Topic: how to choose a high secured wallet ?? - page 2. (Read 761 times)

"Bro... do you even Crypto?"

"Likes crypto because he doesn't have to trust banks and traditional financial institutions with his money... gives all his money to completely unknown/mostly anonymous crypto exchanges who operate with pretty much zero regulatory oversight"

Remember, the catchphrase for cryptocurrency? "Be your own bank"... you can't do that if someone else has control of all your coins!

Prevention is better than cure
The basic rule of cryptocurrency is to transfer trust from platforms to you, you are the guarantor of coins and not the accounts on those platforms.
Therefore, you should move your coins from these platforms as soon as possible and use an open-source/trusted wallets.
All you have to do is protect your computer and use hardware wallets.

how can we say that ''exchange would be more convient than a wallet such as electrum.

"The Wallet" -- ?

What wallet have you used that was so inconvenient? I'm guessing it was Bitcoin Core? If so why exactly? Long download times? If that's the case, maybe use an SPV such as Electrum. https://electrum.org/#home

I can't really think of a scenario nowadays where an exchange would be more convenient than a wallet such as Electrum.
You're simply missing so many features and are so dependant on the exchange in comparison. (RBF, height of fees, change adresses, et al)

how can you stay without wallet in crypto world ?? i can't understand your words

Thank you for your suggestion. I just think that the wallet is not convenient and it is more convenient to store the coins on the exchange.
I will try to use the wallet instead of the exchange address, thank you!

Not really. Exchanges are safe until they are not: MtGox, BitFloor, Polinex, Bitstamp, Bitfinex, Coincheck, Bitgrail, Coinrail, Bithumb, Bancor, etc. All these has a hack at some point that caused important loses or even the exchange to close down. The truth is, if you do not control your private keys (in your own wallet), you do not have complete control over your assets.  

Of course one could argue that he is not good at keeping things safe, and trusts exchanges for this matter, and more often than not the exchange will be safe enough.. but not infallible.

In addition, some operational actions cannot be performed typically from your accounts on an exchange, such as participating in ICO. Also exchanges can at some point be intervened by law, placing your assets under scrutiny and being locked for the time being.

You mean.. what crytocurrencies (especially bitcoin) initially were made for (before all the money-grab scams existed) ?




You are wrong.

Trusting 3rd parties to secure your coins is the WORST you can do security-wise.




Wrong again.

Even large exchanges have vulnerabilities (already proven extremely often).

If you want to trust a 3rd party your coins (which can do whatever they want with it) AND want to pass on the security of your coins, go for storing them on an exchange.

For everyone else (who wants to have his/her coins secured AND wants to keep full control over the coins), real wallets are the only way to go.

The wallet is basically useless to me. Unless I want to transfer money or buy items in cryptocurrency, I think it would be safer to deposit money into the exchange. Large exchanges are very safe, so the use of wallets is only for whales. Ordinary investors have little demand for wallets.

well it's very good information...!! very helpfull

yeah i agree with you, there are many wallets for securing coins but i recommended guys use hardware wallets they are very secure for sure.

That is generally a matter of exercising "crypto common sense":

- If you have a hardware wallet... write the seed mnemonic (12/24 words) down on paper and store it safely and securely OFFLINE... consider fireproof safe etc (or use something like cryptosteel to protect it from water/fire).
- NEVER put your Hardware Wallet seed mnemonic into any computer or other wallet unless you are attempting a wallet recovery after hardware device has been lost/stolen/destroyed etc.
- NEVER give private keys or seed mnemonics to ANYONE... EVER.
- If you have paper wallet, consider using special paper/ink to protect from fading, water damage... and again, fireproof safe to protect.
- Make sure any paper wallets are generated "properly", that is to say "securely"... on offline computer using proper "random number generators" (dice method or proven offline paper wallet generator etc).
- Learn to use paper wallets properly... practice with small amounts until you are comfortable with creating and spending them. (ie. how to deal with "change", and sweeping/importing them into other wallets etc)
- If using desktop wallets, ensure computer is used properly (avoid dodgy websites, don't download pirated software/porn etc, use antivirus/antimalware, don't install random software etc)...
- Don't use web wallets/exchanges for "long term storage"... remember, no control/access of private keys... no control of coins.

how can i take personal responsibilty ?? how can i secure my wallet

Hardware wallets and offline wallets like paper wallets are typically secured.  But you also need to take personal responsibility to safeguard your wallets. 

Mainly because the storage solution is off the net which means that the only time it is online is when you connect it to a computer with the internet. This means that you will be less vulnerable to hacks and malwares when it stays disconnected to your computer. This is ideal for people who are looking for mainly storing cryptocurrencies as investment and not using their cryptos as a form of payment.

Buddy mind it transaction fees don't require for wallet safety. To make secure our assets and private keys we need the best-secured wallet. There are so many wallets in the market but I would like to suggest buying a hardware wallet this is the best-secured wallet in the crypto world.

Buddy mind it transaction fees don't require for wallet safety. To make secure our assets and private keys we need the best-secured wallet. There are so many wallets in the market you but I would like to suggest buying a hardware wallet this is the best-secured wallet in the crypto world.

I never said that one should have his private keys stored unencrypted.

Linux is - by definition - safer than windows in daily usage.

In a targeted attack, it doesn't make any difference. That's correct.
But why would any commercial malware creator (its all about money - that's always commercial) target linux user (who by default have more knowledge regarding security) if the market share of windows is 95%+ and linux less than 2% ? This wouldn't make any sense.

The majority of malware IS coded for windows. When using your computer like any standard user does, the chances of getting infected on a linux machine is WAY lower than on a windows machine.


So, while linux per se is not more secure than windows, the risk of getting malware onto your computer is way lower. This makes linux machines safer in daily usage.

It is also worth mentioning that some people choose to have a backup of their hardware wallet device (i.e. two Ledger Nano S with the same cloned information), in case there is a mechanical failure or else. While this is not strictly necessary, (one still has the 24 word recovery paper sheet to restore on any other hardware or software wallet that is compatible with the pertinent BIP standards), it does give peace of mind in a way.

Ledger Nano S is protected by a Pin code that you set at your discretion. You need to be wary not to forget it though, since three invalid Pin attempts causes the device to reset factory settings, erasing the private keys (again, the 24 word recovery sheet lets you re-establish these on to the device).

For sure, software wallet has never been in my list. It is not good, you had better use hardware wallet.