The cost of maintaining wallet - page 2.

SatoPrincess

hero member

Activity: 966

Merit: 701

Leading Crypto Sports Betting & Casino Platform

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

Those who are running long term investment, always have to undergo the active maintenance of seed phase, password, device for instance if your phone lost, you have to look for a way to restored everything into your new device, most people lost their seed phase, private keys and wallets that's why I have come up with little ideas especially if you're this carefree person.

I wonder where you got that notion from. You spent enough time on the forum to know how wallets work. I think it’s fair to ask you how much you have spent so far in “maintaining” your wallet and seed phrase. If a peon loses his device, he can easily import his wallet to another device, there is no other way to do it.

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

Once you own bitcoin wallet or other crypto currency, thinking of how long you can maintain your wallet follows this steps,
First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

This is really bad advice. Once your seed phrase is stored online, just know your wallet has already been compromised, your email, online notes can be hacked. Online storage is very dangerous whether you use a song format or not, hackers can use malware to search for keywords that look anything like seed phrase. It’s better to be safe than sorry, store your seed phrase offline, you can write them on paper or engrave them on steel.

Stalker22

legendary

Activity: 1526

Merit: 1359

Quote from: Ultegra134 on May 13, 2023, 01:23:49 PM

~
I don't understand what kind of maintenance a wallet needs, like the OP is suggesting. Just store your private key on a piece of paper in several spots around your house, and you should be fine.

The OP is clearly confused and lacks basic understanding because he seem to believe that his private keys and seed phrases will weaken or deteriorate over time, so he thinks they need "maintenance". Cheesy

No wonder so many users lose their coins due to their own stupidity!

But this is not the case, as long as the keys and phrases are stored securely and backed up properly. In fact, private keys and seed phrases can remain valid and usable indefinitely, as long as they are protected from loss, theft, or damage.

Issa56

hero member

Activity: 1484

Merit: 928

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

Those who are running long term investment, always have to undergo the active maintenance of seed phase, password, device for instance if your phone lost, you have to look for a way to restored everything into your new device, most people lost their seed phase, private keys and wallets that's why I have come up with little ideas especially if you're this carefree person.

Let me ask you, is their anyway a seed phase can be maintained? I don't know if you can explain more about seed phrase maintenance, if you have created a wallet and you have property secured your private key, I don't really know maybe their is any other cost of maintaining your private key.

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

Once you own bitcoin wallet or other crypto currency, thinking of how long you can maintain your wallet follows this steps,
First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

I think you didn't read properly about wallet security before writing this post, If you have proper understanding about wallet security, then you will know that securing your private key on email address is really a bad idea, if you are securing your private key, make sure it's stored in a place where their is no internet connection, if your private key is stored in your email address, then your email address can be compromised and your private key will be exposed.

Securing your private key in your diaries is not a bad idea, but your diaries can easily be distroyed incase if their is fire accident or water accident, the best method I think you can use to secure your private key is by carving it on iron steel, it will be secured incase if their is fire or water accident.

Ultegra134

hero member

Activity: 1680

Merit: 845

Quote from: Stalker22 on May 13, 2023, 01:06:36 PM

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

~
First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

I do not know if you are serious or trying to be sarcastic, but this is just terrible and extremely dangerous advice, and should never be followed, especially by novice bitcoin investors who may not have a clear understanding of the security risks involved in such actions.

Sending private keys or seed phrases through email or storing them in an online Google Doc can lead to security breaches and make your cryptocurrencies vulnerable to theft. It is crucial to keep your private keys and seed phrases offline, preferably on a hardware wallet, and in a secure location.

Exactly. Your seed phrase or private key is supposed to stay offline and out of devices such as your phone. It's a common mistake that I've also made myself; your phone's storage isn't as vulnerable as uploading it online, but it can still be subject to theft or a possible malware attack that steals your data. There's a decent chance that it won't happen to you; Google services are generally secure and also require two-factor authentication (2FA), but there are a handful of security breaches on other services that can expose your information.

I don't understand what kind of maintenance a wallet needs, like the OP is suggesting. Just store your private key on a piece of paper in several spots around your house, and you should be fine.

Stalker22

legendary

Activity: 1526

Merit: 1359

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

~
First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

I do not know if you are serious or trying to be sarcastic, but this is just terrible and extremely dangerous advice, and should never be followed, especially by novice bitcoin investors who may not have a clear understanding of the security risks involved in such actions.

Sending private keys or seed phrases through email or storing them in an online Google Doc can lead to security breaches and make your cryptocurrencies vulnerable to theft. It is crucial to keep your private keys and seed phrases offline, preferably on a hardware wallet, and in a secure location.

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

What do you mean by the maintenance of the seed and password?
It doesn't need maintenance what you need to do about the seed, wallet, and password is to save them to a safe place like for example writing them down on a piece of paper hiding them in your book or vault and you should the only one who knows where you hide it.

And it's not safe to send seed phrases and private keys through email you already break one of the basic ways to protect your backup seed and private keys. Email is always connected online and it can be hacked. So that is not a good practice compared to writing them into a piece of paper.

Zaguru12

hero member

Activity: 868

Merit: 952

Quote from: Godlovesyou on May 13, 2023, 12:24:15 PM

First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

This certainly not a bad idea because once you have your seed phrase online then it is not longer yours. It doesn’t make it any different with saving your coins on exchanges. People tend to trust too much on email and google doc but once it is compromised everything on it is exposed. Email one of the most vulnerable places to store your coins.
Everything comes with a risk and self custody is also without risk but it is better to lose your keys yourself than handing it over to hackers

Godlovesyou

jr. member

Activity: 104

Merit: 9

Those who are running long term investment, always have to undergo the active maintenance of seed phase, password, device for instance if your phone lost, you have to look for a way to restored everything into your new device, most people lost their seed phase, private keys and wallets that's why I have come up with little ideas especially if you're this carefree person.

Once you own bitcoin wallet or other crypto currency, thinking of how long you can maintain your wallet follows this steps,
First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.

Topic: The cost of maintaining wallet - page 2. (Read 277 times)