Topic: How safe are crypto wallets?? (Read 309 times)

Its the worst thing a user would do and why would you share a key to your gold treasure? It means a total 0 balance to that wallet. How to add multiple layer of security when there is common one to use. 2fa, mobile and different authentication is good but sometimes this can still be compromised. Users can enable this for additional layer but it doesnt mean we are totally safe with that.

Metamask or trustwallet both are hot wallet, connected directly with online. I don't think they are safe enough. There are hundreds of example of people getting tricked because they use this kind of hot wallet to store their crypto. These are indeed one of the most risky wallet. No matter what, as long as your wallet is in online, it's nit anymore safe.
I use this types of wallet only for regular transaction purpose with a small amount of crypto asset but never used to store my asset for long term nor to store even a decent amount for few days.

If you have a lot of crypto assets, you should buy yourself a hardware wallet, there is no 100% guarantee when using a hardware wallet but it is the safest wallet available today. You can also split assets into different wallets, which will reduce the risk of being hacked by hackers.

Which wallet to use and how much is part of protecting your assets, the most important thing is how to best secure your private keys. It depends on how you store and keep them.

I use multiple wallets for different purposes. For solana network, I use phantom and sollet. For multiple-network supported wallet, I use metamask and trustwallet. Their securities are just normal for a crypto wallet. As long as you are the only one who knows its seedphrase/private key, then your assets are safe. If you really want to have a secure crypto wallet, then having a hardware wallet is your best option.

I agree with the OP’s point to divide the investment because it’s never good to keep all your eggs in the same basket. Half of my crypto investments are with capital wallet and another half with kraken. I’ve enabled an extra layer of security in both because I can’t take any chances.

This is have been discussed so many times and it was clear to see that the safety of your wallets depends on you as a holder. It is to note that online wallets are prone to hacking but offline wallets have also no excuse if YOU as the owner/holders are deemed careless to handle it. So, no matter what type of wallet you used, it is either an offline or online wallet, you can't just ignore the possibility that one day you will get hacked. That is why making a split and storing your crypto in different wallets is advisable, especially if you hold a huge amount of BItcoin or crypto assets just to prevent from losing it all in a single attack.

As long as your private keys/seeds are not being secured by no one but yourself, it is not a secure wallet. This is why I avoid to hold too much in my web wallet, and I only use it if I am going to avail some of their services like buying some game credits which is quite convenient for me, other than that, I hold my other coins in other wallet that would never get any sort of connection to the internet a lot.

yes you can use multiple security. but the attacker cant get in if you dont shere your secret kye Whit him. last week my friend lose his all founds from trust wallet because he shere his phrase to unknowns website. just dont shere that one thing

I think the first and most important practice is for us to learn how to be our own security, this is because I believe wallets don't just get hacked, most especially non custodial wallets where the owners have full access to their private keys, aside web wallets which seems to be the most vulnerable among all types of non custodial wallets , every other wallet types from mobile to desktop to paper to hardware wallets , all this wallets don't just get hacked without the user giving the hackers access to the wallet through exposing their wallet information online or to friends or by neglecting some important security protocols in the wallet which by far lessens the security of such users wallet information.

I'm using multiple wallets, but only because they are for different use cases (e.g. Bitcoin Core for running a LN node, can't do this off a hardware wallet). Apart from that I feel like using multiple wallets may actually be a liability since keeping track of the wallets and their backups is prone to user error. Unless of course you currently store all your coins in a mobile or web wallet, in which case it would definitely make sense to move most if not all your funds to a hardware wallet or other form of cold storage.



Also ideally buy it from the vendor directly and not via some third party market place like Amazon or Ebay. Even if you buy from the official seller on Amazon you'll never know what you get since Amazon is known to mix all its inventory together, regardless of source.

How secure the crypto wallet is depends on you.  In other words, money bag wallet is not safe, phone wallet is not safe.  I think updates are new.  You will be constantly updating your wallet for your own safety.  Using a wallet depends on your security.  If you do not use Alet due to lack of security, your wallet will be hacked very soon.  My Allet was hacked a few days ago.  I mean I didn't use my wallet as security and there are lots of hardware alets available on the website. There are different ways to buy hardware alets.  All the risks when buying hardware.  One level of security is to connect 2 FA.

One additional layer of security is the 2FA. Whether be it on exchanges or in your wallets, they're a good addition and will give the hackers hard time accessing your funds.

But just as what they suggest, you're the sole holder of your funds if you alone are the one who's holding the keys. That's the most important matter that you have to think of.

As they suggest, HWs are one of the best choice that you can have as your wallet and where you must keep your funds.

Some people can just make use of hardware wallet, paper wallet or wallet on an airgapped device for infrequent transactions, while having other types of wallet like Electrum 2FA wallet for frequent transactions. It all depends from individual to individual, but I see nothing bad there to have more than a single wallet.

You may not necessary choose hardware wallet, although some are safe and secure and keep private key offfline, but there are other options like wallet on airgapped devices which some can spare an unused device for.

Just my opinion though.

The fundamental rule is the farther away your private keys are from the online environment, the more secure your wallet will be. Cold wallets are the safest option there is by the reason that private keys never touch the Internet. But what is equally important in the case of cold storage and what differentiates them from, say, hardware wallets is that they aren't equipped for recurring payments. Once you find that you need to spend from your cold storage, you can make your payment, and you need to move the leftover to completely different cold storage, which has never been used for payments before. Hardware wallets, even air-gapped ones, are a little bit closer to the Internet than cold wallets, which makes them more suitable for day-to-day transactions, but that involves certain trade-offs such as the necessity to somehow communicate with a computer in order to function properly. Software wallets are the least safe option because private keys are closest to the Internet and, therefore, always are at risk of being intercepted by a bad actor. Whether it is a desktop or mobile wallet, when you unlock your wallet by inserting your password, your private keys stop being protected by encryption algorithms and are basically stored as plain text that can potentially be seen by whoever spying on your device.

not a guarantee using multiple wallets will be more secure. The main security depends on how the user secures his wallet, because if the wallet already has the latest security, but the user is still careless, then the wallet will be easily hacked. Hardware wallets are the wallets that you can choose because they are more secure than application wallets on mobile phones or metamask wallets.
There are many hardware wallets available at affordable prices, buy hardware wallets officially on the website and don't buy from untrusted third parties.

i remember who am i movie that no system is safe  but this is kinda true that even hardware wallet can be hacked and i watch on youtube

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the security is depend on you too, quick advice safe your long term investment on hardware wallet and keep it secure or move to storage bank.
using mobile wallet or extension wallet like metmask or other to fill up you daily transaction trading on dex invest in farming etc.

What do you mean by multiple layers of security? If you mean securing the wallet with 2FA, SMS, email, etc. I wouldn't recommend it.

Your fund is secure as long as you are the only one who has access to your keys.
For keeping the keys secure, you should either use a open-source hardware wallet or a cold wallet created on an airgapped device. If you do that correctly, you don't need any other thing.

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Hardware wallet is best but you must pay money to buy it.
Non-custodial software wallet is good enough if you can download it, verify it, install it and use it safely from creating wallet, backup, store your backup, and recovery.

You should keep your investment in Bitcoin and cryptocurrency secretly. You (your accounts, devices, etc.) will be under less curious and potentially dangerous eyes. Don't share your portfolio anywhere.

There is no perfect crypto wallets, and all of them have some disadvantages, but I would use mostly open source wallets with good history and development team.
I use multiple wallets for different purposed, for storing smaller amount of coins mobile wallets like Electrum, Blue wallet or Unstoppable wallet can be used.
For storing large amount of coins consider using open source hardware wallets like Trezor, Keystone or Passport.

Of course updated versions is much safer than the older versions and you should update your wallets regularly for your own security. I, myself use software wallets and hardware wallets, most of my savings and holdings are in my hardware wallet and I have a software wallets where I save my spendable coins for small transactions, gambling fund, etc. since it is easier to access it rather than using my hardware wallet from time to time especially for small transactions.