May I ask, how can I securely store USDT, USDC, DAI? - page 2.

Cryptoababe

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I think the easiest and best way is to use a non custodial wallet. There are different wallets out there. Like MetaMask, BitKeep Wallet and more. These wallets are safe and can only be managed or controlled by you.

Wiwo

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I thought USDT can be frozen even in your wallet?

So if that be it what is the security in holding the coin in your secured wallet when the developer can still render it useless even in your wallet, so I wonder what it will feel like having a secured shit, USDT is best use for trading and if you want to store any coin for long term, you should store Bitcoin or ethereuem instead.

Adigvcdh

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On a cold wallet, or better in cash. And USDT itself is not a stablecoin, USDC is better, there is also decentralized DAI

Fuso.hp

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Where everyone else is thinking about holding Bitcoin or other coins safely, your thinking is a bit different. You are thinking about holding USD instead of holding Bitcoin or other coins like everyone else. From your decision, it seems to me that maybe you don't like to take risks and are content with what you have. Whether to invest or not is entirely up to you, here we discuss how to safely store USD. First we need to select a wallet with more security (Electrum wallet, Mycelium wallet, My etherium wallet). By choosing a wallet with more security, we can easily store USDT in that wallet by making a specific account in that wallet. But we must be careful that no one can know the private or secret information of our wallet only if our USD is safe in our account.

gurunanakji777

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Why do you get into so much trouble? There's no need to overthink it. Just use a hardware wallet that's sufficient. Hardware wallets are very secure and support several cryptocurrency chains. There's no need to worry so much that's fine. Nobody wants to take any risks everyone wants to stay secure. In my opinion, using a hardware wallet would be a better choice.

vv181

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Quote from: lyw on September 18, 2023, 08:06:37 PM

Bitcoin can be stored securely, unless multiple independent authoritative companies conspire to do harm.

What and who do you mean by multiple independent authoritative companies? can you give some examples of what you truly mean?

Quote from: lyw on September 18, 2023, 08:06:37 PM

Option 2: Generate a mnemonic phrase through programming by myself, input it offline into a Trezor wallet, and use the Metamask software to read the Ethereum address offline. After that, store USDT and use the wallet only once.

That is truly a bad idea. What makes you think a mnemonic phrase generation that you created by yourself is better and more secure than a popular cryptocurrency wallet whose have been used and managed by a lot of people and it also proved to hold a gigantic amount of funds safely and securely? By doing that would rather increase the risk of losing funds by some means related to the process.

bettercrypto

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If you are referring to storing USDT in a secure wallet, you have two options in that matter: centralized and decentralized exchange, and it can also be in any non-custodial wallet. It just depends on the research you do to keep USDT in your wallet.

You can choose from many, but what I said is that I'm not sure if these are what you're looking for because I can't be sure what you're referring to, to be honest. I'm a bit confused by what you're explaining, because in every network that you are going to use there is usdt like in Erc20, Trc20, Bsc20 and etc.

lyw

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Quote from: bittraffic on September 18, 2023, 08:49:26 PM

You can store them safely unless you put your stablecoin in DAI. You'll never what could SEC's regulation would approved. There are instances that USDT was frozen in a wallet.

DAI must be the answer although decentralization in ETH network is constantly questioned. Since there possibilities of nightmares to happen just allocate certain percentage of how much to keep on exchanges and on your private wallet.

You mean DAI is safer than USDT？ Thanks.

lyw

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Quote

It's not as complicated as you said. I'd been storing my USDT for several years. I just keep it on my offline computer which is not connected to the internet, i connect it once i need it to send it out from that device.
I just store it on mycrypto wallet(desktop wallet) that can generate a new wallet in offline mode. The main key to store anything safe in your wallet is you must try to protect your wallet from storing it in the device that is always used to connect into the various sites.
The hackers have various ways to steal your money. I just do that and nothing happened with my money till now. It's being stored safely in my offline device.

I don't see neither are good methods to store your USDT. The key is never try to store your wallet in the device that is often in connecting to the various web3 services like defi, nft or anything else.

You store USDT offline, and once you connect to the network, you change to a new wallet? That is using a one-time Ethereum wallet, which is similar to my second solution. Using my own generated mnemonic phrase is mainly to prevent wallet companies from leaving backdoors in the random number seeds of mnemonic phrases. You can use trezor's passphrases with at least 15 characters.

Yogee

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Quote from: lyw on September 18, 2023, 10:19:07 PM

Quote

I think Trezor is better for security since it's fully open-source which means there are thousands of outside devs that are checking and watching it.

Agreeing with the perspective that Trezor is safer, if all of Trezor's code and firmware were open source, it would be impossible for any backdoors to exist. By diversifying and using both Trezor and another similar wallet (such as BitBox), the security level increases. However, Trezor is not completely open source, which means it cannot guarantee there is no backdoors.

What am I missing here? Which part isn't and when did they implement that? Their software and firmware are fully open since the beginning from what I know. All their repositories seems public so I would assume everyone could access and review it.

Quote

I heard that Ledger plans to offer a service where users' private keys are split into two parts and uploaded to two different servers for separate storage. If such a service exists, I would not use Ledger anymore. It's important not to fully trust any institution, government (Especially corrupt governments, like mine.), or company.

It's crazy how they're changing. I guess they are more into the mainstream users now.

lyw

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Quote

I think Trezor is better for security since it's fully open-source which means there are thousands of outside devs that are checking and watching it.

Agreeing with the perspective that Trezor is safer, if all of Trezor's code and firmware were open source, it would be impossible for any backdoors to exist. By diversifying and using both Trezor and another similar wallet (such as BitBox), the security level increases. However, Trezor is not completely open source, which means it cannot guarantee there is no backdoors.

Quote

You're still the only one who has the seed phrase so "absolute security" depends entirely on you unless you use their feature that lets you back up for recovery purposes. I'm not knowledgeable to discuss the risks involved with that but Trezor and Ledger had been criticized when it was added.

I heard that Ledger plans to offer a service where users' private keys are split into two parts and uploaded to two different servers for separate storage. If such a service exists, I would not use Ledger anymore. It's important not to fully trust any institution, government (Especially corrupt governments, like mine.), or company.

Yogee

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Quote from: lyw on September 18, 2023, 09:37:43 PM

Quote from: noorman0 on September 18, 2023, 08:58:44 PM

I think you overcomplicated the vulnerability scenario. With a hardware wallet (as the main wallet) JUST for storing it should be pretty safe if you know what its purpose of such a wallet is.

A tip for interacting with smart contracts is to use another software wallet like metamask on another device with a small balance (do not connect your hardware wallet directly).

Although Ledger and Trezor are extremely secure. However, Ledger and Trezor hardware wallets manage at least hundreds of billions of dollars. How can you ensure they won't act maliciously? How to guarantee absolute security?

You're still the only one who has the seed phrase so "absolute security" depends entirely on you unless you use their feature that lets you back up for recovery purposes. I'm not knowledgeable to discuss the risks involved with that but Trezor and Ledger had been criticized when it was added.

I think Trezor is better for security since it's fully open-source which means there are thousands of outside devs that are checking and watching it.

lyw

newbie

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Quote from: noorman0 on September 18, 2023, 08:58:44 PM

I think you overcomplicated the vulnerability scenario. With a hardware wallet (as the main wallet) JUST for storing it should be pretty safe if you know what its purpose of such a wallet is.

A tip for interacting with smart contracts is to use another software wallet like metamask on another device with a small balance (do not connect your hardware wallet directly).

Although Ledger and Trezor are extremely secure. However, Ledger and Trezor hardware wallets manage at least hundreds of billions of dollars. How can you ensure they won't act maliciously? How to guarantee absolute security?

bluebit25

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I'm a bit confused about the issue OP mentioned, USDT storage?

I haven't come across many situations where stablecoins have to be held for long periods of time, and even in the short term it appears to be only a transactional intermediary element in this environment, and for personal use that I'm aware of ( transaction amount of less than $1 million), storing it safely is not difficult, just like you would hold any other type of cryptocurrency. The various incidents in this market are not really new (hackers, CEX bankruptcy, etc.) but it is not a worrying error compared to the whole, imagine billions of hacks $ with a market worth trillions of dollars. So for me, even if I keep USDT on any network, I am quite assured, perhaps if an incident occurs, it is still a mistake from personal management.

lyw

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Quote from: dansus021 on September 18, 2023, 08:37:33 PM

First of all why do you want to securely store USDT, are you gonna holding for a long period of time? If yes is there any major benefit store USDT without staking it

The secure way that I know is through Hardware Wallet like Ledger. Today Hardware wallet able to save multiple network chain so you dont need to worry about it.

In the United States, if you are not concerned about receiving illicit funds, you can directly convert BTC to USD instead of USDT, which is considered safer. In China, there are no legally operating exchanges, and converting to Chinese yuan may involve the risk of receiving illicit funds. It might be better to hold USDT, as it avoids potential involvement with illicit funds.

lyw

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Merit: 1

Quote

It's not as complicated as you said. I'd been storing my USDT for several years. I just keep it on my offline computer which is not connected to the internet, i connect it once i need it to send it out from that device.
I just store it on mycrypto wallet(desktop wallet) that can generate a new wallet in offline mode. The main key to store anything safe in your wallet is you must try to protect your wallet from storing it in the device that is always used to connect into the various sites.
The hackers have various ways to steal your money. I just do that and nothing happened with my money till now. It's being stored safely in my offline device.

I don't see neither are good methods to store your USDT. The key is never try to store your wallet in the device that is often in connecting to the various web3 services like defi, nft or anything else.

Although there have been no malicious cases of hardware wallets such as Ledger and Trezor so far. When I saw someone mention: "How can you trust a company in a distant place not to steal your money?" I still don't feel relieved. If there is a storage method on the Ethereum network that is as secure as Bitcoin's multi-signature, it will be foolproof.

Topic: May I ask, how can I securely store USDT, USDC, DAI? - page 2. (Read 373 times)