Stupid or Not - page 3. | Bitcointalksearch.org

kawetsriyanto

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I assume your friend is a beginner and he never read any article about how to secure coins. Grin

I am surprised by his idea to move tokens/coins to a new wallet monthly. Can I know what wallets he creates? MetaMask, MEW, or other wallets? Moving tokens/coins too often may risk the tokens/coins. It will be complicated to keep the wallet data and it also needs high transfer fees. Moreover, if your friend put all the coins in a single wallet. He may end up losing all the coins, or get bankrupt by too many transfer fees.

If he is a long-term holder, suggest him to put the token/coins on cold wallets or hardware wallets. It is the safest place to keep tokens/coins for a long time and it also will minimize the transfer fees. But if he is an active trader, I think he only needs to choose a trusted exchange and can put the coins there. Sending coins to cold wallets or hardware wallets whenever it is really needed.

Let your friend to read this article:
- https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/
- https://academy.binance.com/en/articles/how-to-secure-your-cryptocurrency

meser#

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Is your friend aware of cold wallets? And also tell him if he keeps moving like that he will lose his money because of transaction fees Cheesy

Mate2237

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Quote from: KiaKia on October 30, 2022, 11:31:56 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 dangerous because he might mistakenly input another seed phrase in the new wallet or he might forget the password of the new one when it it is time to change it. Changing of wallet does not change anything in his wallet. Ether he loses Everytime he makes a transaction because of the transaction fees nods collect whenever he makes a transfers.

I will advise him to use one wallet throughout. Changing of wallet is very must dangerous. And he just wasting his time on all that. One wallet is ok for one to store and maintain funds. If it is password he is changing like that it would been better.

The Cryptovator

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I have to say your friend is stupid. He should learn more about cryptocurrency. Moving funds doesn't make it secure anyway. The best practice is to use a hardware wallet and secure your seed phrase. Then your funds are secured automatically. Otherwise, you may use any other non-custodial wallet if you can't afford to buy a hardware wallet. Ask your friend to come here and learn more.

nurilham

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Quote from: KiaKia on October 30, 2022, 11:31:56 AM

-snip- 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..

He is not stupid, he is trying to secure his coins from hackers.
However, sending coins to a new wallet every month requires a lot of transfer fees. I cannot imagine if he hold the coins for 5 years, how much the transfer fees he spent during holding the coins. I suspect the value of the transfer fee will be bigger than the coins he keeps in the wallet. I think, his strategy is only effective if he plans to keep the coins for several months only.

Cryptomultiplier

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Quote from: lalabotax on October 30, 2022, 05:31:25 PM

Instead of doing that, why not just use cold wallets if you want to be more secure, right?

Well, we don't have to blame the guy for knowing his own way of keeping his asset safe. He might have to learn from an experience if he is smart enough, because I guess he probably has little use for his time to be so meticulous about going through such a process bi-monthly.
Inasmuch as he has good intentions, his method of delivery is poor and complicated. It is easy for him to loss his funds by just
simply forgetting his phrases or passwords, than for scammers or hackers to steal his funds.
He should consider using cold wallets, for ease and better assured security.

Gozie51

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Quote from: KiaKia on October 30, 2022, 11:31:56 AM

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.

For whatever reason that he is transferring his coins from one wallet to the other is very risky. I believe with doing that, it is likely to be a miss up at some spot at the phrase and this is confusing if that happens. I have experienced a miss up in phrase sometime, it is really difficult to sort out. Be sure you write your passphrase somewhere only you know because you may need to get the exact phrase again to input it in the phrase if you missed it. If you don't have any need to transfer coins from one wallet to the other, then don't start doing that.

lalabotax

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Is the reason because of making the assets safer? Seriously, I don't think so.
This is a quite bad idea, too complicated, but doesn't guarantee a secure wallet. Not only that, isn't this actually increasing the expenses for paying transfer transaction fees, right? This actually makes our assets decrease. While the wallet used is still an online wallet?
Not a wise idea, this also doesn't guarantee that the asset is safe. Instead of doing that, why not just use cold wallets if you want to be more secure, right?

decodx

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I understand that some people might want to change their critical account passwords frequently, but I don't think changing crypto wallets on a regular basis would be a good idea. It would be like changing your phone number or email address every month. It would be extremely inconvenient and would make it much harder for people to reach you. Furthermore, the frequent transfer of all coins and tokens creates added risks. The more times you move your coins around, the greater the chance that something will go wrong.

I think it would be safer to have a few major wallets for different purposes. For example, one wallet could be used for day-to-day transactions, another wallet could be used for long-term savings and investment, and another wallet could be used exclusively for ICOs.

Zaguru12

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For me Its actually stupid had it been he/she is indulges in saving on exchanges it will even be considered reasonable. Even the transactions fees should be a thing of concern not to talk of having multiple seed phrases which might get missed up. He should rather just get a ledger Nano rather than going through all this fiasco

2stout

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I get the intent but I don't find this to be the brightest of ideas, so I am going to say stupid. Also, Sats are being wasted doing this which in the long run will be detrimental. There are better ways to go about security.

Charles-Tim

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Why changing from one wallet to another? It is possible he might lose his seed phrase or mixed it with another of the old in a way he can lose his present seed phrase.

I think of all possible ways this would be considered a good reason, but none yet comes my mind. I see this as ignorant means of securing your coins in a way no security is added and yet can lead to confusion and loss of seed phrase.

Issa56

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Quote from: KiaKia on October 30, 2022, 11:31:56 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.

Some people don't really know much about wallet security, changing wallet monthly is not really reasonable and those not mean your funds are safe if you did not properly secure your private key, the only time I think you should transfer your coin from one wallet to another is when the current wallet which you store your coins have been compromised, maybe when you notice someone as access to your wallet private key, then you can create new wallet and transfer your coins their, but creating new wallets monthly and transferring your coins their is not really making sense to me, because the private key which you will be having will be kind of much and you might endup mixing everything up one day.

Upgrade00

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Quote from: jackg on October 30, 2022, 12:48:51 PM

The only reasonable reason I could see for doing this that hasn't been mentioned above is to keep up to date with knowing how to transfer his coins and it might prevent either him being scammed or doing something stupid when he comes to sell them (it might also mean he does something stupid and loses all his funds before then).

This doesn't seem reason enough to go through the stress of creating new wallets every month and safe keeping multiple seedphrases.

If it becomes necessary to keep up with changes in how transfer protocol changes, having a little fund kept away in a wallet which can be used to play around with and keep up to date.

The idea doesn't seems unnecessary in my opinion and exposed they user to a lot of risks.

NeuroticFish

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I guess that OP's friend is somehow afraid his address gets hacked or something in a matter of time. The problem is that (if the wallet was generated really safe) the time needed for that may be more than the lifetime of our sun.
Even more, a hacker may go for his wallet's seed instead of a sole address, making OP friend's effort futile.

Another direction of thought would be that OP's friend misunderstood the idea of not reusing addresses (which is good for privacy, while it doesn't really matter for security).

Bottom line: it's stupid and useless.
(As said, if he hears his funds and he's not tech inclined, hardware wallet is his best call).

ajiz138

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Why not just use a hardware wallet, it's much safer than moving coins or tokens every month to a new wallet, of course it will make us dizzy with the many wallets we used before?
Did your friend do that because he was afraid of losing too, so he did this idea for the safety of the coins he had?
To be honest for me this is not a good idea, as long as we still have a secure private key and the wallet is not connected to any Dapps we will still be safe with the coins we have so this will not be a headache and of course every transfer of coins and tokens will cost money more.

cryptoaddictchie

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The idea of changing wallet is good but that often like a month not sure, cause he should remember keeping the seed phrase everytime. Yeah his not prone to scam or potential target of scammer. But if his careful and not clicking malicious links, I think theres really no need to change wallet frequently.

jackg

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The only reasonable reason 8 could see for doing this that hasn't been mentioned above is to keep up to date with knowing how to transfer his coins and it might prevent either him being scammed or doing something stupid when he comes to sell them (it might also mean he does something stupid and loses all his funds before then).

I hope he's not doing token transfers on the eth chains too as the fees seem like they'd erode a lot of his crypto investment.

Security is probably worsened short term by a system like this but I had an idea of doing something similar to this a while ago but due to skepticism..

Daniel91

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I think there are other, much better ways of keeping your privacy than changing wallets all the time.
I personally keep crypto assets that I don't currently need on the ledger. Given that Ledger is offline and has a good level of security, I'm not too worried.
I keep the liquid funds, which I need daily for trading, on crypto exchanges using all possible levels of protection.
In 7 years I have never had any problem.

dimonstration

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Dimon69

What he is trying to achieved by doing such thing? Is this for safety or privacy purposes because it doesn't make sense to transfer token to different wallet if the wallet is not compromised or exposed to possible hack. This move is just a waste of transaction fee and at the same time too hassle to do if he have multiple coin stored in his wallet.

But it really doesn't make sense for to change wallet regularly for whatever reason.

Topic: Stupid or Not - page 3. (Read 509 times)