Topic: How to store your crypto coins safely (Read 230 times)

I found a thread on how to keep a secure wallet and here's a complete little guide on how to maintain one.

How to secure crypto wallets by (Charles-Tim)

In essence, don't give anything around us about our wallets, let alone private keys, because it's our responsibility to keep it as safe as possible offline.
How do we take care of it properly so that it can be safe, but I really don't recommend when saving from a CEX exchange that becomes a third party of course it is doubtful for everyone but for us hardware wallets are a good choice.

But it's back to us how we maintain this security so that it won't be a problem in the future.
I am aware that I am quite careful with the storage of my assets.

You're only repeating what you're want trying to say, using wallet software e.g. online wallet isn't good since if your phone or PC had a malware, your coins will be very easy to stole since online wallet have very bad security. Decentralized your coins is a privacy matters, not a security matters, you're trying to hide your identity to reveal all of your coins.

If you're technical enough, create a cold storage on your old PC without having any internet connection, WIFI or Bluetooth is the most safest wallet for Bitcoin.

In recent years there have been many complaints against Ledger wallets especially with the Model X and there are many accusations against them and as you have mentioned the main problem is battery issue as it's not charging properly like you can see in this video and just search for ledger battery issue and you will find lot of videos for them.

The security comprising is another issue like storing user data on third party software can lead to user information leak inviting scammers to them and cause phissing attacks eventually so avoid Ledger X model at the time.

Keeping them on CEX is like giving away your funds to them as you trust them but there's a miscommunication among people that if so many people funds are there they are also safe but the exchange have control over your funds and it's not safe at all which they need to realise.They act as bankers restricting you from using your funds and track you on government orders so what's the anonymity you are looking for with all the KYC norms? But still they like to keep them but keeping them on non custodial wallets is far better that don't have access to your funds directly.

This is not true at all.
Ledger may be one of the popular hardware wallets, but it's certainly not most secure wallet, and it's known for various bugs and problems with battery and screen, especially with model X.
It is made from cheap plastic that often breaks, and security is questionable when we know that ledger is closed source device, and it had multiple leaks of customer information.
One word describes is perfectly = Amateurs.

Wrong again.
Non-custodial wallets are much more secure than any centralized exchange, if you are keeping backup in safe place and if you know what you are doing.
You don't need really crypto babysitter each time you need to send or receive coins, and exchange can always freeze your account for any reason.

Now this looks like a cheap promotion of some unknown junk exchange 

I think that most of the hacks that happened on CEX are actually inside jobs, whether it's the largest number of stolen BTC (Mt.Gox), or QuadrigaCX where the CEO literally gambled away more than $150 million of user funds and then supposedly died, along with dozens of smaller exit scams that included CEX.

Not only are funds on CEX exposed to the risk of internal and external hacking, but they are always at risk of being blocked by the government under any pretext. Some ideas of crypto banks and companies that dealt and still deal with crypto lending are definitely the wrong way in the fight against decentralization.

Use non custodial wallet
Decentralize your coins to different wallets, even you only use one wallet software
It is better if you decentralize your coins to different wallet softwares, 2 or 3
Backup your wallet
Make sure backup works for you, not bring trouble for you because of incorrect writing or typo
Keep your wallet, back up safely
Don't tell everyone that you are crypto investor
Don't share your profit anywhere

Security checklist: https://cryptosec.info/checklist/

Use a device that you did not connect to the internet when storing your wallet information like private keys and recovery phrase. I think you are only sharing what wallet is safe and secure to use and no guide or tips whatsoever that will help everyone on how to store crypto safely using different methods that are safe as it could be. Honestly, I don't need the site you share since I have already know a site where I can store crypto safely.

Even though these exchanges keep their assets offline and in a secure environment, you still don't have a full control over your funds because they have the right to freeze it and lock your account whenever they see fit.

Plus, it is more a question of when a breach can occur than how an exchange stores your assets. They can be the safest and a gold standard for an exchange, until at one point, it wasn't  .

An incomplete guide of "how-to" safely store your assets with a combination of shilling an exchange is a surefire recipe for a disaster. And People should already know that if they were to post how-to guides, make sure that the information presented is complete or with little to no missed important information.

To save money? Or to lose some? Its am unknown centralized exchange. I would not use those that havent heard for many times or arleast on the top ranks. I understand if youll recommend at least binance, coinbase but a never heard platform is quite dangerous.

Hardware wallet are really good but if you dont have funds. You must rely on some that are far more reliable and not just a shady exchange.

LOL. It is quite funny how you created a thread about how to store cryptocurrencies safely and you only mentioned a couple of wallets. One is a specific brand of a hardware wallet as if it's the only reliable option. And the other is not even a wallet but an exchange. And you even listed it as a "secure crypto wallets."

The title effectively misled me to think this is some kind of a tutorial thread or at least a thread which spreads awareness. Apparently, it is not. I would consider this an attempt to shill Quidax.

I remember making this mistake back when I was a newbie where I stored most of my BTCs in an exchange.

Back in 2018, there was this ponzi-scheme company where I stored most of my funds. Being a newbie to the cryptocurrency world, I invested $100 worth of BTCs and kept them in that website. After 6 months of continuous operation, their website crashed, thus wiping all of my BTCs in the process (USI-TECH ponzi). In addition, some exchanges were also scammed and hacked in the recent years given that they were a target for scammers around the globe.

I'm, not sure about this.
It seems you're referring to the centralized exchange which is not safe at all to store your crypto.

Another is, that there's no safe at all even if you are using a hardware wallet, it depends on us how to secure it like saving a private key in a safe place.  But I tend to agree with that statement that storing Bitcoiin is very crucial.

Perfect example and I'd do the same.

The importance of security cannot be overstated, security cannot come second, newbies and other crypto users need to be made aware that asides the methods of storing crypto safely, there are also some personal measures to ensure safety offline.

As a responsibility to yourself, after buying crypto and storing it, hold your mouth and be careful the person's you tell about your crypto Holdings, even down to family members, not everybody deserves knowing especially how you store or save your crypto/your seed phrase. Be careful who you trust.

It generates a recovery phrase and not a bunch of private keys as you say, which must be safely backup and to tighten up the security, you should add a seed extension or passphrase.


A cold storage or hardware wallet and exchange are two different, when you use hardware, you are safe if you properly manage it the way it should be but using an exchange is like giving bitcoin to your trusted friend to keep for you, you give him the custody of your bitcoin, you can't spend it unless you see him and with that, it could end well or go south


Your first paragraph doesn't contradict this statement, Quidax is a centralized exchange, not a software or hardware wallet that you can use to communicate with the bitcoin network.

Always be carefull also to which websites you connect your wallet and also the tokens you interact with.
If you see some random airdrops on your wallet never intereact with them. You could see all the funds from your wallet drained.

Ledger or Trezor are not cold wallets, no matter how hard someone tries to give them that feature - because each of these devices must be connected to the Internet in order to install new firmware or coins app on it. Therefore, every crypto wallet that connects to the Internet is not in the category of cold wallets and you should not be deceived about that.

About storing cryptocurrencies on crypto exchanges, thousands of pages of discussion have been spent on this forum alone, and it seems that even more will be spent and some will not understand that it is not only unsafe but also completely wrong if we know that the only correct thing is "not your keys, not your coins".

Just to add to this: if you're not confident/capable enough to use an air-gapped device, just grab a Ledger or Trezor. Air-gapped devices are great but that is if you do everything correctly.

The Ledger Company are careless about their customers privacy and Ledger Live is not advisable to be used, Ledger Live is open source but if you are concerned about your data and privacy, I will not recommend the wallet.

Well generated paper wallet on an airgapped device and wallet on airgapped devices are most secure. Hardware wallet are also very secure generally, not just Ledger.

Exchanges are not secure, they are often hacked and your coins can be freezed, your account can be blocked, you have no full control, it is not your coin on blockchain as you do not have the private key.

Web wallets are most vulnerable, followed by mobile and followed by desktop. They are all online wallets, they are more vulnerable, the reason to have just small amount of coins on such wallets. I do not recommend web wallets.

Not recommendable, I have used it before like 2 years ago, it deduct far more than the amount it displays to deduct while converting from one coin to another.

While there are a number of things to take into account when choosing a crypto wallet, security should always come first.

Let's look at a few secure crypto wallets:

1. The Ledger Hardware wallet, also referred to as "cold storage," is generally accepted as the most secure method of keeping cryptocurrency. It keeps your private keys offline and has the backing of security professionals. To ensure that only those with specified access codes may access your crypto, it generates a set of private keys that you should store securely offline.

2. Depending on the security layers it uses, a digital software wallet is known to be secure, just like a cryptocurrency exchange. In order to protect themselves from all forms of attacks that could leave them susceptible or result in irreparable loss, an exchange that places a higher priority on security than user funds will typically hold 90% of its assets in an offline cold wallet.

Not all hardware wallets are created equal, it is crucial to remember this. It is important to research your provider to make sure you are happy with the level of security and control offered. Alternatively, to save time and money, you should use a highly secure exchange like [https://www.quidax.com/]. A hardware wallet's features determine the specific level of security it offers.

Credit: you can read more how to store your crypto coins safely
Hopefully, you will be able to make a good decision.