How Best to Safely Store Your Coins and ALTs! Bitcoin is treasure; Alts are too.

[bobelr]

A hardware wallet is worth buying when you have a large amount of money . Because it is really quite expensive and it should be used justifiably.

But have we to consider the risk involved is justifiable? such as theft or misplacement or accident or any external factors beyond our control such as the act of God or other?

[bobelr]

Isn't it atomic wallet a centralized wallet? I have made by a party, and i thought that it couldn't be considered as a decentralized wallet. There's not such truly decentralized wallet. As far as i know, i haven't seen any points from your explanation that explains why atomic can be considered as a decentralized wallet.

Do you know what centralized mean? It's a functional wallet but i can't define that as one of the decentralized wallets. I see that wallet and for me rather than it and cold storage always become the best choice.

I'm feeling curious about can i take my private key from there if I'm willing to use it in the future?

I just try to think about any wallet has been made by the developer, and it's not suitable to call that as decentralized when there will always be at least a single party or someone who created the wallet.

Lol @Legend,

Even the hardware wallet is made by human. And if we are to compare the risks involved in using both methods, i am of no doubts that decentralized wallet is better. Hardware only gives the benefit of keeping your coins offline same as decentralized. You will need internet to use your hardware wallet which means it is still at risk especially if you have malware installed on your machine. over time we have seen and researched that decentralized has proved safe to use. Its quite hard to decrypt private keys except they're mishandled. I am not against the use of cold storage either. Atomic wallet is decentralized because it is a non-custodian wallet meaning it doesn't have the knowledge of your key(s). Only you does. it makes you anonymous and free of surveillance except for the blockchains.

[bobelr]

i really like Coinomi for my phone, im not a whale tho, SIM swap is REAL : /
I lost coins to Quadriga, what a weird situation that one was, i might get them back in 6-12 months tho it's looking like
Don't trust exchanges for long term or high amounts thats the only given in this scene anymore haha
Nice read

Coinomi is cool. i used it once or twice to store MRO but I wish that you try out Atomicwallet and give me feedback.

[bobelr]

For now, I use Ledger nano s to store bitcoin and ethereum (with all of its erc20s). And I save the mnemonic phrase in the paper provided by ledger. It is very safe from the reach of the internet. And for the mobile wallet, I use Trustwallet, which is convenient and easy to use. There are also many wallet tokens available such as bch, tron, xlm and many more.

Atomic added extra functionalities such as instant swapping of cryptos via the atomic swap exchange at very low fee, buying cryptos with your card and few others.

[bobelr]

Bitcoin and many altcoins are treasures. And the longer you HODL them the higher their value gets. Because of this, they should be stored and kept in the best way possible in terms of safety. There is no other wallet or storage safer than hardware wallet. In terms of the most trusted hardware wallets, Ledger and Trezor are the two ruling wallets. They have built a great reputation as the most secure hardware wallets for your cryptocurrencies. They are adding more and more altcoins to their compatible lists.

But the hardware can't be used without internet. You still need internet to move it which makes it still prone to attack if one has a malware on his machine.Decentralized wallet is as well safe so long the P.Key is kept safe and quite tough and almost impossible to decrypt P'key without user's activity. Both are cool. but for the value giving, decentralized wallets are cool hence why i decided to use Atomic wallet only.

[Pearls Before Swine]

Considering hardware wallet is an expensive thing is awful because it only cost about somewhere $100 to $200 so spending this amount for securing coins worth in millions is something deserves.

Say what?  You can buy a ledger nano s for under $50, and there are other ones for even less than that.  And I do think they're one of the most secure methods of storing bitcoin and a lot of different altcoins.  Paper wallets are a good idea as well, but I'd much prefer a hardware wallet in case I need to send coins instead of just storing them.

But have we to consider the risk involved is justifiable? such as theft or misplacement or accident or any external factors beyond our control such as the act of God or other?

Those are risks for anything, tho.  Anyone can get robbed, fires can destroy all your possessions, and if you can think of a disaster which could destroy a hardware or paper wallet or computer, it can happen.  It's all about minimizing those risks.

[bobelr]

The classic tips: www.hb-wallet.com/post/2018/11/30/5-essential-tips-to-keep-your-cryptocurrency-wallet-safe

- Secure your Private keys and passphrase
- Keep your Ether savings in hardware wallets
- For active use, choose wallet software and apps from reliable providers
- Keep your wallet software or app up to date
- Backup your wallet or choose restorable Ethereum wallet software and apps

A hardware wallet is necessary if you are holding a large amount of funds. Otherwise, you can filter into small accounts in different wallets for better safety.


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Nice one.

[bobelr]

Every online wallet can be breached if you don't aware of it or if you misuse it! Even a hardware wallet can be hacked if the user discloses the phrase code on online or take a picture of the phrase codes! If you have bigger money to hold, don't hold all in one hardware wallet, divide into 2 or 3 wallets! For online, Metamask and Trust Wallet are the most secure wallet.

I am very happy for the first line of your statements. Knowing that even hardware wallet is prone to hack so long it requires internet to effectively use it.

[DDante]

A lot of crypto users still get it confused hence they loses their hard earned cryptos to either scam exchanges or ignorance of how wallets work. It is important that we sensitize the crypto community every now and then.

Centralize Exchanges


In 2018, the pretty bad boy "Scam" made away with millions of dollars in hundreds. Also, in the early 2019 to date, there has been reportedly exit scam and exchange hack associated with exchange such as Cryptopia, DragonEx, Coinmama, Bitrue and even Binance wasn't an exception.

QuadrigaCX exchange collapsed as well. See news here... https://www.coindesk.com/exit-scams-swindled-3-1-billion-from-crypto-investors-in-2019-report

Hardware/cold storage/ledger


It is pathetic seeing such huge funds being parted away with whereas it could have been prevented taking the right step. Undoubtedly, centralized exchanges rank zero where crypto storage is concerned. To be factual, hardware/cold storage is practically safe but with limitations which seem to be the exceptional strength of decentralized wallets.

• Cold storage or ledger may lost and that's the end.
• in case of fire accident or theft, it is gone.

• The time required in decryption might be used for other productive activities.
• it is expensive.

A desired and effective wallet should have the following:

A desired wallet should be :

• Safe and secure.
• Easily accessible.
• Flexible (i.e even if host is misplaced or stolen, funds can be retrieved without recourse to the actual host)
• Simple and efficient (i.e should provide for easy transferability and exchange of assets).
• Give value back to the user among others.

Decentralized wallet

Since 2017, I have been in crypto, I use only decentralized wallets with different functionalities but of recent, I discovered ATOMIC WALLET which is why i write this article being a satisfied user.. If you are reading this, I am pretty sure wallet isn't a new word to you and there are couple of them out there you can get on your mobile or PC. But ATOMIC WALLET has cool features perfect for both an average and PRO users. It is:

• a non-custodian wallet that neither stores your credentials nor can it assess your funds
• a multi-currency light wallet that lets you conveniently manage your crypto assets and portfolios (Bitcoin, Ethereum, XRP, Litecoin, XLM, BCH, Doge and over other 500 coins) in one pack

• a value-giving (option of earning reward through of ATOMIWALLET native coin -Atomic Wallet Coin(AWC)
• comprises of basic and advanced functionalities such as Storage, Swapping asset with another through the Atomic swap functionality -an advance feature that facilitates easy exchange of assets within the application thereby eliminating third party interference

• has inbuilt exchange services (in partnership with external exchanges such as Changelly, Changenow
• has feature to purchase crypto with bank/credit card

I have personally tried out atomic Wallet hence I can recommend it to anyone craving for security, value and reliability. If you need to participate in the airdrop, You will need this code YXRJ8 as given me by a friend. Atomic wallet Coin -AWC is listed on BinanceDex and IDEX. See detail on Coinmarketcap.com or atomicwallet.io

Well PAL atomic wallet is a new wallet that still perform worse than old wallets, if we are talking about better wallet i should be hearing about trust wallet, copay, myether, coinomi, etc atomic wallet works but still buggy, balance disappeared from time to time, synching problems do occur

[bobelr]

I do not keep my wallet in the hardware that makes it difficult for me to open my wallet when I have to type it again, I believe that the wallet online is safe, Coinomi and Trustwallet my choice to store assets from tokens and coins will be simpler compared to devices hard.
Of course the mnemonic phrase must be saved so that no one else knows.

That's great to know you approve of decentralized wallets too. You may try Atomic wallet for value adding and simplicity in trading and exchange of cryptos.

[bobelr]

Storing your Bitcoin on a hardware wallet is the recommended and safest option. You could go for either Ledger or Trezor. Remember to buy it from an official seller only and never use a resold hardware wallet. Backup the seed words and keep them with you. but if you want to use your Bitcoin for paying for coffee or other daily activities then you should use a paper wallet as it gives you the option of liquidity. these wallets are also called online wallets and are less secure when compared to a hardware wallet. but nothing gets the point across better that coins aren't "stored" on your computer or on digital device, and you can still check up on them with a block explorer. helps people better understand the important bits.

Nice one. This also tells me hardware wallet are prone to attack as malware programs may be written on it to steal coins which is why I will rather use Decentralized wallet for now. Nevertheless, I am yet to store up to $5,000 worth of crypto. Sooner, I will do more than that..

[pedpedped101]

If you are so concerned about the severity of your fund, irrespective of the time required to get some things done on the wallet, inasmuch as it guarantees maximum security, I think  that is the best, particular when you are managing huge fund that you do not want to lose.

[Ken_terrance]

Almost all available wallets have private keys and recovery seeds, users are the ones who will choose the wallet of their choice so we don't need to make them use any wallets, coinomi and trust are the best wallet hands down, i bet other wallets don't have monero in them, anyways just keep your recovery seed or private key safe

[xiboothrezi]

You do your best, share useful information and do promotions. No problem, as long as it can provide educative information.
Each wallet choice must have advantages and disadvantages to each. Of course, the best is the Hardware wallet, as most members suggest, although it is quite expensive but it is proportional to the level of security and comfort when used to store lots of assets. This does not mean that other wallets are not quality, it depends on the concern of users in managing security and maintaining every "click" and behaviour on the internet.

[Apes]

The first option is to save with a hardware wallet, because were not connected to the network in storage period then this is the safest choice. Second choise for alt wallet, I entrust it to myetherwallet or metamask. because it is connected to the network and is at risk of being hacked, if you have large funds, it is better to split into several wallets. I never used atomiwallet so cant give any reviews.

[red4slash]

The first option is to save with a hardware wallet, because were not connected to the network in storage period then this is the safest choice. Second choise for alt wallet, I entrust it to myetherwallet or metamask. because it is connected to the network and is at risk of being hacked, if you have large funds, it is better to split into several wallets.

try to save data that is not connected to the network is the best way because the network may still have shortcomings which means it can still be hacked, and your way is good when storing data in a place that is not network connected. and when accessing data must be very careful with checking the url of the website

[Zeke_23]

The first option is to save with a hardware wallet, because were not connected to the network in storage period then this is the safest choice. Second choise for alt wallet, I entrust it to myetherwallet or metamask. because it is connected to the network and is at risk of being hacked, if you have large funds, it is better to split into several wallets.

Hardware wallet is the best choice indeed. Also,
Using myetherwallet can also secured your funds as long as you did not make any mistake to leaked any information of your wallet especially the private key. I also do the same idea of splitting the funds to multiple wallets to avoid risk of losing it all in an instant 

[danielchris]

People doing hard work for good earning but scammers are very clever & stolen hard working fruitable income within few minutes. i think we should be carefull.my opinon is that we should be store our coins who have get by hard work, in safest hard wallet software.

[Colt81]

People doing hard work for good earning but scammers are very clever & stolen hard working fruitable income within few minutes. i think we should be carefull.my opinon is that we should be store our coins who have get by hard work, in safest hard wallet software.

Scammers and hackers are getting better every year, so you should be really protective in all of your assets because they could easily steal it in a minute. Finding a good wallet is really not the best solution to protect your funds because even a online wallet that has a strong security features they could easily access to it, that is why you should be really using a hard wallet even it has an expensive price because it is still perfect to it's price and it is the best solution to keep all of your funds away from hackers.

[TitanGEL]

Hardware wallets are still the most preferrable to use nowadays. Like what you said there are now many wallets that have been shut down because the hackers can access their platform.