How many crypto wallets do you own? - page 2.

xSkylarx

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Quote from: Dr.Bitcoin_Strange on March 22, 2023, 06:31:28 PM

Quote from: Lida93 on March 22, 2023, 03:05:23 PM

it's a good ideaÂ creating different wallets for your assets not putting all your eggs in one basket

Cold wallets, or hardware wallets, give more security than online wallets; they have additional security that doesn't just make it easy to hack, so if you can set up a cold wallet, you don't really need to have multiple online wallets.

I do really prefer hardware wallets, but it is expensive and not that affordable. That is why others are sticking to online wallets, and to prevent getting hacked, they will be creating multiple wallets that they spread across their bitcoin. If you already hold a huge chunk of bitcoin, it is better to use hardware wallets to be more safe, and you can carry it everywhere you want or store it in a safe.

Iranus

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Quote from: Lida93 on March 22, 2023, 03:05:23 PM

To every thing we so do there's an advantage and a disadvantage that follows it all depends on how we have prepared ourselves to keep both sides in check. it's a good idea creating different wallets for your assets not putting all your eggs in one basket but on the other side of the disadvantage where you have to hold many different private keys under your care due to multiple wallets and that alone can compromise with your capability of having to hide these keys securely in different places.

Putting eggs in many baskets is a good idea, but creating and storing too many private keys is too inconvenient for us, we will spend a lot of time taking care of all the private keys, seed phrases. Instead, you only need to spend a small amount of money to own a hardware wallet, it is both safe and saves us more time.

I know many people feel sorry for spending money on hardware wallets and think that using software wallets is safe enough, but we will regret it if unfortunately our assets are hacked when stored on soft wallets.

Dr.Bitcoin_Strange

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Quote from: Lida93 on March 22, 2023, 03:05:23 PM

it's a good idea creating different wallets for your assets not putting all your eggs in one basket

Cold wallets, or hardware wallets, give more security than online wallets; they have additional security that doesn't just make it easy to hack, so if you can set up a cold wallet, you don't really need to have multiple online wallets.

Lida93

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To every thing we so do there's an advantage and a disadvantage that follows it all depends on how we have prepared ourselves to keep both sides in check. it's a good idea creating different wallets for your assets not putting all your eggs in one basket but on the other side of the disadvantage where you have to hold many different private keys under your care due to multiple wallets and that alone can compromise with your capability of having to hide these keys securely in different places.

sulendra12

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Quote from: MiliMil on March 04, 2023, 12:50:08 PM

- If you are hacked you won't lose all your crypto assets

This is true, but you won't get hacked if you don't do something stupid such as clicking malwares, letting people use your device and etc.

Quote from: MiliMil on March 04, 2023, 12:50:08 PM

- If you forget one private key you won't lose all your crypto assets

I don't think you can "forget" your private key since you don't memorize it. Just write it or print it on a piece of paper and store it in somewhere safe place. It's not that hard to do.

Quote from: MiliMil on March 04, 2023, 12:50:08 PM

- Smaller transactions (since your crypto will be dispersed across many wallets) will not draw as much attention thus increasing privacy.

Let's be honest here, lot of people here don't really care about privacy since they are already giving their identities to exchanges for KYC purpose. It's already common thing in crypto world.

Quote from: MiliMil on March 04, 2023, 12:50:08 PM

I'm curious if others think I'm being too paranoid or have carried out some of these practices.

You are doing fine, you do all you can to secure your wallet by storing in multiple wallets. The chance of us get hacked is still there, but we can lower it if we don't do something malicious.

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Quote from: MiliMil on March 04, 2023, 12:50:08 PM

I was reading about the Luke Dashjr BTC hack and it got me thinking if people have multiple crypto wallets and addresses.

I think having a cold wallet that isn't connected to the internet plus numerous online wallets is a precaution everyone should take.

The benefits being;

- If you are hacked you won't lose all your crypto assets

- If you forget one private key you won't lose all your crypto assets

- Smaller transactions (since your crypto will be dispersed across many wallets) will not draw as much attention thus increasing privacy.

I will be taking these steps in the next few days to give myself peace of mind.

I'm curious if others think I'm being too paranoid or have carried out some of these practices.

Your approach should be

1 cold wallet
1 hot wallet for daily use

As simple as that and effective. That's how many people are holding bitcoin.

Cantsay

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I actually only have one crypto wallet at the moment, and it's the Sollet wallet. I find it super easy to use, and it's perfect for holding SOL and other Solana-based tokens.

I haven't heard of it before maybe it's because I don't deal with Solana networks that much, but you should make sure it's an open-source wallet and if possible you can even compile the code yourself to be in a safer spot. That way you can be sure that you're using a safe wallet because you never can tell if the code that was published is the same as the app that you're downloading from playstore or whatever place you download your apps from.

And again when you're looking for a Bitcoin wallet make sure you go for a well known wallet and if you have enough funds then you can just purchase a hardware wallet but if there is no funds you can use a cold wallet, it also as secure as your hardware wallet.

Pierre 2

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I only use my cold wallet from Ledger to hold and protect, and Electrum when I need to quickly buy/sell. These are enough in general in my opinion. I observe many people consider centralized exchanges as their wallets but I always explain them they need to own keys to their house. This type of explanation generally helps them understand. I think owning a Ledger is literally the best investment you can make. Its very easy to use in my own experience and you feel so safe and don't worry what's gonna happen with your money etc.

nullama

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Quote from: CryptoBuds on March 13, 2023, 09:35:43 PM

~snip~
It is true that online storage is riskier than offline storage, but whether it is safe is still how we use them and how we protect them. It cannot be said entirely that offline will not lose assets, and online will lose assets.

If you store it offline and subjectively think it is safe, you may not be attacked by viruses or hackers. But when storing offline, your assets are at risk of natural disasters, and unexpected incidents such as theft and loss attacks...There is no safest method, it all depends on us.

Yes, you're right.

I was assuming that the offline wallet was secured properly, with backups.

In the same way that the online wallet is secured with a pin or password, etc.

The thing is that if your wallet keys are not stored online, then the probability of someone just guessing your key is virtually zero. It all comes down to you not losing access to your own keys.

borovichok

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Quote from: StarKay on March 14, 2023, 12:33:14 AM

Quote from: MiliMil on March 04, 2023, 12:50:08 PM

I'm curious if others think I'm being too paranoid or have carried out some of these practices.

I don't think you should be much concerned about what people think, you made the decision that is in your best interest unless you want others advice. For me I use different wallet and I make sure to keep my pneumonics safe.

It is simply a matter of choosing the most practical wallet for transactions, keeping my private 12 key words safe, and checking on it every time I log out of my account. As you decide which wallet to use and make important judgments regarding what to do next, making the choice that seems ideal for you is entirely none of other people's business. I've been in the market for a while, and I occasionally change my mind. Some orders result in losses, while others bring in profits. I simply make excellent use of my initiative, and that has sustained me up to this point.

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Quote from: Vickysagar on March 13, 2023, 10:40:27 PM

Why would I need a lot of crypto wallets? I have only OWNR, and it's enough for me. I'd love to have a cold wallet, but I don't have so much BTC so it would be necessary, and I have a few different altcoins.

OWNR wallet is closed-source and their justification of why not disclosing the codebase of a wallet is a good thing is not quite convincing. They claim that most reviewers on GitHub are not 'professional" developers, which is why they are not capable of finding some "sophisticated" bugs. The reality, however, is that you need to trust that OWNR wallet developers are professional enough to find and fix those sophisticated bugs. You also have no way to verify independently or with the help of community of individual developmers that a certain cryptocurrency wallet is actually secure enough to keep any amount, and that it doesn't contain malicious code that can track your transactions, create weak secrets or steal all your cryptocurrency holdings in the future when the company behind this wallet decides to run away with customers' money.

StarKay

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Quote from: MiliMil on March 04, 2023, 12:50:08 PM

I'm curious if others think I'm being too paranoid or have carried out some of these practices.

I don't think you should be much concerned about what people think, you made the decision that is in your best interest unless you want others advice. For me I use different wallet and I make sure to keep my pneumonics safe.

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Quote from: Cantsay on March 13, 2023, 10:10:54 PM

Quote from: crypticj on March 07, 2023, 07:55:36 PM

I don't really like cold wallets because I'm afraid I will lose them.
I mostly use hot wallets, and I have a lot of them. It's always good to have a new wallet to receive or send money because this way your identity and previous transactions would be hidden.

Are you for real? Do you even know the difference between cold wallet and hot wallet? if you are scared of a wallet that hasn't been connected to the internet and has a low risk of been infected with malware and then love a wallet that you are constantly exposing to the internet and also surfing sites that could have malwares that might be able to steal your detail, is kind of shocking you're the first person I have seen saying such.
Or maybe perhaps you mixed up things, maybe you mistook cold wallet for hot and hot wallet for cold wallet, but if this is not the case then you probably should do more research on both of them.

I guess that he never owned a hardware wallet and never took the time to learn about hardware wallet operations. As far as I understand, he is afraid keeping a hardware wallet will be easier to lose because it is physical and will be harder to protect than a hot wallet. He doesn't know that all our assets are on the blockchain and not on any wallet, and what we need to protect is the seed phrase. This mistake is very dangerous, he needs to re-learn both wallets to have the correct perception.

Vickysagar

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Why would I need a lot of crypto wallets? I have only OWNR, and it's enough for me. I'd love to have a cold wallet, but I don't have so much BTC so it would be necessary, and I have a few different altcoins.

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Quote from: oktana on March 13, 2023, 04:21:28 PM

It is important to compare and contrast the benefits and risks of having multiple online wallets and make a decision on what makes sense to you considering your goals.
But the risks are quite significant and having multiple wallets doesn’t change the risk that can occur.
If having multiple wallets but no security measures, like using strong passwords, enabling two-factor authentication and keeping your wallet software and devices up to date with the latest security patches, things might still go wrong.

Actually we don't need many wallets because with many wallets we will need a lot of security measures to protect our wallets.
Two wallets are enough, one as a hot wallet and one as a cold wallet.
Store your PK properly with enough backups to avoid difficult things happening, and also always ensure that your cold wallet is never connected to the internet and store large funds there not in a hot wallet that is vulnerable to hacks. Also, don't ever think of an online wallet as a wallet even though they have 2FA features but that doesn't guarantee the security of your assets at all.

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Quote from: crypticj on March 07, 2023, 07:55:36 PM

I don't really like cold wallets because I'm afraid I will lose them.
I mostly use hot wallets, and I have a lot of them. It's always good to have a new wallet to receive or send money because this way your identity and previous transactions would be hidden.

Are you for real? Do you even know the difference between cold wallet and hot wallet? if you are scared of a wallet that hasn't been connected to the internet and has a low risk of been infected with malware and then love a wallet that you are constantly exposing to the internet and also surfing sites that could have malwares that might be able to steal your detail, is kind of shocking you're the first person I have seen saying such.
Or maybe perhaps you mixed up things, maybe you mistook cold wallet for hot and hot wallet for cold wallet, but if this is not the case then you probably should do more research on both of them.

CryptoBuds

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Quote from: nullama on March 13, 2023, 07:38:06 PM

Quote from: oktana on March 13, 2023, 04:21:28 PM

It is important to compare and contrast the benefits and risks of having multiple online wallets and make a decision on what makes sense to you considering your goals.
But the risks are quite significant and having multiple wallets doesn’t change the risk that can occur.
If having multiple wallets but no security measures, like using strong passwords, enabling two-factor authentication and keeping your wallet software and devices up to date with the latest security patches, things might still go wrong.

Anything that is stored online should not be considered safe.

Don't keep more than a small amount of spendable money in an online wallet.

Even an experienced dev like Luke Dashjr had all his coins stolen because the wallets were online.

It is true that online storage is riskier than offline storage, but whether it is safe is still how we use them and how we protect them. It cannot be said entirely that offline will not lose assets, and online will lose assets.

If you store it offline and subjectively think it is safe, you may not be attacked by viruses or hackers. But when storing offline, your assets are at risk of natural disasters, and unexpected incidents such as theft and loss attacks...There is no safest method, it all depends on us.

nullama

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Quote from: oktana on March 13, 2023, 04:21:28 PM

It is important to compare and contrast the benefits and risks of having multiple online wallets and make a decision on what makes sense to you considering your goals.
But the risks are quite significant and having multiple wallets doesn’t change the risk that can occur.
If having multiple wallets but no security measures, like using strong passwords, enabling two-factor authentication and keeping your wallet software and devices up to date with the latest security patches, things might still go wrong.

Anything that is stored online should not be considered safe.

Don't keep more than a small amount of spendable money in an online wallet.

Even an experienced dev like Luke Dashjr had all his coins stolen because the wallets were online.

oktana

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It is important to compare and contrast the benefits and risks of having multiple online wallets and make a decision on what makes sense to you considering your goals.
But the risks are quite significant and having multiple wallets doesn’t change the risk that can occur.
If having multiple wallets but no security measures, like using strong passwords, enabling two-factor authentication and keeping your wallet software and devices up to date with the latest security patches, things might still go wrong.

Xylber

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Everybody already said everything, good to see that we are all educated in the good practices of using crypto wallets.

+ No doubt that a cold wallet (generated offline, and kept offline) is the most secure wallet to store the assets.
+ But Hot wallets are convenient and useful for everyday use.
Both, cold and hot, must be your wallet, and you must to have the keys.

+ Wallets in third party exchanges shouldn't be used to store cryptos, only to trade. Exchanges can go broke or be seized by the US government and stole all your cryptos (goxed again!).
Rememebr what Satoshi said, we don't need third parties!

Quote from: Mpamaegbu on March 06, 2023, 01:27:10 PM

Honestly, if I knew what I know now when I started I wouldn't own more than two different wallets. Owning more wallets isn't a status symbol in anyway and I like to keep it simple.

It is better to have 10 wallets with 0.1BTC each than 1 wallet with 1BTC. If the price increase a lot in the future, you will be harder to track if you have your balance split between multiple wallets.

More wallets = more privacy

Topic: How many crypto wallets do you own? - page 2. (Read 1063 times)