Is wallet security important to use?

[Suprex125]

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.

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[bob123]

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!

Bitcoins are not stored inside a device. The private keys, which are necessary to use/move the corresponding UTXO's (which have been confirmed on the blockchain), are stored inside your device.
A simple backup of your private keys (or better: seed) can counteract a loss of bitcoins if the device breaks.

Do you guys have a better idea to avoid theft in the wallet?

Split your holdings. Majority in a secured cold wallet and a small stack on the mobile/desktop wallet for daily purchases.
Or: Use a hardware wallet with seed being backed up in multiple secured places.

The key is to reduce the possible attack surface to a minimum.

And use your common sense. BTC's not only get stolen through digial/physical theft, but also through shitty ICO projects.

[Marrionbitcoin]

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.

Of course, we need to secure our Bitcoin wallet from hacker so we really need to install security application for the protection and safety of our investments.
You may try google authenticator that requires additional random passwords provided by that apps and it changes from time to time.

[wantjokull]

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!

snip

Haha, very true. Bitcoin is not a thing which gets stored over the phone! Its just floating algorithm around the blockchain and added into the blocks and stored over there forever.

About the security, yeah we can just be extra careful about the private key storage and nothing else. As that is the only Lin between your bitcoin and a thieve from getting it stolen. So just have private keys stored "privately" that would be enough.

[Suprex125]

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!

Bitcoins are not stored inside a device. The private keys, which are necessary to use/move the corresponding UTXO's (which have been confirmed on the blockchain), are stored inside your device.
A simple backup of your private keys (or better: seed) can counteract a loss of bitcoins if the device breaks.

Do you guys have a better idea to avoid theft in the wallet?

Split your holdings. Majority in a secured cold wallet and a small stack on the mobile/desktop wallet for daily purchases.
Or: Use a hardware wallet with seed being backed up in multiple secured places.

The key is to reduce the possible attack surface to a minimum.

And use your common sense. BTC's not only get stolen through digial/physical theft, but also through shitty ICO projects.

thanks for the idea you gave me so that I can secure my wallet better than anyone who wants to use it without being responsible.

[crypto_geeek]

You can store your cryptocurrency coins on a cold wallet or on a paper wallet, so you will protect yourself 100%. These are the most reliable ways to store cryptocurrency today.

[neliawesome]

I agree all of us need to be extra careful regarding in handling our wallet.We should make a back-up in order to secure our account and make sure all your private keys are backed-up.Nowadays theres a lots of scammers and thieves so never ever trust anyone regarding your personal account even if its your close friends.Be more extra careful in all your actions to avoid loss.

[genixye]

The safety of the purse is very important. If not properly kept, your assets will be damaged if you lose your password or get caught in a Trojan.

So we must keep our encrypted wallets.

[Viranz]

It is very necessary because the wallet that we use is a place to store something valuable and you will not want the wallet is hacked is not it? You better look for a good wallet and secure security, and that is not complicated to use. I mean you understand with the wallet.

[zoomzoom]

Always be vigilant and alert, I've been in crypto for about 6 years, and the only time I've lost crypto was through btc-e though that was out of hands. Some people can really be lax protecting their private key, forgetting that, that is all a person needs and your funds are gone! Definitley read up on latest sec and encryption news to learn how best to protect yourself.

[opg777]

1) The thief receives a password from your account in the storage service. Here everything is simple if you use the service for example: Coinbase. The thief just needs access to your mail, he will then ask for a recovery password for the account and steal everything that is stored on such services.
2) The hacker depicts the recipient of the bitcoins. When transmitting tokens, it's better to check a hundred times to whom and for what you send your coins.
3) You rely on an unsafe third party.
4) You open your private key yourself.
5) Fraud with exit from business. For example, you invested in a fraudulent ISO or sent your money to a stock exchange that is not trustworthy.
P/S : Another no less important advice, "always keep your mouth shut." I mean, do not tell superfluous people that you have tokens. Then you significantly reduce the risks.

[mimienamphine]

Wallet security is the most important thing because after your hardwork is kept in that wallet you need to protect it. Else a scammer will make your work in vain.So we need to protect our wallets with all diligence.

[btcdevil]

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.

The main security you should follow is to use the wallet in the system where you don't use internet regularly. Don't download any exe file which offers big bonus but it contains virus which hacks computer and steals data's.

[Johnyz]

Always be vigilant and alert, I've been in crypto for about 6 years, and the only time I've lost crypto was through btc-e though that was out of hands. Some people can really be lax protecting their private key, forgetting that, that is all a person needs and your funds are gone! Definitley read up on latest sec and encryption news to learn how best to protect yourself.

Precisely, don't just click links and download anything because it can really ruin your wallet until you lose all your money. Securing your wallet is very important, don't forget to make backup and do some study to prevent yourself from being hacked.

[aeternus]

Always be vigilant and alert, I've been in crypto for about 6 years, and the only time I've lost crypto was through btc-e though that was out of hands. Some people can really be lax protecting their private key, forgetting that, that is all a person needs and your funds are gone! Definitley read up on latest sec and encryption news to learn how best to protect yourself.

Precisely, don't just click links and download anything because it can really ruin your wallet until you lose all your money. Securing your wallet is very important, don't forget to make backup and do some study to prevent yourself from being hacked.

This is a problem, people do not take the security of their wallet seriously, there are people out there with millions of dollars in bitcoin using software they download illegally from the Internet and by doing so they are exposing their coins to hackers since you do not know what modifications the crackers did to the software so it could work without the needed key, so if you have a wallet installed only install stuff that you know is safe.

[jacee]

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:

Create a multiple backup and make sure to have an offline backup , a paper wallet perhaps. Print a multiple copies of your wallet and save it somewhere safe. If you have a lot of money in crypto, consider purchasing a hardware wallet. In this case, your wallet is not solely on your devices. I personally use different wallets.

[Sadlife]

Yes for me choosing a good and secured wallet as one of my main concerns cause that's where we store are private keys so we can use it to invest in an exchange, buy online product or send as payment. For me i quickly liquidate my money so that it wont be any risk for hacks or divide it to different wallets.

[Thirio]

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:

Create a multiple backup and make sure to have an offline backup , a paper wallet perhaps. Print a multiple copies of your wallet and save it somewhere safe. If you have a lot of money in crypto, consider purchasing a hardware wallet. In this case, your wallet is not solely on your devices. I personally use different wallets.

Wouldn't multiple wallets be confusing as well as be a problem when it comes to transferring tokens? Not only this would take time, it'll also be a deduction for your money. But then again, having multiple back ups to be safe isn't also quite a bad idea.

[Harribel03]

It is like just, why do you need to keep your wallet away from the thieves? It is logical. Internet is very dangerous place, if we are not wise in using cryptocurrency wallet, our money that we store will be gone. There are many hackers in this field and their primary job is to open up your wallet. That's why we need a secure and cold wallet.

[Kris34]

The purse security should be in the first place, if you are going to work in the crypt.  Do not need to use a lot of wallets.  Better one is proven.