is electrum safe? - page 2. | Bitcointalksearch.org

Wapfika

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Bitcoin makes the world go 🔃

Quote from: puradak on November 28, 2023, 12:37:27 PM

Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

Electrum itself is safe because it’s open source which means many experts eyes already review their code for safety purposes. The safety problems rely on your side including but not limited to safe keeping of your private key/recovery seed phrase, protecting your device from malware and other form of attack that will exposed your key to hacker.

It’s better to invest on hardware wallet to guarantee that your asset will be safe forever since it’s airtight. Just use a quality brand that offers security and transparency.

hosseinimr93

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Quote from: puradak on November 28, 2023, 12:37:27 PM

Someone told me that exchange is not safe because exchange can be hacked by hackers.

That's right. You should avoid any custodial service for holding your bitcoin.
In addition to the possibility of getting hacked, custodial services like exchanges can freeze your fund for any reason. You should use non-custodial wallet, so that you have full control over your fund.

Quote from: puradak on November 28, 2023, 12:37:27 PM

I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'

Electrum is a trust worthy open-source wallet. The code has been reviewed by many people and no vulnerability has been reported.
But take note that any online device is prone to hacking. Even if you use a secure wallet like electrum, it's still possible that your device is infected with a malware and your wallet is hacked.

If you want to be completely secure, you should run electrum on an air-gapped device or go for a good hardware wallet.

If you are going to use electrum, keep multiple copies of your seed phrase in different locations and avoid keeping it on an online device.
Also take note that the seed phrase is all you need to recover your fund and anyone who has access to your seed phrase can steal all your fund.

Rikafip

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Quote from: puradak on November 28, 2023, 12:37:27 PM

Someone told me that exchange is not safe because exchange can be hacked by hackers.

When leaving coins on exchange, you are not only in danger of hackers, but also exchange itself as the moment you send your coins to exchange, they bascially own it.

Quote from: puradak on November 28, 2023, 12:37:27 PM

I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?

It is definitely one of the best software wallets but it is as safe as you make it to be, so be careful not to download any malware on your computer as you may loose everything. When you have more bitcoin (or even better, if you can afford it now as there are Black Friday deals), get yourself one of the hardware wallets that are much safer.

puradak

newbie

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I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

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