Topic: Why beginners must consider burner wallet - page 2. (Read 396 times)

If you have a wallet that you manage the security popularly, you then does not need changing wallet eaxh rine, i have been arounf some one sometimes ago that lost alot of money because he never give importance to singles wallet and ge almost make new wallet for each task abd bounty he participated on and as a human, he failed to keep all the tracks and at the end lost huge amount.
The money he lost is almost around $70,000 when the coin got to all time high but he cant trace which wallet or recover it.

But hard it been that he used one highly protected wallet for all his task, there is no way he will lose track and this great opportunity fpr him , but he  ans this, even though I am not into bounty.

Any task one is partaking in as a beginner or an experienced cryptopreneur, you should trade with cautious when you are asked to connect your wallet to get your reward or be eligible for some airdrops or other gifts after completing your task. A lot of people have lost their all time savings because of some little rewards they want to mint and add to their total savings. No amount of airdrop is worth you connecting your main wallet to a site to get your reward.
This space is full of smart people that are always on alert to look for the small possible mistake of newbies who don’t understand the space very well. It is very important to learn and gain a lot of knowledge before risking any of your money in the space. It is very certain that everyone came for the lots of rewards that is on this space and for you to get some, you don’t have to risk your main savings for that. Burner wallet should be a necessity for all those things and shouldn’t be under probability to use.

this tip is very useful for those who are currently taking part in the testnet, because in many projects they ask participants to connect their wallets to mint tokens. but unfortunately they don't know that when they give authorization to the website, the website has access to the wallet and the possibility of the wallet being drained is very high. when this happens, the participants will not be able to do anything else.

so instead of risking your main wallet to participate in these campaigns, it is better to use a burner wallet as said, because the wallet is only used once and when the campaign is finished and you have got the tokens you can throw away the wallet and create a new one. but make sure that you have saved the private key, who knows maybe you might need it later.

Phishing site is one of risk.

Another risk is your active wallets will be target of scam tokens. They will send you some chunks of tokens with unverified token icon, if you interact with their smart contracts, you are not smart and will lose money in that wallet.

Airdrop Scams in Crypto and How to Avoid Them

With this bull run sure theres are a lot of projects that will rise to promote their coins, their NFT, etc, and we cannot deny this hype there are a lot of projects that make a rug pull, scams or just a replicate, so be careful when you are trying to connect to their platform, and with the web3 we are now using those wallets to access to sign in, so if you are active with this kind of activity better to have a burner wallet, to prevent your assets getting stole with this phishing sites. Before this bullrun happens I'm doing the same thing, just making a transfer of assets to a particular wallet so that I'm just okay to to transact so still most of my funds are safe in the other storage.

In addition to this, it think it will also be a good idea to make use of a separate wallet for these bounties offers and not the same kind of wallet for your main holdings as well as the devise used, make use of a separate device for bounties and your bitcoin should be contained on a device not connected to any of these, in which your wallet is, we have to make a good practice in other not to be scammed by any chance, burner wallet is a good means to start with.

If newbies do task for airdrops on testnet, they can use wallets for testnet tasks. Nothing to lose with testnet tasks and wallets used for it.

If newbies do task for airdrop for main net, they can use other wallets only for main net tasks. These wallets must not be ones they use to store their funds. If they receive airdrops, they can swap it to stable coins and  move it to their main wallets for fund storage.

They can use smart contract revoke tools too
How to revoke token approvals
https://etherscan.io/tokenapprovalchecker
https://revoke.cash/
https://app.unrekt.net/

Yeah a burner wallet can only secure your funds against some minimal risk like wallet connect attack. So Instead of the whole route of getting another phone or device, it will be best to actually consider a cold wallet instead because the amount of an extra device is most likely the same. Instead of using two hot wallets with same risk it will be better to go fully to a cold storage instead

Yep burner wallet is important if you want to click or access something that might be untrustworthy, but don't forget to consider secondary phone too. Most people hold their coins in hot wallet, so if someone choose to connect a site using their burner wallet, you might think they won't able to get anything from your wallet because you don't own any coins. But if it's a malware, they could access to another of your wallet.

I think whatever you said in this thread is very true, and I also believe that each new user should do something like that. I would consider such wallet as temporary wallet which's in your possession but it isn't used to store your Bitcoin which you're buying using a DCA method, or by allowing a certain amount per month for Bitcoin accumulation.

I personally don't think that newbies can earn good amount from airdrops but you're right that most newbies want to earn something and for those a temporary wallet could be a better solution. In fact, I believe that for newbies bounties are much better than airdrops as they doesn't require much effort and can pay some good amount. And, I believe the ones who are after bounties may also follow a similar approach.

I believe that many newbies that are coming into crypto today are not all well funded, many can't afford to DCA into any crypto projects, and they are left with a choice to hunt for free tokens through testnet tasks and airdrops, I started this way too and damn, it was a great time to be alive in 2017.

If you are new to crypto and airdrops and testnet are a must for you, please consider a burner wallet, or name it anything you want, e.g spare wallet, trash wallet etc.

This wallet must be use as your shield on the battle field, whenever you plan to join some tasks online, claim tokens or use a new Dex, it's smarter to consider using your burner wallet, whatever will happen happens to the burner wallet.

Someone very close to me got his wallet drained because of an NFT mint, the mistake he made was using his main wallet to do the minting, main wallets are meant to stay offline, even if you have to sell your coins in your main wallet I recommend moving some part into a burner wallet first and use the burner wallet to connect to the likes of PancakeSwap and Uniswap, today we have so many Dexes, just to be safe its better to go this route.

Let your burner wallet do the trades, the mint, and the free claims for you, this simply keeps you a step away from losing the digital assets in your main wallet.