It's not the hot wallet itself, i.e the software, as usually they're fairly vetted, and have any issues fixed in a timely matter. It's almost always human error which leads to being compromised. Whether that's your living situation, your browsing habits or simply just ignoring security. There's also the issue of phishing, but I consider that a little different.
Ultimately, a hot wallet can be used fairly effectively. It's probably as secure as your other accounts, as long as you're not using it on a compromised machine or connection. As long as you follow strict procedures when downloading, installing, and connecting things to your machine, you generally should be okay.
However, that doesn't mean you should use them to store large amount of funds, since it's always best to go the most secure route as possible when it comes to that. Although, I suspect most users of Bitcoin have a hot wallet, maybe only in recent years being converted to hardware wallets.
Topic: Is crypto hot wallet that bad - page 2. (Read 503 times)
I have also been using hot wallets myself and was never hacked as well. But this doesn't mean I can completely rely on them as if it is the safest thing to do. We all know the strengths and weaknesses of wallets. And in terms of security, a cold wallet is definitely better than a hot wallet. Funds stored in cold wallets are less likely to get stolen. Let us all be safe than sorry. Prevention is better than cure. When are we going to take Bitcoin storage seriously, when our funds are already stolen?
Hot crypto wallets that have a good reputation and have been around for several years are not necessarily a bad choice even for storing larger values if a person has no other choice. However, what is important to emphasize is the environment in which such a wallet is located/used, so it is not the same if someone uses such a wallet on a computer that is used for surfing various suspicious websites, where pirated software is used or where torrents are downloaded.
The possibility that something will go wrong is then significantly higher than if such a wallet is used on a computer that has a good AV/Firewall and is not used for any of the above. If, in addition, the user is aware of the way to download and verify wallet files, then he is quite safe - although it is undoubtedly much safer to have coins in cold storage, or in a hardware wallet.
The possibility that something will go wrong is then significantly higher than if such a wallet is used on a computer that has a good AV/Firewall and is not used for any of the above. If, in addition, the user is aware of the way to download and verify wallet files, then he is quite safe - although it is undoubtedly much safer to have coins in cold storage, or in a hardware wallet.
It's not the worst thing you can do to use hot wallets, some people are doing something even worse with holding coins on centralized exchanges.
Hot wallets should be used as pocket wallets for spending money, but I won't recommend any closed source wallets like Trust wallet and stuff like that.
I would always go for open source wallets, and for holding larger amount of coins you can use offline cold wallets that are not directly connected to internet.
Hot wallets should be used as pocket wallets for spending money, but I won't recommend any closed source wallets like Trust wallet and stuff like that.
I would always go for open source wallets, and for holding larger amount of coins you can use offline cold wallets that are not directly connected to internet.
If you were to chose between keeping your most secured data online where hackers can steal into and keeping them offline where only you have full access to which do you prefer? Hot wallets are connected to the internet either through your mobile phone, laptop or other electronic gadget that has access to the internet. Hot wallet are prone to cyber attacks in cases where systems gets compromised. Your friend might not have had his wallet hacked since 2017 doesn't mean his wallet is safe after all its best your go the hardware wallet way and stay safe forever
Maybe the OP should give his friend a title that sounds like "I'll only learn from my mistakes"? If your friend is still successfully using hot wallets, then this does not guarantee that he will not be hacked one day. You can ride a bike with your eyes closed until you come across a tree along the way. What are airbags for? Certainly not for your friend. In addition, for some reason, it seems to me that your friend has a small amount stored in these wallets because every normal person would take care of their safety.
I'm using 2 truswallet accounts for some bsc network altcoins for storage and connected to dapps, all good so far. I won't dsipute the recommendations of the people above, the most important thing is that you understand the risks of what you do always.
Among closed source mobile wallet options, truswallet is the best in my version.
Among closed source mobile wallet options, truswallet is the best in my version.
Look at hot wallets like your physical pocket wallet, while cold wallets(preferably a hardware wallet) are pretty much like your personal bank. The former being easier to use but far less secure, while the latter being a bit cumbersome to use, but far more secure.
Do you know Mt.Gox? it was a biggest centralized exchanges and anyone use it. No one predict if Mt.Gox will going bankrupt, but on 2014 Mt.Gox is bankrupt and the whole coins stuck on Mt.Gox can't be withdrawn until now.
Same like your friend story, he still not faced any problem for 3 years, but does there's a person can guarantee Trust Wallet, Math Wallet and Pocket Wallet will not any problem for the next 4,5,6,7 years and so on?
If you own hardware wallet, your security will almost close to 100% and would never lost considering the company is bankrupt or hacked.
Same like your friend story, he still not faced any problem for 3 years, but does there's a person can guarantee Trust Wallet, Math Wallet and Pocket Wallet will not any problem for the next 4,5,6,7 years and so on?
If you own hardware wallet, your security will almost close to 100% and would never lost considering the company is bankrupt or hacked.
I have a friend who have invested money in crypto since 2017 and till this day he never buy hardware wallet and his wallet never get hacked, he said he use three wallets Trust wallet, Math wallet and Pocket token wallet if I get that right.
Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Hey there been using trustwallet and metamask and never got compromised with such malicious scammers or viruses. I do have also a hardware and storing few of my crypto asset but my funds are heavily stored on metamask and truswallet or the assets Ive use to gain more tokens by scalping. I think its just a matter of being careful to be not compromise. Avoid malicious sites or clicking suspicious links, always check before clicking. Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Fact that your friend didn't got hacked means nothing. It's something similar like to brag that you're driving without drivers license for few years and didn't got caught. But it doesn't means that you won't get caught tomorrow or next weeks. Same about hacking. Many people think ''oh, it won't happen for me'', but why to risk?
Maybė your friend never will get hacked, but I think it's better safe than sorry. IMO, it would be best not to keep big amounts of crypto in hot wallet, only amount that you need for your daily expenses. While saving should be in cold wallet. And hardware wallet isn't neccessary for it. Proper made paper wallet is enough.
Maybė your friend never will get hacked, but I think it's better safe than sorry. IMO, it would be best not to keep big amounts of crypto in hot wallet, only amount that you need for your daily expenses. While saving should be in cold wallet. And hardware wallet isn't neccessary for it. Proper made paper wallet is enough.
Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Using hot wallet is not a risk you could easily predict within a day, using it over time could be unpredictable ad to what may happen next because anything new and funny are much liable to occur with using it, your friend might never had any bad experience yet onky because it's not yet his turn to do so but i can tell you there are numbers of users having ugly encounters with using hot wallet, who knows when your own turn will come, but stay safe and use hardware wallet make use of a cold storage like electrum and have your keys in your reach, the best of it al is running a full node if possible then it's worth doing.
After Electrum wallet the second best is Trust wallet, from here on it depends on how you keep your keys, also stay away from using that wallet to join airdrops, use it only for storing assets, no claiming or NFT hunts and you will be fine.
That's your opinion about Trustwallet as I also use the same wallet but not for daily uses much like a carrier before the crypto is sent to another wallet that I always use. Anyway, there are other noncustodial wallets and also open-source wallet which you can say that it is safe and secured compared to close-source wallets though it's your decision which one to use. 
Hot wallets like trust wallet, pocket wallet, math wallet are the best crypto wallets among all.
This is terrible advice. Hot wallets are absolutely not ideal to be used as a means of storage, and the ones you recommended are not the most ideal ones to use.I think it's also a good decision for your friend to store funds in those wallets. But we should backup phrase in a safe place.
Keeping a backup, when you wallet can be easily hacked from your wallet which is connected to the internet all the time? 
After Electrum wallet the second best is Trust wallet......
This is 100% wrong.There are many open source wallets that can be used as alternatives to electrum an can be ranked as most secure wallets.
Trustwallet is a close source wallet and there is no way to know how the keys have been generated. You don't know whether the keys have been stored on their server or not. I would never recommend using such a wallet.
After Electrum wallet the second best is Trust wallet, from here on it depends on how you keep your keys, also stay away from using that wallet to join airdrops, use it only for storing assets, no claiming or NFT hunts and you will be fine.
Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Trust wallet is safe compared to other multi crypto supported wallet and you can use any wallet that is completely open source and non custodial for storage of cryptocurrencies whether its long term or short term. The chances of wallet get compromised is to lose the security of seed phrase and it really depends on every individual who created that wallet.And if you know your crypto portfolio value is too big to trust the all the wallets available for free then surely getting a right hardware wallet will be a better choice.
Using a hot wallet for anything more than daily spending is like not wearing a seat belt: you're doing great, until it is too late.
I have a friend who have invested money in crypto since 2017 and till this day he never buy hardware wallet and his wallet never get hacked, he said he use three wallets Trust wallet, Math wallet and Pocket token wallet if I get that right.
Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?.
Jump to: