-glitches-reveal-your-private-keys-761eeab03ff8

it all depend on you the owner of the wallet why because the wallet has a private key and the key is alone meant for the owner of the wallet not to be given to any body not even your wife its alone for so don't give it out with that your wallet is secure.

Thank you for your input. I just researched further on that topic to find out that trezor is fully open source but Nano Ledger NOT!
So if I understand it right people who are using the Ledger Nano fully trust the company and their code. I just wonder if some programmer could let a backdoor open for later use?
Also if I check a multi desktop wallet like Exodus, I found out that there code is not fully open source.

I am not sure what to think about that situation, to me it seems that my linux system is more secure than many wallets out there?
Going to reseach further on that topic, since a safe wallet should priority if someone keeps a bigger amount of coins.

Basically, any wallet consists of 2 major parts:
a public key - this is the address where you receive your funds, and a private key - you use it to enter the wallet and to send funds.

Of course, there is a variety of wallets you might use.

Here are some of the options, divided generally in hot and cold wallets depending on their level of security.

Hot wallets - recommended for small sums of funds

Online wallets - there are the options that exchange sites provide.

It is the easiest to use and respectively, the less secure way to keep your investments.

The major discomfort is that your private address/key is being stored on the servers of these websites and that might be possibly hacked.

Mobile wallets are applications you download and install on your device.
It is comfortable but remember, that any app that uses Internet connection is not recommendable for storing your investments.

In the same time, there is also a risk that your phone might get broken or hacked.

Desktop wallets store your private key on the hard drive your computer which is the good part.

However, sill found risky, because they also use internet connection.

Cold storage - popular as more secure way of keeping your currency

Hardware devices include USB or other storage device where your private key is stored.

Paper wallet suggests that you print your private key on paper. At least, make sure you have laminated it in case of accidentally pouring liquid over it.

For me, try to analyze those form that you fill up or those sites that you were planning to try. I also preferred that never share your private key. Hope this will help you

when you own your private kays you are safe
buy only from official wallets manufacturers like Ledger... etc

1. Probably on the exchange that they bought them on ^_^, otherwise i'd look for wallets the dev himself gave out, or use something like Exodus, https://www.exodus.io/

2. Not sure with the trezor, but the Nano simply factory resets after trying the wrong pin a couple times.
https://support.ledgerwallet.com/hc/en-us/articles/115005161645-How-to-erase-my-wallet-or-reset-my-Nano-S-

3. You can check / validate the hashes, yes.

4. I'm not too sure.

Since I have no deep understanding of the possibilities of storing crypto-currencies I have some questions which I posted already in some other thread. However didn't get any answers so far.
Actually everyone recommends to use hardware wallets, however I have some questions regarding that topic:

1. Where do most people store there less known Altcoins? Since many of the Altcoins are not supported so far by the hardware wallets.

2. How can I be sure that a newly purchased hardware wallet was not corrupted from the manufacturer or a middle man who is selling the wallet?

3. If I use a software wallet, how can I be sure the file is safe to use? Is there a kind of checksum or any other good method for securing the file is safe to use?

4. If I use multiple software wallets on one laptop which I setup for wallets only and one wallet would be corrupted, isn't there a big chance to loose everything?

Thanks for your help!

original post:   Bitcoin / Bitcoin Discussion / Re: Tips on how to have the most secure and safe wallet