The cost of maintaining wallet | Bitcointalksearch.org

Gladitorcomeback

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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.

The best option for long-term investors is to use a hard wallet,because there will be only one wallet, so even if their devices is lost, there will not be much trouble about these passwords and seed phrases.

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.

As for storing password and seed in your email, I would not support that at all, because the chances of your password and seed getting into the hands of hackers are very high in email. If your email is ever hacked, understand that all your passwords and seeds will be easily known to hackers, and you will know this when the hacker will transfer all the assets from your wallet to his wallet. Online things are more accessible to hackers than offline things.

However, you can save it on a piece of paper or in your diary, this is a good practice and recommended by all wallets company.

Kelward

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Quote from: BitMaxz on May 13, 2023, 12:58:00 PM

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.

I've learned something valuable today as a newbie, reading through comments on this topic, so when I start to trade, I will avoid these costly mistakes. It is better to write down private keys and seed phrases, and keep them in a safe place where it will not get lost, instead of saving it on the Internet. This is to avoid it being hacked in the case of theft or lose. This forum is a wonderful place to learn about bitcoin.

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Quote from: Zaguru12 on May 13, 2023, 12:53:56 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.

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

You are right online is not the safest place to store the seed phrase, because it is no longer new that email can be hacked, and if hacked hackers have access to all vital information. We should not give all the trust to email because it is unsafe for storing privates keys. For me I think the safest place for a seed phrase is to record it in a book and put it in a safe . Their is saying, if you want to hide money from people, put it in a book because books are not attracted to people when they first site it.

rby

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So many misleading advice and idea here

The blind does not lead the blind, but a one eyed man is a king in the land of the blinds. Then, here is not the city of blind, so it's important this kind of posts be opposed with strong words such that ignorant newbies will not copy the advices.

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

The cost of maintaining wallet

This should be "The cost of buying a hardware wallet.

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,

This is not correct. You don not need to visit where you stored your seed phrase to carry out any maintenance and there is nothing like password maintenance. You change password instead.

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,

Recommending what is being preached against as a standard is a sin. Doing this gives your seed phrase multiple points of failure.

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

also use them to compose a little song only can listen anytime,

Are you kidding? A little song indeed. After composing the song you send it to your local radio station and make them play it every 15:00 hr

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

write it down in your diaries,

Nothing good is coming out from you, no matter how hard you tried. Don't write it in your diary where you write other events. Your seed phrase needs to be separate.

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

and makes sure have a google doc to save your wallet keys and other information.

Additional layer of blunder and points of failure. Avoid the cloud.

Luffygroove

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Uhm, I'm sorry, but I don't think sending your private keys using email or connecting them with a Google Doc is a wise idea because anything that's connected to the internet is vulnerable to cybercrime. I think if you really want to be safe, you can write down your seed phrase on paper and keep it in a safe and confidential location with no one knowing, and you can consider using a hardware wallet, such as a Ledger or Trezor device, to securely store your seed phrase offline. In this digital era, even if the technology is already sophisticated, I think there will always be a loophole, and the traditional way is better in this case.

Dr.Bitcoin_Strange

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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.

Are you for real? With the series of malware attacks on both Android mobile and Windows, online is not the best place to keep sensitive information like passwords or even the seed phrase. The idea of even composing your seed phrase into a song is not something I find very safe to do.

It's very secure to keep your seed phrase offline; maybe write it on three or four different pieces of paper, laminate them, and hide them in different safe locations.

Also, to secure your seed phrase, it's better to use the stainless steel recovery seed backup tool.

Quote from: Zaguru12 on May 13, 2023, 12:53:56 PM

This certainly not a bad idea

You mean a completely bad idea, I guess.

lovesmayfamilis

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Has anyone read the OP's post history? He has several plagiarisms, a bunch of open topics to which he never answers, and his second account was banned. Where does he get the desire to read something if he exists on the forum with only one intention, to write nonsense on the forum, creating dozens of new topics?
Some people do not understand the purpose of the forum, they need attention from people. OP lacks offline attention, or something else, but his only 7 merits stand still for a very long time, despite his passionate desire to get more.
Advising him to read and develop is the same as offering an illiterate person to read the alphabet. Unfortunately, the OP is very stupid.

dzungmobile

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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.

It is about backup of your wallet before you store bitcoins in it. You even should try to practice recovering your wallet with your backup to make sure you know how to do it smoothly.

Backups can be a wallet file, a mnemonic seed or a private key. Whatever you do for your backup, make sure it works and you don't make any mistake in backup processing like typos.

Quote

First send your seed phase or private keys to your emails
...
and makes sure have a google doc to save your wallet keys and other information.

Emails or Cloud storage like Google Drive, Dropbox, Microsoft Azzure are not safe places for you to store your sensitive information like passport, ID photo, mnemonic seed, private key. It's terrible idea.

Backup should be stored offline, on paper, metal sheet, on your devices that should be air-gap.

sheenshane

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Quote from: Zwei on May 13, 2023, 06:37:54 PM

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.

You are wrong OP, If you set up your seed phase correctly, and you save it in a secure offline place you won't need any "active maintenance" or whatever you mean by that Huh

, where did you get this info from?

I tend to agree and a piece of paper would be fine as long as you stored it in a safe area.
Everything on the internet would be vulnerable to hack and storing your private key on email isn't a good idea. Keep it offline and make multi copies on a piece of paper.

Someone told me before that he stored his private on his favorite book and I think it's a good idea too.
On every page of the book which is the number of his birthday, he separately wrote the seed phrase per page.

Coyster

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Stop dishing out advises when you don't know the right thing to do, you might just be misleading someone unwittingly, if you don't know the best place to keep your privake keys and seed phrase, use the forum search button to read threads in which it has been discussed before, or you start a new thread with the question.

Having said that, you didn't only get one or a few things wrong in your post, but eveything is incredibly wrong, from storing it in email, google doc, diaries and for Christ's sake in a song, what do you need a song for to store your seed phrase when you can write it down on a paper, these are all ridiculous advises and that's what happens when you want to walk before crawling, thus learn before advising others.

Zwei

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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.

You are wrong OP, If you set up your seed phase correctly, and you save it in a secure offline place you won't need any "active maintenance" or whatever you mean by that Huh

, where did you get this info from?

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.

No, Don't, Never.

hatshepsut93

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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.

Lots of people have lost their coins by storing their seeds in email which got hacked.

Writing a song is not useful, the seed format is already mnemonic, it was created to be easy to memorize, but memory shouldn't be your primary or even secondary method.

Google doc has the same drawbacks as email.

If you decide to store it in online storage, at least encrypt it with strong algorithm and a strong and random password.

boyptc

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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.

First time to hear such maintenance about wallets and how you'll keep your seeds. You don't have to do that, you keep the seeds/private keys and you're good. Let the wallet maintain itself as it has the devs while you focus on how you keep those important seeds you own.

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.

Why would you send it to emails? That's making your keys at risk. You don't do that or else you'll regret that forever when it happens to you. Hackers are also smart these days, they might analyze what these words are that have been sent to an email.

But if you think that's safe for you, good luck but what's safe to me is to never associate it to any email and keep it offline and plainly in a piece of paper/card board or in an engraved dog tag.

Fiatless

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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.

Saving your seed phrase or password in your email is not ideal. Doing that means accessing your email is also accessing your keys. Emails can also be hacked easily. Writing your seed in a diary will be a good option if nobody can access the diary. You will be risking your Bitcoin if you write it on the diary that you use every time.

Also, the topic of the thread is confusing. I was surprised when I saw the cost of maintaining wallets because I know that wallets are not like a fiat bank account in that you are to pay maintenance fees. I suggest you read this thread because it might help to guide you on topic selection.
https://bitcointalksearch.org/topic/m.61387162

Hyphen(-)

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When I saw the title of this thread, I was expecting something completely different because it indicated the cost of keeping your wallet, which I was curious about because I don't spend any money to maintain my wallet.

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.

Other forum members have discussed how dangerous it is to preserve your private key or seed phrase online, therefore keeping it in your email is not recommended. Furthermore, writing them on paper is a temporary solution because papers can shred and be washed or burned out in the event of an accident or an unanticipated natural disaster.

In this post created by @fillippone, you can learn How to Secure Your Seed Phrase. It will provide you with a permanent answer to seed phrase troubles.

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Quote from: dkbit98 on May 13, 2023, 04:36:10 PM

This is probably one of the worst advices I saw in a while... you should NEVER send your private keys or seed phrase with email!

It’s a newbie mistake. A part of me is glad OP created this thread, he may have continued doing the same thing without realizing how dangerous it is storing sensitive information online. Storing your data on google or iCloud is like saving your data on someone else’s computer and trusting the person will keep it safe for you. These companies are not invincible and are vulnerable to attacks. I hope OP reads this thread and move his bitcoins to a new wallet.

Cantsay

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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.

Op are you for real? Please tell me you're just pulling our legs.

It's never a good idea to save your private key in any software that has anything to do with the internet since it makes it more vulnerable to hacking, and that includes your email address. I believe I saw a discussion where the user proposed integrating his/her secret phrases in a song, and I doubt he'll stick with that concept considering all the comments he received from forum members.

Op I will not advise anyone to use any of your methods of keeping secret phrase/private key. You should also bear in mind that your secret phrase is not an asset that loses worth over time if not repolished, and you do not need to continuously check on them. You can just follow the standard procedure of "writing them on different paper (preferably metal sheet) and storing them in different safe locations."

dkbit98

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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 is probably one of the worst advices I saw in a while... you should NEVER send your private keys or seed phrase with email!
You should also not record it in any digital form or google docs, this is even worse... little song?! No, don't complicate things and make up wheel all over again Roll Eyes

Seed phrases or private keys should ideally be generated offline and written on paper with multiple backups, and additional optional passphrase for additional security.

There is no cost of maintaining wallet, except time used for updating it.

Jating

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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.

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.

That's a bad idea to send your seed phrase or private keys to your emails, because once your email is hack, your crypto is gone for sure. Same with putting it to google docs, my point is that you don't need to put it at risk and going online.

The best thing to do is to really write your seeds and private key and keep it in a secure place and make multiple backups.

Or used metal backup: https://bitcointalksearch.org/topic/--5278839

stompix

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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.

You lost me by email, you lost all the audience at google doc!!
Save all your information and your private keys in google docs??
One of the first things that get hacked when you download stupid stuff, one of the first targets of malware, a thing that you can lose access to immediately by losing your phone, that can be hacked by sim swaps, seriously?
Choosing google docs is one of the worse ideas ever, I don't know what could be worse, maybe uploading all this to megaupload and hope it's not taken down again?

Next:
"write it down in your diaries"
Yeah, and put your diary right on your desk and carry it all the time with you so anyone could read it, your colleagues, visitors to your home, somebody that steals your backpack, another bright idea!

I don't get it, there are hundreds of topics and thousands of advice all over the internet about how to safely keep your seed and private keys, have you ever seen somebody saying it's a good idea to keep your data on google drive?

https://www.reddit.com/r/cybersecurity_help/comments/op9sp7/how_was_my_google_drive_hacked/

Quote

I posted here about how a large amount of my crypto was stolen (I stupidly saved a mnemonic on google drive). Crypto is gone

3 reasons storing sensitive files in Google Drive is a bad idea
https://www.komando.com/security-privacy/google-drive-security-risks/840655/

SatoPrincess

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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

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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

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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

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

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

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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

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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

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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

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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

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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 (Read 277 times)