How many crypto wallets do you own? - page 6.

MiliMil

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Quote from: hatshepsut93 on March 04, 2023, 04:01:37 PM

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

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

Well if you keep your wallets in one place and if the malware works in a specific way, like keylogger or memory scanner, you could lose coins in all your wallets if they all got exposed to the malware.

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.

That's not so simple, you can break your own privacy if you do similar transactions from both wallets. For example, depositing to the same exchange account.

What would you recommend then?

The only transactions I conduct with crypto is trading and gambling. I'd say 25% trading and 75% gambling.

Despairo

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I think you can own three. cold storages and one online wallet for daily usage.

So you need to split up 90% of your Bitcoin to 3 cold storages and your online wallet only own 10% or smaller which you're used it to connecting random dapps, casino, or any other risky sites. But if you want to own multiple cold storages, you need to own multiple devices too because if you're still connect your cold storages through same devices, all of your cold storages carry a same risk.

So make sure you use one cold storage with one device, not 3 cold storages through the same device.

m2017

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There is an old rule of risk diversification, when assets are distributed among different vaults. Of course, this is a reasonable approach and it makes sense not only to store bitcoin at different addresses, but also to create separate seed-phrases. Yes, this creates additional trouble, but it increases safety in case of unforeseen losses. It is better to lose some of your savings than all of your savings. This is where diversification comes in handy.

I completely disagree about online wallets and should be avoided. You should not store on them and almost every user of this forum will tell you the same thing.

nullama

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

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

Having multiple hardware wallets is great because you can use those devices for multi-sig

You can start with one, save X amount of Bitcoin there, then start with a second one, etc. That way you can add slowly over time.

Even if you have issues with one, you still have access to others.

And well, for hot wallets, yeah, have a few on your phone and pc with a bit of Bitcoin just for small transactions. Have as many as devices you have. Lightning wallets are great for this.

DanWalker

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If you use a hardware wallet and it is entirely offline, just 1 is enough, sometimes too many wallets will make it difficult to store and protect them. And if you use a hot wallet but on the same device, it won't work because if your computer gets hacked, the hacker will steal all the information on your device. Unless you have 2 separate devices, then you can use 2 or more wallets to store assets which is also a good idea. Currently, I only use 1 hardware wallet to store most of my assets.

rat03gopoh

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It's up to you how much you have, separating by spending category. What you need to remember is that the risk isn't only about losing assets, but also losing access. Sometimes someone actually does silly things because they lack basic knowledge of saving keys. So, having lots of wallets isn't always a good suggestion, first measure how good you're at handling this.

SeeBiscuit

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I use/have used many different wallets.

In no particular order of importance, favorite, or whatever:

bluewallet
armory
ledger
electrum
freebitco.in wallet
atomic wallet
phantom wallet

I plan on learning how to use the backpack wallet next.

ilovealtcoins

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Quote from: AmoreJaz on March 04, 2023, 03:54:50 PM

Quote from: Ultegra134 on March 04, 2023, 03:52:04 PM

Quote from: Aanuoluwatofunmi on March 04, 2023, 02:34:34 PM

Am having two bitcoin wallets, the first one is with the centralized crypto exchange, which i use occassionally for the exchange whenever i needed to spend in fiat while the second one is a decentralized bitcoin wallet with electrum, which is an open source cold storage for keeping my bitcoin over a long time, it serve the purpose of bank and i prefer it than using a centralized institution like bank, i have full control over my finances with the bitcoin wallet i use and get satisfied.

Since when is an exchange considered a wallet? Anyway, for Bitcoin, I've stuck with Electrum; it's a simple non-custodial desktop wallet, but I'm planning to purchase a hardware wallet soon enough. They're much safer and not expensive at all. I'm also using Metamask, where I keep my stablecoins and some of my BNB; the rest, which is a small amount, is on Binance.

don't consider CEXs your alternative wallet. they are more prone to hacking and other fraudulent events as they are the target of most scammers or hackers. much better if you will use noncustodial wallet such as electrum. if you put some of your funds in CEX, you are subjecting your funds to unexpected circumstances such as hacking or abandonment of the owners from their platform. if you have your own keys, you can also pretty much sleep peacefully, knowing that you have full control of your funds.

All contain risks, nothing to ensure your property is safe when you have full control of your money. The exchange was attacked because they held too much property, so it was easy to become the target of hackers, I am confident that they have hundreds of times better than you. If we keep the property in the non-custodial wallet, there are risks such as losing the private key due to accidents, natural disasters, fire ... all are risky, do not be too subjective.

noormcs5

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Quote from: hosseinimr93 on March 04, 2023, 01:05:25 PM

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

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

Why numerous online wallets? Isn't a single online wallet with small balance for daily use enough?

If you don't have a hardware wallet, then you can have multiple software wallets and divide your money between those wallets. You can do so in order to minimize the risk if any wallet gets hacked, all of your money is not lost. This is the only reason I see why people would be needing to hold more than one wallet.

Yeah, having multiple wallets comes with a cost that you need to keep save all those passphrases somewhere and not lose them.

Yatsan

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I was before having multiple wallets to segregate my funds from different investments but eventually, I only settled into one and is now just tracking transactions on a database. There is really nothing wrong with having multiple wallets, it will just be requiring bigger effort to execute transfering funds if you are needing to do so.

Quote from: Adbitco on March 04, 2023, 05:24:07 PM

I have been on crypto space for long i always takes precaution on the sites i often visit and how i do use my pc because i know there are many things that could affects my system entirely. If you are holding $100 worth of btc you don't need to entire gets worried, i think only those holding 1 btc and above can make a solid storage of their funds although it depends on choice but for those holding little fraction of bitcoin can decide to use regular wallets. Now talking of addresses, before one own address you must first have a wallet which the address might generates from so all you needed is just to have best wallet installed and keep safe your seed phrase.

Whatever amount it is, worrying of your asset's storage should be normal. Not everyone has the capability to invest large amount of money in this industry. Whether it is dmall or big amount of investment, one should take good care of it and prioritize to to be negligent of their fund. When it comes on partition of funds, as I've mentioned, it will be depending on the individual's effort to do so but will never be a mandatory to do so.

Adbitco

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I have been on crypto space for long i always takes precaution on the sites i often visit and how i do use my pc because i know there are many things that could affects my system entirely. If you are holding $100 worth of btc you don't need to entire gets worried, i think only those holding 1 btc and above can make a solid storage of their funds although it depends on choice but for those holding little fraction of bitcoin can decide to use regular wallets. Now talking of addresses, before one own address you must first have a wallet which the address might generates from so all you needed is just to have best wallet installed and keep safe your seed phrase.

Ultegra134

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Quote from: AmoreJaz on March 04, 2023, 03:54:50 PM

Quote from: Ultegra134 on March 04, 2023, 03:52:04 PM

Quote from: Aanuoluwatofunmi on March 04, 2023, 02:34:34 PM

Am having two bitcoin wallets, the first one is with the centralized crypto exchange, which i use occassionally for the exchange whenever i needed to spend in fiat while the second one is a decentralized bitcoin wallet with electrum, which is an open source cold storage for keeping my bitcoin over a long time, it serve the purpose of bank and i prefer it than using a centralized institution like bank, i have full control over my finances with the bitcoin wallet i use and get satisfied.

Since when is an exchange considered a wallet? Anyway, for Bitcoin, I've stuck with Electrum; it's a simple non-custodial desktop wallet, but I'm planning to purchase a hardware wallet soon enough. They're much safer and not expensive at all. I'm also using Metamask, where I keep my stablecoins and some of my BNB; the rest, which is a small amount, is on Binance.

don't consider CEXs your alternative wallet. they are more prone to hacking and other fraudulent events as they are the target of most scammers or hackers. much better if you will use noncustodial wallet such as electrum. if you put some of your funds in CEX, you are subjecting your funds to unexpected circumstances such as hacking or abandonment of the owners from their platform. if you have your own keys, you can also pretty much sleep peacefully, knowing that you have full control of your funds.

Centralized exchanges are fine in most cases and probably for a large amount of users too. Don't forget that they hold billions of dollars' worth of cryptocurrency, with Binance and Coinbase being the most popular ones at the moment. I'm not using them to hold funds there; I'd never store Bitcoin on a CEX for obvious reasons; I don't want to reveal how much money I have; but they're completely fine to use for smaller amounts, trading, futures, or altcoins. Personally, I have some junk altcoins stored there and some BNB.

lalabotax

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Actually if we want to make safer investment, we must have offline wallet or hadrware wallet so it is quite diffuclt to be hacked.
But if it is about onine wallet, I think that diversification is also able to help, but not really much ebcause it is alsostill risky enough to invest in online wallet

serjent05

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Quote from: hosseinimr93 on March 04, 2023, 01:05:25 PM

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

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

Why numerous online wallets? Isn't a single online wallet with small balance for daily use enough?

Too many online wallets is overkill IMO, I agree that we only need one or two since this wallet is capable of generating multiple addresses if we don't want to reuse addresses.

Quote from: hosseinimr93 on March 04, 2023, 01:05:25 PM

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

Why should you forget your private key? Do you memorize your private keys?
You can generate a HD wallet and write down the seed phrase on a piece of paper. It's recommended to keep multiple copies of the seed phrase in different locations.

Lol, you are right on the spot. Memorizing private key is actually not recommended since human minds have limits. It is best to create a soft or hard copy (depending on the preference of the owner), the only challenge on this is how to keep these keys safe and secure but I guess there are lots of advice and suggestion about securing our private keys and seed phrases that can be found in this forum and on the internet.

Cryptomultiplier

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Many friends of mine own crypto wallet for very good reasons as they would say, because they have either been hacked, or have lost their phrases. This is a common phenomenon with many of us like myself who have lost my phrases on as many as three times. Each time though, the wallet was left with some coins I reserve for future use.
Not your phrase, not your coins certainly is the way to describe my scenario on those three occasions. I have and maintain just one at the moment, I believe as my demand or knowledge and application of cryptocurrency in my transactions increase, so would my need for more than one crypto wallet suffice.

Cantsay

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I have lost count of the number of wallet I own, but I only use three of them; I'm using one for my daily transactions and another where I'm currently holding my main Bitcoin for the long run while the last is for altcoin.

Oh I said I've lost count right? Yeah, that's because each time I'm to connect my wallet to any online service I always create a new wallet address and once I'm done I delete the wallet without having to save the secret phrase because I won't be needing the wallet address ever again.

Quote from: Aanuoluwatofunmi on March 04, 2023, 02:34:34 PM

Am having two bitcoin wallets, the first one is with the centralized crypto exchange, which i use occassionally for the exchange whenever i needed to spend in fiat
[~snipped~]

Exchange really? Dude as long you don't have the secret phrase or private key to a wallet address then technically you don't own that address and in the case of exchanges you are only seeing numbers being displayed on your screen not your coin. And they might decide to empty your account and kick you out of their system and you won't have anything to do to them but that not the case of a non-custodial wallet.
Remember: NOT YOUR KEY NOT YOUR COIN, NOT YOUR KEY NOT YOUR WALLET

The Cryptovator

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I've been storing my cryptocurrency using a Ledger hardware wallet. I just use Binance for daily use because I trade there. I don't believe I require a second wallet because it is not necessary. It would be difficult to handle everything if there were many wallets. It everything needs to be maintained, after all. If possible, use a hardware wallet only. If not, it's recommended to use a non-custodial wallet. Therefore, you're almost secure.

hatshepsut93

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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

Well if you keep your wallets in one place and if the malware works in a specific way, like keylogger or memory scanner, you could lose coins in all your wallets if they all got exposed to the malware.

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.

That's not so simple, you can break your own privacy if you do similar transactions from both wallets. For example, depositing to the same exchange account.

AmoreJaz

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Quote from: Ultegra134 on March 04, 2023, 03:52:04 PM

Quote from: Aanuoluwatofunmi on March 04, 2023, 02:34:34 PM

Am having two bitcoin wallets, the first one is with the centralized crypto exchange, which i use occassionally for the exchange whenever i needed to spend in fiat while the second one is a decentralized bitcoin wallet with electrum, which is an open source cold storage for keeping my bitcoin over a long time, it serve the purpose of bank and i prefer it than using a centralized institution like bank, i have full control over my finances with the bitcoin wallet i use and get satisfied.

Since when is an exchange considered a wallet? Anyway, for Bitcoin, I've stuck with Electrum; it's a simple non-custodial desktop wallet, but I'm planning to purchase a hardware wallet soon enough. They're much safer and not expensive at all. I'm also using Metamask, where I keep my stablecoins and some of my BNB; the rest, which is a small amount, is on Binance.

don't consider CEXs your alternative wallet. they are more prone to hacking and other fraudulent events as they are the target of most scammers or hackers. much better if you will use noncustodial wallet such as electrum. if you put some of your funds in CEX, you are subjecting your funds to unexpected circumstances such as hacking or abandonment of the owners from their platform. if you have your own keys, you can also pretty much sleep peacefully, knowing that you have full control of your funds.

Ultegra134

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Quote from: Aanuoluwatofunmi on March 04, 2023, 02:34:34 PM

Am having two bitcoin wallets, the first one is with the centralized crypto exchange, which i use occassionally for the exchange whenever i needed to spend in fiat while the second one is a decentralized bitcoin wallet with electrum, which is an open source cold storage for keeping my bitcoin over a long time, it serve the purpose of bank and i prefer it than using a centralized institution like bank, i have full control over my finances with the bitcoin wallet i use and get satisfied.

Since when is an exchange considered a wallet? Anyway, for Bitcoin, I've stuck with Electrum; it's a simple non-custodial desktop wallet, but I'm planning to purchase a hardware wallet soon enough. They're much safer and not expensive at all. Perhaps splitting your balances into two wallets adds a second layer of security but I'm not sure if it's actually worth it. I'm also using Metamask, where I keep my stablecoins and some of my BNB; the rest, which is a small amount, is on Binance.

Topic: How many crypto wallets do you own? - page 6. (Read 1036 times)