Topic: Non-custodial Wallet App security for long term (Read 208 times)
Trustwallet and Metamask are good in my opinion as wallets to store cryptocurrencies, but for long-term storage I do not dare to guarantee their security because up to now the level of security of a crypto wallet can still be hacked by those who have bad intentions.
Someone said that if you plan for long-term holding you just have to send the BTC to a wallet and never use that wallet to expose its public keys. It's more of security as suggested. Basically what I do is just use the electrum and just write down the seed. I think its enough.
When you are going to cross borders, would it be a risk for you guys if you have the hardware wallet with you?
When you are going to cross borders, would it be a risk for you guys if you have the hardware wallet with you?
If you are planning long, why don't you buy a hardware eallet like Ledger nano, trezor, safepal? I think a hardware wallet would be the best solution if you are holding a lot of altcoins.
Holding on non custodial is good but don't forget that the wallet you mentioned are hot wallet and can be hacked by a silly mistake.
True best solution is with hardware wallet I only have Safepal as hardware wallet and also for storing altcoins long term, if OP wants to use Trust Wallet or Metamask other type of wallet it's fine as long as it can store phrase seed well and that's what I did nothing happens when you keep it a secret.Holding on non custodial is good but don't forget that the wallet you mentioned are hot wallet and can be hacked by a silly mistake.
The rest of the OP can judge which comments below are better for the OP, so choose according to the criteria you want.
If instead of a hardware wallet, would most agree keeping it in coinbase but coinbase vault would actually be more safer than trustwallet or metamask?
Mostly of my altcoins holdings are stored in non-custodial wallet app like Trustwallet and Metamask where i have my own unique seed phrase, Is it good to hold my crypto there for long term investment?
For short term, it's okay.But if you're talking about long term, you should settle in about getting a hardware wallet. I've been having my holdings in a hardware wallet for so long and never had any problems.
Metamask is connected to browser and who knows if someone borrows your pc or laptop and your metamask wallet is logged in there, that person or even you might click links that would affect your pc through malware or phishing.
As suggested above, a reputable hardware wallet is your best option. They are safe when it comes to storing cryptocurrencies and convenient for everyday use.
HW aren't that expensive but if you can't afford to buy one or looking for another alternative then you can create your own cold storage / offline wallet. Most reputable wallets support this feature. Here is how to create and use an offline wallet with Electrum, for example:
https://electrum.readthedocs.io/en/latest/coldstorage.html
HW aren't that expensive but if you can't afford to buy one or looking for another alternative then you can create your own cold storage / offline wallet. Most reputable wallets support this feature. Here is how to create and use an offline wallet with Electrum, for example:
https://electrum.readthedocs.io/en/latest/coldstorage.html
Mostly of my altcoins holdings are stored in non-custodial wallet app like Trustwallet and Metamask where i have my own unique seed phrase, Is it good to hold my crypto there for long term investment?
I would not hold anything long term on browser with Metamask extension especially if you did some trading with Uniswap or other fake decentralized alternatives.Trust wallet is closed source wallet and I don't suggest anyone to use it for long term storage, but I think it's a bit better than Metamask.
Best option for altcoins would be to use hardware wallet and store backup seed words in safe place.
Mostly of my altcoins holdings are stored in non-custodial wallet app like Trustwallet and Metamask where i have my own unique seed phrase, Is it good to hold my crypto there for long term investment?
The important point is that you have stored the seed phrase somewhere safe from anything. If you are careless then there is no point in saving the seed phrase because you can't access the wallet. If you are using Trezor hardware, you need to save security PIN for wallet access, if you forget PIN then you will have to meet with Grand to recover wallet as he has previously hacked to recover $2 million in Theta coins. Hopefully he can still recover it.As an optional solution, you can purchase Black Seed Ink boards for writing seed phrases that are credit card sized and are fire, water and corrosion resistant.
souce blackseedink.com
but doesn't it all come to saving seedphrase offline and uninstall the wallet securely? Like I think same with hardware wallet you need to save passphrase.
Sure, you still need to write your seed phrase on a piece paper just like what you are doing with mobile or desktop wallets. However that is not the point of having a hardware wallet. HW by definition are specifically designed to create and store your private keys in an offline environment (secure element of Ledger) something that a mobile or other desktop wallet cannot do. On the contrary, these hotwallets, like the wallet you're using, are always connected to the internet, making them vulnerable to a variety of attack vectors, plus your private keys are stored on your computer.
Or what if hardware stops working, any back up?
That's when you use your seed phrase(backup) to restore your funds in another wallet preferably like Electrum. Keep in mind, that even if your HW is lost or broken, your assets will still be safe because they are not stored on the hardware wallet itself but on the blockchain.Further read
[General] Bitcoin Wallets - Which, what, why?
Everyone advises a hardware wallet, but it should be noted that although some of these wallets support a very large number of altcoins, for a good part of them you need to download third-party wallets - which means that not everything can be controlled from one interface. For some beginners, this can be quite confusing because they think they are buying a universal solution - and then find themselves in a situation where they need a few extra wallets.
This of course should not diminish the security provided by a proven hardware wallet, but it should definitely be taken into account when buying such devices.
This of course should not diminish the security provided by a proven hardware wallet, but it should definitely be taken into account when buying such devices.
Such great advice to invest on hardware wallet, but doesn't it all come to saving seedphrase offline and uninstall the wallet securely? Like I think same with hardware wallet you need to save passphrase.
Or what if hardware stops working, any back up?
sorry for this noob question coz I need more reason why hardware wallet.
Or what if hardware stops working, any back up?
sorry for this noob question coz I need more reason why hardware wallet.
Grab a hardware wallet they say, can a hardware wallet work offline? Haven't hardware wallet been hacked before? It's all same ole thing, keep your keys safe or see your coins missing on your hardware wallet.
I've been in the crypto space since 2016 and I've held some coins since that time in trust wallet, coinomi, and a few others yet none got hacked, the thing with security lies in your hand, private keys and recovery seeds are meant to be kept offline if you can do this you won't have any problem.
It being "good" or "bad" will totally depend on how reckless or careful you are with your devices. You download a lot of pirated files and programs? You don't keep your operating system updated? You like opening those weird obscure websites? Then yea you're likely to get screwed in the end.
The solution: grab. a. hardware. wallet. Either Ledger[1] or Trezor[2] is good.
[1] https://ledger.com/
[2] https://trezor.io/
The solution: grab. a. hardware. wallet. Either Ledger[1] or Trezor[2] is good.
[1] https://ledger.com/
[2] https://trezor.io/
Trezor is close source
Trezor is open-source, which is weird, 'cause you've said it is few sentences later.
Don't use closed-source wallets such as Trust. They have a bad fame. If you've decided to hold those for the long term, then just buy a hardware wallet and sleep easy. Again, it's not necessary, but you may not want to download every wallet software for each altcoin.
Trezor is close source
Trezor is open-source, which is weird, 'cause you've said it is few sentences later. Is it good to hold my crypto there for long term investment?
Trustwallet is close source, metamask is a web wallet. A good reason why not to use both at all.why don't you buy a hardware eallet like Ledger nano, trezor, safepal? I think a hardware wallet would be the best solution if you are holding a lot of altcoins.
Safepal do not support wallets like Electrum, it has its own software for that which is close source. I will prefer Trezor or any other reputed open source hardware wallets.As Little Mouse suggested, get yourself a reputed hardware wallets rather than online wallets that are not as safe as offline wallets.
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If you are planning long, why don't you buy a hardware eallet like Ledger nano, trezor, safepal? I think a hardware wallet would be the best solution if you are holding a lot of altcoins.
Holding on non custodial is good but don't forget that the wallet you mentioned are hot wallet and can be hacked by a silly mistake.
Holding on non custodial is good but don't forget that the wallet you mentioned are hot wallet and can be hacked by a silly mistake.
Mostly of my altcoins holdings are stored in non-custodial wallet app like Trustwallet and Metamask where i have my own unique seed phrase, Is it good to hold my crypto there for long term investment?
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