Is Coin98 wallet safe? | Bitcointalksearch.org

dzungmobile

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Quote from: Pmalek on November 22, 2024, 06:45:11 AM

Your keys and seed are the most important. You need to keep them as safe as you can at all times. That includes the creation and subsequent use of them.

With wallet mnemonic seed or private key, there is no need of wallet file, wallet password, and losing mnemonic seed or private key means losing your bitcoin as lost bitcoin like many people did in the past, or losing it to hackers.

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A closed-source wallet should only be an option if there is nothing else available to you. Luckily, that's not the case with bitcoin, ether, and several other altcoins.

There are open source and close source wallets, but people can choose open-source wallet to use. It's freedom of choice, and no prohibition in choosing open-source wallet. If people understand risk of close-source wallets, they will not use these wallets.

Bitcoin Q&A: Not your Keys, Not your Coins

Pmalek

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Quote from: BayekSmith on November 16, 2024, 02:10:04 AM

And can I generate keys securely first and then use a closed-source wallet?

Your keys and seed are the most important. You need to keep them as safe as you can at all times. That includes the creation and subsequent use of them. A closed-source wallet should only be an option if there is nothing else available to you. Luckily, that's not the case with bitcoin, ether, and several other altcoins.

If you create your seed in offline mode or with the help of a thoroughly-tested hardware wallet and then import the same seed into a closed-source software wallet, you are basically undoing the time you spent generating your seed safely. You can never know what that closed-source wallet does with the seeds entered into it. Maybe they copy them and store them somewhere because they are malicious. Maybe they are using outdated and less secure and vulnerable libraries, which can cause bugs and leakage of private data. Maybe the entire point of that software is for the developers to eventually steal as much as they can from their users and live out the rest of their lives in some exotic location somewhere.

All of this has happened in the past in one form or the other. That's why it's important to try and protect yourself as best as you can.

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Quote from: BayekSmith on November 15, 2024, 07:37:45 AM

Is anyone using the Coin98 wallet? Could you share some reviews?
I see it supports multiple types of coins, so I'm considering switching to this wallet.

you should get a hardware wallet (not ledger) for your bitcoin and eth, as for the other coins, don't take the easy route, follow the advice others mentioned, and you should be safe.
and always remember, never trust, always verify.

Quote from: BayekSmith on November 16, 2024, 02:10:04 AM

And can I generate keys securely first and then use a closed-source wallet?

why would you do that? it's essentially the same as using a closed-source wallet from the start (just with extra steps), if not worse in terms of security.

Z-tight

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Quote from: Pmalek on November 20, 2024, 08:26:32 AM

Don't be lazy to generate multiple seeds. One being for your bitcoin that you will store in its own wallet, a second for ether, and a third or fourth for altcoins and shitcoins. It's for your own safety that you keep those separate. Invest more time in security and not convenience.

Yeah, some people are just so lazy, they want everything in one place. I always recommend that people keep their BTC separately from every other coins they own, it is crazy that someone will pick trust wallet over electrum to store their BTC, simply because they want to store both BTC and other altcoins in the same wallet software. Better to inconvenience yourself and be safe, than to choose convenience and be vulnerable.

dzungmobile

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Quote from: Pmalek on November 20, 2024, 08:26:32 AM

I see no reason to keep your bitcoin in a multicoin wallet when there are so many quality software and hardware wallets out there that you can use.

I think and practice the same, as I use Bitcoin wallets to store bitcoins, and altcoin wallets to store altcoins. I don't mess them up like using a multiple coin wallet to store bitcoin together with altcoins.

I knew wallets like Trust wallet, or more, can support cryptocurrency users to store both bitcoin and altcoins, but I see big risk here. If my mnemonic seed is leaked, hacked somehow, I will lose my bitcoin which is most important piece of my capital. I can lose altcoins but I never want to lose my bitcoin.

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Don't be lazy to generate multiple seeds. One being for your bitcoin that you will store in its own wallet, a second for ether, and a third or fourth for altcoins and shitcoins. It's for your own safety that you keep those separate. Invest more time in security and not convenience.

People who are too lazy and want convenience will have big problems in future. They can think it is a safe practice but if nightmare comes, they will lose money and can not blame it on any wallet or anyone. It's their responsibility by doing wrong practice at start.

Pmalek

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I see no reason to keep your bitcoin in a multicoin wallet when there are so many quality software and hardware wallets out there that you can use. The choice for ether and its tokens isn't so wide, but you can still find well-known, tested, and open-source alternatives. For other less known altcoins I can understand that there is a struggle to find a quality software. The majority is closed-source. We have one that is open-source but I am not a fan of it.

Don't be lazy to generate multiple seeds. One being for your bitcoin that you will store in its own wallet, a second for ether, and a third or fourth for altcoins and shitcoins. It's for your own safety that you keep those separate. Invest more time in security and not convenience.

dzungmobile

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Quote from: BayekSmith on November 15, 2024, 07:37:45 AM

Is anyone using the Coin98 wallet? Could you share some reviews?
I see it supports multiple types of coins, so I'm considering switching to this wallet.

As far as I knew, Coin98 doesn't have any hack so far and this wallet project was launched in a previous market cycle. It is about 4 to 5 years since its existence, without a hack, it's good in wallet history.

A big factor for your consideration of any wallet are
- Non-custodial or not.
- Open source or not.

Coin98 wallet is non custodial, one good thing, but it is not open source, one bad thing. You can see in walletscrutiny review on Coin98 wallet and make your decision.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=coin98

PX-Z

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Quote from: Z-tight on November 16, 2024, 01:37:27 PM

...For multicoin support, you either use unstoppable wallet or you buy a hardware wallet.

Even hardware wallet cannot support all altcoins and tokens so it's good to use at least 2-3 wallets that is open source for security purposes, safety comes with the user's practice regardless how secured the wallet is. Unstoppable is good, but since it doesn't support all coins (if ever), using the official open source wallet of the coin is much better.

hosseinimr93

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And can I generate keys securely first and then use a closed-source wallet?

With importing your private keys (or your seed phrase) into a different software, you open a new attack vector for hackers and you decrease your security.
That's even worse, if one of the wallets is close-source.

When you use a close-source wallet, you don't really know how it's working and what's happening behind the scene. You don't know whether the keys are sent to their servers or not.

Z-tight

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Thanks for sharing. So what is the safest way to generate keys?

When you do so using a self custodial and open source wallet in an offline or airgapped device.

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And can I generate keys securely first and then use a closed-source wallet?

I don't understand, why will you want to do that. Why will you want to compromise your wallet by importing its seed phrase into a closed source wallet. Generate and set up your wallet in a recommended open source wallet and use it. For multicoin support, you either use unstoppable wallet or you buy a hardware wallet.

NotATether

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Quote from: BayekSmith on November 16, 2024, 02:10:04 AM

Thank you for sharing your perspective! May I ask which wallets you are using to store multiple altcoins? I am looking for a wallet that can hold BTC, ETH, BNB BEP20, Celo, CHZ, and ARB. I am currently using Trust Wallet, but since it does not support CHZ and ARB, I have to keep these two coins on Binance. Additionally, I prefer not to use ERC20 due to high transaction fees and slower speeds.

Unstoppable Wallet supports most of the coins you listed, but it's mobile-only.

Honestly, I think you will have a hard time finding a wallet that supports all the popular coins and also some of the obscure coins. Exchanges are really the only platforms with this sort of support.

BayekSmith

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Thank you for sharing your perspective! May I ask which wallets you are using to store multiple altcoins? I am looking for a wallet that can hold BTC, ETH, BNB BEP20, Celo, CHZ, and ARB. I am currently using Trust Wallet, but since it does not support CHZ and ARB, I have to keep these two coins on Binance. Additionally, I prefer not to use ERC20 due to high transaction fees and slower speeds.

Quote from: hosseinimr93 on November 15, 2024, 10:01:29 AM

Quote from: apogio on November 15, 2024, 08:00:09 AM

If Coin98 allows you to backup the wallet using a universal tool, like BIP39 seed phrase, then you are ok!

There are many wallets that give you BIP39 seed phrase, but I would never trust them.
For example, trust wallet is very popular and many people are using it, but I would never use it, because it's close-source and there is no way to know how the keys are generated. Due to the same reason, I would never trust the wallet mentioned by OP.

Thanks for sharing. So what is the safest way to generate keys?
And can I generate keys securely first and then use a closed-source wallet?

hosseinimr93

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Quote from: apogio on November 15, 2024, 08:00:09 AM

If Coin98 allows you to backup the wallet using a universal tool, like BIP39 seed phrase, then you are ok!

There are many wallets that give you BIP39 seed phrase, but I would never trust them.
For example, trust wallet is very popular and many people are using it, but I would never use it, because it's close-source and there is no way to know how the keys are generated. Due to the same reason, I would never trust the wallet mentioned by OP.

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There are many bitcoin open source wallets. Why should anyone prefer a close source wallet instead? I can not recommend a close source wallet.

Maybe it can be good for altcoins. I prefer to use Unstoppable for altcoins.

Quote from: apogio on November 15, 2024, 08:00:09 AM

If Coin98 allows you to backup the wallet using a universal tool, like BIP39 seed phrase, then you are ok!

It is BIP39 seed phrase.

apogio

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There is no safety in wallets, as long as the money don't belong to you. This means that if you don't own a seed phrase to generate the wallet using other software, then the bitcoin isn't truly yours! If Coin98 allows you to backup the wallet using a universal tool, like BIP39 seed phrase, then you are ok!

OmegaStarScream

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The wallet is quite popular if you look at the reviews on the play store, or their followers on twitter, etc.

Now is it safe (as in would the developers run with people's money)? I would treat it the same way I would treat any closed source wallet (like Exodus for example). You probably shouldn't keep large sums of money in it.

BayekSmith

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Is anyone using the Coin98 wallet? Could you share some reviews?
I see it supports multiple types of coins, so I'm considering switching to this wallet.

Edit:Thank you for sharing your perspective! May I ask which wallets you are using to store multiple altcoins? I am looking for a wallet that can hold BTC, ETH, BNB BEP20, Celo, CHZ, and ARB. I am currently using Trust Wallet, but since it does not support CHZ and ARB, I have to keep these two coins on Binance. Additionally, I prefer not to use ERC20 due to high transaction fees and slower speeds.

Topic: Is Coin98 wallet safe? (Read 242 times)