Trying to know more about crypto wallets

cafter

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

1. Write your seed phrase on a thick or strong paper which can not be destroyed easily, and store it in a safe place like in your PC motherboard,
if you have a wall without plaster then remove on block and make a hole in it and store there,
2. making cross word question and answers should be you every seed phrases, like we see in newspaper write 12 questions and their answers should be you 12 seed phrase, and store it in safe offline place.
3. one idea to store your seed phrase should be very complicated and secure, if you lose other backups then this will help,
like:
utilize a reverse alphabet code to encrypt each word in your seed phrase. create a legend for the encoded version so it may be decoded later by using it as a guide.
write your seed phrase in mirror writing, going from right to left. when required, use a mirror to read the seed phrase.

romeitaly

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As possible keep your private keys into a safe place for example not into your computer files like in offline, if you are just a newbie and not have a large amount of transactions better use only a app wallet or exe wallet currently im using a electrum wallet through my mobile phone check it here https://electrum.org/#download more accessible to my part being less hassle if you got a budget upgrade into hardware wallet better make it safe than doubting to lose around 150 dollars.

hosseinimr93

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Quote from: MidNite36 on March 08, 2022, 09:23:42 AM

It will be easier to write down your private keys in a book if you are living under your roof alone,

There's a big probability that you make a mistake when writing a private key. Instead, create an HD wallet and write the seed phrase. A seed phrase includes meaningful words and it's unlikely that you write them wrongly. In this way, you will have numerous private keys and addresses which can you help you to protect your privacy as well.
The way you generate the private key/seed phrase is also very important. You should always use a safe tool. It's recommended to use an open-source tool on an air-gapped device.

Also note that even if you live alone and no one visit your house, there may be still the risk of fire and water. Keep multiple copies of your seed phrase/your private keys in different secure places.

MidNite36

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It will be easier to write down your private keys in a book if you are living under your roof alone, for someone who always have random visitors or living with friends and family it's not safe because they back bite at any giving time, you are the only person that can think of a safer option we are just giving you examples how we do our own.

Koil

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

I have a few questions

1. Is there any proper place to keep your private keys?
2. Do you have to keep your hardware wallet keys the same way as a mobile wallet or does a hardware wallet have better security features that mobile wallets don't have?
3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

1. Proper place is different for everyone. Each person have his own thoughts about security and safety. Researching how to do it and build your own thoughts about it is the best choice.
2. I believe it is way better to use different wallet (key/s) in your hardware wallet and your phone wallet. Because if one of it get hacked or compromised at least you will have plan b which won't be compromised.
3. Hardware wallet like ledger, trezor and so is the best choice for everyone. Respect your time, respect your money! No matter how big or small they are. If you don't respect them, you don't respect your own security.

taufik123

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

-snip-
3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

Hardware wallets are still very affordable and they don't even cost $100. I am currently using the Safepal Hardware wallet and this is my main wallet. Apart from being a hardware wallet, safepal is also a secure mobile wallet and has many features and many airdrops for hardware wallet users. So don't spend too much dollars. It is safer and the storage of private keys can be on the paper that has been provided or on sheet metal.

pooya87

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I want to add that you shouldn't just limit yourself to only one or two options or a single wallet. The options are a lot more than choosing between "mobile wallet" and "hardware wallet". We have desktop wallets both online and offline (air gap), then we have paper wallets using different mediums from the good old paper to metal sheet, then we have dual offline-online setups you can create on your own that could act as your DIY hardware wallet.

Depending on how much bitcoin you have you can also choose multiple wallet types. For example use your mobile wallet to store small amounts that you need to carry around and use for payment, use your hardware wallet to store big amounts that you want to access regularly or semi-regularly (like for trading) and use your paper wallet to store the amount you want to HODL for longer than 1 year.

smartaction

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

You can write down your private key in a physical notebook. This will help your others family members to Access your wallet after your death. and you can keep your keys on Google drive, Dropbox etc. However, there is a risk that if someone is able to hack your email, they will get all your documents.

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

2. Do you have to keep your hardware wallet keys the same way as a mobile wallet or does a hardware wallet have better security features that mobile wallets don't have?

Of course, hardware wallets are more secure than ordinary mobile wallets. If you have huge amount of crypto then you can use hardware wallet but if you don't have much crypto then I think it is better to use normal mobile wallet.

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

Of course, as a newbie, it is best to use a simple mobile wallet. When you are able to earn huge amount of cryptocurrency you can think about hardware.

King0

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Of course we need to take a good look at the marketplaces before we learn about cryptocurrency. We need to know from our friends and trainees what we need to know about cryptocurrency and how we will use it to ensure its security and how we use it in our daily lives. That's why we are new members. Since you have to work here keeping in mind everything we have, we are working on new member cryptocurrencies all over the world and now we will continue to work in the future.

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Quote from: FirmWars on February 25, 2022, 04:13:58 AM

How about carving the recovery seeds on a stainless steel and keep the stainless steel with me? This will withstand some natural disasters that may happen don't you think?.

Well, that is a good idea.
That is engraving your private key on any metal or any hard metal that could harden to delete or erase it. Even disaster comes flood or fire that will never destroy the metal and your private key is still there.
For example, see this what I have found ^{[ https://www.save-your-bitcoins.com/Private-Key-metal-plate-stainless-steel-V4A-incl-engraving-pencil ]}

FirmWars

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Quote from: Maus0728 on February 21, 2022, 10:37:34 AM

Quote from: sheenshane on February 21, 2022, 10:29:39 AM

IMO, I won't suggest to newbies this paper wallet as the Bitcoin wallet, because it's a very crucial part when you create this and if you don't have experience or knowledge, it could be your Bitcoin will be lost.

What I am talking about is how OP can store his seed phrases by writing them down on a piece of paper and laminating it to increase its longevity since metal seed plates are somewhat expensive and is an overkill for a newbie to use.

Paper wallet is different, and I too, would not recommend the use of it. It requires a lot of technical know-how to be able to use them effective while reducing the risk of losing your hard earned crypto.

How about carving the recovery seeds on a stainless steel and keep the stainless steel with me? This will withstand some natural disasters that may happen don't you think?.

Maus0728

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Quote from: sheenshane on February 21, 2022, 10:29:39 AM

IMO, I won't suggest to newbies this paper wallet as the Bitcoin wallet, because it's a very crucial part when you create this and if you don't have experience or knowledge, it could be your Bitcoin will be lost.

What I am talking about is how OP can store his seed phrases by writing them down on a piece of paper and laminating it to increase its longevity since metal seed plates are somewhat expensive and is an overkill for a newbie to use.

Paper wallet is different, and I too, would not recommend the use of it. It requires a lot of technical know-how to be able to use them effective while reducing the risk of losing your hard earned crypto.

sheenshane

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Quote from: Maus0728 on February 21, 2022, 10:01:35 AM

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

Keep it offline. This means that a traditional pen and paper would be your best bet especially if you can't afforrd a metal seed plate[1] that are able to withstand threats that could cause physical damage (e.g., wear, tear, fire, water). Just don't forget to laminate the paper once you finished writing them down to preserve and increase the longevity of the paper.

IMO, I won't suggest to newbies this paper wallet as the Bitcoin wallet, because it's a very crucial part when you create this and if you don't have experience or knowledge, it could be your Bitcoin will be lost. Though offline wallets are good like a paper wallet, instead of paper wallets maybe air-gapped is suitable for newbies and it's easiest to make.

If you can afford it to purchase, go directly on a hardware wallet, nothing will beat this kind of Bitcoin wallet.
All Bitcoin wallets are prone to scams and fraud because they will not work without the internet, so everything connected to the internet considerable can be hacked. I'm satisfied with the Electrum wallet maybe you can try it, it's free, but don't forget first how to verify your Electrum app.

Maus0728

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

Keep it offline. This means that a traditional pen and paper would be your best bet especially if you can't afforrd a metal seed plate[1] that are able to withstand threats that could cause physical damage (e.g., wear, tear, fire, water). Just don't forget to laminate the paper once you finished writing them down to preserve and increase the longevity of the paper.

Quote from: crwth on February 21, 2022, 04:28:20 AM

Somewhere that you can find or use again and not be easily accessible to anyone. Some people use some Shamir backup methods with keeping their private keys. You can basically keep it in different places. Even if someone manages to get your backup, they need the other pieces of it.

Aside from examining the use of copy distribution to other locations, you also need to consider the distance of that specific location. If the distance between you and your seed phrase is too far, having a copy of your seed phrase becomes useless, and it is ideal if it is in an area with the least likelihood of being hit by a typhoon or other calamity that could cause your backup to be lost.

[1] https://www.google.com/amp/s/blog.lopp.net/metal-bitcoin-seed-storage-stress-test-iv/amp/

crwth

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

Somewhere that you can find or use again and not be easily accessible to anyone. Some people use some Shamir backup methods with keeping their private keys. You can basically keep it in different places. Even if someone manages to get your backup, they need the other pieces of it.

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

2. Do you have to keep your hardware wallet keys the same way as a mobile wallet or does a hardware wallet have better security features that mobile wallets don't have?

Already having a hardware wallet means that you are going to go serious with protection. Mobile wallets should be treated as a hot wallet (for transactions and not so much of a big amount kept in there to be safe.)

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

If the newbie understands what it is for, it's a definite yes. If not, then study about it and then change your mind about it.

cryptoaddictchie

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

Big yes, but if you dont have fund yet then there are plenty of alternatives for free. Even for bitcoin and altcoims there are some recommended one but for the security purposes then buy a hardware wallet like trezor or ledger nano.

tranthidung

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Not your keys, not your coins, as people say and get more on https://notyourkeys.org/. So the first thing to do is choosing a non-custodial wallet to use
Verify wallet to make sure you download a legit wallet, not fake and phishing one.
Back up your private key or mnemonic seed
Where to store your backup? Locations should be offline, safe and secure, not online and on third-party service such as Dropbox, Google Drive, etc. It's terrible when you back up your keys/ seeds and give it to others.
Test the validity of backups. Make sure you don't make mistakes, typos in backup process.
Have plans to check backups after a while sometime, 6 months for example to make sure nothing wrong happens with your backups.

dkbit98

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Quote from: FirmWars on February 20, 2022, 12:51:09 PM

1. Is there any proper place to keep your private keys?

Best option for keeping private keys or seed words is on piece of paper or metal plate, stored in multiple different geographical locations.
Multisig setup is best for security but it creates extra complexity and it's not for everyone, especially not for newbies.
You should never keep private keys on your every day computer in digital form or in some cloud account.

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

2. Do you have to keep your hardware wallet keys the same way as a mobile wallet or does a hardware wallet have better security features that mobile wallets don't have?

Hardware wallet keys are only stored OFFLINE in device secure element (if device have secure element) and on your backup paper written by your hand.
Some wallets don't have secure element like Trezor so it's recommended to use passphrase option for extra security.
You should never import seed words from hardware wallet to any mobile or online wallet.

Quote from: FirmWars on February 20, 2022, 12:51:09 PM

3. Will you rather spend dollars on hardware wallet as a newbie than use a mobile wallet?

Mobile and hardware wallets are two different things, and they can often be used together for better security.
It's not needed to buy hardware wallet if you are newbie that don't have decent amount of coins to store, same way like you are not buying safe for gold if you don't have any gold plates.
For start if you can also use separate old offline computer only used for crypto wallets.

The Cryptovator

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Your key = Your fund. So compromise that cause of lost your funds. Usually, I write all the passwords and seed phrases on my offline notebook and keep them in safe places. And of course, I have been using a hardware wallet to store my funds. It's quite safer than any wallet software due to password protection and sign transaction from the device. So write your seed phrase on multiple pice of paper and keep safe places. Shouldn't lose it anyway, otherwise, you would be in trouble later on.

OmegaStarScream

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1. Keep it offline and avoid uploading it on the cloud (Drive, DropBox, etc.). if it's a private key, make sure to encrypt it. If it's a seed, make sure to add custom words to it.
2. Yes, all seeds/PKs should be treated the same way but if your phone is connected to the internet, then it doesn't matter where your keys are kept, there's always a risk of someone hacking, infecting your mobile device.
3. Definitely recommended if you're storing a large amount. Hardware wallets are not that expensive anyway, you could grab a good one for under 100$

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