Topic: Is it safe keep my money in cloud? (Read 482 times)

This forum is the best place for you to learn up more about crypto not only on Bitcoin but as a general on this crypto space.It is really just a matter of effort and time to be spend for you to extent out your

knowledge and awareness about crypto thingy.You could able to determine on whats the risky thing and whats more secure.Speaking about storage of seeds and pk's then it wont really be that a good idea

on storing it on a cloud or something that is connected to internet.You cant really be so sure if thats 100% even if you do say that you are the only ones who do
know about your account password.Its never been that a guarantee.

Apparently, you are very fond of taking risks if you decide to store crypto on google drive or one drive. If I were you, I would never do anything in the world, as you, because I have been receiving information from this forum for a long time. It's not safe, so the best solution is to move. I don't know what you store on google drive because you didn't specify in your post. If this is a seed-phrase, then you need to create a new seed-phrase, write it down on a piece of paper (or other physical information carrier) and move your crypto to new addresses (tied to new seed).

Spend more time reading bitcointalk. You will get a lot of new things.

You already got your answer , and that is to move it out and put in offline wallet , Trezor / Ledger Nano walet will save you from this specially if you are holding big amount here , cloud is still not your Key so chances of being deleted or being hacked in time is there.
try to follow those advises if you truly have concern in your funds to be taken away.
its been said and better , off line is still the perfect way to save your funds.

You're right, of course, but you're overly hating Google's security level. Data stored in the cloud is almost always encrypted. The cipher must be cracked before an attacker gains access to the information. The location of such encryption keys varies depending on the storage services.

Being safe doesn't mean your keys are safe in their servers. A lot of things could happen, a hacked could exploit something in their system and gain access to your cloud accounts and take your files out of there.
For example Yahoo mail was considered secure, they've been hacked multiple times over the past decade and users have lost a lot of personal information and money because of that, me included.

I refrain from outting important informations in devices even on online platforms because it could be at risk of being accessed especially if I'd accidentally encounter phising sutes and like likes, without my awareness. Seedphases, passcodes and other important informations from my accounts were put into my personal booklet to get a hold of it literally. Atleast, if I'm gonna lost it, there's no other people to blame and that would save me from regrets somehow.
Well, we've all gone through that. Extreme negligence at first. But as long as we come across with cases involving consequences of such actions, we are all learning. This is also why topics of such really play a good part in this community. Even if sometimes it is as cliche as it may sound. Reminders are created for a purpose.

I supposedly this thread's title translates to your coin, as your coin belongs with a wallet and your access to wallet is your private key or your seed phrase.

A passage of access (being key and seed phrase) in this regard becomes of utmost importance and should be protected with maximum security and hiding it in the clouds isn't one way to do that. You immediately put your wallet at risk by doing that. Let's not be mistaken, the clouds is relatively safe but, its very susceptible to hacks and one might get access to the mails for which, you might have used in set up, old devices used in accessing the platform and others then, you'll be sorry.

Wayback when im still a noob which i had the bad habit on storing up my keys or phrases on my gmail account and save up on drafts which i do think that in case i had bust up my own pc then i could
always anytime able to restore it as long i do have the access of my email which im certainly wrong with that kind of idea in mind and its never been that worth on doing so.
This is why i have decided on deleted it out and decide to make up backs up 3 flashdrives which i do placed up on different locations which im the only one
whose aware on where it is.This do really gives out that having no worries if someone cant able to access your funds.

"Cloud" is someone else's computer. Whomever owns the cloud storage can read the data that the users store, and could be forced by law enforcement to share the data, or hackers could hack the service and steal the data. You can also be denied access to your data for some reason, or the service could suddenly close or lose data as a result of some accident. You can use strong encryption to reduce some of the risks, but still the risks remain. So using cloud as your only source of back up is a very bad idea, but if it's one out of many backups and its encrypted with strong cryptography, then it's more acceptable, but still not optimal.

Risks aren't just security vulnerabilities, but unforeseen accidents. You're handed the backup key over to a service that you have no control over. There's no limit to what you can do, but if you wanna follow cryptographic security standards, cloud storage isn't recommended anyway.

Always store all offline, any method of online storage is not secure, google or microsoft are top tech companies but there is no guarantee they are not hacked. Protect your own assets, do not trust any 3rd party, especially online storage, very vulnerable to hackers, viruses... attacks.



No method is absolutely safe, use it the way you think is best for you, the most important thing is how you preserve it. I write them down on paper in 3 different copies and I laminate them and give them to relatives to keep and store them in different places. Steel plate is fireproof, waterproof ... but in cases like natural disasters, floods that you can't bring them when you go on a business trip, there can still be risks.

Well it would be better to save it offline on cold wallets the issue of your keys been hacked especially if you are keeping slot of cryptocurrency

It would be better to save it cold TI wallet ,very reliable and can save you the stress of hearing sad story of a centralized system been hacked or experiencing issues just like the reason stories told to everyone involved in the saga

Get your wallet files off the cloud

There have been many sob stories of people coming to us and opening threads where they beg for any possible method they can possibly get their stolen BTC back, after someone had already downloaded their wallet file and cracked their password and stole the money. Do not become one of them.

Google Drive is not safe, they periodically sell out access to your data to various 3 letter agencies, who then proceed to get hacked and then people wonder why their crypto has suddenly disappeared.

It is everyone's concern about the safety of our funds and it was highly advisable also not to put our money in any online wallets unless it is necessary but to not takes so long to stay there. If you are the one who is afraid of losing your money, then make sure that your coins ins your full control, not someone else.

There are a lot of stories and claims in regard to losing their money in exchanges and online wallets. We should anticipate the possible hacks, we never know who is their target.

I got hacked few months ago. I used the EVERNOTE online notepad to keep a backup of my wallet's phrase key. Few days later, every transaction i send to my wallet get's directly sent out to some other wallet address. There's no way to recover that account. I have tried many way to recover it and done many things.
I was trying to find the main reason and how they hacked my wallet.
so i saved another wallet's phrase key in Evernote again and waited.
to my surprise that one got hacked too.
Here's the wallet address for you to check out : 0x8E456599dB2429cFf0AC8f9d5b5aA29E7C921642 &  0xaE8e5e5263bc23D84794FbDeb6e1ea00D106b7cA     
Scan it on ether scan polygon scan and other to see how it's happening.

So from my experience, never save your secret key in online storage. make multiple offline hardware copy and save them in different places.

One way i was able to avoid getting hacked while saving it in online was to scatter the word and add some random words which you will remember wasn't there. Or you can create a sequence of numbers or a pattern and scatter them in that order so you can re assemble them using that patter.

But offline is 90% recommended.

---

Have you heard of John the ripper?
here's the website of it Click here


It's a very powerful tool and very dangerous in the wrong hand. And the most horrifying thing is it doesn't require a strong, powerful machine to operate on.
So if you think you are safe then think about that again. Are you really safe?

I am showing this here because i have tried this tool already and it sure does work.

[moderator's note: consecutive posts merged]

If you can keep it with enough security then it is not a problem and keeping your documents in google drive is not a big problem but keeping the private key of cryptocurrencies online is not very advisable because in return if you have the private key then the crypto is yours but If it goes to a second person, then that person can easily steal that crypto, so you must should be careful of them . Since your name is Not your key not your BTC , I think you understand everything

You don't need to worry because my file have 2nd security by archived using winrar with strong password. doesn't just open

Trust Google? It's easier to write your keys on your wall, and it will be more secure.
OP, the bicycle has been around for a long time. It's not hard to just write it up on paper, engrave it on steel, and place it in different places. Why invent complexity? Everything connected to Google is connected to surveillance. One day, Google will die, and everything that it so diligently stores will die.

I wouldn't say Google Drive is weak for security.  Because it will completely depend on you. Google Drive service is provided through an email.  When you save something to Google Drive you must have that email and whoever has that email will have access to your driver.  So unfortunately if your email gets hacked everything will be stolen from your drive.  And email hacking is a very common thing that happens many times, so I think it is better not to keep important documents, especially the backup or private keys of any wallet in Google Drive.  You can keep it offline on a paper note or pen drive, it will give you better security.

Avoid keeping your private key on anywhere that their is internet connection, make sure you secure your private key offline, anywhere that their is not internet connection, I think if you want to properly secure your your private key, make sure you get a metal steel and carve your private key on it, I think that's a nice way to secure your private key. lot's of people store their private key on their email address and other places online which can be hacked at any moment, we have to be careful and we don't have to secure our private key online.

Google is the most insecure and very low privacy search engine, those people are really dumb to say Google cloud is very safe lol. Using cloud is just like trusting to unknown person about your data or any files that you upload to cloud. In Bitcoin, we're trying to get rid of trusting third party since trusting someone isn't enough, we need to verify them. Since we can't verify a human brain, we can only verify the code.

I tried /not your key not your bitcoin\ but too long. I own my bitcoin because have a key.
Many people said google and one drive ia very safe cloud in the world


You look very dangeours situation than me, if you lost 3 important word, you will cry loud than me. Are you keep that 3 another word on cloud too?

I'm doing this too but I input 3 words wrong in my recovery seed phrase so that only 3 words will I need instead of 12 and also as safety precaution in case my google drive is hacked. It will be difficult for a hacker to spot what's wrong in case he will try to use software to crack it. I really don't like the idea of writing it physically because I will not be comfortable when I'm away or there's a natural disaster hitting my country. I believe storing the part of it on our brain will make it safe to anything unless you die which is almost same if you written it on paper or online since your relative will never about it.

Do you mean your private key or seed phrase? Saving it in an online cloud is not that safe. I know they have security procedures, and the possibility of getting hacked into their cloud is low, but still, I am hesitant. I save it mostly on my computer. I know some of you will react, but it makes me more cautious when clicking links and visiting websites. Since 2016, I always save it on my computer. But still, if it is your preference, you can save it, but when it comes to leaving your money on the exchange, do not keep it in online accounts, as Theymos said. There is no need for an explanation; withdraw your funds to be safe.

There are several people has possibility to access that so I guess much safer for you to have hardware wallet since this is more advisable rather than believing on someone telling its safe because you didn't get hack yet.

Also maybe try to save your keys offline like your writing it up on books or anything where you have total control.

The point of the news announcement is to inform the risk of storing the coin where you did not have any control over your own money a.k.a the key.

If what you meant is you are keeping your cryptocurrency key backup on drive and cloud, it's rather a backup or data security method and concern that need to be addressed. As other have been mentioned, ideally you should have multiple separate locations of the backup. Physically and digitally is fine, there is a great reference on how to do it on the bitcoin wiki link above. What is essential is that you have a failure mechanism plan in case one of the backup methods is fail, so you still have access to your data.

Anything in the internet has a chance to get hacked in the future even in a scale of google where everything is possible to get hacked with the current technology, although it may take almost longer than anything else.
It's best to just backup offline using your paper and pen or just put your seed or private key into USB and store it to somewhere safe, or even better just buy hardware wallet for everything you need. Just make sure you remember where you store it.

You could have do yourself more good by getting a hardware wallet and have your asset there than using a third party centralized storage network that is liable to have same experience others are going through now, just don't trust having your investment with any form of central authorities because they can restrict you from accessing your funds or their system may got hacked and you will be left with no remedy.


Only take a move if you truly believe in recent hacks with centralized exchanges, as a matter of fact, you will not have a second thought about moving your wealth as fast as possible.

I just want to ask if you are having thoughts about storing your coins over cloud storage where potential risk of hacks is very high and you could loose funds why in the hell we don't care to have non custodial wallets like Electrum in our devices keeping the funds in our custody? It's free to download and won't take up space on your system but still we figure some other ways of losing funds then you know the consequences for it.

Totally up to you how you're going to store the backups, but the main point is that you do it non-digitally. Heck, you can etch the backup on a stone tablet à la The 10 Commandments if you want to.

My opinion is that it is still safe for your funds to be in a hard wallet /cold wallet such as Trezor, Ledger, Safepal, and Cold Wallet because hackers and scammers are getting more sophisticated but remember that if something is stored on an exchange wallet, it is only as good as the security measures taken by the platform, and don't forget to read the terms and conditions.

Please remove it immediately, because it is not safe and it has been proven ....over and over again. Cloud storage is not suitable at all for any storage of valuable information or something with monetary value.

It is well known that everything that are being stored in these cloud storage services are being scrutinized by private and government organizations. (It is a honey pot of information for them and it will destroy any pseudo anonymity that you might have had over your financial matters)

It is much easier to print a few Paper wallets.... laminate them and store them in 2 or more separate geographical locations.  

https://www.bitaddress.org <=== Create it offline and print it... for small amounts only.

It is not as bad as storing your coins in an account where you have zero control over your keys or your money but it it still pretty bad because those accounts could be hacked and the attacker could gain access to your coins or there could be other kinds of problems such as your account being shut down by that company for whatever reason such as violating their ToS, etc. with the same result of you losing access to your own money.

The only good choice is cold storage https://en.bitcoin.it/wiki/Cold_storage

If you notice, he is saying to write the seeds on two pieces of paper and store them in two different locations. The probability of getting the two papers burned or wet is practically 0, and the steel plates are also not 100% safe because they attract the attention of potential thieves and kidnappers, while the papers are easily camouflaged.

There is no system that is 100% secure, although some are more secure than others, but in this case having the papers in two locations is quite secure and used by many people.

No backups should ever be online, you have no control at all over how long the information you store on the cloud will be there, so it is be be assumed that once you upload that information it will be somewhere on the Goggle servers as long as the company keeps existing.

So if I was you I will move my coins from those wallets to a new set of wallets of which the only backup that exist is a psychical one, this is more impractical than your current setup but it is way more secure, and at the end that is all what matters.

I don't really understand what does you mean about keep your money in cloud, but you need to know cloud and the other online storage isn't safe and very vulnerable against hacker or malicious virus.

I wouldn't recommend to backup the seeds phrase on a paper because it can be easily destroyed by fire or water, also when you hold for a long time usually you can miss few words from your written since the quality isn't same anymore. I'd recommend to backup using steel plates that resistant against fire, water, corrosion etc.

It seems like a bad joke that you have chosen for your nickname: "Not your key not your BTC"

No, it has already been explained to you. Move those funds from the cloud to cold storage ASAP if you don't want to lose them. I hope we are talking about low amounts, I can't imagine you have millions and are asking that question.

A Ledger or Trezor hardware wallet, and write down the backup on a piece of paper(or 2, and store it on 2 different locations). That's it. Don't try to complicate things.

If you don't believe that the exchange is afraid of hacker attacks, no matter what software it is, it will be hacked. Everyone recommends that you use a cold wallet: by keeping the private key offline and never touching the Internet, it can effectively prevent hackers from stealing it.
Before, some people would say, I only have such a little money, can hackers still see this money? But hackers don’t care about that much. They want to conquer everything. (However, most people do not have a large amount of funds, and they will use hot wallets or directly in the exchange)

Offline backups are the best way to store your funds.the nmemonic makes it quite easy to do too. Onedrive is a problematic place for storing data as it'll get deleted after 3 years anyway if you don't use it much.

If you store a securely encrypted wallet on cloud storage, it's likely safe but you also need a strong random password and memorising your nmemonic is about as complex as memorising a secure password so I see it as pointless..

Do you have control on Google Drive or One Drive?

It is a similar story to "Not your keys, not your coins".

You try to backup your wallet, save your keys, your wallet seeds but unfortunately you ended by storing it in Google Drive or OneDrive which you don't actually control. What if Google Drive or OneDrive have serious data leak, hacks, etc.

Why do you not trust exchanges but trust Google or Microsoft which are centralized corporations too?

If you want to save your backup, save it offline, in a vault which is against fire, water, pressure ...
You can write your key / seed down and store it offline, safely and secretly.

Do away with anything that has to do with backup of seed phrase or private key on cloud or anything that has to do with online backup, it is not safe. Do offline backup, like on paper, laminated paper or metallic sheet. Two or three separate backup in different locations is highly recommended.

I keep my crypto folio on goodle drive and partial on one drive.
I read reminder news on top page and still doubt to keep staying or moving it.

what your thought?