Topic: Why beginners must consider burner wallet (Read 401 times)

  I agree with your thread OP you have made a good awareness to those that are doing the testnet task, it is wise to have burner wallet for your testnet task and have a real wallet for your asset storage or trading. A crypto enthusiast cannot have just one wallet, that’s not possible because they will always be a need to open a new wallet may be due do accessibility and usage. Every one with their choice of preference, some people have multiple account just for different purposes.  So people make that mistake just like the OP mention, you will end up losing your money, you won’t be able to keep track of your trades or the activities in the wallet. The wallet will be over bugged and if you are unlucky to fall into a scam From one of the airdrops and testnet jobs. There’s no doubt some of these new project are Ponzi scheme unfortunately for you jump into their hands. This is why in this coming bull run everyone should be careful with the links they click. Because you might just be falling into your reapers hands.
  Once you begin your crypto journey, make sure you know the nooks and crannies in the crypto space, and to do that you have to broaden your knowledge about the crypto space, if you are doing the testnet know it very well, and if you are trading know the concept of trading so that you don’t lose your money. Newbies don’t worry it’s not quantum physics, you can’t learn it all in one day, you will learn as time goes by when you show the interest for it.

 A burner wallet is a crypto  single-use account that connects to real malicious Blockchain application ,it can be used quickly and easily for a limited amount of time after which,it can be disposed. A burner wallet does not have to contain or store big quantity of crypto or any assets , instead contain only the amount of crypto needed to envelope the set up transaction .
It is always used where privacy and security are very important  and they are made and used for special purpose like minting NFTs or making transaction on dApp,funds can be transferred from your real wallet to burner and then make use for your various transactions.

I also have the same opinion as you and I use this trick too. Don't use the main wallet as a wallet for airdrops, testnets and the like that require direct interaction with dApps and various websites that require a wallet connection. because many scammers set traps to take over wallets using the drainer method. I have never connected the main wallet with a lot of assets to any airdrop.

I don't think that should be the case for burner wallets to be used. I create burner wallets also for projects from trusted teams. I don't like leaving any stone unturned. We've seen sites hacked into and messages and links given out to unsuspecting investors. A great deal of damage can be one before the site is reclaimed. What about those who are always in a rush to clink on links, believing since it's from a trusted project's site it should be fine? What I normally do is create one burner wallet for two or three projects. With that I can easily know where a hack is from if it comes. Creating a wallet takes less than 2 minutes to achieve. I don't think it should be any problem for anyone as to skip doing it. It saves one the ache on the long run.

You're very correct man, I saw this event play out under my watch in 2022. A colleague had these Doge tokens in her trust wallet. She was holding it and at that time, the value was really increasing owing to Elon Musk interference. Then another colleague convinced her to claim some airdrops which required her to connect her wallet to the smart contract. She did and that's how she lost all her coins. It was like a drama at the office.

It boils down to all online  activities, whether social media, gambling account or whatsoever, anything that has a trace to your main assets shouldn't be in any way connected to any other projects, whether you trust them or not. When you connect social media accounts, they have the same rights as you do over that account and can log you out at will and takeover the accounts.

Burner accounts are extremely necessary to reduce the activities of fraudsters from affecting our lives and assets.  In social media applications, it helps for precision of activities and helps not only to reduce the noise in our personal accounts, but also maintain professionalism. Then you can use your burner accounts whenever you wish to catch cruise.

Whilst there are many wallets in playstore and app store, the important question is are they safe wallets, are they open source and have they been reviewed by a lot of members in the community. But not just that, there are also a lot of phishing wallet applications in these platforms, so you might lose your funds once your import you wallet into them. Download crypto wallets only from their official websites and download only good wallets that are open source and non custodial.

I am very picky when it comes to airdrop and I only join testnets from big projects in the range of Arbitrum and Mantra like projects and I have done some farming before, I dare not use any wallet than my burner wallet, the chances of compromising this wallet is pretty low because I am still careful with farming and airdrops but I feel that even farming is best on such wallets.

My burner wallet still have some ETH just for emergency purposes and its been like two years now but no issues at all, I have some staking even happening on the wallet and I don't mind very much because the amount is not alarming, I just want to keep my main wallet out of anything that comes with connecting with any website or platform.

What are you proposing? A different wallet, making it the third, for farming and staking? Because that's what I can think about, you never made mention of any better idea than saying farming not sitting well with burner wallet for airdrops.

Careful!

There are many unofficial crypto wallets on play store and others, do not use the store search engine to find any bank apps or crypto wallets, you can end up with a fake app, I made this stupid mistake last year and i lost some BTC.

Now I don't recommend the use of any app stores to find crypto wallets, it's better to visit the crypto wallet official website and this will direct you back to the right crypto wallet on Play Store.

It's not a bad idea to use a separate crypto wallet for connecting to any websites or even those new and old dex, and this is highly recommendable for those who are into Airdrops, Testnets, and Minting, even those who are into farming.

This is one thing that has taught me a great lesson concerning wallet connection in several website where they do asked to connect and link our wallet to the site at then there was no exposure on how to guide ourselves properly and we fell victim of this type of scam. At later run i discovered that what scammer does is that they will go create a fake site and then launch a fake airdrops asking applicants to go link their wallet to be able to claim their rewards without their knowledge of wanting to hack them, and the worst thing is that what they do is to make price very attractive to people in a way that it will be hard to reject whatever amount an applicants has accumulated from the site at this they will be triggered to connect their wallets.

Overly out of 60 to 70 percent of applicants are being thrilled with the whooping sum of the rewards while converting to usdt or to their local currencies they won't mind whatever it may cause them and they are will to sacrifice other thing in their wallet just for them to claim their rewards especially those fake NFT's worth $5k or $20k these prices looks unrejected while viewing them your wallet and you can be likely to get trapped over there without knowing they did that get your account swipe off.

Thats good or nice recommendation however if you are farming a good tokens via farming using eth usdc or any funds needed token then burner isnt good. Unless you lr burner holds a lot of fund for the farm. Maybe burner is good only for testnet and some not so clear airdrop projects that you wanted to join or participate.

There are too many wallet on the app store, crypto users can still download other wallets and use for their airdrop and testnet. Some people make the mistake of using their wallet that hold a good amount of their asset to receive airdrop tokens too and that is why they can lose their assets. Trust wallet can be used for airdrops and some other nonserious wallets.

Electrum is only for Bitcoin and for the shitcoins and tokens we have Metamask and that's the best possible option for something OP is suggesting because it doesn't need any extra app, just download the extension set up as many accounts as you want then we can completely avoid risk of wallets getting drained because we gave access to a scam airdrop projects.

 A burner wallet is a Bitcoin wallet that is being used for functions which the user does not have full trust in, you can use them to store your digital assets , receive and make transfer .  The reason why it is preferred for beginners is that a burner wallet is better used in the case of avoiding using your  primary crypto wallet to communicate with a special platform or smart contract in other to have privacy and help you secure your assets,they are used within a limited time and assist you to protect your main wallet. 

To claim airdrop or any promotional offers, you do not need to have a balance in the wallet, so you can use a temporary wallet with enough balance to pay the gas fees, because in most cases you will be asked to link your wallet to a third-party site or service and sign a transaction. When you sign a transaction, a full balance withdrawal from your wallet.
Linking your PancakeSwap and Uniswap wallet does not cause you to lose your balance.

This is why hardware wallet is best for storing coins that you wish to hold for a long term, they are not easily accessible like software wallets e.g metamask and others, that's why you will never see someone using hardware wallet to mint or claim anything.

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This advice isn't for beginners only, even old investors can do stupid things too, they can decide to trust a link some day especially if the link is from a popular well know alt project, what many don't know is that some projects are already under attack by scammers, they will swap the original link for a fake one then game over.

It's will be too late before the team figure out what's going on, this is why you must not click on any links online using your main wallet, always use a different one for claiming and minting, good advice and I totally agree with OP..

I did share a sad story few months ago of someone who ignorantly connected his wallet to a malicious website in other to claim freebies but instead got his entire funds stolen.

You can find it here: Learn from other person's mistakes

The warning is not just for newbies alone, even persons that have been in the crypto space for quite sometime also make this silly mistakes. If you're into airdrops or claiming testnet tokens, it's important to get a dedicated or burner wallet for your collection.

Good suggestion too but not for newbies and beginners just like OP was specific about them. It's better to avoid all these by using the trash wallet. Since there is no limit to how many wallets you can have in one wallet app. And it is not stressful as well to create a new wallet. For now, let just be 2 wallets and then in the future they can have Mutiple wallets for various purposes. It can be for minting, connecting with DEX, smart contract and another to store very large amount of asset. Also, if they are investing, they should have another one. for investmen, this wallet shouldnt be intereacted with most times.

I guess this type of things happens a lot to so many newbies in crypto.

I tried using trustwallet many times and I didn't encounter any problems or issues at all but the difference between other wallets is that trustwallet is a close source wallet compared to electrum which is an open source wallet. I'd recommend you use trusted and legit open source wallet like electrum rather than using close source wallet. You should also know the pros and cons of close source and open source wallets.

I'm a newbie and I have been using trust wallet to store most of my assets,is it safe and secured to store my coins using trust wallet?
I'm looking forward to get advice/opinion from you guys.

       Thank you