Discovered a new way to protect my Bitcoin

[joniboini]

I prefer keeping all my BTC in one address. But in OWNR wallet your receiving address changes every few days or so, which makes it a bit safer.

If it is still the same wallet, it doesn't really reduce the risk of hacking, isn't it? Unless you're referring to privacy concerns. You can also use other wallets to change your receiving address easily, I'm pretty sure it is not a rare feature on most open-source wallets. On another note, keeping all your coins in one address is not recommended if you plan to store them for a long time. It is better to have at least two different wallets for long-term and short-term purposes. From the way you describe it, it sounds like you use one wallet both for saving and transactional purpose, which is not ideal. CMIIW.

[bayu7adi]

If you store a wallet with little to no balance in a place where most thieves typically search for valuable items, they are likely to leave your house content, thinking they've found something of value.

At least burglars could take other valuables in your home; even if your cryptocurrency is secure, you're not entirely immune to such misfortunes. This isn't to say it's a bad situation, as there are still assets you can safeguard. However, be cautious when you lack tangible assets, as burglars can sometimes threaten the safety of homeowners.

The practices you're describing are akin to watching a year-end movie, like "Home Alone." Deception tactics against burglars that seem to exist only in films. In reality, it's much more menacing.

I'm more concerned with finding a safer place to store assets. What's most important is that if a burglar were to actually break into my home, the first thing I'd protect is my life and the lives of my family. Because wealth holds little meaning if we're no longer among the living.

[Blitzboy]

Your approach to Bitcoin storage is intriguing and, no doubt, crypto is a place where innovation and caution should go hand-in-hand. But let me challenge you on the "decoy" wallet idea for a second. Does creating a "decoy" truly offer a veneer of protection, or is it just a psychological safety blanket? Hackers today are becoming more sophisticated, and such tactics might only deter amateurs.

Moving on, the multi-signature wallet strategy is, on paper, a fortress of security. Yet, consider the implications: the more signatures, the more complex the validation process becomes. Does this not inadvertently make you more susceptible to bureaucratic hiccups, thereby affecting transactional fluidity? I respect your proactive approach and unconventional thinking, though. Pushing the boundaries of traditional thought is exactly what the crypto world needs.

[adaseb]

Decoy wallet might work with an actual wallet for pick pockets but with crypto it won’t do much. What are you going to do have both wallets on the same computer which is connected to the internet? Why wouldn’t the thief find the other wallet?

Just get a hardware wallet or just do cold storage with electrum. You don’t even need to buy anything you just need an old computer you never use. Just remove the WiFi adapter and it’s a true cold storage device. Much safer than this decoy wallet method.

[laurenB7742]

If you store a wallet with little to no balance in a place where most thieves typically search for valuable items, they are likely to leave your house content, thinking they've found something of value.

Imagine if I were the thief.

Hey look someone in this house is a Bitcoin enthusiast since he have Electrum in his device or own a hardware wallet, when I check the wallet, there's no balance. Do you think the thief will think you clearly don't have any coins? nope, they will think you store or hide it somewhere.

If the thief left your house, case closed. But what if they point your head with their gun and force you to tell where all of your coins?

OP is quite underestimating the skills of thieves, if they have the intention and purpose of stealing your property, they will not give up until they achieve their goal. Or maybe those thieves are relatives or friends of OP, OP's plan will be easier to detect.
Overall, no method can be considered 100% safe and let's use whatever method we think is safe for us but don't make things complicated. Bitcoin is like any other valuable asset, if the way you store other assets, and that keeps you safe for many years then use that method for your bitcoins.

[bhadz]

I recently discovered a new way to store Bitcoin that has totally changed the game for me. This new method not only keeps my crypto safe, but it also makes my crypto investment strategy a lot easier.

In addition to this new method, I’ve discovered a few other tips that have been invaluable to me.

For example, you could create a “decoy” wallet with a tiny/0 balance amount of Bitcoin. This way, you’ll be able to divert potential threats/thieves away from your crypto.

You could also try using a multi-signature wallet for extra level of security.

These unconventional tips have given me a new level of confidence in my crypto holdings.

Multisig is good but yeah, they're right that having a decoy wallet isn't new at all. But if it's new to you and you're doing that, then that's nice that you're able to discover it without someone telling you about this idea. And what matters really is when you're dealing with your own privacy, as in never talking with that public or anyone even the person you trust the most. Anyway, hardware wallets are still my personal choice as they've got a better validation when you're accessing your funds I like that feature that I've seen and it's kind of hectic before I access my own funds which is positive to me.

[starkim]

Looking at the replies above, I'm not sure which is the new method. I'd like you to explain in detail.

[Outhue]

Hackers are not stupid OP, you are dealing with intelligent people here so decoy won't clean your radar off the mirror of hackers, I won't mind doing this at all when I can just buy a hardware wallet and keep my assets.

Mulit signature wallet works too or just paper wallet, since it is offline, the best way to be one step ahead of hackers is to keep your keys offline, if I were you I won't still feel safe using decor wallets, so stay away from keeping your wallet online all the time

People generates their recovery seeds and private keys offline for this reason and I guess that's what you should do too, it's cool to use decoys but if your main wallet key find it's way to online you will still get toasted by hackers.

Hardware wallet is the perfect choice if you are in worries about protecting your Bitcoin.

[Plaguedeath]

And what matters really is when you're dealing with your own privacy, as in never talking with that public or anyone even the person you trust the most.

Are you choose to donate your coins to the network?

I don't think it's cool when all of your hardwork when you're still life not to be given to other people you love, especially your kids.

Hackers are not stupid OP, you are dealing with intelligent people here so decoy won't clean your radar off the mirror of hackers

When did @OP mention hackers in his thread? he discuss about thieves, there's no different if you use online wallet or offline wallet since they use $5 wrench attack.

[DanWalker]

And what matters really is when you're dealing with your own privacy, as in never talking with that public or anyone even the person you trust the most.

Are you choose to donate your coins to the network?

I don't think it's cool when all of your hardwork when you're still life not to be given to other people you love, especially your kids.

If you don't have a wife or children, you can also share those secrets with your other relatives like your parents, they are the people who gave birth to you, they are more trustworthy than anyone. It would be wasteful and selfish when we only live for ourselves and are willing to throw everything away while our loved ones deserve to inherit that wealth if something unfortunate happens to us. But it's hard to understand why so many people are so selfish. There are even some people who believe that someone dying with their bitcoins is contributing to bitcoin's scarcity, which is the craziest thinking I've ever seen. LAUGH!!

[fuguebtc]

Hardware wallet is the perfect choice if you are in worries about protecting your Bitcoin.

Hardware wallets are not perfect at protecting your bitcoins, they do not completely protect you from risk, they may be more secure than online wallets or software wallets but the safety of your bitcoins depends entirely on you . I see some people use hardware wallets to store their bitcoins but store the seed phrase on their phone or online storage platform. Many people mistakenly believe that their bitcoins are stored in hardware wallets and that as long as the hardware wallets are secured, they are safe. And this is a serious lack of knowledge. So for me, the safety of our bitcoin depends entirely on how we store it.

[TakeItEasy]

I recently discovered a new way to store Bitcoin that has totally changed the game for me. This new method not only keeps my crypto safe, but it also makes my crypto investment strategy a lot easier.

In addition to this new method, I’ve discovered a few other tips that have been invaluable to me.

For example, you could create a “decoy” wallet with a tiny/0 balance amount of Bitcoin. This way, you’ll be able to divert potential threats/thieves away from your crypto.

You could also try using a multi-signature wallet for extra level of security.

These unconventional tips have given me a new level of confidence in my crypto holdings.

I don't think it would be wise to think that someone holds all the coins in one wallet. What do you think? Also, we didn't get any benefit from it. If you are holding it in one wallet, why not you holding it in the same wallet that was before? And in what ways it will make strategies for you easier? And what strategies it will give you? I didn't see anyone you mentioned here.

And in some way if you connect your wallet to any website or any other apps, would your Bitcoin would be safe there? And what benefits a multi-signature wallet will give you in this case. Can you please explain?  I didn't see anything reliable in the post that you mentioned above and didn't see anything up to the point. If you explain we can get more information.