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Author Topic: How to keep the BitCoins Safe?  (Read 17378 times)
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February 06, 2019, 05:31:49 PM
 #41

Since you're talking into online money, there will be a way for being hacked.
All we can do is just keep the things updated and changed password regularly !

Remember, even the most secured exchange able being hack so they will be no problem to hack your wallet in the future
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February 06, 2019, 06:48:25 PM
 #42

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -
 
  • Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
  • Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

All this are really welcomed and it will definitely serve well to the newbies out there who don't know their way round on how to keep bitcoin safe, many used exchangers wallet which is really not recommended and it's not advisable.
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February 06, 2019, 08:45:16 PM
 #43

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -
 
  • Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
  • Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.


about the wallets I agree, the crypto are ours only if you have the private keys. as far as instantaneous exchanges are concerned, in my opinion it is not relevant; on the contrary, I prefer to trade on a slower platform but with a greater history than recent instant exchanges that usually apply high fees

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February 06, 2019, 09:15:33 PM
 #44

I think no one can be immune from hacking. Therefore, even if the exchange is very reliable, it does not give 100% guarantee that it cant be hacked. It seems to me that this year the popularity of decentralized exchanges will grow, because here you manage your own funds and keep everything under control.
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February 06, 2019, 09:52:41 PM
 #45

You can switch to the recently appeared exchanges, they are not usually the hackers' targets.
Decentralized exchanges will not provide you with the volume needed anyway.
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February 06, 2019, 10:39:54 PM
 #46

Is a good advice, definitely in my own case I don't store my bitcoin in exchangers even binance or bittrex because we don't know what will happen at any given time or day. Newbies should learn how to make use of offline wallet and also some security measures that they know.
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February 06, 2019, 11:20:49 PM
 #47

Since you're talking into online money, there will be a way for being hacked.
All we can do is just keep the things updated and changed password regularly !

Remember, even the most secured exchange able being hack so they will be no problem to hack your wallet in the future
Agree with this. Because so many threads that really not suggested people to use exchanger because if get hacked we can lose our money. In fact, people will still need to use exchangers especially traders even that risk always haunts.

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February 06, 2019, 11:25:18 PM
 #48

Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Still we have problem. How are you going to prevent this kind of death case. Every time a case like this is happening we are locking more Bitcoin. There are suppose to be 21 millions of Bitcoin but I doubt at the end ever we will have 15 millions.

There are too many Bitcoin lost so far.

satoshi
Mt. Gox
The guy lost his hard drive
and many more incidence.

Mt. Gox? didn't they exit rather than "lose access forever" to the coins?

Regardless, I've heard about the news OP's mentioning. A lot of people are skeptical about the "he died" part. Only time will tell, and everyone has their eyes on the coins in the cold storage address now if they will ever move.

Maybe Quadriga can discuss with the owner's family and take over his personal computer so they can have access to his wallet? It's not because bitcoin is impenetrable that there aren't other ways to access addresses.

do they have quadriga's personal computer where he's doing all his transactions? i think if they have, the family should surrender it to authorities that hopefully can extract those encrypted files.

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February 06, 2019, 11:35:55 PM
 #49

Some providers allow you to use your wallet by downloading applications from developers. You can store in some devices such as USB or SSD, then make them separate from the internet which helps you avoid all attacks from hackers.
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February 06, 2019, 11:37:40 PM
 #50

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.

No. Exchanges and "keeping bitcoins safe" are not in the same set, unless you want to try stand up comedy.
Exchanges are the place only speculators/day traders keep money at. The normal people deposit, exchange and withdraw. Exchanges were never really safe and the history shows that clearly.


Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Safe keeping can be done also on paper wallets or air-gapped cold storage. That's what I would suggest for long term investment.

Multicurrency wallets are good for small amounts, for coins you don't want headaches with. And that's all.
For normal daily use I think that one of the best options is the hardware wallet (Ledger or whatever). I think that it belongs to every day use, not on the long time HODL group.

Totally agreed with this, I'm using an open source multicurrency wallet and it fits me since I only have small amounts. I have full control of my private key and this make my funds safe and secure. Hardware wallet is still the best, soon enough I'll be transferring from software wallet to hardware wallet when the wallet I'm using release their hardware wallet version.
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February 07, 2019, 05:51:31 AM
 #51

Since you're talking into online money, there will be a way for being hacked.
All we can do is just keep the things updated and changed password regularly !

Remember, even the most secured exchange able being hack so they will be no problem to hack your wallet in the future

You right. It is better we moves the coins into another wallet so we don't have to be afraid from being hacked. Maybe we don't have to keep a big amount of coins in the exchange and we only use some coins to daily trade and we still have the other balance in other wallet. I still keep my coins in many wallet and don't depends on the exchange because I know that the exchange can get hacked in anytime. And I don't want to lose my coins because of the hacker.

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February 07, 2019, 06:05:06 AM
 #52

Don't keep your bitcoin in your hard drives ,they can die at anything so I prefer paper wallets or mobile wallets that have backup or private keys ,wallets like nano ledger are good too and don't leave your coins on exchanges for long anything can happen at anytime
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February 07, 2019, 10:29:48 AM
 #53

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -
 
  • Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
  • Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

Compliance with these rules will significantly increase the safety of funds. Instant exchanges without registration do not require the transfer of any data, all operations are performed on the side of the wallet, so only you can control your funds. Personally, I prefer Exodus while using changenow instant exchanges, at least I find all the necessary pairs there.
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February 07, 2019, 07:31:02 PM
 #54

Some providers allow you to use your wallet by downloading applications from developers. You can store in some devices such as USB or SSD, then make them separate from the internet which helps you avoid all attacks from hackers.
To avoid hacking I use multiSig wallet. I don't keep both key in one device. It's safer then using an standard desktop wallet.

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February 07, 2019, 09:47:47 PM
 #55

I've read about death of this man few days ago. What can I say, so abstract.
I believe in your study and it is most certainly like that, but speaking in my name only, I  never feel 100 percent safe. I hope that you people wouldn't mind, I will make parallel analogy. Poker Stars is probably the greatest poker site in the world, having all that need to protect the assets of their users. I had situation where my money has disappeared right in front of my eyes, 200 hundred dollars. Maybe it's not the same thing, poker site and crypto wallets or exchanges but the hackers can find the way and eventually will find the way. It is something that we have to live with and hope that we are not going to be target of their activity.
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February 08, 2019, 12:47:46 AM
 #56

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -
 
  • Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
  • Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.


This is a good decision because not store the coin in exchanger wallet. In these days, its very risky storing our coin in exchanger wallet because hackers always trying to hack exchanger. Its better to store the coin in hard wallet for long term investment

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February 08, 2019, 01:00:30 AM
 #57

One of the most important things to consider when thinking about how to keep your BTC safe is not to disclose how you keep your wallet details to a friend. Most people prefer to use the hard ware wallet like the Ledger Nano S. Others keep the details on flashdrives and store them any place safe.

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February 08, 2019, 04:02:09 AM
 #58

The right situation Exchanger will never good safety your holding every coin.it is the main decision lot of hacker have been exchanger.but you can choice a hardware wallet.it is the most safety and your can keep more safety.whn your trading has finished then you can withdraw your coin and keep another your hardware wallet.

inure 
 

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killat
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February 08, 2019, 06:55:09 AM
 #59

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -
 
  • Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
  • Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.


It's ridiculous to me that so many people left their coins on the exchange lol like why not protect them in a private wallet?

Also there's a lot of questions surrounding the validity of his death certificate...everything about this is just super shady.

Hardware wallet is the best option to keep your crypto.

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Be kind whenever possible. It is always possible
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bitfocus
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February 08, 2019, 07:22:11 AM
 #60

how to avoid the case you mentioned - sudden death and no way to pass those fortune to family?
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