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Author Topic: Always monitor your coins - Always be secured!  (Read 365 times)
richminded
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April 30, 2019, 12:17:10 PM
 #1

One way to protect your coin is to monitor it, at least everyday! because hackers are in this market waiting for some opportunity to steal your coin.
Protecting it is a must, and don't forget to have a lot of back-up on every keys that you have.

Newbies should not skip this process, look for a better wallet, better system and never hold too much coins on the exchanges!
Your wallet is important as you, secured it well!
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April 30, 2019, 12:23:16 PM
Merited by OgNasty (1), jhenfelipe (1), mjglqw (1)
 #2

One of the key concepts of bitcoin and allmost all other altcoins is immutability. This basically means that if your transaction is valid and included in a valid block that has been broadcasted and accepted by most nodes of the network, the transaction becomes irreversible. This is certainly the case once a couple valid of blocks have been found and added to the blockchain after the block including the transaction the thief generated to rob you.

This is why i don't fully agree with your OP: if you monitor your coins, you don't gain a lot of security... As soon as somebody steals from you, your funds are gone wether you monitored them or not...

The only difference between monitoring and not monitoring might be that if you monitor, and for some reason you have used the same xprv or private key on multiple chains, you might be able to saveguard unspent outputs on different chains before the attacker is able to spend them... This *might* be the case for those forked chains, or for multi-coin wallets.

I do agree with your final comment: never store your coins on exchanges, casino wallets, online wallets,...

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April 30, 2019, 02:10:23 PM
 #3

This is why i don't fully agree with your OP: if you monitor your coins, you don't gain a lot of security... As soon as somebody steals from you, your funds are gone wether you monitored them or not...
Pretty much this. Unless the hacker is stupid enough to send the stolen BTC straight to an exchange like Coinbase, then you might have a slight chance.

What's better? Actually learn how to store your coins in a safe manner, before actually purchasing them. Purchase a reputable hardware wallet, write down your seed on paper(s), and don't be a dunce and flaunt to everyone that you hold bitcoin(unless you want to be kidnapped or something).

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April 30, 2019, 02:17:15 PM
 #4

I would like to suggest, don't keep your coin for long time on exchange or any other web wallet that you don't have access of private key. If you want to hold any coin for long time then you should move your fund on your own wallet which you have access private key. For check your balance don't need to open wallet every day. You could check your balance by explorer like etherscan. Login everdys might would be another opportunity for hackers.

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April 30, 2019, 04:50:35 PM
 #5

One way to protect your coin is to monitor it, at least everyday!
Yeah, this doesn't really make sense. You might as well say that one way to protect your car is to look our your window at it every morning. By the time you notice it's not there, then you're already too late.

The only difference between monitoring and not monitoring might be that if you monitor, and for some reason you have used the same xprv or private key on multiple chains, you might be able to saveguard unspent outputs on different chains before the attacker is able to spend them.
This could be the case if an attacker has stolen your seed to a hardware wallet which you are using to secure multiple different coins. But if they do have your seed, it would only take a few minutes to log in to several different coins' wallets and transfer out all your funds. Much better to learn proper security practices.

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April 30, 2019, 06:37:56 PM
 #6

Monitor address which owned by you won't help you protect your coins. As soon as the thief broadcast the transaction, you won't able to take back your coins.

Few members might mention make double-spend transaction with extremely high fees or include double-spend transaction on mined block if you're pool owner, but only 2nd method is reliable if your pool have high hashrate percentage.

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April 30, 2019, 07:02:17 PM
 #7

One of the key concepts of bitcoin and allmost all other altcoins is immutability. This basically means that if your transaction is valid and included in a valid block that has been broadcasted and accepted by most nodes of the network, the transaction becomes irreversible. This is certainly the case once a couple valid of blocks have been found and added to the blockchain after the block including the transaction the thief generated to rob you.

This is why i don't fully agree with your OP: if you monitor your coins, you don't gain a lot of security... As soon as somebody steals from you, your funds are gone wether you monitored them or not...

The only difference between monitoring and not monitoring might be that if you monitor, and for some reason you have used the same xprv or private key on multiple chains, you might be able to saveguard unspent outputs on different chains before the attacker is able to spend them... This *might* be the case for those forked chains, or for multi-coin wallets.

I do agree with your final comment: never store your coins on exchanges, casino wallets, online wallets,...
I totally agree with your point monitoring your coin on a daily basis does not guarantee the security of you coin because once a hacker is able to access your wallet then he can move any amount from such wallet. But also keeping you private keys secured is the best and don't store your coins on any exchange or online.

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May 01, 2019, 11:11:45 AM
 #8

One way to protect your coin is to monitor it, at least everyday! because hackers are in this market waiting for some opportunity to steal your coin.
Protecting it is a must, and don't forget to have a lot of back-up on every keys that you have.
Usually, after downloading the wallet, I keep several addresses form that wallet, checking back-up words, and delete the entire wallet data (after keeping the 12/24 words in a safe/offline place.)

As long as the wallet is installed and you are connected to the Internet, you are not safe (some hacker can access your .exe file.)
You can use any block explorer or program to monitor your balance without having to access your wallet.

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May 01, 2019, 12:50:08 PM
Merited by DdmrDdmr (1)
 #9

I think the OP thought something else when he say monitor your coins, in most case when coins are gone, they are gone for good. For anyone who wants to own cryptocurrency and to store it in desktop / mobile wallet the most important thing is to check devices for viruses / malware before downloading any wallet, and after that to download wallet only from official site and check signature of files.

For a good part of the users all this can be over-complicated and time consuming, so if you want to sleep peacefully invest in hardware wallet or make a paper wallet. By using your master public key it is easy to create watch-only wallet which is completely safe way to monitor your balance while at the same time private keys are safe.

Beginners should start to move in right direction from a first moment they are get involved with cryptocurrency. It is not only about that you own some coin, it is also about how to be your own bank and how to secure that bank. In traditional system of banks you are in most cases protected, but in case of any crypto-bank there is no insurance when something goes wrong.

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May 01, 2019, 09:35:38 PM
 #10

One great way to tackle this issue is to get a cryptocurrency wallet to keep your coins in it when ever you not ready or done with trading you chances of getting hacked are slimmer if you personally protect your coin
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May 02, 2019, 05:59:23 AM
 #11

I agree because Bitcoin is based on the blockchain technology which relies on the principle of decentralization and hence one should be held responsible for his holdings. If someone is using exchanges or web wallets to store his funds then those exchanges or web wallet service providers has the ability to spend his funds (with or without permission) hence it becomes critical for the user to hold funds in the offline wallets and ensuring security for the same.
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May 02, 2019, 07:13:49 AM
 #12

One way to protect your coin is to monitor it, at least everyday! because hackers are in this market waiting for some opportunity to steal your coin.
Protecting it is a must, and don't forget to have a lot of back-up on every keys that you have.

Newbies should not skip this process, look for a better wallet, better system and never hold too much coins on the exchanges!
Your wallet is important as you, secured it well!

I think it's not necessary to monitor your coins on a daily basis, all you need to do is just secure it with the best you can and relax.
Storing it in a hard wallet is the most secured way I've known, and if its still hack, you have accept it and say goodbye to your precious coins.




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May 02, 2019, 07:48:28 AM
 #13

Though it doesn't add any security if you monitor your coins (as already explained by previous posts), there are many reasons why doing so might prove helpful in some cases.

1) If you're running a masternode, you'll be able to see if you've stopped receiving coins and hopefully fix whatever issue without loosing income.
2) Similarly, if you're on a PoS or even more importantly on a dPoS project and stake coins, you'd like to check if your inflow is as expected. Since we're in the "Beginners sections"... a few words about dPoS projects. In a dPoS consensus (like ARK or LOOM) you vote for a delegate who is securing the network. The top voted delegates are selected to forge blocks, they get block rewards and usually share these rewards with their voters. Since a delegate might turn inactive, malicious or reduce the rewards they share, you need to at least watch the rewards you receive, if not your delegate's overall status and updates.
3)
If you get hacked, you might at least buy-back the coins you lost on the bottom. It'd be much worse if you'd hear in a year or two or three that the prices are 10 times higher, you believe you're now rich, you're going to check your wallet and they were emptied since a long time ago! (whoo... what a scary though!)
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May 02, 2019, 06:40:05 PM
 #14

Usually, after downloading the wallet, I keep several addresses form that wallet, checking back-up words, and delete the entire wallet data (after keeping the 12/24 words in a safe/offline place.)
Be aware that this could actually put you more at risk, rather than less.

Lets say, for example, you have an encrypted wallet.dat file. To break in to that wallet, an attacker would need to install a key-logger on your computer to steal your encryption key, and also steal the wallet.dat file. Now, if you were to delete the file, but want to access your wallet, you will need to enter you 12/24 word seed phrase. In this case, a key-logger on its own (without the need to steal any files from your computer) would be enough to break in to your wallet.

Also, deleting a file doesn't actually erase it from your hard drive. Although your OS won't recognize it, it still very much exists until the space that it was occupying is overwritten by new data. A determined attacker could still steal your wallet.dat file after you have deleted it.

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May 03, 2019, 02:40:23 AM
 #15

One way to protect your coin is to monitor it, at least everyday! because hackers are in this market waiting for some opportunity to steal your coin.
Protecting it is a must, and don't forget to have a lot of back-up on every keys that you have.

Newbies should not skip this process, look for a better wallet, better system and never hold too much coins on the exchanges!
Your wallet is important as you, secured it well!
are always open wallet everyday with such private key?.
don't do that, use watch only, just put your address on blockchair or blocknomy.

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May 03, 2019, 02:59:43 PM
 #16

Put your coins in cold storage for better security and check your balance on the block explorers instead of opening your wallet and connecting it to network.
More you keep away your wallet from network, less will be the chances of getting hacked.

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May 07, 2019, 01:05:41 PM
 #17

Prior to participating in any field and industry, it is a priority that we should learn to be at risk. For an industry like crypto, security is the most important thing. Always monitor and protect your assets, don't lose money unjustly. Please save your ERC20 address and track it daily. That helps you control your assets safely.
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May 07, 2019, 01:21:09 PM
 #18

<…>
Nevertheless, the counterpoint is that simply monitoring your crypto assets will only allow you to see if they were stolen, but monitoring on a daily basis is not going to stop it from happening. It’s not like a bank account, where you can still talk with your bank in order to try to reverse the TXs. Here, you are your own bank (so as to say), and there is no other entity that is going to help you get your assets back were you to see them vanish from one day to another.

What you can do is periodically revise your security procedures, ranging from reconsidering the type of wallets you use, 2FA, antiviruses, software you install, and so forth. That is our proactive side of the deal, but there is no reactive side to it (exceptionally, you may be able to involve the law at some point, but that seldom happens).

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May 07, 2019, 02:09:03 PM
 #19

Prior to participating in any field and industry, it is a priority that we should learn to be at risk. For an industry like crypto, security is the most important thing. Always monitor and protect your assets, don't lose money unjustly. Please save your ERC20 address and track it daily. That helps you control your assets safely.

I don’t believe one can secure his coins by simply monitoring them daily, in fact chances are you could loose them while monitoring it. I’m referring to Electrum desktop users who lost their coins, when they updated their wallet without going to the official site. What you could do is turn on 2fa, use a strong password and never transact on a public wifi as those are not secured, and most importantly never share your wallet details with others.

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May 13, 2019, 02:52:59 PM
 #20

I think the best way to secure your funds is choose a wallet with high security level and prevent storing on exchanges because some of exchanges now are not totally safe after the binance hack if you really want safety storing tokens/coins avoid to save on messenger or Email your private key
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