Bitcoin Forum

I was just going through my appdata on my old comp (been in the shed for 4 years) and boy I used to run a lot of wallets on it.

And guess how many I have on my new comp = zero

So I started looking around the forum and can't really find a single wallet I can download onto my comp, add a few coins and start staking.

Amazing how fast it has all moved on in just a couple of years.

Nostalgic moment over now :)

Cheers
TT

Yes, the cryptocurrency is developing very quickly and if you do not constantly observe the movements in this market, then in a short time you can see your lag in this market. Now even bounty hunters have a lot of problems due to the fact that new projects often move from one platform to another, and if you do not monitor this situation, you can stay with old wallets and already useless tokens.
There is nothing we can do about it. You need to adapt to the situation and constantly be aware of all developments in this market.

I am pretty sure about the confusion in using "personal wallets" in the title.

What does it mean "thing of the past"? I guess you are talking about your old personal wallets, and not Personal Wallets in general. if so, then your topic is a useless nostalgic post. And if about wallets in general, sorry to say that you're wrong, as personal wallets "custodial ones" are still the best way to store and use cryptocurrencies rather than exchange wallets or non custodial wallets.

I believe you are talking about altcoin that started after bitcoin and had their own wallet softwares. It was a craze at that time to use the miners to mine these new coins and dump them on exchanges to get paid. Nice rat-race there and although the idea remained same the process has changed. Now we have these DeFi stablecoin pools which need to be "Staked" to get paid. We also have alt/shitcoins which need to mined and sold to get paid.

Overall these hundreds of wallets that you had only meant increased security risks and with bitcoin wallets on the same device, you are defenitely at risk of getting a malware installed if you dont check the code first/are a non-technical person.

I would say it revealed what a unregulated market it was, and that only bitcoin is the thing that people need to buy - the hard truth which people tried to evade by mining altcoins because bitcoin mining was becoming costly and less profitable.

The development of cryptocurrency today is very fast, if you are slow in observing the market, it will make you confused. Even a project may change platforms, you really need to be careful and always update your knowledge about market developments.

Not all altcoins will have a value in the future 99% of them will dead sooner or later.
the currencies that survive, they rise quickly. the market is changing growth and something that no one wants to invest in suddenly became desirable.
Therefore, the more you follow the changes, the more you get good things for less than their price, and the less risk you have, and keep them for a longer time, more profitable.
Hodling is good if you choose good altcoin.

Got some old wallets too that I didn't touched for years and I say that it's worth the wait. I mean not really waited for the bull run to come but didn't have the urge to spend it before.

Well, with the timing and fate that has come, it's worth that I've sold a bit on a quite good price which is very reasonable for me.

This is because cryptocurrency now costs a lot of money and it is time to take care of security. Software wallets are not the most reliable and they are not reliable against viruses or exploits.
I use the Ledger nano X hardware wallet to store my coins. Newbies are constantly losing money due to hacker attacks or because they entered their seed phrase into a fake wallet.

Im still using many personal wallet like Electrum or Anchor. Its not past and still easy to use.
But i didnt really understand about the words i quote above, can you make it clear for me?

Having your own wallet that you control all the time is not the past thing here, because even now you still need to have your own wallet even if you are just staking, the market is growing but one thing is for sure, you need your own wallet all the time. You can use online wallets but if you want more security for your holdings better to have a hard wallet as well.

Yes, it is not yet a thing of the past. There are still good coins to stake but of course, most old alts have been gone already and long been dead. So they are not worth keeping on your computer. There are still old coins that you may want to stake like reddcoin, pivx and others. As long as they still have active market and active development, they are worth to stake. So for every staking coin, you should also keep up with their updates. Because if it is heading to nowhere, better cash it out while it has still value.

I am still confused, whether, in your new computer, there is no wallet anymore? Or the wallet consists of zero assets or value?
And, what coins or tokens did you have in your past wallets?
Like what told by other members here, the time passed so very quickly and the development is always ongoing. However, actually, if the projects and also wallets are good and profitable, your coins must be still there and must have value. Except that they are shit coins or even the wallet experienced big movement and development and you missed out on the period of moving.

Not really a 'thing of the past since there are still many altcoins out there that had their own client wallet. To be honest, back then I used to think any new altcoin without a proper client wallet is trash and shouldn't invest in. Can't blame me since it was the days where many ERC20 tokens with very lazy and low effort dev so we had to have some standard back then.

But things change and so with some already point out in this thread, the inconvenience and risk of many wallets dwarfed by the convenience on one in many ecosystem.

Yes, surprised that technology, most especially in crypto is changing very fast, sometimes I try to compare how crypto currencies were operated back in 2016 when I first got into the space to how it's been  operated right now and am totally amazed at how fast things have changed, and I personally don't see this change slowing down anytime soon, atleast, not until 90 percent of the entire world population are into crypto, alot of improvement and growth is coming to this space and this is one of the major reasons why we all have to always to our best to stay updated, so as not to miss good opportunities when they surface.

Majority of them are trash yet it becomes dead for a few weeks or months specially to those who had staking feature excluding into those coins which are old and had that liquidity or demand.
Of course, there would be changes as the years passed since technology is progress and new ideas do come out then it would really be just normal to have these kind of improvements
or changes and i do see it is way more much better than with the previous one but i do agree with those nostalgic feeling if ever we do encounter those back again
even though on small chances because most of things had changed up.

I tried to read this thread a few times... and I don't get it!

Who knows what OP tried to do... there are many wallets, official wallets, for many coins... with or without staking feature! Depending on the coin/chain you like!

What personal wallet is? If you have a private key it's your personal wallet... what are we talking about here exactly?

The time is passing, and yes crypto is a lot bigger than it was... is that something strange?! Since I am here, and before me, crypto was the crazy place, every day something new, so many new projects, ideas... crypto is developing constantly! It's impossible to follow all the things around! So we are here where we are, but it's not like that some old, good, proven, projects are failed... they are still here!

There are plenty of old scrypt alt coins that are PoS / masternodes where you just set and forget (install, download the block-chain, buy some coins and transfer them to your wallet and let run in the back-gound).  I don't think you've looked too hard for examples.

What coins did you have in the past?  Do you still have funds in those wallets?

Exactly, last two years there are many projects that migrated their tokens from one blockchain to another but ultimately bounty hunters suffered. They can't either migrate or have no chance of migrate, or lack or regular monitor. I have also found few projects migrated to other chain and that chain, i don't migrate for only not covering gas fees. Old wallets needs to check on regular basis otherwise tokens may be lost.

I guess that mainly has to do with all the functionality that the introduction of DeFi has brought into the cryptospace. I mean nowadays you can almost put any coin into a staking contract or a liquidity pool to receive additional income and you don't need to have a wallet running for each coin that you own on your computer, but that also has it's downside of course. I mean the old saying "Not your keys, not your coins" is still true and if you have all of your coins on an exchange to stake them and to gain interest and that exchange gets hacked someday then you pretty much lost everything and you probably won't even get a compensation for it. So i would probably never let a big amount of money laying around on an exchange for a long time.

I will also do like that, buy some altcoins that keep them in the wallet for the next 5 years, will I become a billionaire? Who knows? ;D

Nowadays not much altcoins that created. I mean, i talk about coins and not token. Because i got that era too when joining airdrop we must download their wallet first and if the coin support staking, we can stake in our wallet in our computer. But usually i use laptop that i not use to open my main acount to do it. But now there are so many tokens with ETH,BSC or other chain so not much software wallet used.

What does mean by your post title "Personal wallets are a thing of the past"? Are you saying that people are now not using personal wallets in their mobile or computers? Still, personal wallets are being used because this is the only way to keep our cryptocurrencies safe and secure. Exchanges wallets are not secure recently many exchanges have been hacked, so using Exchange wallet is very risky.

Nobody knows but if those coins that you'll buy are not so good then don't expect yourself that you're holding some good coins. Being with the same fate as bitcoin on its early stage.
I don't think that's going to happen again for some other altcoins.

Yep, a lot of things have changed. There are some wallets that I used to see in those early times of cryptocurrency, but now they have either stopped existing or they changed their platform and their names. It’s the same with tokens these days, like Argoo said, a lot of them keep changing from one platform to another and if you’re not watchful enough you will end up with bags that are filled with useless tokens. So we always have to be keeping up with the market as it keeps evolving. It’s really important.

There are so many altcoins in the market that you have to choose the right altcoin to hold within 5 years, unless you choose between the two top altcoins between ETH and BNB, although there is no guarantee but the two top altcoins are more worth holding for investment than other altcoins.

Actually, it is very difficult to monitor the current situation all the time, but we have to do that as in the crypto market everything changes very rapidly, so you have to follow all your altcoins and defi projects as they are quite risky.
What comes to wallets, the best decision is metamask, to my mind, because it can connect to almost all platforms.

As with every growing system, ecosystem, sector or technology, there is need to be updated with wherever and whatever you find yourself in, through constant follow up, else you might miss out on life changing opportunities. Actually, personal wallets can't be a thing of the past because till date it still offers the best method of personal security against theft and/or data breaches. Moreover, in most DEX nowadays, before you can trade on them, you will need to have the required assets right in your personal wallet before you can do so.
However, the concern is many people are yet to understand the importance of personal wallets and thus still using most exchanges for storage of their assets, while it has been said countless times that, you can only be sure of your assets if they are in your personal wallets.
Therefore, whatever coin you buy, if it is not on prominent wallets like Imtoken and the rest, do well to follow up on that project and their wallet where you stored your coins.

It affected the users who want to hold for long term because even if the project still is alive in the market and the team is developing the project, some of the team set a schedule for migration and how who are not informed no longer could move their tokens to another chain.

when an investor is confident the team is highly qualified to build a project, they tend to hold the token hoping for big profit after years. but disappointed after just a year.

Personal wallet for me remain the best, most of them has also started giving room for staking. Personal wallet gives you access to your fund anytime you want it, unlike most online wallet and exchange wallet which you might be in need of your token and at that time a maintenance is being run for that particular contract which will delay your withdrawal and fund usage.

Yup. It also seems to have confused me "Personal wallet". It confuses me. Lol
The development of a separate Dapp for popular wallets creates a quick fit, simple, easy and user-friendly even on your phone. Everything is guaranteed security, even more improvements.
This provides convenience for users and helps to increase popularity.

I appreciate both coins with proper blockchain and wallet clients and coins that using already existing blockchains and ecosystems. But the main point is as long as you have the wallet.dat file, your coin stays with you forever without any daily checking or mishaps that need to swap and such. While the same can't be said for coins that utilize token ecosystems.

some old altcoins may be valuable but require swap and may be too long in your wallet that you are confused about using them
maybe out of the many tokens you have, there are some that are of value, only you are left with the info, try to open the history of your wallet again

the world of crypto is constantly evolving and also the various wallets evolve continuously, in order not to remain backards and keep up you have to follow almost daily, modern wallets almost all offer the possibility to access the defi platforms through the dapp browser integrated, like download for the pc i would suggest exodus (not completely decentralized), coinomi or eidoo

this is a greatness of technology through cryptocurency. developments continue to be carried out by experts so that we must continue to pay attention and follow every development that occurs in cryptocurency so that we are not left behind from the latest information. and in the future there will be many new things that will continue to be discovered and developed to make people more secure and comfortable in doing activities in cryptocurency.

Not sure what all coins you invested or collected to have a ton of wallets. I have a hardware wallet and that can handle most and i have a backup wallet as well. Other than Bitcoin which i usually use i do not store the rest elsewhere.

It depends upon what all projects you are interested. If you are just using tokens that are build on ERC 20 or BEP 20 then all you need is Metamask, Trustwallet to connect to start staking and there are other wallets like Portis, Fortmatic, authereum and Frame and i know some might have technical issues with certain tokens but Metamask and Trustwallet is more than enough to connect to every project.

Even the hard wallet are making a lot of changes especially if there’s a new good project to be add on their system. As our wallet grows a lot, we should also get update and never be left behind on a market that moves faster, because if you don’t act accordingly you might lose many opportunities.

No one knows what will happen in the future. We only think of the positive option but it can also be negative. We don't want to think about it. So we should keep two options positive / negative in mind.  If you buy Altcoin at a higher price now, you may lose instead of your profit after 5 years.

Correct, it is not mystery that one of the most poplar proverbs that we hear here in this forum is ‘not your keys not your coins’ if you have your coins in a third party wallet then you do not really have coins and you can be scammed at any time.

If a project does not offer you to do everything you want with their project with a wallet that you can install in your personal computer then ditch them as there is a big chance those developers are scammers or at least incredibly incompetent if they cannot understand something as simple as this.

Personal wallets are a need for people actually. Because it is not wise to HODL your coins in an exchange. While your money is in that exchange, it is like you are sharing your money with the exchange. This is why I don't prefer to HODL my coins like this. Even if it is Binance that I'm talking about, my ideas won't change. I use crypto exchanges for only stablecoin staking, no more than it.

why look for a single wallet , i thought your missing the old times ? so you can also do that again but if your old computer is working fine and can still support new updates from the wallet then theres no need to use a new computer .
what i cant only understand is your title , why say so when we all need a personal wallet to store our cryptos ? and if not personal wallet , what wallet should we use ? the one that is been shared ? thats risky .

The OP is noticing it a raise in a tendency that I have also noticed, it seems many newbies these days are not using their own personal wallets and instead are using the wallets given to them by exchanges, and while it is inevitable to use those wallets if you are a trader at the same time it is a mistake to leave your coins for long there.

After all it is not rare for exchanges to change their policies and suddenly you find yourself unable to get your coins out of the exchange, and we also need to consider the risk you are incurring by having your coins there when we know that hackers are always trying to gain access to exchanges and many times in the past they have been successful and have stole fortunes from them.