Topic: How many crypto wallets do you own? - page 4. (Read 1032 times)

Your coins were not freezed in your own self custody wallet, because that is not possible; i am sure your funds were freezed in an exchange crypto wallet or a centralized crypto service, do not store any funds in a wallet that you do not have its recovery phrase or private keys, such as in Binance, Kraken, etc. "Not your keys, not your coins", i hope you learn from that loss and use non-custodial wallets like electrum, BlueWallet, etc which allow you to control your funds and have your keys and recovery phrase.

I wonder why anyone would wanna forget their private keys such persons should be termed as jokers and unserious individuals as the only condition for exception is a situation of loss of memory as due to an accident outside this parameters there's no exceptions. There are so many recommended ways people can keep safe their private keys and a person can pick two or more of them all to use in safe keeping his private keys to avoid this excuse of forgetting it because private keys are not something you memorize to keep in the head.

Yup, that's the strategy behind it. However, I am keeping most of the funds on ledger only. I am shifting my coins to ledger now and then. I have addresses created as per the purpose and I keep updating them all the time if I am trading with someone or for something out there.

My strategy is to keep funds segregated as per the use of it. For example, I would barely expose my parent address or ledger address to anyone out there. All of the money that I am receiving will be on the quickly generated bitcoin address. After sometime Or whenever I get the time I will shift those coins to my ledger wallet address.

If I am very suspicious about the transaction I would just make the coins go through the Mixer first. Just in case to avoid any confusion with my brain and heart in the later times.  

I use different wallets for different tasks, so I have to manage multiple wallets. Using only one wallet in multiple places exposes that wallet to many risks.  Because hackers have more eyes on that wallet. And using one wallet in multiple places results in high quality multiple time multiple transactions in that wallet.  And for special needs there is a need to keep high amount of crypto.  So it is also high risk. So it is better to use multiple wallets instead of just one wallet

if asked how many crypto wallets i have, i have more than one crypto wallet but i have main wallet which i don't connect and use for anything be it airdrop or payments
The wallet is only specifically for storing my assets and I store seeds properly so that there are no mistakes leading to loss

I think you're not following the case of Lukedashjr on two months ago, he was got hacked even though he was holding his coins on a hardware wallet. So @OP think holding in one wallet isn't completely safe because there's a chance your hardware wallet got hacked, although there's no update how he can got hacked.

But many people were assuming Lukedashjr's device was compromised and that's make how the hacker can steal his coins.

If using a hardware wallet, we only need 1 hardware wallet, but if you do not use a hardware wallet but instead a software wallet, the use of 2 to 3 wallets is necessary. I am also using 3 wallets to hold my bitcoins safe. In there is 1 wallet that is always offline, and that is the main wallet where I store all my assets.

the gain you said only happens when we have very many assets. if we don't have many assets, then choosing a hard wallet is the best. So far, I even only have a wallet for bitcoin and for altcoins, I only use MEW or trust wallet depending on the situation. For the rest I keep in CEX for trading or use it as needed instantly.

However, having too many wallets will also make you confused about managing them. if you think you can lose your private key, what if you have multiple wallets, it will be easier to lose one of them. Besides that, many wallets mean many fees. well, people have different ways of storing their assets. but it's better to have a wallet as necessary.

I don't think you need multiple wallets. If you have a lot of BTC, just get a proper cold wallet. If you have a diversified portfolio just keep it safe and make sure you're using, again, a proper wallet.

You don't really need multiple wallets but of course, when you separate your main wallet from the one you are using often for transactions, you will making a high chance to avoid accidents such as wrong transaction address or something like that, and also you are not putting your main crypto assets into some kind of transparency where all people see it and maybe you might gonna attract someone who will gonna be interested in your money when they see it and they will gonna do everything they can to steal it from you. remember not everything is good to flex on the internet and hiding your crypto is really better than letting anyone know it.

I have three Bitcoin wallets. First is the online wallet that was my first place to store crypto. I barely use it, I just keep some old funds there. Probably lazy to move them. Second is a wallet with small amount of Bitcoin. I use it for transactions. It is a wallet installed on a PC. Third is a hardware wallet I use to store Bitcoin. A place where I hold most of my crypto.

No you are not paranoid, better be safe and have a few more wallets than lose all your money in case one wallet get hacked. There is no real cost to having multiple crypto wallets, the only downside is it's more work to store all the private keys and we have to pay transaction fees to move coins between our wallet. But I would rather pay a little bit more fees than to face security issues. One big advantage of multiple wallets is that it's easier to organise our coins and separate them for their purposes. I have one mobile wallet, it has the lowest security and I keep only 100-150 USD on it, the main purpose of it is to move money between online casinos or to buy something small quickly. My second wallet is an online wallet with a bit higher security, here I collect my gambling winnings and my signature campaign earnings. It's also where I send my coins that I buy on an exchange. And once it reaches 1000 USD I transfer it to my last two wallets. I have one paper wallet and one hardware wallet that I use to for long term storage.

Why not buy a hardware wallet? Although, it's not bad to use a cold wallet as long as you're careful and you know where your privates and passwords are safe.

    So based on what you're saying, what you're doing now is clearly that you're not just putting your eggs in one basket, but instead you're putting them in many baskets, am I right in what I'm saying about you?

I'm using only OWNR wallet, and I don't have any issues with that. I need a non-custodial wallet because I own a few different coins and sometimes use them, and I don't think it's possible to hack it somehow unless info about my seed phrase will be leaked. But I have it on paper and it can't be leaked just like that.

Well I'm not being paranoid because there are a lot of hacks out there but right now I have at least five wallets for different crypto since many cryptos right now offer low fees for transactions. Right now cold wallet isn't my priority yet because I'm not holding for so long for altcoins except Bitcoin.

It doesn’t matter how many wallets you own. What it matters is that, how secure are the wallets that you have ? As always suggested before, don’t use inline wallets. As they don’t give you complete access to your own wallets. Now I know some will shout that, these wallet providers are there in the business for long time, but still why we should take risk with our own hard earned money. Similarly, don’t keep your funds in exchanges also, as I know many of us have heard about the FTX scam. At last I would suggest have one to two, cold storage wallets and use them carefully.

These are actually good point you just listed above O.P, because it's never always to put all eggs in one basket, and that also applies to Crypto too, so that in case of a hack, you don't have to loss all your funds. But another important thing is that it's not always advisable to leave your funds on an exchange wallet, as that's a very big risk, whereby you may stand to loose all your money if by mistake the exchange happens to go bankrupt, just like in the case of FTX.

I have one hardware wallet and I've got 2 desktop wallets and I mostly use one for my other transactions. And keeping most of my assets, they're all placed on my hardware wallet.
I only check the balances of it if I just want to and I rarely use my hardware wallet because my funds there were kept as if it's an offline storage so that basically how I use it.
While those desktop wallets that I use are for different purposes, it's not taking much from my offline wallet as I've said it's been there to be kept for many years and someday, I'll pull it off when we're on a greater bull run.

If you can afford to manage multiple private keys then using multiple wallets is a very good thing, but in my opinion, it doesn't matter if we use one or more wallets. The issue we need to care about is how we protect it from online threats as well as real-life risks. As long as you do a good job of securing your device, a wallet shouldn't be too risky. If we consider crypto as a long term business, bitcoin is an asset for our future, then we should spend some money to own a cold wallet as it is the best way to protect our assets.

I have 3 wallets within a single one, all 3 are electrum wallets with 2 being offline and one online. My cold storage consists of coins bought in 2014 and I have another one that has coins bought post 2018. The online wallet is my pocket change wallet used for campaign funds and quick access. None of these 3 ever got compromised in any way and I've never lost any coins to malware, hacks, or my own mistakes.
IMO making multiple wallets with many seed phrases and passwords is just a waste of time, unless you need to separate funds, like when campaign managers keep each campaign on a separate wallet. That makes sense. You could also want to do it if you're managing people's portfolios, trading for them, and so on. If you're a normal person who buys and holds, get yourself a cold storage device and a phone wallet for daily payments and you're good to go.

I get asked a lot when to buy a hardware wallet and I see people asking about it in this thread.
You should definitely do it when the price of a wallet falls below 1% of the value of your assets. In other words, if you can buy a Trezor or Ledger for $60, getting near 6k in bitcoin should make you think of improving your security. For someone holding $600, buying a $60 wallet may be expensive and there are other safe ways to store bitcoin to choose from.