Hacking

[btcltccoins]

Yes storing in cold wallet is the most secure way. The only disadvantage of using cold wallet is that if you have to do lots of transactions then it takes a lot of time. Otherwise cold wallets are best for savings.

[aardvark15]

There are also situations where you use a wallet on an exchange that gets hacked so you are relying on their security that was flawed.

[leowonderful]

If you're serious as fuck about your bitcoins, consider a hardware wallet like trezor. Paper wallets can always be lost or drenched in water (yup, happened to me before). Hardware wallets are pretty strong and have lasted me a year or two. I plan to buy two hardware wallets soon in fact

[Hirose UK]

Those hacking method are mostly brute force. You usually encrypt your wallet with a password. If your password is short (less than 8 characters ) it could be cracked by brute force methods. It needs a while, and the hacker needs a computer with lot of power, but it is possible. Especially, if the hackers knows the length and some chars of the password.
To get sure, choose a password of at least 12 characters including letters, numbers and special characters.

then don't forget to activate two factors authenticator, and use email or phone confirm to open your online wallet. it will be safer.

[Amph]

There are also situations where you use a wallet on an exchange that gets hacked so you are relying on their security that was flawed.

store them only for trading and small amount and activate auto withdrawal on your cold storage

Yes storing in cold wallet is the most secure way. The only disadvantage of using cold wallet is that if you have to do lots of transactions then it takes a lot of time. Otherwise cold wallets are best for savings.

another disadvantage is to remember thta the key pool contain only 100 key so if ou keep create new key to receive new funds on your cold storage and forget to do a backup after 100 key your next transaction will be lost when you want to use that back up again

[clickerz]

If you're serious as fuck about your bitcoins, consider a hardware wallet like trezor. Paper wallets can always be lost or drenched in water (yup, happened to me before). Hardware wallets are pretty strong and have lasted me a year or two. I plan to buy two hardware wallets soon in fact

This is a good idea but how much this hardware costs? is it handy and convenient to use? im curious about this bitcoin harware wallet

[btcltccoins]

There are also situations where you use a wallet on an exchange that gets hacked so you are relying on their security that was flawed.

We cant say that the online wallet which was hacked, its security would be still the same. It maybe possible that they have upgraded their system and now there is no loop hole in the system. Secondly we cant only blame the online wallet security for it. What if we don't keep password difficult and secure, as it should be.

[btcltccoins]

I keep seeing all these posts that someone can hack my wallet.  First I did not think that this could be done?  If it can be done, how can I prevent it from happening?  Does my wallet need to be online in order for them to be able to hack it or can they still hack a paper wallet?

as far as I know hacking wallet can be done if someone know your email and passwd,then asking password recovery on the online wallet site,this one can be prevented by activating 2 factor authentication and sms message notification

Well its not that easy to know the password of wallet, email and then SMS.
I little carefulness is setting up all these can save our accounts from being hacked.

[defcon23]

I keep seeing all these posts that someone can hack my wallet.  First I did not think that this could be done?  If it can be done, how can I prevent it from happening?  Does my wallet need to be online in order for them to be able to hack it or can they still hack a paper wallet?

 yes a paper wallet could be hacked :  the attacker just need the private key, and could obtain it if you dont print it securely.. , of if you generate it online .. you see ?

[RealBitcoin]

If you're serious as fuck about your bitcoins, consider a hardware wallet like trezor. Paper wallets can always be lost or drenched in water (yup, happened to me before). Hardware wallets are pretty strong and have lasted me a year or two. I plan to buy two hardware wallets soon in fact

WTF, drop it in water?

How about making multiple copies of it, perhaps writing it down on a laminated paper with a market to be water proof.

If you keep it on a small note paper somewhere in the house then of course it gets messed up.

[nickenburg]

I keep seeing all these posts that someone can hack my wallet.  First I did not think that this could be done?  If it can be done, how can I prevent it from happening?  Does my wallet need to be online in order for them to be able to hack it or can they still hack a paper wallet?

I've recently downloaded The Electrum wallet.
And u have the option there to make a double authenticator wallet.
So you always have to double authenticate with your phone.
So if someone wants to steal your Bitcoins, he will need your private key and your phone.
That way someone on the other side of the world cant hack ur wallet.

[notlist3d]

If you're serious as fuck about your bitcoins, consider a hardware wallet like trezor. Paper wallets can always be lost or drenched in water (yup, happened to me before). Hardware wallets are pretty strong and have lasted me a year or two. I plan to buy two hardware wallets soon in fact

WTF, drop it in water?

How about making multiple copies of it, perhaps writing it down on a laminated paper with a market to be water proof.

If you keep it on a small note paper somewhere in the house then of course it gets messed up.

I agree when you make the paper wallet you should not make 1 print only of it.  It would be crazy if you did to have it in a area with water around it.  When you store safely you would be smart to have at least a copy always stored away.

I do like hardware wallets more and more.  Also 2nd factor devices.  I see these becoming more and more popular in future.  Which is likely a very good thing.