Topic: Wallet choice/safety guide! (Read 188 times)
This is a very helpful write up and would be mostly helpful to newbies who do not know which wallets are the better fit for them and their coins. I personally favor hardware wallets and use Trezor especially for long term holding and only keep the coins which I use for trading and similar online because it is more safe and if I get hacked then only a small portion of my coins is lost.
I personally store my coins in several wallets, for a spendable amount i use blockchain.info either for storing btc or ethereum. I'm currently holding a lot of amount of tokens in myetherwallet it may be dangerous since there are so many phishing sites out there and people recommending to move my balance from there. I think I'm gonna go with the hardware wallet, it's pretty safe than those I've just mentioned above.
With atleast Trezor, probably with any hardware wallet, you can keep as many addresses as you want!
so with this one little device you can have 10 bitcoin wallets, 10 ethereum wallets, etc it's great, definitely worth it!
I personally store my coins in several wallets, for a spendable amount i use blockchain.info either for storing btc or ethereum. I'm currently holding a lot of amount of tokens in myetherwallet it may be dangerous since there are so many phishing sites out there and people recommending to move my balance from there. I think I'm gonna go with the hardware wallet, it's pretty safe than those I've just mentioned above.
OP, When I first read the title I thought I could read about all wallet in cryptocurrency but it's mostly all about ERC20 tokens wallet. I can't blame you because I don't where you have read or copy that hehe anyway it would be better if you include all wallets available in cryptospace. 
hmm, but the same general safety applies to everything! Sure MEW doesn't work for other coins but hardware wallets, storing private keys and such works the same!
OP, When I first read the title I thought I could read about all wallet in cryptocurrency but it's mostly all about ERC20 tokens wallet. I can't blame you because I don't where you have read or copy that hehe anyway it would be better if you include all wallets available in cryptospace.
There are a lot of coins out there depending on the coin and your requirements but for safety purposes, I'd recommend getting a hardware wallet anyway
I am using MEW for a month now. Yet, because of that issues wherein hackers got a lot of ethereum in MEW, I didn't know if it is still safe to use MEW. Regardless of the issue, I'm just using my private key to make sure no one will gonna touch my wallet. Though we cannot sure how secure it is, we should not leave a huge amount in there to orevent unexpected hacks or loss.
So much information to add to my knowledge of wallet safety and today, I got it. Many bad guys break into altcoin wallets or botcoin owners and the disadvantages often happen to people who are indifferent in keeping their wallets. thanks for sharing friends.
Different wallets to safeguard your cryptocurrency.
Among hardware wallets, TREZOR provides top notch security. Wallets like MyEtherWallet can be generated online and the information stored or the transcations are not shared anywhere. Software wallet like JAXX is the world's first mobile wallet, you carry no stress with it.
Among hardware wallets, TREZOR provides top notch security. Wallets like MyEtherWallet can be generated online and the information stored or the transcations are not shared anywhere. Software wallet like JAXX is the world's first mobile wallet, you carry no stress with it.
There are a lot of questions, and while I am not an expert, I thought I'd try and put the information I know in a place to help people.
if you find any flaws/wrongs please write and I will edit!
MyEtherWallet is a popular wallet.
However, it's an interface, they don't save your keys, they can't help you if you lose your keys/funds.
They are just a bridge to communicate with the blockchain.
Many people use this, and due to this DNS issue today(and in the past) it seems like it's rerouting to some phishing site.
Therefore, I suggest that if you want to keep using MyEtherWallet, do it offline!
Here's a guide on how to use MEW offline: https://myetherwallet.github.io/knowledge-base/offline/running-myetherwallet-locally.html
Always make sure the lock icon next to the url bar is Green!
MyEtherWallet also allows you to generate a wallet. The safest choice would be to download an encrypted keyfile and use that to login.
This means that even if someone were to access your keyfile, they'd require your password.
However, if you submit this data to a phishing site, you'd still lose your funds!
Entering your private key in plain text is unwise as a keylogger/middleman could read this data.
if you find any flaws/wrongs please write and I will edit!
MyEtherWallet is a popular wallet.
However, it's an interface, they don't save your keys, they can't help you if you lose your keys/funds.
They are just a bridge to communicate with the blockchain.
Many people use this, and due to this DNS issue today(and in the past) it seems like it's rerouting to some phishing site.
Therefore, I suggest that if you want to keep using MyEtherWallet, do it offline!
Here's a guide on how to use MEW offline: https://myetherwallet.github.io/knowledge-base/offline/running-myetherwallet-locally.html
Always make sure the lock icon next to the url bar is Green!
MyEtherWallet also allows you to generate a wallet. The safest choice would be to download an encrypted keyfile and use that to login.
This means that even if someone were to access your keyfile, they'd require your password.
However, if you submit this data to a phishing site, you'd still lose your funds!
Entering your private key in plain text is unwise as a keylogger/middleman could read this data.
MyEtherWallet according to me is the best wallet. talking about security this time some MEW, this happened not because of a weak system. but because many phishing sites affected that they open themselves. outline and MEW security system still remain secure.
Great post for a Newbie!
This is very useful for who starts with crypto assets!
Thanks for your effort!
This is very useful for who starts with crypto assets!
Thanks for your effort!
What if you make an off-line transaction, following these instructions:
https://kb.myetherwallet.com/offline/making-offline-transaction-on-myetherwallet.html
And use two PCs, one off-line (cold storage) and one one-line (hot wallet).
Do you think there is still a danger?
https://kb.myetherwallet.com/offline/making-offline-transaction-on-myetherwallet.html
And use two PCs, one off-line (cold storage) and one one-line (hot wallet).
Do you think there is still a danger?
That is the usual way for any type of exchanges and such to handle business I think, so as long as you keep everything safe in general on the offline computer, that should be quite safe I think!
What if you make an off-line transaction, following these instructions:
https://kb.myetherwallet.com/offline/making-offline-transaction-on-myetherwallet.html
And use two PCs, one off-line (cold storage) and one one-line (hot wallet).
Do you think there is still a danger?
https://kb.myetherwallet.com/offline/making-offline-transaction-on-myetherwallet.html
And use two PCs, one off-line (cold storage) and one one-line (hot wallet).
Do you think there is still a danger?
MyEtherwallet is the best wallet I have used over the years to hold most of my altcoins. It allows you to control the private keys to receive and send tokens. Metamask is another wallet which is most secured and even Mytherwallet even recommend anyone to use to log in instead of private keys.
Until today, I would have blindly told everyone to go ahead with MEW, but after the recent phishing attack, I cannot recommend it to anyone. I am myself in dilemma as to which wallet to choose. I have been considering using a hardware wallet now since the probability of a thief breaking into my house is way lower than a person scamming me on the internet.
there is also a PIN code, so even if someone stole it, they couldn't access it! (without threatening you for the pin I guess!)
and if you lose it, you have a 24 word recovery phrase which you can enter in the right order again to restore the same keys(on a new device).
so it's surely quite good.
Until today, I would have blindly told everyone to go ahead with MEW, but after the recent phishing attack, I cannot recommend it to anyone. I am myself in dilemma as to which wallet to choose. I have been considering using a hardware wallet now since the probability of a thief breaking into my house is way lower than a person scamming me on the internet.
Summary
This is my personal opinion
Ordering by safety
1. Hardware Wallet
2. MetaMask
3. MyEtherWallet
4. Exchange
Hardware in this day i think its not worth anymore. There also some problem in there. Since i heard news some hardware wallets have been compromised with a malware.
So its like even you have the key of your hardware wallets, there is someone that even know it too.
Still prefer on metamask anyway, easy to use and very flexible
what about ledger nano s that i use now for store my bitcoin ?
as far as I am aware(I might be wrong), you can't lose your funds without:
1. downloading a bad update
2. someone uses a physical exploit
Hardware in this day i think its not worth anymore. There also some problem in there. Since i heard news some hardware wallets have been compromised with a malware.
So its like even you have the key of your hardware wallets, there is someone that even know it too.
Are you referring to this incident?So its like even you have the key of your hardware wallets, there is someone that even know it too.
Man’s Life Savings Stolen from Hardware Wallet Supplied by a Reseller
Hardware wallets are still trustworthy and very safe to use. If you'll notice on what happened to the guy that lost his life savings through his hardware Ledger Nano S. He bought the wallet and the recovery words were already established by the re-seller so it only means that the re-seller can open his wallet which is very intentional and the guy isn't knowledgeable through as its his first time of buying it.
That's an important note, although it is mentioned on the wallet sites: only buy from approved resellers, or from the company itself!
https://www.ledgerwallet.com/
You can also buy from their legit partners and retailers
https://www.ledgerwallet.com/retailers
Summary
This is my personal opinion
Ordering by safety
1. Hardware Wallet
2. MetaMask
3. MyEtherWallet
4. Exchange
Hardware in this day i think its not worth anymore. There also some problem in there. Since i heard news some hardware wallets have been compromised with a malware.
So its like even you have the key of your hardware wallets, there is someone that even know it too.
Still prefer on metamask anyway, easy to use and very flexible
what about ledger nano s that i use now for store my bitcoin ?
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