Is crypto hot wallet that bad | Bitcointalksearch.org

hosseinimr93

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Quote from: Fullcoinese on October 24, 2022, 01:36:26 AM

I haven't used hot wallet yet. until now I still use an online wallet (trust wallet). no problems so far.

Any wallet that is connected to the internet is called hot wallet. So, you are using a hot wallet.
There's always the risk of being hacked in hot wallets and I would never recommend anyone to use a hot wallet especially when it comes to close-source wallet like trustwallet.
Just because you haven't had any problems before doesn't mean trustwallet is secure and you won't have any problem in the future.

Fullcoinese

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I haven't used hot wallet yet. until now I still use an online wallet (trust wallet). no problems so far.
what I always pay attention to is, when I try to connect my wallet with an airdrop or even a site from a new project. I always use the new address. I won't stupidly use my main wallet to access new sites. only trusted sites or devices that I'm used to accessing. I think it will minimize our risk of losing assets.

PX-Z

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When it comes to hot wallet or online wallets, it always depends on your device's security and your online daily activity. So your online actions will always reflect to the safety of your wallet. Because most wallet have basic security that prevents to be compromised easily.

nurilham

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In fact, a hot wallet or online wallet is very risky. Although they said that their wallet is highly secure, never trust them 100%. For, whatever the security, online wallet is still available to hack. However, if the user also keeps their important data online, or clicks the phishing site and others. This will rise up the risks.
If you are investing for long-term period, this is better to use a hardware wallet in order to decrease the risks of losing your assets.

Quote from: erep on October 23, 2022, 04:10:02 PM

I am also concerned that you may lose assets due to virus files that can hack the wallet application, so if you are using an online wallet, you should regularly scan the details of the anti-virus application settings to prevent virus files from being downloaded automatically when you are directed to the download link.

Exactly, many factors may influence the security of online wallets, viruses, malware, hack, or others that will lead someone else to get access to the wallet itself. There has been so many cases in which people lost their assets because using that kind of wallets.

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Quote from: cheezcarls on October 22, 2022, 02:30:52 AM

Ain't safe if you aren't careful like accidentally downloading a malware, trojan horse or any suspicious files without installing and activating the antivirus. Both my Metamask and Trust Wallet are compromised last April 2022 for not doing my due diligence back then by downloading a ZIP file that contains a malware that I accidentally clicked. I lost approximately $12k+ worth of crypto assets in those affected wallets.

Hardware wallet is always the best bet to store our crypto assets safely as its created offline and cannot be hacked (unless you're stupid enough to enter your seed phrases somewhere online).

I am also concerned that you may lose assets due to virus files that can hack the wallet application, so if you are using an online wallet, you should regularly scan the details of the anti-virus application settings to prevent virus files from being downloaded automatically when you are directed to the download link.

Secure solution save phrase on external device and add phrase file in zip compress and add password protection in winrar, so I suggest when accessing wallet not connected to wifi network or other public network to prevent hacking.

Peanutswar

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Using a hot wallet is just used mostly by people because they know it is more convenient to make transactions like the deposit and withdrawals for their assets but again once your computer gets accessible by intruders or hackers you cant do anything with your funds, still, you have an option but the most ideal is to use with the hardware wallets or cold wallets by that it is more secured, still if you cant avail is ideal to use for now the hot wallet but it is a good investment for the security with the cold wallets.

Z390

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The highest amount I've stored on a hot wallet is 25,000$ USDT and this fund was in my trust wallet for months, stupid mistakes are the causes of asset getting lost in your wallet, if you can be careful you will be fine but we can't deny that Hardware wallet is the best.

cheezcarls

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Quote from: Findingnemo on September 29, 2022, 12:01:27 PM

Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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.

Ain't safe if you aren't careful like accidentally downloading a malware, trojan horse or any suspicious files without installing and activating the antivirus. Both my Metamask and Trust Wallet are compromised last April 2022 for not doing my due diligence back then by downloading a ZIP file that contains a malware that I accidentally clicked. I lost approximately $12k+ worth of crypto assets in those affected wallets.

Hardware wallet is always the best bet to store our crypto assets safely as its created offline and cannot be hacked (unless you're stupid enough to enter your seed phrases somewhere online).

Z-tight

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Quote from: Coin63$ on October 21, 2022, 01:19:43 AM

But trust wallet is the most secure among all the wallets.Whether something gets hacked is entirely up to you because if you use your stuff properly then chances of it getting hacked are very low.

Quote from: Crypt0Gore on October 21, 2022, 01:35:47 AM

Human errors are what leads to the loss of assets using hot wallets, if you are very careful there won't be any breach, even if you fail to handle your hardware wallet properly you will still lose your assets, it's better to learn more about safeguarding your wallet to avoid losing your assets.

Trust wallet isn't the most secure wallet, stop spreading that inaccurate information in this board where beginners come to learn more about the network. Trust wallet is closed source, that means the users of the wallet can't verify the code or the wallet's software, they are only using it because they feel or trust that the developers are not doing anything mischievous, open source wallets are trustless and the best, because you can verify the codes yourself without leaving everything to your trust on the devs.

When you have your fiat life's savings in your home, it may be safe and you may have it there for years without losing it, but it doesn't mean that it isn't easier to lose it that way that when you have it saved in the bank, that is the same thing with hot wallets and cold storage, human errors can cause a hack on both methods, but it so very easier to hack a hot wallet user. Hot wallets should only be used for small amount of funds that you will be spending daily.

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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?.

Just five years experience is never enough to give in for hot wallet because of the nature of what it stand to represent, it it plain and clear that hit wallet could be hacked, run down or cease your asset at any damn fvcking time, so why do you choose the risky path to stay with, would you prepare sleeping while fire is on the mountain or you will run for your life? Not to talk of the threat you will discover from using it, it also deprived you your privacy, government can trace you through them, but as long as you're ok with data leakage, attack, KYC, AML and loss of privacy then you can remain with hot wallet it's never too late before tou realize the risk and what's at stake.

Crypt0Gore

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Human errors are what leads to the loss of assets using hot wallets, if you are very careful there won't be any breach, even if you fail to handle your hardware wallet properly you will still lose your assets, it's better to learn more about safeguarding your wallet to avoid losing your assets.

Coin63$

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It can be seen that people use different types of crypto wallets to work with crypto currencies.One of them is Trust Wallet, My Ether Wallet, and other types of wallets.But trust wallet is the most secure among all the wallets.Whether something gets hacked is entirely up to you because if you use your stuff properly then chances of it getting hacked are very low.
You can know more about Trust Wallet from here.

https://trustwallet.com/developer/

NeuroticFish

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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?.

1. In 2017 there were way less hackers interested in bitcoin than now. Keep this in mind.
2. It doesn't matter only what wallet(s) you use, it matters very much how you use your computer (and/or smartphone). While there's quite a small number of users actually getting hacked and money stolen, it's best if you're not one of those.

Using closed source wallets is not a great idea; there can be risks there and you may find out when it's too late.
And about hardware wallet? It depends on how safe you can keep your system and how much you want to keep as coins. For 100$ it's not worth the hassle. If you know how to use cold storage, it's probably not worth the hassle to get HW. But otherwise.. better safe than sorry.

I've been using Electrum and some altcoin wallets here and there for many years, but now I do have a HW, it feels safer.

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

he said he use three wallets Trust wallet, Math wallet and Pocket token wallet if I get that right.

Apart from the Electrum, I have never used any other wallet as storage. I have bitcoin core and Electrum on PC, both work fine for me but for long term storage I think HW is a definite solution for me. Maybe you, or your friends?

Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

Are there others on this forum that have been using the likes of Trust wallet since many years back and never get compromised?

Some people have complained that they lost their assets from Trust Wallet ^{[hacked or human error],} this has happened before because Trust Wallet is closed source. You may be able to use it for day-to-day transactions, but not for long-term storage. Consider HW as your long-term asset security solution.

Lucius

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Quote from: Charles-Tim on October 18, 2022, 05:50:56 AM

Sorry about this my comment, but which I found safe and secure. If you have an hardware wallet, why your coins are heavily stored on Metamask and Trustwallet? This is not recommendable at all.

I have 2 HW, but some altcoins I collected over the years I never even thought to store on them. First of all, they are not that important to me, and secondly, every altcoin and its implementation in a hardware wallet only adds some possible new attack vectors that can happen at any time in the future. What I want to say is that it is not bad for security reasons to separate Bitcoin from altcoins, so there is even a Bitcoin only firmware for a popular HW.

Some will say that for a larger amount of BTC even HW is not a good option, but for those who still want greater security, I recommend that they have a main wallet for storage protected with a passphrase, and another for altcoins and trading.

cryptoaddictchie

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Quote from: Charles-Tim on October 18, 2022, 05:50:56 AM

Sorry about this my comment, but which I found safe and secure. If you have an hardware wallet, why your coins are heavily stored on Metamask and Trustwallet? This is not recommendable at all.

Yeah I know dude. Its just that its easy to transact and do more transfer of funds, using those. I am able to use my hardwallet but always needed to connect the cord in every turns. But you are right mate, its much safer to use that, I just used to storing those degen tokens on mm and trust for an easy trade. Anyway, it depends on the user how to protect their funds. Im just stating never got any compromise while using those common wallet when using frequently.

Charles-Tim

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Quote from: Outhue on September 29, 2022, 12:21:56 PM

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.

Is Trustwallet open source? Supporting multisig, Having coin control? Is it having a means you can connect it to hardware wallet? (I can never use it with hardware wallet because it is close source, but not supporting hardware wallet). Is is having RBF feature and many others features like that? No. How is it one of the best wallets? There are a lot of reasons I can never use Trustwallet.

Quote from: cryptoaddictchie on September 29, 2022, 11:41:15 PM

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.

Sorry about this my comment, but which I found safe and secure. If you have an hardware wallet, why your coins are heavily stored on Metamask and Trustwallet? This is not recommendable at all.

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What if he's super conscious and doesn't tell you if he owns hw wallet or not Grin

Saint-loup

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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?.

Yes of course, thankfully I think most of hot wallet users haven't been hacked, otherwise cryptos wouldn't be usable anymore and would be too risky to be adopted by common people not tech savvy. But when you start to hold a big amount of cryptos it's safer to only let a small part of it on hot wallets and to keep the biggest part in a safe cold wallet. That is to say an air-gapped wallet that you will never exposed its seed on a connected device. You will only use it to sign transactions that you made from a watch-only or a multisig wallet and you will need to send all its funds to another wallet if you use its seed on an unsafe device.

DeathAngel

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Just because your friend never got hacked, doesn’t mean it’s safe to use hot wallets. I can guarantee you that people who use hot wallets have a much higher chance of losing everything than somebody who is more careful with their money.

Just buy a Trezor, if you have money worth protecting then invest in a Trezor. It’s so much safer & you’ll be able to sleep at night.

Welsh

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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.

Darker45

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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?

Lucius

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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.

dkbit98

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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.

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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

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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.

rat03gopoh

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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.

mk4

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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.

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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.

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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.

LTU_btc

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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.

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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.

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Quote from: Outhue on September 29, 2022, 12:21:56 PM

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.

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Quote from: ?? on ??

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.

Quote from: ?? on ??

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?

hosseinimr93

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Quote from: Outhue on September 29, 2022, 12:21:56 PM

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.

Outhue

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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.

Findingnemo

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Quote from: Tamedbeast on September 29, 2022, 11:29:43 AM

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.

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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.

Tamedbeast

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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?.

Topic: Is crypto hot wallet that bad (Read 496 times)