How to do Secure Wallet Management | Bitcointalksearch.org

Welsh

staff

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Quote from: JoshuaDunnink on January 04, 2018, 03:24:57 AM

3 - a hardware wallet has the risk of being lost or stolen, I do currently not know of any ways of backing it up

You can backup the hardware wallet locally with your seed or private key and store it in a secure location (not on a computer)

Quote

my own thought currently;
maintaining all passwords in a tool(?)

I wouldn't recommend a password manager either, they normally require one password to get into all of your stored passwords. Unless, you have a very secure password for the password manager and it isn't susceptible from malware then you may opt for that option. But as soon as it's brought online you risk the security of it. Writing passwords down on pieces of paper and storing them securely could also be another option to a password manager.

Finally, never store any coin on an exchange for a extended period of time. Only store it on there when you are trading. You aren't in full control of your funds on an exchange.

JoshuaDunnink

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Hello MadGamer,

thank you for your answer,
However, I am aware of the ways of storing the coins.

I might not have phrased the question right;
I am looking for a way to best spread the risk of my accounts being hacked. e.g. maintaining a single wallet would put me at risk of losing it all in one go
reading trough the https://bitcointalksearch.org/topic/m.422420 post, it does not speak of such tactics.

I mean not to put your suggestions downs, but your they do not mitigate any risk of losing it all in 1 unfortunate event;
1 - MEW, hosting it on an uninfected PC would be nice but as all people I could do something stupid compromising the security
2 - exchanges are known to be big targets for hacking - if hacked I will loose the currency
3 - a hardware wallet has the risk of being lost or stolen, I do currently not know of any ways of backing it up

my own thought currently;
create multiple wallets for each individual coin
encrypt the password files
maintaining all passwords in a tool(?)

MadGamer

legendary

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1. Myetherwallet should be a good choice to keep your ETH and ERC20 Tokens (as long as your PC is not infected).
2. You didn't mention If you are looking for fiat or alt exchanges but as long as It's listed on CoinMarketCap and have anything above +100$ million dollar on trading volume, I suggest it. Just make sure to trade and withdraw instantly, the fees are usually the same.
3. If you're planning to use them on a regular basis then there is no solution but a hardware wallet (Trezor or Ledger) otherwise, a paper wallet is a good choice for long term storage.

JoshuaDunnink

newbie

Activity: 106

Merit: 0

Hello Guys,

While writing the below question, it almost feels like i am somehow fishing for hack-able information.
However this is an actual concern of myself and a legitimate question

I am relatively new to the crypto world and am busy collecting as much coins as reasonably possible.
Although I do not have a big amount of value currently, I am looking for the most safe way in managing my wallet(s).
I am seeing and hearing more and more about assumed hacked accounts, (which I feel could be caused by maybe not so wise management of private keys)

How do you guys manage your assets?
- for ETH based coins, do you split by altcoin or keep it in the same adres?
if so, how do you manage your privates? putting them in a password manager on a pc or writing them out on paper?

- putting it on exchanges?
where you have to deal with with withdrawal fees and with the dangers of exchanges to be big hack targets?

- put it on an offline wallet?
where you might not be very swift in e.g. selling or have the risk or loosing your psychical keys?

I would like to be also a bit interactive, for example when a coin shows a huge increase in value I would like to be able to sell on exchanges.
Your answers will be very appreciated!

Topic: How to do Secure Wallet Management (Read 83 times)