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Author Topic: Protect your coins and buy a hardware wallet  (Read 95 times)
cryptoamumu
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April 25, 2018, 11:38:43 PM
 #1

With the recent dns hack of myetherwallet, now would be the time to buy a hardware wallet for people who still don't own one. Two of the popular brands are the ledger nano and trezor. Both average over $100. Even if you own $500 or $1000 worth of coins, during the next bull run, that $1k could turn into $10k and more; and you want to protect your coins.

Your hardware wallet provides you an address for eth, ltc, btc, neo and more. And you can put erc-20 tokens on there too. Here's the list of supported coins on ledger nano: https://www.ledgerwallet.com/cryptocurrencies

Your privates keys are never exposed. You don't even know your own private keys. And every time you send out a transaction, you have to confirm it with a actual button press on the device itself. When you set up your ledger, you will write down recovery phrases. This is how you recover your coins if your device breaks. Your coins are not on the actual device and the device acts more like a key to access your cryptocurrencies.

Q: Do I receive airdrops at my ledgers address?
A: Yes! Think of the ledger address as a MEW address. Only difference is you didn't create it on MEW and you don't know your private key.

Q: Can my coins still be compromised?
A: Yes, if your recovery phrases are ever exposed. Your phrases act like your private keys. I recommend writing them down on paper and storing them in a home safe, underneath your underwear in a drawer or a bank safety deposit box. Don't store them in your email or a notepad on your computer.



 

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April 25, 2018, 11:48:29 PM
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Thanks for the great advice. This is the right time to buy Hardware wallet. Feeling sorry for those users whose MEW Account got hacked!
I Prefer Ledger wallet than Nano. Ledger wallet is the great security for Myetherwallet.

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April 26, 2018, 12:24:20 AM
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Yes I totally agree with your suggestion!
It must have hardware wallet for the security of coins we have!

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April 26, 2018, 12:30:31 AM
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yes, i wonder why ppl who makes a lot of money from cryptocurrency do not want to spent some of their profit for buying the hardware wallet.
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April 26, 2018, 12:51:14 AM
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Completely agree. We recommend both Ledger and Trezor products. Crypto holders need to remember that even small values in crypto can grow to become much greater value in the future.

https://thecryptocurrencyforums.com/community/threads/ledger-nano-s-giveaway-2-tax-day-edition.827/

They aren’t 100% secure, but they are the closest thing easily available to crypto holders who aren’t coders or tech experts, and they offer convenience along with that security. Receiving, storing, sending and spending are easier and safer with a hardware wallet. Mistakes are less frequent, too.
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April 26, 2018, 02:34:36 AM
 #6

Hijacking of DNS servers are nothing to do with the exposing of private keys. If one was careful while visiting the mew site, it would not have been a problem. The users were redirected to a phishing site, but they too can be identified with the certificate of mew and can be found as scam. I suggest not to login to mew just to watch your balance. Use etherscan to check the balances.

Users who are not careful with their private keys also lose one when they use a hard wallet too. Though hard wallets are really secure,losing your keys or wallet will make you exposed and all your coins would be lost.

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May 08, 2018, 04:06:46 PM
 #7

I wish the whole system was alot simpler for end users, if we are aiming to become a global currency and system of exchange for all people rich and poor.  We need useability and accessibility to achieve those aims, overcoming FIAT is not beating the negatives it has but also some of the positives FIAT has which is this ability for anyone in the world to use it easily.

If crypto cant beat this current standard how can it talk about replacing it really long term.  Obviously theres the technical stand point, lots of clever people in crypto but I dont agree with just putting down those new people or just technically non proficient.   We cant afford to exclude anyone or be elitist about this.  So yea mistakes were made but I dont really want to blame the common user for it especially.


I think there are some good Chrome extensions to help joe bloggs avoid the phishing scams.  Here is one of them but there is a long list somewhere I will try to post back on that:
https://chrome.google.com/webstore/detail/https-everywhere/gcbommkclmclpchllfjekcdonpmejbdp?hl=en




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Svelto
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May 08, 2018, 04:13:29 PM
 #8

I agreed with your views. A hardware wallet is indeed a good investment for our coins. By spending less than $100 for a simple hardware wallet, I think it is worth while to secure our coins that cost alot of money.
Maestro75
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May 08, 2018, 04:24:26 PM
 #9

yes, i wonder why ppl who makes a lot of money from cryptocurrency do not want to spent some of their profit for buying the hardware wallet.
Don't be quick to judge. Many users may not even know about any hardware to store these coins talk much of how to use them. To these ones they are better off leaving them on exchanges which is not even a good idea. I think even without the hardware wallet people can still save coins in the regular wallets provided they cannkeep the private keys to the wallets.
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May 08, 2018, 04:36:22 PM
 #10

I think that getting a hardware is a good choice. However crypto users have to still be careful with phishing websites, virus and malwares. There is some cases whereby there a “copy and paste” virus or malware which change the copied bitcoin address and paste another bitcoin address. In this case, the victim send BTC to the hacker’s BTC address.

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May 08, 2018, 06:14:33 PM
 #11

If you store large sums on your wallet, then you definitely need to purchase a hardware wallet. You will be completely protected from fraudsters and your coins will not be able to steal anyone. Such wallets cost about $ 100, I think this is a good investment in your own safety!

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altsMlk
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May 08, 2018, 06:19:33 PM
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Buying of a hardware wallet is not very important for smal scale hlders like me. I use metamask and rarely mew wallet for eth based tokens. For more security I use few different wallets. So Its the best way for me to be safe until heap more tokens and coins.

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lizardbtc
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May 08, 2018, 06:21:25 PM
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Honeslty you don't need hardware wallet that much. They are advertised because of the fact that company who makes them earn money out of it. Although they offer slightly better security for people that are to lazy to learn how to manipulate with private keys and keep them safe. To be honest I've used crypto for like 2years so far without hardware wallet and I haven't encountered any situation where my funds got compromised. Because I understand the key principle and understand the technices how to keep my crypto safe. But for people that don't like to think much I guess hardware wallet is the place to go.
victory.lil
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May 08, 2018, 06:28:49 PM
 #14

Yes, today there are very many people who really need help buying hardware wallets, as far as I know they do not make delivery to Russia and the bordering countries and it's very necessary to do it again because safety is very important today.
BTCeminjas
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May 08, 2018, 06:33:39 PM
 #15

Buying of a hardware wallet is not very important for smal scale hlders like me. I use metamask and rarely mew wallet for eth based tokens. For more security I use few different wallets. So Its the best way for me to be safe until heap more tokens and coins.
We are the same here too, I did not purchase hardware wallet to store my tokens and altcoins. Months of working crypto so far I don't have enough amount to store mostly I cash out and change into fiat. Well, for me it doesn't matter hardware wallet or web wallet, MEW is safer among of all wallets it's up to you how to care your private key not to be stolen or avoid phishing link that might be a leak of scam.
For me, hardware wallet is needed when you plan to hold your crypto coins in how many years.
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May 08, 2018, 06:38:17 PM
 #16

I wish the whole system was alot simpler for end users, if we are aiming to become a global currency and system of exchange for all people rich and poor.  We need useability and accessibility to achieve those aims, overcoming FIAT is not beating the negatives it has but also some of the positives FIAT has which is this ability for anyone in the world to use it easily.


My opinion is that cryptocurrencies are not so widely adopted because it is complicated to use for most users, and there are too much scams.

When system becomes simpler then it will become massively adopted.

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May 08, 2018, 06:50:28 PM
 #17

With the recent dns hack of myetherwallet, now would be the time to buy a hardware wallet for people who still don't own one. Two of the popular brands are the ledger nano and trezor. Both average over $100. Even if you own $500 or $1000 worth of coins, during the next bull run, that $1k could turn into $10k and more; and you want to protect your coins.

Your hardware wallet provides you an address for eth, ltc, btc, neo and more. And you can put erc-20 tokens on there too. Here's the list of supported coins on ledger nano: https://www.ledgerwallet.com/cryptocurrencies

Your privates keys are never exposed. You don't even know your own private keys. And every time you send out a transaction, you have to confirm it with a actual button press on the device itself. When you set up your ledger, you will write down recovery phrases. This is how you recover your coins if your device breaks. Your coins are not on the actual device and the device acts more like a key to access your cryptocurrencies.

Q: Do I receive airdrops at my ledgers address?
A: Yes! Think of the ledger address as a MEW address. Only difference is you didn't create it on MEW and you don't know your private key.

Q: Can my coins still be compromised?
A: Yes, if your recovery phrases are ever exposed. Your phrases act like your private keys. I recommend writing them down on paper and storing them in a home safe, underneath your underwear in a drawer or a bank safety deposit box. Don't store them in your email or a notepad on your computer.



 
That is a very useful advice. It is safe to say that it is the safest way you can protect your total money from professional hackers. I've heard a story about hackers evaporating a guy's 69BTC. and a hardware wallet is a solution.

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May 08, 2018, 08:15:47 PM
 #18

I think that hardware wallet is reasonable when you have a rather big deposit that you need to hold. I heard that even Legder had a vulnerability, which was fixed later. I think the main reason why people get hacked is that they don't pay enough attention to the security of their money. So even a hardware wallet won't guarantee 100% security for such hamsters.
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May 08, 2018, 08:45:26 PM
 #19

good advice, but if some people are still in doubt using hardware wallet, too careless or can't buy, for them, they should use an airgap PC which should never be connected to an internet. Create MEW address offline by downloading the MEW latest copy from Github, receive your coins & only check your balance via your public key from etherscan or ethplorer no need to login via your private key to check the balance. When willing want to spend the coins, do the transaction on your offline PC. Offline PC will act same as cold storage that what hardware wallet is known best for.
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