Think security first, before you invest

Cryptomultiplier

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Quote from: promise444c5 on March 08, 2024, 05:58:24 AM

Quote from: Charles-Tim on March 08, 2024, 05:35:40 AM

Electrum is a reputed wallet but it is an online wallet, not recommended for holding huge amount unless you used it on an airgapped device in a way that it is a cold storage wallet.

I think the word "cold" in term of storage means free from any form of external connection that is standalone storage .
This same word "cold" would be bridged anytime you want to make transaction as you will change to "Hot" for transaction.

You are welcome to enjoy the interplay of words because, well, it means exactly as you said and that is enough to emphasize how the security standard is.

Any person who wants to build a house must first sit down to analyze the cost to be incurred from getting materials, to paying off labor, until the structure is fully erect.
Same analysis of process to adhere to which must include the safety of the coins/investment and cost to keep it safe and make it worth the while, must also be carefully studied before investing, mostly into cryptocurrency where the popular saying reads, not your keys, not your coins.

Furthermore, I think knowing the amount to be invested should be a determinant to the kind of wallet to be used. We don't expect a big or whale investor to use electrum or Trust wallet, unless it's specifically designed for them for that purpose. A small investor shouldn't worry much about how safe a wallet is but how to ensure that the security protocols is adhered to including keeping the key phrases safe and if possibly device means to diversify funds or reinvest it on regular basis.

Miles2006

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Not just newbies but everyone, I think in the crypto space limit no dey for scammers the only important thing is you don't have to fall mugu for those tricks and scam. Emphasizing mostly on newbies is right cause they seems excited with everything from my observation. prioritizing your security or privacy is best when dealing with bitcoin mostly this season. A lot of people have been speaking about the giveaway, airdrops etc but I have not experience such ever since. Security in the aspect of our wallet is needed and safeguarding the seed phrase also.

Mate2237

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Well you tried but you only tell them to secure their funds which they even know because they own local bank accounts and the same way can be applied here. And since your saying securing the coins in the wallet, you would have given so the ways they can safe their coins from scammers and hackers. like as some tok am before say make no save our seed phrase in internet and internet device. And if possible make him write an down in different places and hide them or print as other also suggested. These are the major steps ntontakw when one is invested to invest in bitcoin.

One thing to invest and the other thing na to know the security not your investment. To invest is not hard in the cryptocurrency market but to secure your security nis the main issue there.

Humblevirus

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Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

As person wey wan invest crypto the first thing wey you suppose know na him be where you go put money because e no go get any use if you invest and you no know the wallet wey you invest. you fit loose your money self, so make we they sure of where we are storing our funds, and we know how people they do once they see say person they do crypto, they fit start to they mount person any small loose guard omo na problem. so my advice be say make we know the wallet wey we they use.

if you no know make you come to the forum make you ask question so that people wey know go give you advice and the name of wallet wey you store your investment before we go con go use wallet wey go put us con they cry or they regret at the end.

Stable090

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Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

If you wan invest, and you no sabi about wallet security, then u fit end up losing your money later, so before you go even make any investment, make sure say you sabi the best wallet wey you go use, make sure say you write down your your private key, and make sure say you properly secure your private key. Make you no even try store your private key online, make sure it’s completely stored offline, place wey be say no internet connection go dey the place.

Because plenty people dey make mistake, na for online, and for there phone na him dem dey store their private key wey no make any sense at all, most people dey reason say na phone be d easiest place to store their private key, but make we know say phone no be safest place be that.

If you invest now, and you no carry your security serious, and you later lose the money, e just be like say you No invest be that, because e fit be like say na when you don dey prepare to sell, na him you go lose am.

EL MOHA

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Quote from: Jegileman on March 08, 2024, 01:33:46 PM

Can you elaborate more on this or a link to guide one better what you really meant. I know Electrum as a good non-custodial wallet, why is it not recommended for some kind of savings?

What was meant is that you should have a device that is totally offline and doesn’t connect to any internet (i.e it is cold) then you install electrum wallet into that device just as you install it on the Normal hot wallet. This electrum wallet will hold you keys and then you can have an extra device maybe a phone that you can set the wallet up there as watch only wallet. A watch only wallet doesn’t holds any private key or seed phrase so that device(phone) been exposed to the internet wouldn’t harm your wallet keys. This way you monitors the transactions coming into the wallet. Mind you the watch only wallet is set up with master public key or a specific address you want to monitor.

The problem with this cold wallet is that most people don’t know how to perform transactions from it. You can simply sign a transaction from the cold wallet and then bring it to the hot wallet and broadcast it. Here is a link you required https://electrum.readthedocs.io/en/latest/coldstorage.html. Mind you a cold wallet like this works just as fine as the hardware wallets except you make a mistake in setting it up

AVE5

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Quote from: Charles-Tim on March 08, 2024, 05:35:40 AM

There is no helpful guide to how the newbies can avoid scam and hack but you are only advising. If this should be rated, by not giving the necessary information that are most important, you can not get more than 1 out if 5 stars.

Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

make we try store am, in a very safe place like a self custodian wallet like electrum, because security na everything in this space.

Electrum is a reputed wallet but it is an online wallet, not recommended for holding huge amount unless you used it on an airgapped device in a way that it is a cold storage wallet.

You're right, such was just a warning and awareness drawn to the newbies based on the craving security terms but it seems incomplete if those measures of how the modus of operandi can be propriated on their security conciousness during when holding with their bitcoins.
Meanwhile on specifying this security contexts to the newbies, I can also suggest trust wallet would be a most secured wallet for them although electrum is still a good one but more security authenticated on the air gapped device as you've also said.

Tmoonz

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Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

My country people good morning inside this morning, today I wan talk about security, I know say most our elders here for this forum go know all this things, but due to the fact say newbies Dem dy sign up every day, I just say make I updated them, because for this crypto space, security matter na one of the basic things we sopos Sabi, if we want to survive or succeed.

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

So before you invest in anything, ask yourself, how secure is my money, if I put am here? Make we no go follow rewards enter tight Conner oo, so as you dy try to make money, no forget to protect ur money also.
Bitcoin gives you that security wey alt and shit coin no go fit give you, and lastly make we try store am, in a very safe place like a self custodian wallet like electrum, because security na everything in this space.

It is very wrong to make hasty decision when it comes to investment, security is a top priority and as a part of the basics that should be learnt before investing, the journey of a thousand miles begins with a step and making an informed decisions as regards to the safety and security of your investment should be a top priority. It is an essential criteria that shouldn't be neglected and can not be overemphasized when it comes to digital asset class.

HajiBagi

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Na better thing you do so by saying all this things, because no matter how e be as a newbie you have to know how to secure your investment before investing , in fact let me say in everything in this life if you don’t know how to secure your property, e mean say you no be person wey go make am because people wey don make am today, if to say them no sabi secure their money today them no go reach where them Dey today, but with the help of security they are able to secure their money and even some investment wey them do, as a new person wey join this kind of forum and person wey wan do better thing or wan invest for future, you have to look for better wallet wey be say no matter how e be if not be you give your secrets keys to another they will never enter your wallet, but sometimes if we Dey secure our wallet make we Dey always pray say make we no go jam with scammers wey go succeed for our head because no matter how smart we are there’s person that if god wish that he will succeed will succeed in scamming us.

Barikui1

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Quote from: DaNNy001 on March 08, 2024, 03:41:25 PM

Quote from: adultcrypto on March 08, 2024, 03:10:12 PM

Security is part of the basic knowledge required for investment in digital assets. If an investor did not take security seriously, every other thing will result in a waste of time amd energy. Every investor in cryptocurrency must atleast know how to protect the secret information, know how to set additional measures like two factor authenticator and other security tips that help protect the assets.. Anyone who have fallen victim of hack before will know the importance of security. Its is not a good experience, hence the reason it is important to prevent it from the beginning.

Any body wey no care about him asset nai go actually no think of security because I believe say when it comes to anything crypto security must follow am for back because the crypto space is filled with lots of trick and scammers wey fit divert or hack your account at anytime. People plenty for this crypto space wey no their direction as many of them just find their self for here base on one or two benefits wey dem see another person get.

You know say in this crypto space wey we find ourselves, as we dy look for way to use make am big inside this industry, some people work too na to how to use make am true scamming or wuruwuru, and to tell you the fact, na newbies nai dy mostly enter their hand pass, because Dem no too dey enlightened on how things dey go for the industry.

Another thing wey really need to dey careful with na where we dy login our crypto account, because e dy really dangerous, especially for our security, I dy talk this things because some people get the harbit of logining in the account with people phone, via web browser, so if you dy do dat practice, e better make you stop am now, before e go dy too late.

Gormicsta

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It is vital to state that the frequent scams that occur in the crypto sector include phishing attacks, bogus crypto giveaways, and fraudulent investment opportunities. It's also crucial to be mindful of the volatility of the cryptocurrency market. Crypto prices change frequently, so it's best to be prepared and only invest what you can afford to lose. So it's really essential for people to learn strong money management skills, because no matter what the crypto price is right now, you still need to prepare for the future, and you can't let greed and fear drive you because they'll lead to terrible judgments. So it's a good idea to conduct comprehensive research before making any investments.

DaNNy001

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Quote from: adultcrypto on March 08, 2024, 03:10:12 PM

Security is part of the basic knowledge required for investment in digital assets. If an investor did not take security seriously, every other thing will result in a waste of time amd energy. Every investor in cryptocurrency must atleast know how to protect the secret information, know how to set additional measures like two factor authenticator and other security tips that help protect the assets.. Anyone who have fallen victim of hack before will know the importance of security. Its is not a good experience, hence the reason it is important to prevent it from the beginning.

Any body wey no care about him asset nai go actually no think of security because I believe say when it comes to anything crypto security must follow am for back because the crypto space is filled with lots of trick and scammers wey fit divert or hack your account at anytime. People plenty for this crypto space wey no their direction as many of them just find their self for here base on one or two benefits wey dem see another person get.

adultcrypto

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Security is part of the basic knowledge required for investment in digital assets. If an investor did not take security seriously, every other thing will result in a waste of time amd energy. Every investor in cryptocurrency must atleast know how to protect the secret information, know how to set additional measures like two factor authenticator and other security tips that help protect the assets.. Anyone who have fallen victim of hack before will know the importance of security. Its is not a good experience, hence the reason it is important to prevent it from the beginning.

Makus

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Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

My country people good morning inside this morning, today I wan talk about security, I know say most our elders here for this forum go know all this things, but due to the fact say newbies Dem dy sign up every day, I just say make I updated them, because for this crypto space, security matter na one of the basic things we sopos Sabi, if we want to survive or succeed.

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

So before you invest in anything, ask yourself, how secure is my money, if I put am here? Make we no go follow rewards enter tight Conner oo, so as you dy try to make money, no forget to protect ur money also.
Bitcoin gives you that security wey alt and shit coin no go fit give you, and lastly make we try store am, in a very safe place like a self custodian wallet like electrum, because security na everything in this space.

Brotherly you don try, normally the topic of security na wattin supposed to they come up for the local board every now and then, as e be say new member dey enter the board almost everyday. I no go lie you, the first thing wey suppose enter anybody head wey serious for any kind of business na security. Cryptocurrency na one of the biggest target of scammers and hackers, so everyday people dey wey just dey find one loop hole wey Dem go use take enter inside the system take thief money, and their greatest targets naim be exchanges. No be today our seniors Dem draw our ear say make we avoid to dey keep funds for exchange because not your key not your coin. If no be you be the holding of the seed phrase then no be you get the coin, anything wey happen to the exchange, my brother your money don go be that.

Just as you talk so, na to use a non-custodial wallet take hold our money so that na we go get full control over our funds and everything. But e no just end there oo, if you l really want top security, you go pay the price of keeping your seed phrase secure and the further away you keep am from the internet the better for you. And that na why we need use paper or and airgapped Device with hardware wallet.

Jegileman

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Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

So before you invest in anything, ask yourself, how secure is my money, if I put am here? Make we no go follow rewards enter tight Conner oo, so as you dy try to make money, no forget to protect ur money also.
Bitcoin gives you that security wey alt and shit coin no go fit give you, and lastly make we try store am, in a very safe place like a self custodian wallet like electrum, because security na everything in this space.

Thank you for the advise to newbies on how they should know the importance of keeping their funds safe in the crypto space. Many of them get too excited with joining the forum or the crypto space without knowing what it really entails. The joy of joining the space with the mindset of getting rich quick always supersedes the important aspect of safeguarding their funds first. The end game of it mostly is that they get to fund their accounts but lose everything in a bid of not securing the account or trying to try cheaper ways of getting rich quickly. Newbies should prioritize privacy and security of their funds before getting to hold some coins in their wallet.

Quote from: Charles-Tim on March 08, 2024, 05:35:40 AM

Electrum is a reputed wallet but it is an online wallet, not recommended for holding huge amount unless you used it on an airgapped device in a way that it is a cold storage wallet.

Can you elaborate more on this or a link to guide one better what you really meant. I know Electrum as a good non-custodial wallet, why is it not recommended for some kind of savings?

Gormicsta

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Investing na long term something, no be as you just enter, person don they rich fast fast, na small small person go they dey take to progress. Remember small small and jeje life continues but risks them they am o, e no really they easy as you they see am or as we they hear am o, yes money they am but person go first safeguard emself first before person go invest that is, person go first learn the things involve like tolerance, to know when person go comot e money or know when you supposed continue or not, secondly na patience, to get patience really matter o, especially when you see as the market dey be, fear go dey enter body, u go comot am wen u no supposed comot, and wen you come see the progress, you go come later regret why you comot am. Etc.

promise444c5

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Quote from: Charles-Tim on March 08, 2024, 06:15:36 AM

You mean the transfer of the PBST and singed transaction? It will be done manually.

To know more about it, you can read this Electrum cold storage guide: https://electrum.readthedocs.io/en/latest/coldstorage.html

Just went through the link, it was a great tutorial(as I see it). The transaction is done manually in form of a mini api

I think its high time I started using my old sys as airgapped Cheesy

I_Anime

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Quote from: Charles-Tim on March 08, 2024, 05:35:40 AM

There is no helpful guide to how the newbies can avoid scam and hack but you are only advising. If this should be rated, by not giving the necessary information that are most important, you can not get more than 1 out if 5 stars.

Quote from: Barikui1 on March 08, 2024, 05:25:33 AM

make we try store am, in a very safe place like a self custodian wallet like electrum, because security na everything in this space.

Electrum is a reputed wallet but it is an online wallet, not recommended for holding huge amount unless you used it on an airgapped device in a way that it is a cold storage wallet.

yeah there's no way to avoid such, but there's guiding for one not to fall for such. Security play a vital role in this space, because they are people (hackers) are there that are ready to do anything to achieve your asset , through different means (even with the use of malwares) . Op this advice is nice, But I understand wetting sir Charles-Tim dey try talk, as you're advising you would add some important information that would help others to prevent such from happening (that may help them in improving their security), Something like this .
How to secure crypto wallets
Best practices to prevent hackers from stealing our crypto assets

Quote from: Pi-network314159 on March 08, 2024, 05:49:35 AM

the first wallet I creat before I no no were the pass phrase dey right now, you know why? Because money no dey the wallet.

lol that just normal ignorance that most of us experience, same with me my first wallet I created (from trust wallet) back then. Till now I don't know where put the seed phrase the only I wrote it down was to use it during the process of creating it thinking that is something I can easily get back when misplaced (like using forgotten password 😄) . But as time goes on I began to understand more about this space , that once you misplaced your seed phrase just know that your asset inside is gone, you won't able to import that wallet again without that seed phrase ( so you can't only lose your asset through hacking alone but also through carelessness). So you just got to be careful and cautious with your wallet.

Charles-Tim

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Quote from: promise444c5 on March 08, 2024, 06:10:38 AM

Cool more like an api, so there's a connection between the cold wallet and watch only which does it automatically?? Or it would be done manually

You mean the transfer of the PBST and singed transaction? It will be done manually.

To know more about it, you can read this Electrum cold storage guide: https://electrum.readthedocs.io/en/latest/coldstorage.html

promise444c5

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Quote from: Charles-Tim on March 08, 2024, 06:05:15 AM

You can make transaction and the wallet will remain as a cold wallet. That is why they are called airgapped. The wallet do not need to go online to make transaction. You will have a watch-only wallet with it which will be used to make PSBT (unsigned) transaction, sent to the cold wallet on airgapped device and be signed by the cold wallet. The signed transaction will be sent to the watch-only wallet for broadcast.

Cool more like an api, so there's a connection between the cold wallet and watch only which does it automatically?? Or it would be done manually
It's good learning something new

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