Topic: Plz verified my knowledge of wallets (Read 180 times)
Awesome thanks for the replays! just want to verify one thing, with software like Jaxx and Exodus, if the computer that is running it is turned off, there is no way a someone could move coins from the wallet, unless they had my backup seed. Correct?
Please do not be misinformed. The wallets you mentioned are not cold wallets. They are still hot wallets because they are hosted and managed by a third party service provider and you do not really know if they have copies of the private keys and passphrases. I would only consider a wallet to be truly cold if it is only accessible PHYSICALLY by you. Examples of these are printed paper wallets. Make sure you take care of generating these while you are not connected to the internet (not sure about MEW, but yes, some wallet generators allow you to download the index file and generate a wallet offline).
Yes! Your knowledge of wallet is adequate. There is one thing I also want to add to all that you've said. You could also wallet in this terms; Hot and cold wallet. Hot wallet should be the wallet you regularly use for transaction while cold wallet is where you store your asset for long term safe keeping.
MEW is safe to use, but you have to watch out for phishing sites. Other than that you'd be fine, bookmark the official mew URL and only login through that.
You can run MEW locally if you want as well yes.
Running mew through a VM doesn't really matter imo as long as you aren't infected by a virus or malware or click a phishing site.
You would be good using mew through your regular system/os.
You can run MEW locally if you want as well yes.
Running mew through a VM doesn't really matter imo as long as you aren't infected by a virus or malware or click a phishing site.
You would be good using mew through your regular system/os.
So from my understanding, there are very few wallets that handle many types of crypto, Exodus, and Jaxx being the 2 largest. They are considered cold storage wallets cause the program is not always running? however, if I put them on a virtual machine that is never on it would a stronger cold storage. However, hardware wallets are the best, like Ledger Nano.
When it comes to Ether and Ethtoken such as Golem or OMG, myetherwallet is considered the best? My understanding of that is simply you control and have to secure everything about it. Your passwords your Json everything and don't fall for phishing sites. However, another way to help secure this is again virtual machine, that is only on when you need it on. Also if I download the index file from MEW.com and run it locally, there is no way I could fall for a phishing site, correct?
So that being said and is correct, excluding hardware wallets, if I set up a virtual machine properly and only run it for MEW for EthTokens and do not fall for phishing sites, everything should be fairly secure.
Is this also how Jaxx and Exodus work as well? or is there something better for DCR and others?
When it comes to Ether and Ethtoken such as Golem or OMG, myetherwallet is considered the best? My understanding of that is simply you control and have to secure everything about it. Your passwords your Json everything and don't fall for phishing sites. However, another way to help secure this is again virtual machine, that is only on when you need it on. Also if I download the index file from MEW.com and run it locally, there is no way I could fall for a phishing site, correct?
So that being said and is correct, excluding hardware wallets, if I set up a virtual machine properly and only run it for MEW for EthTokens and do not fall for phishing sites, everything should be fairly secure.
Is this also how Jaxx and Exodus work as well? or is there something better for DCR and others?
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