Topic: It's my first time on here I hope I get some responses (Read 241 times)

Note there is no such thing as cold storage in the cloud. Cold storage is storage which is either non electronic or entirely airgapped with no possibility of connecting to the internet.

It's not just targeted hacks which are the concern. By storing anything in the cloud, you are trusting all the hardware and software involved in uploading it, transferring it, storing it, securing it, and so on. You have no idea how many servers around the world your data is copied to, and you have no idea who has electronic or physical access to those servers or how robust their security is. You have no idea who your data might be shared with or what third parties might be involved in its storage or handling. The list of potential vulnerabilities is endless.

Really, you are welcome to the community, one important is that knowing Bitcointalk will expand your knowledge in cryptocurrency and more especially bitcoin in particular, many people knows about bitcoin but not as many that knows Bitcoin that knows properly about bitcointalk community, since you know bitcoin since 2019 joining here will elevate you or enlightened you about Bitcoin, don't be surprised that many people about bitcoin but it's few that knows bitcointalk forum.

Got a point. But thats a less chance considering its his family. Its not often to have some family trying to do that on your own blood. Anyway just a suggestion, but this kind of situatiom is much less to happen compared to what you shared and also thats really shocking to know too. Damn the sons are totally money greed if they are even actually can do that awful things.

You can get list of available stable coins on ether Coinmarketcap or Coingecko.

• https://coinmarketcap.com/view/stablecoin/
• https://www.coingecko.com/en/categories/stablecoins

There are many FUDs and bad reports on Tether USD (there is a given article above too) so it is risky if you store all your stable coin in USDT. I mean you should decentralize your stable coin budget into different stable coins that can be USDT, USDC, DAI, BUSD.

BUSD is centralized as same as USDT while DAI is decentralized. However, BUSD is the second largest stable coin just after USDT. In addition, the growth rate of BUSD is very steady as pointed out in Stable coins - Price, volume history and changes with bitcoin fluctuations

For me, USDT, BUSD and DAI are my choices and my strategy is never put all my stable coins into a single stable coin.

If there is one thing I've come to understand in life and on the forum, people or users would speak based on what they are used to and have found it to be okay or comfortable with them. It's that simple but still, that doesn't make them wrong or right either. It simply means, they haven't got any problems with it just yet and might not have at all. Who knows...

If there is one thing i think I know form people's experience, private key and seed phrase hacks are often as a result of cold storage in Google clouds or some malware installed on a device. I've heard of a few investigations on how the FEDS using its agency recovers stolen bitcoins and it often starts from a private keybor seed phrase stored away in the clouds. You might not be a target for the FEDS but that doesn't mean, a scammer somewhere or someone isn't watching or could stumble on it accidentally or as a result of a hack. Hence, its not the best of ideas for me.

Oh, for God's sake. That's just the worst advice ever.

Although cloud storage is convenient and robust, it has never been synonymous with the word "secure". There are countless news articles about information being stolen from various cloud storage services due to software vulnerabilities, poor permission configurations, weak encryption implementations, and other issues. Storing sensitive data in the cloud is really risky. You can't control who has access to your data; there have even been cases of insider theft by employees with authorized access.

The bottom line is, if you care about your assets at all, then you should never, ever store sensitive data on the cloud.

Coinbase is not really wallet but centralized exchange that controls your coins, they can block your account at any time and for whatever reason, and it can be hacked resulting in leak of your documentation.
I would not suggest anyone to use this for holding coins, but it is ok for trading coins, selling or if you want to purchase coins.
Best wallet should be open source, non-custodial, and you should always control your private keys.

Stable coins are not so stable as name suggest, and that can be seen best during time of inflation.
Most used stable coin in USDT Tether but there are some shady background behind, so I think USDC would be safer option, and I would avoid anything in bsc and other chains.
You can find list of all stable coins on coingecko website: https://www.coingecko.com/en/categories/stablecoins

It doesn't matter if you live with someone else because you can store your seed words backup in multiple locations.
Safest option would be to use some multisig setup, but that can be complicated for some people, so you can just add one or more passphrases to your seed words and keep them separately.

I strongly recommend against doing that. Just because you didn't face any problem doesn't mean it's safe.

I lost many of my wallets just because I did something similar to what you suggested.
I sent the private keys/seeds of my wallets to my Yahoo email address to save them there (I don't know what I was thinking of back then but I thought it would be safe), Two years later, I logged in to my account and was shocked that all my emails had disappeared and therefore I lost my wallets. It turned out that Yahoo has a policy stating that all emails will be deleted if an account remains inactive for more than a year!

Bad idea. Most people cannot do this safely and securely on an airgapped device which therefore risks leaking your seed phrase or private keys.

You can't possible know OP's family situation. There was a story on here not long ago about a person who drugged their own father to steal his bitcoin. Only OP can judged whether or not family members are part of his threat model.

Hot wallets are one of the least secure, and Trust wallet is closed source. A poor recommendation I'm afraid.

Completely centralized and Binance can freeze you coins at any time without warning or recourse.

This is an awful idea. Saying "I've never had any issues" is meaningless. I could have been driving without a seat belt or airbag since 2015 and still be totally unharmed; that doesn't mean it's a safe thing to do. Storing anything sensitive on the cloud is extremely risky, and then advertising the fact you have done so is even riskier.

o_e_l_e_o has given you an accurate information that you need, but let me add to it for better understanding, Coinbase is a centralized wallet, they do not provide you with private key, the private key of the addresses you are sending to your Coinbase account belongs to and owned by Coinbase, which means it is not your coin on blockchain, it is Coinbase coin on blockchain. Coinbase has the full control, not you, Coinbase is capable to freeze your account.

To have full control over your own coins, you will need a reputed noncustododial wallet like Electrum and Trezor, the wallet that can generate you seed phrase and make you to have your own keys instead of depending on another party like Coinbase.

Just in addition to what o_e_l_e_o posted about this, remember that passphrase will generate you different keys and addresses that is entirely different from the keys and addresses the same seed phrase will generate you without passphrase. Make sure you do not lost the passphrase backup just like the seed phrase backup, they are both important for recovery so far you included passphrase.

I will not also recommend coins like tether, but what about dai, I can recommend that. Some countries (especially the developing and the underdeveloped countries) fiat are so depreciative to the extent having fiat pegged coins like US dollar, Pounds or Euro which are easily accessible will be the forgo rather than going to bank, opening a domiciliary account which can be very inconvenient when there are fiat pegged coins that can offer this. But I will also recommend fiat instead of fiat pegged coins. But normally, due to inflation, fiat and fiat pegged coins should not be considered at times.

Wow, welcome to the forum mate, and do say some thank you to your friend, he's a true friend indeed.


Yes, coinbase is not the best place to store your investments because it's a centralized wallet, this means you don't actually own the assets in your coinbase wallet but the company(coinbase) does, and why is this? It's because your don't own the private keys to your coinbase wallet, the company(coinbase) does, and remember the golden rule in crypto, "NOT YOUR KEYS, NOT YOUR CRYPTO", this means that if you don't own the private keys or phrase of a wallet, then you dont own the crypto in that wallet.

You need a decentralized wallet like trust wallet or metamask, this wallets let's you own your private keys or phrase as well as your crypto full time, they are the best wallets to store your crypto investments.


YES, if you ever want to store your asset on a stable coin, DAI is the best choice though USDT is older and more popular, the thing is, TETHER is a centralized company and as such, they have access to freeze any bodies USDT right in their(your) wallet, but according to research, DAI is a Decentralized stable coin and as such, it doesnt have such access.

The thing is, alot of people will say alot of things, tell you how to and how not to store your seed phrases or private keys, but the truth remains that you still have to do that which is best for you, people live in different places and in different conditions, what works for the other person might not work for the next person, so you have to look for that which will work for you.

For example, alot of people condemn or do not recommend storing private keys or phrases in a cloud storage(online), but I have all my seed phrases and private keys stored in an online cloud storage since 2015, and I've never had any issues, all you need is choose the right app, and you are good to go, I have access to all my private keys and phrases any time and any where I go, whether with internet access or not, whether with my phone or laptop computer.

I don't think is late before knowing about the forum, actually you have been missing but since you actually here you are welcome to the forum and I believe you will definitely benefit from the forum.


2. If you want to leave your fund in a stable coin Dia is not really bad but I prefer leaving my funds in BUSD.

3. I also wrote my wallet private key in my diary, which I believe nobody will really touch it and I always make sure I hide it in a secure place where I believe nothing will happen to it.

You meant non-custodial open-source wallet, right? There is no such thing as decentralized wallet besides Bitcoin Core. Also, hardware wallets from Ledger and Trezor are easy to use enough for the typical person(unless you're a grandparent that literally has no idea on how to use a computer). There's literally no reason to be holding funds on exchanges besides for trading purposes.

No. Just write it down.

1. You will be fine using trust wallet on your smartphone.
2. DAI stable coin is decentralized, more safer than USDT but less popular.
3. I wrote down mine in a book with stronger cover.

Natural disasters is for real so make sure fire or water don't get near such book, best of good luck.

After many thoughts about how to keep my recovery seed safe I ended up carving the words neatly on a round stainless pan, it's my mama's but not in use anymore, now the poor thing stays under my bed till death do us part.

Secured a place that only you knows. But Im sure theres no problem even when your sibling knows it. Its your family and there is no chance someone would think of something bad especially a part of your family isnt it.

Write it on piece of paper make surr you have a lot of copy at least just in case there is something happened on your key like the paper you used got wet or spilled something at least you have extra.

Welcome, and it is never too late to join the forum, neither does it matter when you join as you can easily get all the information you need/think you have missed by using the seach button, any curiousity of any kind you have, you just go ahead and look it up using the search feature and you will get the answers you desire, the threads/links are always there for any user to read and understand, irrespective of when they join, and in any chance you are unsatisfied, you can then create a thread and ask, just as you have done now and gotten the necessary answers.

If you are planning to store your bitcoin for a longer period of time, then Coinbase would not be your best choice. The only time you will be using an exchange to store your funds is when you are actively trading, which lasts for a short period of time, or if you are wanting to use your BTC in exchange for US dollars (banking services).
 
Other than that, I don't see any reason for using it.

Additional read
- https://cryptosec.info/wallets/

Again, just to support what @o_e_l_e_o mentioned, USDT are assets that are subject to an asset freeze [1], which means there is an existing 3rd party that has full control over your money, hence making the asset "centralised" in nature. You're far better off holding fiat, or using stablecoins if and only if you are actively trading for a short period of time.

[1] [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Your friend is right. When you store your coins on Coinbase you could be talking about an exchange account or their wallet app. An exchange account is the worst possible place to store your coins since you have no ownership over them there. Their app is not much better given that it is closed source and Coinbase are not a trustworthy company.

Most stablecoins are centralized and can be frozen against your will, so I wouldn't keep assets in them at all. If you want to hold fiat, then just hold fiat.

Hide it somewhere they won't find it. Use an additional passphrase on your wallet and back this up separately (this won't be possible with Coinbase but would be possible with an open source wallet such as Electrum). Encrypt your seed phrase and back up the decryption key separately.

It's painful that I'm just knowing about this forum when I've been using crypto since 2019 but thanks to a friend AJ for telling me what I'm actually missing so far, I have few questions as a new forum user I hope I get the best answers.

1. I've been using wallet called coinbase but my friend keep saying it's bad for my assets what do you think?

2. If I want to keep my assets in a stable coin which one is the best? he said DAI but I'm not sure as all I see online is USDT.

3. Recovery seed can be written on paper but I'm still not having a full confidence about this because I'm living with my siblings, not saying I don't trust them but I want something more secured, how do you guys keep your keys safer?.