Stupid or Not | Bitcointalksearch.org

Sandra_hakeem

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

What kinda risk is that?? Isn't he aware that there are times you'd just get cut up with so much on your mind that you forget your passphrases?? Which is which? (That'll happen if you're a type that loves documentations though but, how TF would you keep those random words tied to your cerebellum? Expecting to remember 'em each time you feel like doing the same shit?)? So he might still get the whole thing mixed up.
Changing wallets every month won't help get rid of hackers, will it? Neither is it gonna stop his friends from hijacking those funds (if they felt like). The point is: keeping things safe and confidential is not just everyones' thing yunno....some peeps are really bad at that but I'm afraid, that'll be the only way out... Else he's just finally gonna loose-up -- to the point that he'll mix things up so, you should do well to advise 'em on that.

Sandra 💇

Zilon

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Bitcoindata.science

The biggest risk is the chance of getting the private key or seed phrase mixed up. In the course of moving the coins across different wallets it might result to forgetting to update the most recent seed phrase or private key in a documentable device and will definitely lead to permanent loss. Maintaining a single wallet address so far it is a cold wallet both keep the coin safe and also reduce the risk of losing access into wallet, coin and tokens as long as the private key is kept secure

darkangel11

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Changing wallets is a waste of time. The same thing with changing addresses within a wallet. Some people say that reusing the same address is a security risk but I've been using same addresses for years and it's the same thing with the same wallet. I had core for 2 years then switched to Electrum and had that for another 6.
Don't tell that guy that he's wasting time OP and a year or 2 from now ask him how many wallet changes he did and how many hours of his time are now lost forever Cheesy

proTECH77

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I don't think, is advisable for someone to start changing his or her wallet every month, because it will not add any income into your wallet than to wast your time and energy and even put you in risk if you forget the new wallet seed phrase your transfer the coins to without writing them out.

Piesel

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Quote from: Wakate on November 02, 2022, 03:32:38 PM

Quote from: KiaKia on October 30, 2022, 10:31:56 AM

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

That is not a stupid act, it's just choice and how he sees the market of measuring his safety of ending up losing all his coins so he thinks transferring it from one wallet or the order is a good safety guidelines. All you have to do is to advise on why it is good to keep a private keys from people that can use them and steal all their coins. Whatever way we choose to prevent our coins from scammers is a good attempt because the major objective is to make sure our coins are safe from people that might use the privilege of seeing our private keys to steal our funds.

Yeah some people feel safer with changing and using a new wallet address for each transaction I don't see this as a stupid thing to do but it's just that, when you are doing so you must make sure safe all the necessary information for each wallet you used.

But then some other people may see this as a wired way to manage your asset changing wallets and transferring assets at any point may lead to a loss sometime

Wakate

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

That is not a stupid act, it's just choice and how he sees the market of measuring his safety of ending up losing all his coins so he thinks transferring it from one wallet or the order is a good safety guidelines. All you have to do is to advise on why it is good to keep a private keys from people that can use it and steal all his coins. Whatever way we choice to prevent our coins from scammers is a good attempt because the major objective is to make sure our coins are safe from people that might use the privilege of seeing our private keys to steal our funds.

Marykeller

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Your friend is just cautious for nothing's sake. Giving himself unnecessary pressure and confusion now and then every month should be very tiring for him.

Can you bring this post to the notice of your friend? Let him get to know what we(bitcoiners) are saying to what he is doing. If he should read all of these posts, he will rethink what he is doing and stop totally

boyptc

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If he knows what he's doing, that's just something that you shouldn't thought of being stupid. There are some ways that we think is better to do for our security.

If that's how he thinks then probably he's doing it for his own security. Well, he's doing it monthly and there's nothing wrong with that as he can just simply dump the last wallet that he used after going with another one. The fees of transfer ain't that lot too.

NotATether

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It's very easy to lose track of the seed phrase if you keep hopping between wallets. Your friend probably knows what he's doing though, and seems to keep track of all his seeds (if I am wrong then please advise him to at least do that).

isaac_clarke22

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Quote from: libert19 on November 01, 2022, 11:15:49 PM

-

I forgot to mention this in my previous reply.
Way to hassle not gonna lie. I won't even consider having many wallets since usually I only have "few" wallets entirely for different purposes (can't mention how many for privacy reasons).

Even if I was using custodial wallet, I might forget one of these wallets one day. Cheesy

Inwestour

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Quote from: Rockstarguy on November 02, 2022, 02:15:28 AM

This is nothing but confusion keeping different keys, I don't see any good reason to be having new wallet in every month. This is not the best way preventing ones self from scammers or hackers . The risk of managing plenty keys is so high and it is not advisable. No reasonable person would choose to or think to have new wallet every month. This is not just risky but stressful to secure different keys. Their is nothing wrong in changing wallet but creating new one every month.

Every month a new wallet, it's a bit strange, it's realy necessary? This can eventually lead to you having to store a lot of seed phrases and knowing which phrase is from which wallet is very inconvenient. If there is a need, you can make several wallets, but a new wallet every month is more like paranoia. Because of such wonderful ideas, then there are stories about wallets to which access is lost.

Rockstarguy

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

This is nothing but confusion keeping different keys, I don't see any good reason to be having new wallet in every month. This is not the best way preventing ones self from scammers or hackers . The risk of managing plenty keys is so high and it is not advisable. No reasonable person would choose to or think to have new wallet every month. This is not just risky but stressful to secure different keys. Their is nothing wrong in changing wallet but creating new one every month.

Razmirraz

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Have you ever asked why he did that?
I don't think he did that just to keep his assets safe by transferring tokens to different wallets over and over again. Indirectly he has harmed himself every time he moves assets to a different wallet, each transaction will incur a fee (Gas), he must always prepare a certain amount of Gas that will be used to make transactions.

Tell your friend he don't have to do that. Stop wasting transaction fees and too hassle yourself. He can put assets in only one wallet by keeping the private key secure.

libert19

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Too much hassle tbh, but if he feels safe that way, who am I to judge?

Fausto Arta

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Quote from: Piesel on November 01, 2022, 05:18:42 PM

Many people have lost their assets through this kind of practices as most time they end up mixing their private keys up and losing the wallet seed phrase and you know what that means.

No one is really perfect to come to a mutual agreement because actually what you do will never be considered the best practices by everyone. You are responsible for yourself and don't care what practices are good for others unless they ask for advice. As a trader, I have many wallets to store different assets. If it's bitcoin, then a non-custodial wallet is a good choice.

Piesel

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Many people have lost their assets through this kind of practices as most time they end up mixing their private keys up and losing the wallet seed phrase and you know what that means.

So changing wallet here and there is not a good idea to me and the only advantage I can see in this is that hackers may not be able to trace his assets but even that is not a good enough reason to keep changing address every month or two.

JoyMarsha

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It seems like the OP friend is having a trust issue with everything around him, even to the extent of his crypto address. OP's friend can't come up with this strategy on his own without getting the idea from someone else. Maybe the OP friend has heard how crypto wallets are been hacked, and he decides to play smart without even knowing that putting him or herself in a confusing journey of changing address. Soon or later OP's friend will dance to his music in a sad way

Anyone that knows how crypto works, won't be changing their wallet like clothes. I don't think the OP friend knows. The person that introduced him to crypto didn't lecture him well on how secure your wallet address is if you keep and don't give out your private keys

imamusma

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Quote from: KingsDen on November 01, 2022, 01:41:40 PM

If you read what the topic creator wrote very well, you will understand that his friend does not keep the keys of a particular wallet after he has used it. I mean immediately he stops using a particular wallet he will discard it and uninstall it and trash the keys.
After all, it doesn't cost to download a wallet and generate a key phrase. If that is the best way that he thinks he would be safe from scammers, it is good for him. But his method will be possible and not difficult if he only has one type of coin for example only Bitcoin in his wallet.

However, it's somehow tedious, I cannot consider to do that instead I will rather be careful about where to connect my wallet addresses and ensure I did not reuse a particular address.

In fact, if you want to increase privacy with bitcoin and want to make it harder for people to track your transactions, then you only need to use one address for one transaction (for the same wallet, but by creating a new address). I don't want to say it's a bad practice, but it sure gets little tedious if delete and download the wallet again.

GeorgeJohn

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Transferring a coin from one place another or From one wallet to another wallet, doesn't show signs of security, it's totally wrong from my perception, because what should be done in this aspect is to have a wallet that's exceptions of exchange wallet and documents the seed phrase, because i know that it's only exposure of seed phrase that can create access for someone to penetrate in your wallet, instead of moving your coins from one place to another place, because the process of transferring your coins it also create room for devaluation, because of the charge.

BIT-BENDER

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This isn't just an unreasonable idea it also an idea that tires me to imagine let alone to do it. Crypto-currency is transparent and except you friend makes use of a mixer then those interested in wallet can see where his cryptos were moved to.

Sometimes doing too much is doing too less. I have not reason to think owning and keeping your crypto-coin in your wallet is stressful, the safety precautions or rules are as simple as a kid learning how to laugh. Be less greedy, up your security sensitive, add 2FA, ensure you provide a safe place to store your seed phrase, if you can make transactions at your secured private place.

Topic: Stupid or Not (Read 584 times)