Bitcoin Forum

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

I think many member here know this so no need to explain it unless they are the one who asked that need suggestion .

And this thread will not always be on the top so there is no way they can read this thread always.

Its much more easier for them if they search it on google since there are many suggestions given there how to secured and what wallet is more secure to use

Paper will be your weapon here.
A sheet of paper to be exact.
Me? I have a small notebook near my computer and all seeds, private keys is there.
Another copy is hidden somewhere in my house just for back up in case something bad happens.

That's all. Never save it on your computer also with internet on it. Even in your phones.
If lazy, print it out and keep it somewhere dry and protect with plastic.

Dart18, I can understand that you are only trying to give us some idea but do you really need to mention where you keep your private keys and seeds? That is also a dangerous thing to do and I hope that no one in this forum knows your real identity.

I think this advise should be on Beginners and Help Section OP. This is nice reminder but you should always be wary on which section you will post. This section is for altcoins discussion and anything related about it. Its also related since you are talking about private keys and wallets but there is a room for that topic. Please move this, the move topic is on the lower end of the page.

Now I know where is your located haha. Dont mentioned these things, robbers can think of it as a hint. They only need to know your location. Sensitive info such as this should be on your own self only.

With the online wallets too, if they don't provide you your keys then it's not yours.

Many still don't understand the simple logic about holding your private keys. They are trusting exchanges more than holding their own coins through having their own keys.

This has always been a reminder on B&H.

Especially when you have to renew your wallet (like I did when I upgraded to Segwit) and then I will have to do it again one of these days when I need to upgrade to native Segwit (I will once new wallet systems also do it for exchanges and all other services).

You do not want a situation where your new wallet cannot even import old formats.

sorry i dont think you are on the topic.

The topic is how to secure your crypto by saving your privatekey and passphrase.

i agree there are still maby people preapared to use an exchange as wallet which is actually have a danger using it , like what if that exchange hacked your stored can also be stolen.

This is one of the first steps you must do regardless of whether you are using a digital wallet or a hardware wallet like ledger or trazor. Backup your seed in multiple physical locations. If you are paranoid go ahead and encrypt your keys as well when.yoy wrote them down in a piece of paper.

If I may add to that, for better security back it up on some places, maybe in your mother's use or get some safety deposit box in a bank.

Also if you back up your private key in your desktop or laptop, you need to encrypt it so that you will add another later of protection.

Another option is to get crypto steel, there's a lot in the market right now.

Paper wallet is the best backup for wallets or just find a strong book and write down all your recovery seed, on my part I did this and also crave few recovery seeds on a steel just in case anything happen to the book

What supply are you asking about? Don't you understand this topic? because in this topic it explains about reserving a private key for the safety of our own wallet and funds, not about lost supplies, next time please help to better understand the discussion of a topic.

Wallet users can create a specific email address for keeping keys, do not use the email for anything else but for keeping keys only, no Airdrops or bounties and make sure you use tough password and 2FA authentication

Yes, this is a very good suggestion and deserves to be carried out by everyone, especially for those beginners who have never been victims of scammers, I strongly agree with the advice you give, thank you for sharing.

I do not think this should be news to anyone.
On myetherwallet, metamask, trust app, coinomi or imtoken, you are always advised and instructed to back up your keys before proceeding.

Either newbie or not, we should be submissive to learning and following instructions

Some don't still get it that private keys and recovery seed is very important, you can even see few newbies posting their private keys on telegram group thinking that's how you get coins, they don't know the difference between Public address and Private keys, it's simply lack of learning

The new investors usually buy a small amount but they forgot to keep the private key secret. Even storing in the devices with an internet connection is not safe, offline devices should be preferred for the best security. Some Android wallets don't let the new user create a first wallet without verifying random words on seed phrases.

We can't keep all newbies safe from stupid mistakes like this, but I'm sure once they get bleed once they will learn never to do same stupid mistake over again, remember, it's always failure first before anything else

The other day I read a post of someone whose friend forgot to backup his wallet private keys and when the phone had issues there was need to reinstall the wallet and that was when the friend got to know the private keys were not saved. So it means your post is still and will always be valid and important for newbies most especially, it is good to constantly remind people the need to back up their private keys, seed, keystore or backup phrases as the case maybe; in fact that is the first thing to do before storing any asset in that wallet.
Also the most important thing is, storing these private keys, mnemonic phrases or backup phrases safely and not carelessly to avoid a third-party having access to them because once accessed by a third-party might lead to theft.

In the past, there are lot of examples of how people stored their coin in reputed exchanges and how their crypto ripped off either by the exchange itself as exit scam or by hackers. In crypto, since it is decentralized, there's no point of trustig others when you have ways to secure yourself.

This is so basic and if you missed this you lose everything, every coin that comes along any wallet or trading sites that you are going to sign up with, all they will tell you is to back up your seed and your private, if you don't have your back up key or seed, you don't own your wallet, as simple as that.

That is the most important thing that every wallet/exchanges should think about always make a back up, cause once those, Phrase,seeds, or privates keys lost you won't be able your assets. It is not that hard to take it down in notes and label it, rather than lossing everything yplou have because of your laziness.

And I would like to add do not put your coins in a custodial wallet like an exchange, that's a big no it just means that you do not own your private key, id you are going to use exchange be sure that you do not store your coins there for a long period of time if you can, do it only if you are going to trade.

Anyone that’s making use of a good wallet will always get a reminder to back up their wallet using the 12–word backup phrase. The only places you might not be told to backup your wallet is on exchanges since you’re not the one that is holding it on your device, rather it’s being stored on the exchange and the only you can do when you’re making use of an exchange is to create your strong password and activate your two factor authentication code to stay safe so that hackers won’t hack your account.

Some exchanges also have cold storage where you can move your coins and have it secured fully. I make use of Coinbase and there is nothing like 12 word backup phrase, but they have 2fa and it’s really secure. Xapo has cold storage and they always recommend it to users. Blockchain wallet requires you backing up your account with 12–word backup phrase.

Am glad most wallets now requires users to Frist set up or backup their mnemonic phrases, private keys etc as well as adding a note of how important it it to do so before getting started and this will surely force even newbies to be aware of the risks of misplacement of the written words. Also, even when written down it is also paramount to ensure that the piece of paper on which it is written on is duly secured and kept in a safe place should the need to import the wallet arises; if possible duplicate the paper.

It's either they are keep on doing that because it's ease and less effort if they want to trade again.

But they don't see the caution from that strategy if they want to sell or buy as quickly as possible. In the past, various of exchanges were hacked and people's fund were affected and the majority was never returned.

No private key or losing private key without saving any other ways to enter the wallet such as the mnemonic phrase, Keystore and password means that you lose your wallet. This is basic.
However, even though this is basic and very important, there are still some people who don't pay attention and being careless of losing those crucial data. So poor and silly.

I think it's a basic thing to know actually.  That should be the first lesson before opening any wallet address I believe.  I could remember, one stupid mistake I made then, sometimes ago, when I updated my stellar wallet app, I didn't know what went wrong, the updated app didn't restore my wallet address and unfortunately I didn't back up it's PK, that was how I lost all the assets I have there.  It's good to be meticulous in doing things.

That is the most difficult thing on cryptocurrencies, store private key on a safe place. Cloud - is not recommended because hackers could steal it, but when you store it physically you risk the flood, fire or just loosing the paper / place with your private key.  ::)

Definitely, most of the exchanges I have seen backup or keep their funds securely and their private keys are with them, which is not the duty of a user. That is why if they claim that their exchange was hacked, it gets me surprised because the control of funds is in their hands.
Your private wallet is your personal wallet and should be guided jealously.  Also, while writing down, sure you look at every detail again, to be sure of what has been done.

yes we should always back up the private key or seed of our wallets!i have experience this before, i lost my pk and there is a token that had a value but cannot do anything as i lost the pk..  :-[ :-[

Everyone should have this knowledge before they enter cryptocurrency.
In cryptocurrency, your private key = your wallet, you own the key, then you own the wallet.
Losing private key is the most regretful thing in early bitcoin holders life.

Backups is always good for every bite of important information. Especially if we are talking about money

Yes its important to have a wallet that you control your keys, the beginners should keep in mind this.

I know someone who lost his coins for keeping it in exchanges and not thinking of the risk. Its just sad that he learned the hard way.

I still use online and centralized wallets for years. And up to now I have not had any problems with it. As long as you choose the most prestigious wallets in this market, I believe you will always be safe