How do I secure my wallet - page 2. | Bitcointalksearch.org

Lanatsa

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Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Electrum is a non-custodial wallet and open source
Download the recent version only on this website link
https://electrum.org/

Just choose according into the device that you are using. The main thing that you should mind about is on keeping those keys away from other people
awareness so that it wont really be resulting into loss of assets or funds. Its really that common that there are people who dont know about exchange platforms
on which there are ones who do really believe that it is really that something sensible on storing their assets on such place until they would really be able to
realize it sooner or later about the real stuff.

suzanne5223

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Quote from: Sarah Azhari on June 14, 2023, 07:08:30 PM

Quote from: utybbas2 on June 14, 2023, 09:53:10 AM

For now I think electrum and others open source wallets are a pretty safe bet, just don't go click in any automatic updates popups.

As I know, automatic updates popups only appear if you download Electrum from an illegal source, not from an official. This happens to me 4 years ago after downloading Electrum from Softonic. So if this happens, one of the ways to clean up your PC is re-install the OS or use a bootable USB like Tail OS.

No, we have seen a user that downloaded from the official Electrum website years ago but was still scammed by the pop-up Electrum wallet notification. I think a strategy used by online theft to steal from BTC and download from the Electrum official website is not enough either if the wallet is not verified.

Quote from: Sarah Azhari on June 14, 2023, 07:08:30 PM

Quote from: ?? on ??

I always prefer Bitcoin core wallet with an offline machine(Linux/other os),

Oh God, true, we can safely and can create an offline wallet on that machine, but, when we are going to the transaction, we have to download the full 516 GB+ blockchain data. So, If urgent, you have to import that private key from core wallet to a light wallet like Electrum.

Creating an offline wallet using Electrum is better.

Cricktor

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If a wallet is distributed by some reputed app store, then automatic updates are possible and usually also available. For Electrum that's only the case for the Android app which is available in the Google Play store. The desktop versions of Electrum do indicate that there's an update, but you have to download, verify and update the software yourself.

From https://www.electrum.org/#download you can download and verify the APK files for Android with the dev's signatures. You can't do that for the pushed updates from the Google Play store. You have to trust the devs that they don't loose their app store dev credentials to some malicious actors.

KiaKia

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Quote from: utybbas2 on June 14, 2023, 09:53:10 AM

For now I think electrum and others open source wallets are a pretty safe bet, just don't go click in any automatic updates popups.

Rank does not matter when it comes to sharing knowledge, newbie I will like to ask you and also others reading this question of mine, is it possible for scammers to push an update automatically to your existing crypto wallet? Automatic updates are supposed to come from the already apps or software you've installed and already using.

But maybe it's possible, that's why I am asking, because this days, as an Android wallet user I always get automatic update message for my apps and crypto wallets, just want to know if this is wrong.

hosseinimr93

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Quote from: Sarah Azhari on June 14, 2023, 07:08:30 PM

As I know, automatic updates popups only appear if you download Electrum from an illegal source, not from an official.

Asking the user to update the wallet with a fake version of electrum was possible in the versions older than 3.3.4.
If you are using the new versions, you are right. You should be safe.

In versions 3.3.3 and before that, there was a vulnerability which allowed servers to display any arbitrary message. Server could abuse this feature and display a message including a link to a fake website and ask the user to update the wallet through that website.

lewisrafael40

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Quote from: ?? on ??

It is true that Electrum is an open-source wallet due to its open-source nature. As a result, the source code of the software is publicly available, allowing developers and users to review and verify the software's security and functionality. The security of open-source projects can be enhanced by the contributions and audits of the community.

You should consider your needs and preferences when selecting a wallet. With hardware wallets, such as Trezor and Ledger, private keys are stored offline, making them less vulnerable to hacking and malware attacks. When storing significant amounts of cryptocurrency or storing long-term, hardware wallets are often recommended.

Now come to the point, whatever software wallet or hardware wallet, whatever Trezor/Ledger or Open-Source, who knows do they have any back door or not? ?
I always prefer Bitcoin core wallet with an offline machine(Linux/other os), or at least DIY Crypto Hardware Wallet is more safer than Trezor and Ledger...

Sure, open-source projects have the advantage of community audits and transparency, but that doesn't mean we should let our guard down. Even with Electrum's open-source nature, we can't be 100% certain about the absence of backdoors. It's a constant battle between convenience and security. For me, I'd rather take the extra steps to ensure my funds are in the hands of a wallet I have full control over, like a Bitcoin core wallet on an offline machine.

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Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

You're right here. Avoid using an exchange as a wallet for holding your coins for long term. Not even for short term. Just do your stuffs on the exchange and once you are done, leave with your coins. You don't have access to your keys, so you don't really own your coins when you use an exchange. When the exchange goes down, so does your coins with them.
Like others suggested, Electrum is actually a very good choice for beginners. Only you have access to your private keys and no one else. So you are the owner of your coins. You can create backup of your keys and you can restore it anytime you wish. Or you could try hardware wallets. They are less vulnerable to hacks since your keys are stored offline. Whichever wallet you chose, make sure you keep them safe and make multiple backups.

Sarah Azhari

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Quote from: utybbas2 on June 14, 2023, 09:53:10 AM

For now I think electrum and others open source wallets are a pretty safe bet, just don't go click in any automatic updates popups.

As I know, automatic updates popups only appear if you download Electrum from an illegal source, not from an official. This happens to me 4 years ago after downloading Electrum from Softonic. So if this happens, one of the ways to clean up your PC is re-install the OS or use a bootable USB like Tail OS.

Quote from: ?? on ??

which allows you to increase transaction fees after a transaction is submitted,

Increase transaction on Electrum wallet is more detailed right now, if you don't read and understand how is going you will be confused, and you can't do it before changing the preserve to decrease tab.

Quote from: Sarah Azhari on June 07, 2023, 08:27:41 PM

Quote from: ?? on ??

I always prefer Bitcoin core wallet with an offline machine(Linux/other os),

Oh God, true, we can safely and can create an offline wallet on that machine, but, when we are going to the transaction, we have to download the full 516 GB+ blockchain data. So, If urgent, you have to import that private key from core wallet to a light wallet like Electrum.

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Quote from: ?? on ??

If you have the opportunity and resources to get a hardware wallet, it's really a great option. Hardware wallets are considered by many to be the safest option for storing cryptocurrencies. They provide an extra layer of security by keeping your private keys offline, making it very difficult for hackers to access your funds. However, if you don't have immediate access to a hardware wallet, then Electrum is a reputable and secure software wallet. It's a non-custodial wallet, which means you have full control over your private keys and are responsible for their security. Electrum offers advanced features such as Replace-By-Fee , which allows you to increase transaction fees after a transaction is submitted, and CoinJoin, which enhances privacy by combining transactions.

i guess by now, the OP already understand that electrum wallet is one of the noncustodial wallets and he has full control of his coins using this wallet. i will also suggest electrum if you don't have the funds for a hardware wallet and seems that he is just starting to store more coins. electrum is easy to install and only needs small storage from your computer.

Nwada001

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Quote from: HajiBagi on June 14, 2023, 01:24:02 AM

Quote from: Nwada001 on June 10, 2023, 07:16:08 AM

First, all you need is a secured, self-custodial wallet. Avoid storing your crypto on a centralized exchange. It all depends on the amount of crypto you want to transact; if it's worth a little more, then purchasing a hardware wallet will be a better idea.

Check out the list of open-source hardware wallets.
Trezor should be avoided, though, since they are now gradually going centralized instead of fully decentralized and self-custodial. For security reasons, avoid them.

The only thing you need to keep in mind as an investor is that you have never given anyone access to all of your uses regarding what you are investing in the future. I know that finding a good wallet is a good idea, but even if you have a good wallet and you can't keep the secret or private keys to yourself it's not safe, many people today fail because they are unable to hide their secrets.
Hardware wallet is among the most popular wallets today, none of the wallets that are introduce to you here are bad; rather, my point is that you should learn how to protect your private key.

Anyone who has passed the text on choosing the right exchange to buy his or her favorite crypto and knows fully well that storing crypto on the exchange is not actually a good idea will be enlightened enough to know the major reason why most people advise against saving on the centralized exchanges, which is giving them access to your fund.

So choosing a self-custodial wallet simply means the person is ready to take full control of his or her wallet security, and that's to say they will handle all their wallet transactions, protect the private key, and their phrase, and they should also know that keys and phrases are just like their complete bank details and access pin, and anyone who has access to them completely has access to their entire holdings, and they shouldn't joke with such things. And if the OP doesn't know that already, then it's good that this has been brought out here, and it will now be taken into consideration if the OP has the time to revisit the thread again and read through others opinions.

hosseinimr93

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Quote from: Flexystar on June 14, 2023, 11:32:40 AM

The paper wallet advantage: You wont be exposing your wallet info over the internet once it is printed and all its digital copies are deleted.

Just with deleting your private key from your device, you make your paper wallet secure.
Most people generates their paper wallet incorrectly. For generating a paper wallet, you should use a safe tool on an airgapped device.

Quote from: ?? on ??

Electrum offers advanced features such as Replace-By-Fee , which allows you to increase transaction fees after a transaction is submitted, and CoinJoin, which enhances privacy by combining transactions.

There is no coinjoin in electrum.

Quote from: ?? on ??

Now come to the point, whatever software wallet or hardware wallet, whatever Trezor/Ledger or Open-Source, who knows do they have any back door or not? ?

When you use a open-source wallet, you can review the code and know how exactly it's working.
For example, we are sure that there is no backdoor in electrum.

Dr.Bitcoin_Strange

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Quote from: ringgo96 on June 13, 2023, 12:02:20 PM

Currently there are very many wallets that we can use to store Bitcoin assets, and you can choose for yourself which one is easier to use and the Google Play Store has also provided many crypto wallets so those of us who already have assets and start investing in crypto then we can easily find many wallets there, And for wallet problems we must be careful because all for the security of the assets we have.

When giving advice, I wouldn't consider this one valid. I hope you are aware that not every wallet you find on the Play Store is a very secure wallet, and by the way, there are hundreds of crypto wallets in the app store. OP, you have some more valid advice on the first and second pages of this thread, and you should know that everyone is pointing at the Electrum wallet as the best you can use to store your wallet, and I advised you to go with it too if you don't have the money to get a Trezor Hardware wallet now. Also, I suggest you use BlueWallet for mobile, but on Windows, use Electrum.
You can also luck the thread, because you've got a lot of good advice that will be able to guid you.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Flexystar

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Quote from: Fivestar4everMVP on June 14, 2023, 09:45:31 AM

Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Well, I don't know what other users have said, but for me, electrum is a great wallet, it is actually a non-custodial wallet, and I think the wallet is open source too (this I am not very sure) but regardless, electrum wallet is one of the top bitcoin wallets recommended by many, but this is if you do not have plans of going for a hardware wallet like trezor and the likes, hardware wallets are actually the best in terms of security of your bitcoin and maybe other crypto assets you might want to invest in in the future.

I would personally advice you go for a hardware wallet if you intend to hold your bitcoin for a very long time, wallets like electrum, mycelium and the likes are much better used as hot wallet for day to day sending and receiving bitcoin, hardware wallets are best for storing bitcoin as a long term investment.

The high security can only be achieved with the help of non custodial wallets. Its even better for OP if they just keep loading their paper wallets instead of loading the bitcoin in any type of wallets. My experience with hardware wallet and paper wallet has been way good than the software wallets. I am surfing the wallet software thread and seeing that their are many arguments and bugs in the wallets thus leading everything towards black hole with surprises.

The paper wallet advantage: You wont be exposing your wallet info over the internet once it is printed and all its digital copies are deleted. Their is virtually no existence of that data since it would be on a printed paper. As long as OP does not insert the private keys in imported wallet they are way safer than any other form of wallet.

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Quote from: bayudndy on June 13, 2023, 11:54:43 AM

Some traders and investors choose to keep their assets on exchanges, especially if they are actively trading or have a degree of confidence in the security measures of the exchange.

The exchange is indeed a good enough place to store assets, but you need to be careful, in general, storing large quantities of assets on this exchange is not good, because the exchange is not a safe depository with a high level of security, because they might crash or it is vulnerable to theft or hacking of assets that you store on the Exchange, even though it is one of the large exchanges and has been around for a long time.

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For now I think electrum and others open source wallets are a pretty safe bet, just don't go click in any automatic updates popups.

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Quote from: cornhodlr on June 14, 2023, 08:56:30 AM

Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Make sure to be 100% certain that the place you are downloading your wallet from is not a scam site.Scammers set up websites for people to download a bitcoin or crypto wallet from (especially electrum wallets) and place malware in the wallets so that when you launch the wallet you have downloaded off their scam site it steals your full balance the moment you send coins to it and transfers them to their criminal wallet address.ONLY DOWNLOAD YOUR WALLET FROM THE CORRECT WALLET PROVIDER OR YOU MIGHT LOSE ALL YOUR COINS!

Exactly, always double check what you are clicking since scammers are exerting effort to make a literally same website for you to get scammed. From my experience, it's from a nft project where they have discord channel posted all the legit links for their social account since it will be posted in their social media all the details. But then suddenly their ig account posted already minting so it already fishy but I saw a lot of people already minted more than 10 ETH+. Checked discord and it's confirmed hacked and fake mint.

Also the ads when you click an illegal site which lead you to another tab, it's already a fake. Don't ever get curious to click anything about it cuz it might be drainer and get your private informations.

Fivestar4everMVP

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Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Well, I don't know what other users have said, but for me, electrum is a great wallet, it is actually a non-custodial wallet, and I think the wallet is open source too (this I am not very sure) but regardless, electrum wallet is one of the top bitcoin wallets recommended by many, but this is if you do not have plans of going for a hardware wallet like trezor and the likes, hardware wallets are actually the best in terms of security of your bitcoin and maybe other crypto assets you might want to invest in in the future.

I would personally advice you go for a hardware wallet if you intend to hold your bitcoin for a very long time, wallets like electrum, mycelium and the likes are much better used as hot wallet for day to day sending and receiving bitcoin, hardware wallets are best for storing bitcoin as a long term investment.

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Quote from: leonair on June 14, 2023, 09:11:39 AM

Quote from: hosseinimr93 on June 10, 2023, 07:13:39 AM

Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Electrum is a non-custodial wallet which means that it gives you full access to your private keys. Since electrum is open-source and its code has been reviewed by many people, you can be sure that it's secure enough.

Note that if you want your fund to be completely secure, you should run electrum on an airgapped device. Any online device is always prone to hacking.

Other non-custodial wallets including Electrum only allow the customer to have full control of their funds but also do not guarantee 100% fund security to anyone. But yes it is quite a strong wallet and there are very few complaints from users and it is also not seen to be hacked. However, besides this wallet, you have to be careful especially from different types of phishing links. Because a phishing link is so dangerous that even a strong security system can destroy it and gain access to it

Electrum and other non-custodial wallets are hacked most of the time due to customer's mistake. I think wallets are hacked through phishing links. If anyone ever sends these phishing links we should stay away from them and never click on the links. If someone clicks wrongly then the wallet will go under the control of the hack. So we have to be careful all the time and warn everyone.

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Quote from: hosseinimr93 on June 10, 2023, 07:13:39 AM

Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Electrum is a non-custodial wallet which means that it gives you full access to your private keys. Since electrum is open-source and its code has been reviewed by many people, you can be sure that it's secure enough.

Note that if you want your fund to be completely secure, you should run electrum on an airgapped device. Any online device is always prone to hacking.

Other non-custodial wallets including Electrum only allow the customer to have full control of their funds but also do not guarantee 100% fund security to anyone. But yes it is quite a strong wallet and there are very few complaints from users and it is also not seen to be hacked. However, besides this wallet, you have to be careful especially from different types of phishing links. Because a phishing link is so dangerous that even a strong security system can destroy it and gain access to it

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Quote from: Promocodeudo on June 10, 2023, 07:05:59 AM

It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.

Make sure to be 100% certain that the place you are downloading your wallet from is not a scam site.Scammers set up websites for people to download a bitcoin or crypto wallet from (especially electrum wallets) and place malware in the wallets so that when you launch the wallet you have downloaded off their scam site it steals your full balance the moment you send coins to it and transfers them to their criminal wallet address.ONLY DOWNLOAD YOUR WALLET FROM THE CORRECT WALLET PROVIDER OR YOU MIGHT LOSE ALL YOUR COINS!

Topic: How do I secure my wallet - page 2. (Read 958 times)