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Author Topic: Is wallet security important to use?  (Read 27720 times)
fuding12
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September 23, 2018, 07:31:35 PM
Last edit: October 17, 2018, 06:56:03 PM by fuding12
 #361

Do you guys have a better idea to avoid theft in the wallet?
Your Knowledge and Ideas will be more helpful if shared.

Buy a Hardware Wallet. I recommend Nano Ledger S but there are other quality hardware wallets out there. Am I claiming that the hardware wallet really can't be hacked? No. But I definitely think it's safer than downloading a wallet to your computer. The following are some of the advantages provided by hardware:

  • Compatibility with most cryptocurrency.
  • The wallet is only online when it is plugged into your computer so that the opportunity threshold is much lower.
  • The wallet protects your private key that is important for sending coins. In fact, unless you are very focused, you won't even know your private key!
  • The wallet can only be accessed with a pin code that damages the wallet after three incorrect attempts. What is the possibility of a thief guessing your pin in three attempts?
  • This wallet is supported by a 24-word password that you need to record and keep it in a safe place. I recommend storing passwords in 2 or 3 different locations to be safe. If you lose your wallet or corrupt your crypto, you can return it with this password.
  • Each transaction must be confirmed by a button on the wallet itself. The wallet will also display the address you sent your coin. Never push a button unless the address in the wallet matches what is on your screen! The wallet is always correct.

As you can see, the wallet protects against various hacking attempts; even protect you from your own stupidity. You cannot give your private key (something you should never do) if you don't even know them!


Source: Quotations from Jared Busby, at Quora.
Link: https://www.quora.com/How-do-you-prevent-your-cryptocurrency-from-being-stolen




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September 23, 2018, 08:26:52 PM
 #362

You are your own security in the cryptocurrency space, use  strong password, metamask and also the 2fa authentication, but much more important avoid visiting links you can not trace it source or phisting mail, scammers and hackers are on the increase in the space
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September 23, 2018, 10:15:46 PM
 #363

Securing your wallet is a very important point we all have to give much attention to. Imagine after working for years and by the time you realize, your claimed tokens will be no where to be found.
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September 23, 2018, 10:42:04 PM
 #364

Yes, it is absolutely important! I lost some ethereum when I was a newbie because I didn't care whether it is safe or not. I've just googled ethereum wallet, used first wallet and lost my money.
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September 23, 2018, 11:32:10 PM
 #365

It is required because your data and wallet information are encrypted on cloud and the database of your wallet company. It is not stored on your device because it requires internet access for a smoother and faster transactions.
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September 23, 2018, 11:38:51 PM
 #366

It is important to save and backup the Private key. Don't give a private key to someone else. Don't save your Private key or your wallet account information on Google Drive, Dropbox or other online storage media.
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September 23, 2018, 11:59:34 PM
 #367

Of course important but not only important, but even wallet security's also mandatory.
With wallet security, at least we can: Avoiding the risk of theft, we must ensure that our wallets are not entered by thieves who can read write and access wallets that can cause loss of course. Reducing the risk of threats, this is common in every wallet of individuals and companies.
kenel
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September 24, 2018, 06:30:14 AM
 #368

if you keep your keys separate from your computer, you can rest assured. since this is the main principle protection of your cryptocurrency
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September 24, 2018, 02:48:37 PM
 #369

No one can accept loosing huge sums of monies accumulated within the shortest possible time. This makes securing your wallet very important to pay attention to and give it the necessary attention.

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September 24, 2018, 03:10:17 PM
 #370

Do you guys have a better idea to avoid theft in the wallet?
Your Knowledge and Ideas will be more helpful if shared.

Buy a Hardware Wallet. I recommend Nano Ledger S but there are other quality hardware wallets out there. Am I claiming that the hardware wallet really can't be hacked? No. But I definitely think it's safer than downloading a wallet to your computer. The following are some of the advantages provided by hardware:

  • Compatibility with most cryptocurrency.
  • The wallet is only online when it is plugged into your computer so that the opportunity threshold is much lower.
  • The wallet protects your private key that is important for sending coins. In fact, unless you are very focused, you won't even know your private key!
  • The wallet can only be accessed with a pin code that damages the wallet after three incorrect attempts. What is the possibility of a thief guessing your pin in three attempts?
  • This wallet is supported by a 24-word password that you need to record and keep it in a safe place. I recommend storing passwords in 2 or 3 different locations to be safe. If you lose your wallet or corrupt your crypto, you can return it with this password.
  • Each transaction must be confirmed by a button on the wallet itself. The wallet will also display the address you sent your coin. Never push a button unless the address in the wallet matches what is on your screen! The wallet is always correct.

As you can see, the wallet protects against various hacking attempts; even protect you from your own stupidity. You cannot give your private key (something you should never do) if you don't even know them!

Dang, no sMerits. Not now! I could have given you one since you put great detail in how specific can hardware wallet be. Although I never bought one of those hardware wallets that I might really plan on doing really soon since I might hoard up now in buying BTC and I might need a tight wallet for that. I don't want to stay in my typical local wallet that might just screw up sometimes though.
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September 26, 2018, 01:03:25 PM
 #371

Of course important but not only important, but even wallet security's also mandatory.
With wallet security, at least we can: Avoiding the risk of theft, we must ensure that our wallets are not entered by thieves who can read write and access wallets that can cause loss of course. Reducing the risk of threats, this is common in every wallet of individuals and companies.
Of course, it is very important. The matter is all about the money, and when there is money involved, there would be scams and frauds. The most dangerous thing is hacking. A hacker can take all your money and will not be able to claim it, because of the decentralization. The security must be tighten and not be accessible. Broken security means weak management.
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September 26, 2018, 01:18:50 PM
 #372

You are a BANK for yourself, this is very important to maintain the security of your assets, especially private keys, make as much backup as possible so that your wallet is safe and store offline, for example on a flashdisk.
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September 26, 2018, 01:48:04 PM
 #373

Of course we have to be conscious about the security of our assets, because everything is floating on blockchain network or in our MEW.
So we have to make it sure our wallets are secure, for that we have to protect our private keys & password.
If we use hardware wallet it will be more reliable.

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September 28, 2018, 11:41:18 AM
 #374

if you keep your keys separate from your computer, you can rest assured. since this is the main principle protection of your cryptocurrency
I think without security nobody will invest his hard earn money in cryptocurrency. Why one should lose his money easily due to improper security. People are losing their money due to price volatility and dumps, and if they also face security issues, it will be the end of cryptocurrency. Put your money and somebody will hack it, which is not traceable.
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September 30, 2018, 02:32:44 PM
 #375

Wallet security is most important aspect everyone has to give maximum attention to. All the monies we get after taking part in any project goes directly to the wallet and it will be very painful in case the wallet is hacked.

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Raven91
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September 30, 2018, 02:42:51 PM
 #376

I once read for security wallet,
this is just for discussion how to secure the wallet. I do not think there is a security system and there will be no theft in the wallet.

If you choose your wallet or phone software, you need to be extra careful! Remember that bitcoins are stored inside your device. If your computer or phone breaks down, your bitcoin is gone too! Thieves can also take your bitcoin if it gets access. Consider the following tips to avoid losses:

Perform regular backups regularly
Save the backup on another device like in flash or another computer.
Use the encryption feature
With encryption, each transaction requires a login with a password. This prevents thieves who manage to gain access to your computer.
Do not forget the password
Losing a password equals losing your money! Wallet does not provide a password forgot feature.
Learn more please learn how to secure your wallet here: http://bitcoin.org/en/secure-your-wallet

Do you guys have a better idea to avoid theft in the wallet?
Your Knowledge and Ideas will be more helpful if shared.
yea of course it is very important since all of your transaction history and all of your money is at your wallet. so you must not simply give your wallet to someone because they might hack you.
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September 30, 2018, 04:29:24 PM
 #377

Always make good use of that 2FA, extremely useful, and be sure to link your email with an email account that you are mostly sure of, simple ways to avoid getting robbed, be sure to secure your account, never leave it open, and don't use your account on public connections, as hackers can easily trace you and breach your wallet.

 
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September 30, 2018, 06:55:44 PM
 #378

Securing your wallet should be your first priority, it is very easy to think that you are never going to get hacked and that you're never going to lose your money but it isn't until people get hacked when they realize that the risks of holding cryptocurrencies are real, so do not wait until that happens, you need to be proactive and protect your wallet from the very beginning so you do not lose your coins to a greedy hacker that targets you.

 
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dmamigo
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September 30, 2018, 07:53:16 PM
 #379

Securing your wallet should be your first priority, it is very easy to think that you are never going to get hacked and that you're never going to lose your money but it isn't until people get hacked when they realize that the risks of holding cryptocurrencies are real, so do not wait until that happens, you need to be proactive and protect your wallet from the very beginning so you do not lose your coins to a greedy hacker that targets you.

Yup, it is a highly important factor to keep your funds safe. Now many wallets have made 2FA mandatory to just make sure everybody follows at least one security measures for their funds. Otherwise, few of my known ones used to just have a password, that to even a common password. Even 2FA is quite secure even if you keep your password weak unless your friend is a foe. Actually one has to be active and careful in every aspect, many of us unknowingly give information online, through various platforms.

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September 30, 2018, 08:44:02 PM
 #380

yes! ofcourse! wallet security is very important. like any other means to secure your funds. even just a bit more security is a great help in preventing anyone from accessing your  funds. that is if you prefer to just have an easy access to your wallet but later got it stolen due to poor security. lol
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