How do I secure my wallet - page 5. | Bitcointalksearch.org

DaNNy001

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Quote from: Crypt0Gore on June 11, 2023, 07:51:38 AM

Quote from: hosseinimr93 on June 10, 2023, 08:13:39 AM

Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

Another way to lose your coins is through carelessness, I don't want to know how strong your crypto wallet is, if you get careless with your private keys and recovery seeds, every assets is moveable behind your back.

Get the best hardware wallet or open source non-custodial wallet like Electrum and find a safe location to write down the recovery seed, now you are left with becoming the guidance of your wallet recovery seed.

From here on, be careful what you do with your wallet, who you let into your space, and don't trust anyone, not even friends who are close to you, any sentences that looks like recovery seed will caught the attention of anybody this days.

Everyone should know privacy is the most thing when it comes to the crypto world. So keeping your seed phrase in a secure place should be the first priority of anyone actually holding BTC or any other crypto asset. But I would advice like every other to actually go for a cold wallet if you are holding a large amount of bitcoin just to be on the safer side because all these hot wallets are prone to different attacks.

Crypt0Gore

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Quote from: hosseinimr93 on June 10, 2023, 08:13:39 AM

Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

Another way to lose your coins is through carelessness, I don't want to know how strong your crypto wallet is, if you get careless with your private keys and recovery seeds, every assets is moveable behind your back.

Get the best hardware wallet or open source non-custodial wallet like Electrum and find a safe location to write down the recovery seed, now you are left with becoming the guidance of your wallet recovery seed.

From here on, be careful what you do with your wallet, who you let into your space, and don't trust anyone, not even friends who are close to you, any sentences that looks like recovery seed will caught the attention of anybody this days.

DanWalker

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Quote from: crypticj on June 10, 2023, 09:58:31 PM

If you want the safest way to save your crypto, then you should buy a cold wallet or remember the whole wallet seed-phrase.

Personally, I think there are no completely safe ways to save crypto. You always can lose the cold wallet, forget your seed-phrase or get your wallet stollen.

So just be careful and never tell anyone how much crypto you have and where.

Everything is relative, nothing is absolute, so there is always a risk even when we use the best method. But using good methods can help us keep risks to a minimum. Using hardware wallets and storing the seed phrase carefully, our bitcoins are not easily stolen or lost.
But remembering the seed phrase needs careful consideration without a backup, we won't have a chance to reaccess our assets if our memory crashes. This method is too risky, in my opinion. If we want to memorize the seed phrase with our brains, we should have a backup.

crypticj

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If you want the safest way to save your crypto, then you should buy a cold wallet or remember the whole wallet seed-phrase.

Personally, I think there are no completely safe ways to save crypto. You always can lose the cold wallet, forget your seed-phrase or get your wallet stollen.

So just be careful and never tell anyone how much crypto you have and where.

Onyeeze

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You can secure your through not to expose your wallet secret password by not saving your seed phrase online it is good to write out your secret password and save in box where nobody will have access to, secondly using wallet that will not coursed harm to you I think that using Electrum wallet should the most thing you have because it has higher security and its a non custodial wallet

Stalker22

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Quote from: Promocodeudo on June 10, 2023, 08:05:59 AM

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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 for storing and managing cryptocurrencies, specifically Bitcoin. It is not an exchange platform, nor does it function as a custodial wallet. Don't make things up. Electrum gives users with full control over their private keys.

You can simply visit their official website, electrum.org, and find all the information you need right there.

South Park

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Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

The needs of each person are different, so what level of knowledge do you have when it comes to securing the information on your computer? What OS are you using? You also need to take into account the amount of money you want to store in that wallet, so if your level of knowledge is low, you use Windows and the amount you want to store is above a few thousands of dollars I would recommend that you buy a hardware wallet instead.

aylabadia05

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Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

Exchanges are not a repository of valuable assets like Bitcoin. The wallets that I recommend for storing Bitcoin are Electrum, Bitcoin Core and BlueWallet.
To support other security, use a hardware wallet.

From the answers that have been answered, all of that is true, pay close attention to how to use it.
No matter how good a wallet is, no one can guarantee 100% security, but by knowing how to use it properly, we have tried to protect our assets.

The Cryptovator

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It is essential not to be mistaken or confused about this matter. It is strongly recommended to opt for a hardware wallet, especially one that is open source. It's important to understand that exchanges should not be considered as wallets. While exchanges provide services for depositing and withdrawing funds for trading purposes, the actual custody of your funds does not remain with you. You have to rely on the approval process for deposits and withdrawals, which may involve waiting periods.

Using an exchange as a third-party wallet should never be seen as equivalent to having your own wallet. By doing so, you are exposing your funds to unnecessary risks. To ensure the security and control of your funds, it is highly advised to use a dedicated hardware wallet. This way, you can have full ownership and protection over your cryptocurrency assets, minimizing the chances of potential loss or compromise.

Cricktor

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Quote from: Texac on June 10, 2023, 12:38:59 PM

Do you have any proof of what you are saying? because after what happened with Ledger, I see many people are starting to move to Trezor, and it is currently the top choice in a hardware wallet. Hosseinimr93 also says that Trezor is the best hardware wallet to use. Trezor revenue has skyrocketed after Ledger disappointed investors and I am also planning to own a Trezor hardware wallet. i am really confused by what you are saying.

Trezor has basically unfixable issues that key extraction is possible with know-how and some decent amount of technical equipment. But as long as your Trezor isn't stolen by some determined attacker who has all that knowledge and tech, and your device PIN or password isn't ridiculously weak and bad, a Trezor is still safe and in my opinion a better choice than the Ledger "you have to trust us" shit.

Frankly, there are also many other good and reputable hardware wallets. It's not that there's only Ledger crap and Trezor. There's Coinkite's Coldcard, there's Foundation Devices' Passport Batch 2, there's Shiftcrypto's BitBox02, ...

You'll find sumaries and threads about hardware wallets in the Hardware wallets section of the forum. If you're concerned about Trezor, there are threads to read about Trezor, obviously.

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Quote from: Z-tight on June 10, 2023, 01:53:47 PM

-snip-
Instead of spreading your funds across many wallet softwares, some of which may be unsafe, you can use a multi-sig wallet on Electrum and generate the seed in three different devices, for the best security it can be a hardware wallet, airgapped device and maybe an online wallet. If you don't want to use a multi-sig set up, you can choose the option of a passphrase for better security of your funds.

The use of Multi-Sig on Electrum is also quite secure. I also use Electrum as a mobile wallet, and for even more security use a Hardware Wallet.

But the online wallets you mentioned are not going to guarantee security, especially if you only store passphrases on unprotected devices.
Passphrase security is the main security to think about.

Using a Non-Custodial Wallet or Hardware Wallet is the best option, but you should choose a Hardware Wallet that does not provide a passphrase recovery feature.

Bobrox

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Before looking which one recommended wallet for saving bitcoin, may I ask what device do you have between mobile phone or computer, seems difficult for accessing hardware wallet trough mobile phone and I think save Bitcoin is exchange is good ideas. Many trusted exchange as option if you want hold Bitcoin for long or short term like Binance, Huobi and Kucoin. But if you want to be long term holder with Bitcoin hardware is recommended wallet for holding Bitcoin. Firstly you need decentralize exchange wallet for buying Bitcoin and transfer it to hardware wallet, but if small investment fund not bad ideas save it in exchange wallet for less fees sending Bitcoin. Don't worry, many exchange have good reputation and your funds secure until how long for holding.

Z-tight

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Quote from: spectre71 on June 10, 2023, 01:08:34 PM

Just good housekeeping says it's equally important to have your stuff spread across a few wallets with differing technologies. Better to take a fractional hit than a full one.

Like Examples: IT orgs never store data in just one place. Triple control systems on airliners. Never keep your money in one bank.

No brainer

Having too many wallets has its trade-offs, you have too many seed phrases to store in a secure enviroment; and security is what is more important, E.G spreading your funds across different custodial and closed source wallets doesn't make your funds safe.

Instead of spreading your funds across many wallet softwares, some of which may be unsafe, you can use a 2-of-3 multi-sig wallet on Electrum and generate the seed in three different devices, for the best security it can be a hardware wallet, airgapped device and maybe an online wallet. If you don't want to use a multi-sig set up, you can choose the option of a passphrase for better security of your funds.

mvdheuvel1983

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Quote from: hosseinimr93 on June 10, 2023, 08:13:39 AM

Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

This is such a great question you have asked. And since you mentioned Electrum wallet, another user has recommended it. I second that. Permit me to go further and provide you with some user experience.

I have been using electrum wallet for my Bitcoin storage for the past couple of years and no time have I encountered any issues. I love the regular software updates it gets, meaning that you are sure of having the latest security patch and bugs or malware trying to steal your funds. During the time Bitcoin experienced next congestion where the transaction fee was pretty high and I was able to use the fee customization feature which helped to a degree. I don't have the mobile version of the wallet but I totally recommend the desktop version. I also love the multiple address options too. There are also hardware wallets too. Since I do not have experience using any of them, I'll let other users share review.

spectre71

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Just good housekeeping says it's equally important to have your stuff spread across a few wallets with differing technologies. Better to take a fractional hit than a full one.

Like Examples: IT orgs never store data in just one place. Triple control systems on airliners. Never keep your money in one bank.

No brainer

Z-tight

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Quote from: Mate2237 on June 10, 2023, 12:27:29 PM

You can use Electrum or Wasabi wallet. You can get the Electrum Wallet from Google play store if you are using Android phone or from the main official site if you are using desktop.

Even if you are using an Android device you should not download Electrum wallet from Google play store, it is dangerous and you can download a fake version of Electrum, always download Electrum from their official website and verify your download to ensure that everything is fine and safe before using.

Texac

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

Trezor should be avoided, though, since they are now gradually going centralized instead of fully decentralized and self-custodial. For security reasons, avoid them.

Do you have any proof of what you are saying? because after what happened with Ledger, I see many people are starting to move to Trezor, and it is currently the top choice in a hardware wallet. Hosseinimr93 also says that Trezor is the best hardware wallet to use. Trezor revenue has skyrocketed after Ledger disappointed investors and I am also planning to own a Trezor hardware wallet. i am really confused by what you are saying.

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Quote from: Promocodeudo on June 10, 2023, 08:05:59 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.

Nothing wrong by storing or saving Bitcoin in Exchange wallet for a long time as long as the Exchange market has been regulated and supervised by government ( Not every country has regulation on Cryptocurrencies ), so I think it would be safe to store your Bitcoin in Exchange, and If the Exchange has a problem, the government could be a guarantor for the users of the Exchange market. By the way, I live in Indonesia, where the government has regulated and supervised the Exchange Market in Indonesia, so the Investors/Users of the Exchange Market could be Protected. So the point is, you need to make sure whether your government has a regulation or not. Here is the link where you can see how Indonesian Government regulation :

- https://www.arkanantalaw.co.id/news/crypto-regulation-in-indonesia-protection-of-investors

Mate2237

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Electrum Wallet is not a bad wallet. You can use Electrum or Wasabi wallet. You can get the Electrum Wallet from Google play store if you are using Android phone or from the main official site if you are using desktop. Exchange are not recommended because they are centralized and because of that hackers and government are always attacking them. Government is attacking them more than even the hackers. Small things government want to close them or seized and with all those things your coins are not saved in their hands. So it better you look for non custodian wallets and keep your coins for the long term storing.

michellee

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I think you can visit bitcoin.org and select the Wallet menu. You will be given a choice of which wallet you want to use and a wallet available that can be installed on various devices. You just follow what is written there and later, you will have wallet names that you can choose to install.

Of course, if you want to install the wallet on your phone, you must also adapt it to your phone's software. Or you want to install the wallet on your computer or laptop. And even if you want to buy a hardware wallet, you will be given a choice. You can see what wallets you can use.

You don't need to buy a hardware wallet before you know more about Bitcoin because you can install the wallet on your phone, computer, or laptop. After you buy a hardware wallet, you must know how it works to store it properly.

Topic: How do I secure my wallet - page 5. (Read 896 times)