There's no such thing as a completely "safe" platform to store your BTC. Nothing can guarantee 100% safety and security. However, using a hardware wallet is generally considered much safer than a casual online wallet (hot wallet). This is because wallets connected to the internet have a higher risk of being compromised compared to cold wallets.
For the OP, I recommend either getting a hardware wallet like Trezor or ColdCard or setting up an Electrum wallet on an air-gapped device for secure transactions, as already mentioned by ETFbitcoin. I think those options are the safest for now.
Topic: Which platform is safe to store Bitcoin and can’t be hacked ? - page 3. (Read 388 times)
I store Bitcoin on blockchain, Binance and trust wallet. I’m just wondering which other platform is safer and more secured? Since all 3 have been hacked before.
The wallets you are currently using are not recommended.The best wallet to store your Bitcoin is either in an open source hardware wallet or in an air-gapped wallet, the only way your wallet can be hacked is if hackers compromise your wallet to steal your keys or your seed phrase, so storing them offline provides enough security. If your funds are not that big and you just need a wallet for spending, then run Electrum on your online device and keep the amount that is small in it. Choosing the right wallet is the first step to ensure you're not hacked, the other one is your operational security, even if you use an offline wallet, and you expose your seed phrase, your funds would be stolen, even if you use an offline wallet and you tell everyone about your BTC's, your funds can be stolen in a $5 wrench attack, etc, that is why your operational security must be good.
Lastly, you can add extra layers of security like making your wallet a multi-sig one or adding a passphrase, this will increase the security of your funds.
You should not store your bitcoin on any platform. If you store it on any platform, you fall into this.
Reminder: do not keep your money in online accounts
Store your bitcoins in non custodial wallet, if open source it is better, because you will own private key and entirely control your bitcoin and transactions you want to make.
Reminder: do not keep your money in online accounts
Store your bitcoins in non custodial wallet, if open source it is better, because you will own private key and entirely control your bitcoin and transactions you want to make.
- [LIST] Open Source Hardware Wallets
- You can use Electrum wallet.
- Creating a cold storage wallet in Electrum
- Creating a multisig wallet
- Verify Electrum wallet before using. [GUIDE] How to Safely Download and Verify Electrum
I store Bitcoin on blockchain, Binance and trust wallet. I’m just wondering which other platform is safer and more secured? Since all 3 have been hacked before.
Remember when Binance was first reported that $100 million was hacked from their account, then the number went up drastically. so about 2 million tokens of BNB (worth about $570 million) was withdrawn.
Trust Wallet was also hacked and it caused the platform a damage of about $4 million estimated lose. Also, blockchain public data shows that hackers have stolen about $2 billion in blockchain cryptocurrency.
Cold Storages are generally considered the most secure type of platforms to store your bitcoin, it's basically because they don't always have a live connection, wallet is online only when you connect the hardware into the system. Example can be Trezor wallet. But one thing is very true, you can use any decentralised blockchain wallet that gives you private key, all of them are 100% safe as long as you don't act stupid. Remember when Binance was first reported that $100 million was hacked from their account, then the number went up drastically. so about 2 million tokens of BNB (worth about $570 million) was withdrawn.
Trust Wallet was also hacked and it caused the platform a damage of about $4 million estimated lose. Also, blockchain public data shows that hackers have stolen about $2 billion in blockchain cryptocurrency.
Anywhere else apart from your hardware wallet that's open source e.g Trezor is unsafe.
Blockchain wallet is the most crappy of them all, in 2018 some coins are stolen from the blockchain wallet I used at the time.
Binance is an exchange, they can go down with your asset at any time, the moment you leave your funds on the exchange, you have make them the owner of your assets.
Trust wallet is a hot wallet, good for everyday transacts but let it stay like that, do not keep large amount of assets on the wallet.
Blockchain wallet is the most crappy of them all, in 2018 some coins are stolen from the blockchain wallet I used at the time.
Binance is an exchange, they can go down with your asset at any time, the moment you leave your funds on the exchange, you have make them the owner of your assets.
Trust wallet is a hot wallet, good for everyday transacts but let it stay like that, do not keep large amount of assets on the wallet.
Well I understand how ill people speak of exchanges but at some points, I think these exchanges have stepped up their games and they don't just vanish with people's funds but rather with a notification for closure and withdrawal of funds will be sent their customers.
Why not just tell op to save up and buy a hard drive because I think all of them can be bridged no matter the security used.
I don't even enjoy using trust wallet personally and I wouldn't even suggest that for anyone and I will even prefer using binance because I feel secure using it.
I will urge you to avoid exchanges for security concerns and because they have custody of your Bitcoin, which means they are in in control of it.
For convenience and security, use open source wallets such as electrum wallet. If you have a mobile device, you can download Blue Wallet for IOS and Electrum for mobiles that support Android devices. I believe it will be easier and less expensive for a beginner to ensure the safety of their Bitcoin.
For convenience and security, use open source wallets such as electrum wallet. If you have a mobile device, you can download Blue Wallet for IOS and Electrum for mobiles that support Android devices. I believe it will be easier and less expensive for a beginner to ensure the safety of their Bitcoin.
As ETFbitcoin said, there is no such thing as absolute safety, everything is relative, and the security of your assets is entirely dependent on how you hold them. Even if you own a highly secure device, with your carelessness, the risk will still exist.
But all 3 platforms you are using are insecure and unreliable. I mean, you are giving your assets to a 3rd party to control, they can get hacked or can get greedy and steal your assets. You do not have full ownership of your assets when using centralized platforms. Learn about non-custodial wallets, especially open source hardware wallets, which are considered the best solution today for our crypto assets. Where you have full control over your property and its safety is entirely up to you.
But all 3 platforms you are using are insecure and unreliable. I mean, you are giving your assets to a 3rd party to control, they can get hacked or can get greedy and steal your assets. You do not have full ownership of your assets when using centralized platforms. Learn about non-custodial wallets, especially open source hardware wallets, which are considered the best solution today for our crypto assets. Where you have full control over your property and its safety is entirely up to you.
As mentioned above hardware wallets are the way to go.
But to clarify some things about the Trustwallet hack you mentioned, from my understanding, that was a social engineering/phishing attack:
https://www.binance.com/en/feed/post/206559
So it's not really the developer's fault as it is the user's.
Now, this doesn't mean you should use them. If anything, you should especially if you're holding a large amount, but you need understand that this type of attack could happen to you regardless of the wallet you're using if you're not careful.
But to clarify some things about the Trustwallet hack you mentioned, from my understanding, that was a social engineering/phishing attack:
https://www.binance.com/en/feed/post/206559
So it's not really the developer's fault as it is the user's.
Now, this doesn't mean you should use them. If anything, you should especially if you're holding a large amount, but you need understand that this type of attack could happen to you regardless of the wallet you're using if you're not careful.
First of all, there's no thing such as "100% security" or "absolute security". But in general, hardware wallet (such as Trezor, ColdCard and Foundation Passport) are more secure than examples you've mentioned (online wallet, exchange and mobile wallet). Although if you're advanced user who don't mind some inconvenience, you can use airgapped computer/laptop which contain Bitcoin wallet software solely used to sign transaction.
Anywhere else apart from your hardware wallet that's open source e.g Trezor is unsafe.
Blockchain wallet is the most crappy of them all, in 2018 some coins are stolen from the blockchain wallet I used at the time.
Binance is an exchange, they can go down with your asset at any time, the moment you leave your funds on the exchange, you have make them the owner of your assets.
Trust wallet is a hot wallet, good for everyday transacts but let it stay like that, do not keep large amount of assets on the wallet.
Blockchain wallet is the most crappy of them all, in 2018 some coins are stolen from the blockchain wallet I used at the time.
Binance is an exchange, they can go down with your asset at any time, the moment you leave your funds on the exchange, you have make them the owner of your assets.
Trust wallet is a hot wallet, good for everyday transacts but let it stay like that, do not keep large amount of assets on the wallet.
I store Bitcoin on blockchain, Binance and trust wallet. I’m just wondering which other platform is safer and more secured? Since all 3 have been hacked before.
Remember when Binance was first reported that $100 million was hacked from their account, then the number went up drastically. so about 2 million tokens of BNB (worth about $570 million) was withdrawn.
Trust Wallet was also hacked and it caused the platform a damage of about $4 million estimated lose. Also, blockchain public data shows that hackers have stolen about $2 billion in blockchain cryptocurrency.
Remember when Binance was first reported that $100 million was hacked from their account, then the number went up drastically. so about 2 million tokens of BNB (worth about $570 million) was withdrawn.
Trust Wallet was also hacked and it caused the platform a damage of about $4 million estimated lose. Also, blockchain public data shows that hackers have stolen about $2 billion in blockchain cryptocurrency.
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