How do I secure my wallet - page 6. | Bitcointalksearch.org

hosseinimr93

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Quote from: Z390 on June 10, 2023, 11:57:27 AM

Master Hoseeinimr93, whenever you are telling people not to use a wallet for storing their coins because they are closed source, do not hesitate to give them a better option,

You can go for a good hardware wallet like Trezor. That's the best thing you can do. Visit the topic created by dkbit98 to know some other alternatives.
[LIST ] Open Source Hardware Wallets

If you can't afford to buy a hardware wallet or you don't want to use a hardware wallet for any other reason, you can use Unstoppable wallet. Visit the topic created by theymos.
Reminder: do not keep your money in online accounts

Z390

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Quote from: hosseinimr93 on June 10, 2023, 09:29:17 AM

Quote from: jeraldskie11 on June 10, 2023, 09:25:00 AM

There is nothing wrong with keeping your assets in the exchange as long as you choose the correct exchange or one that has been there for a long time, since there are many traders and small investors who do just that.

Not your keys, not your coins.
With keeping your bitcoin on an exchange, you give full control over your fund to a third party. Even if a centralized service has been around for a very long time, everything is still possible. They may go bankrupt or they may be hacked.

Quote from: jeraldskie11 on June 10, 2023, 09:25:00 AM

Because electrum only supports Bitcoin, you can keep your altcoins in Trustwallet or Metamask as a non-custodial wallet, which is considerably more secure than an exchange because you owned the private key.

Trust wallet is close source and I would never recommend anyone to use it. We don't know how keys are generated on trustwallet.
There is no guarantee that what happened to Atomic wallet recently won't happen to trustwallet.

Master Hoseeinimr93, whenever you are telling people not to use a wallet for storing their coins because they are closed source, do not hesitate to give them a better option, if Trust wallet is closed source, please give the name of an open source alternative that is multi-chain compatible.

wahyuagung26

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Keeping assets on the exchange for too long is actually not recommended even though the exchange has been around for a long time, and indeed there are traders and investors who do it, if it's in small form it's actually not too worried, but you should have a safer wallet, maybe some of the options among them are wallets that are securely accessed in full quasi-full control by yourself, for example like Electrum.

The exchange is indeed a place that is often used by crypto traders and even investors often use it, but a crash from an exchange we will not know how big the impact will be even if it is an old and centralized exchange, so to anticipate you have to have a wallet where you can get access full private key.

tranthidung

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

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.

Electrum wallet is free, open source, non custodial and good to use. It has many 'modes' to use like single signature wallet, multi signature wallet, cold storage ...

Always download it from the official website : https://electrum.org/#download and verify the wallet.

OP, when you use a non custodial wallet, always backup your wallet. Without backups, you will lose your bitcoin if your original device gets technical problems and can not be recovered.

Z390

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This is a question that has been answered too many times on this forum in the past, you don't have to go ahead and create another topic about this again, you can just use the search engine on the right top of the forum and type in how to secure your wallet I am very sure you will get tons of results because people like you already created topics like this few times before.

Minecache

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Quote from: jeraldskie11 on June 10, 2023, 09:25:00 AM

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.

There is nothing wrong with keeping your assets in the exchange as long as you choose the correct exchange or one that has been there for a long time, since there are many traders and small investors who do just that. If you intend to keep your asset for a long period of time, it is important and practicable to keep it in a non-custodial wallet such as electrum because it's already tested. Because electrum only supports Bitcoin, you can keep your altcoins in Trustwallet or Metamask as a non-custodial wallet, which is considerably more secure than an exchange because you owned the private key.

Not all centralized exchanges are bankrupt or will collapse, there are many old exchanges like Coinbase or Poloniex...so far, they still exist and work quite well. But if you are a long-term investor who is not a trader, you should not use an exchange's wallet to store bitcoins. There is no guarantee that one day they will not collapse, we should still prevent diseases than cure. The exchange is a place for us to exchange, buy and sell, not a place to store assets, we should use it for the right purpose.

Electrum and matemask are good options, but Trust wallet, I don't think it is a good choice, it is a non-custodial but closed source wallet and is a product of Binance. We won't know what will happen to our assets when using a closed source wallet even though we own the seed phrase.

Plaguedeath

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The most easy way to differentiate between exchange and wallet is the way of access.

If you want to access an exchange, you must use username or email address with your password, while if you access a wallet, you only need to enter a seed phrase or private key for once time and you don't need to input anything except you use PIN/password/2FA etc.

To secure your wallet, you need to learn how to make sure your PC or laptop is 100% secure.

hosseinimr93

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Quote from: jeraldskie11 on June 10, 2023, 09:25:00 AM

There is nothing wrong with keeping your assets in the exchange as long as you choose the correct exchange or one that has been there for a long time, since there are many traders and small investors who do just that.

Not your keys, not your coins.
With keeping your bitcoin on an exchange, you give full control over your fund to a third party. Even if a centralized service has been around for a very long time, everything is still possible. They may go bankrupt or they may be hacked.

Quote from: jeraldskie11 on June 10, 2023, 09:25:00 AM

Because electrum only supports Bitcoin, you can keep your altcoins in Trustwallet or Metamask as a non-custodial wallet, which is considerably more secure than an exchange because you owned the private key.

Trust wallet is close source and I would never recommend anyone to use it. We don't know how keys are generated on trustwallet.
There is no guarantee that what happened to Atomic wallet recently won't happen to trustwallet.

jeraldskie11

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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.

There is nothing wrong with keeping your assets in the exchange as long as you choose the correct exchange or one that has been there for a long time, since there are many traders and small investors who do just that. If you intend to keep your asset for a long period of time, it is important and practicable to keep it in a non-custodial wallet such as electrum because it's already tested. Because electrum only supports Bitcoin, you can keep your altcoins in Trustwallet or Metamask as a non-custodial wallet, which is considerably more secure than an exchange because you owned the private key.

tabas

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Your friends are right that you shouldn't keep your bitcoin on any exchange if you've got no plans of trading it there. Usually newbies keep their bitcoins there on exchanges because of the term that they've just read and heard about the funds being "SAFU". You don't believe into such that it will make your funds safe there but just remember that if you don't hold the keys, you don't hold those bitcoins that you deposit there. Just as suggested, hardware wallets are the most recommended but if you've got no budget yet for it, choose Electrum and the other recommended desktop wallet is Wasabi. And for more other options: Choose your Bitcoin wallet

Kryptowerk

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

<-- Definitely check out the thread mentioned here.

Regarding Trezor: Still much more recommended than a Ledger wallet though.

May be a bit much for a newcomer, but you can always cross-check any wallet that may appeal to you here: https://walletscrutiny.com/
They give a good summary on overall wallet security.

Nwada001

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

hosseinimr93

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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.

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.

Promocodeudo

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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.

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