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Author Topic: PSA : Remember to always back up your Private key / Seed!  (Read 190 times)
Fallenkeith75
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March 08, 2020, 11:49:07 PM
 #1

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

Make sure to always backup your crypto seeds and passphrases friends

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March 09, 2020, 03:15:49 AM
Last edit: March 09, 2020, 01:54:47 PM by Rodeo02
 #2

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.
I think many member here know this so no need to explain it unless they are the one who asked that need suggestion .

And this thread will not always be on the top so there is no way they can read this thread always.

Its much more easier for them if they search it on google since there are many suggestions given there how to secured and what wallet is more secure to use


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March 09, 2020, 03:48:21 AM
 #3

Paper will be your weapon here.
A sheet of paper to be exact.
Me? I have a small notebook near my computer and all seeds, private keys is there.
Another copy is hidden somewhere in my house just for back up in case something bad happens.

That's all. Never save it on your computer also with internet on it. Even in your phones.
If lazy, print it out and keep it somewhere dry and protect with plastic.
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March 09, 2020, 04:14:30 AM
 #4

Dart18, I can understand that you are only trying to give us some idea but do you really need to mention where you keep your private keys and seeds? That is also a dangerous thing to do and I hope that no one in this forum knows your real identity.

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March 09, 2020, 04:20:01 AM
 #5

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.
I think this advise should be on Beginners and Help Section OP. This is nice reminder but you should always be wary on which section you will post. This section is for altcoins discussion and anything related about it. Its also related since you are talking about private keys and wallets but there is a room for that topic. Please move this, the move topic is on the lower end of the page.

Paper will be your weapon here.
A sheet of paper to be exact.
Me? I have a small notebook near my computer and all seeds, private keys is there.
Another copy is hidden somewhere in my house just for back up in case something bad happens.
Now I know where is your located haha. Dont mentioned these things, robbers can think of it as a hint. They only need to know your location. Sensitive info such as this should be on your own self only.
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March 09, 2020, 06:22:14 AM
 #6

With the online wallets too, if they don't provide you your keys then it's not yours.

Many still don't understand the simple logic about holding your private keys. They are trusting exchanges more than holding their own coins through having their own keys.

This has always been a reminder on B&H.

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March 09, 2020, 06:58:56 AM
 #7

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

Especially when you have to renew your wallet (like I did when I upgraded to Segwit) and then I will have to do it again one of these days when I need to upgrade to native Segwit (I will once new wallet systems also do it for exchanges and all other services).

You do not want a situation where your new wallet cannot even import old formats.

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March 09, 2020, 07:42:47 AM
 #8

A lot of people lost their money due to this. Intresting, how much it from total supply
sorry i dont think you are on the topic.

The topic is how to secure your crypto by saving your privatekey and passphrase.

With the online wallets too, if they don't provide you your keys then it's not yours.

Many still don't understand the simple logic about holding your private keys. They are trusting exchanges more than holding their own coins through having their own keys.

This has always been a reminder on B&H.
i agree there are still maby people preapared to use an exchange as wallet which is actually have a danger using it , like what if that exchange hacked your stored can also be stolen.

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March 09, 2020, 09:37:49 AM
 #9

This is one of the first steps you must do regardless of whether you are using a digital wallet or a hardware wallet like ledger or trazor. Backup your seed in multiple physical locations. If you are paranoid go ahead and encrypt your keys as well when.yoy wrote them down in a piece of paper.

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March 09, 2020, 09:43:43 AM
 #10

Paper will be your weapon here.
A sheet of paper to be exact.
Me? I have a small notebook near my computer and all seeds, private keys is there.
Another copy is hidden somewhere in my house just for back up in case something bad happens.

That's all. Never save it on your computer also with internet on it. Even in your phones.
If lazy, print it out and keep it somewhere dry and protect with plastic.


If I may add to that, for better security back it up on some places, maybe in your mother's use or get some safety deposit box in a bank.

Also if you back up your private key in your desktop or laptop, you need to encrypt it so that you will add another later of protection.

Another option is to get crypto steel, there's a lot in the market right now.

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March 09, 2020, 09:59:24 AM
 #11

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.
Paper wallet is the best backup for wallets or just find a strong book and write down all your recovery seed, on my part I did this and also crave few recovery seeds on a steel just in case anything happen to the book

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March 09, 2020, 10:11:09 AM
 #12

A lot of people lost their money due to this. Intresting, how much it from total supply
What supply are you asking about? Don't you understand this topic? because in this topic it explains about reserving a private key for the safety of our own wallet and funds, not about lost supplies, next time please help to better understand the discussion of a topic.

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March 09, 2020, 10:17:15 AM
 #13

Wallet users can create a specific email address for keeping keys, do not use the email for anything else but for keeping keys only, no Airdrops or bounties and make sure you use tough password and 2FA authentication

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March 09, 2020, 10:35:24 AM
 #14

Wallet users can create a specific email address for keeping keys, do not use the email for anything else but for keeping keys only, no Airdrops or bounties and make sure you use tough password and 2FA authentication
Yes, this is a very good suggestion and deserves to be carried out by everyone, especially for those beginners who have never been victims of scammers, I strongly agree with the advice you give, thank you for sharing.

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March 09, 2020, 10:36:46 AM
 #15

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

I do not think this should be news to anyone.
On myetherwallet, metamask, trust app, coinomi or imtoken, you are always advised and instructed to back up your keys before proceeding.

Either newbie or not, we should be submissive to learning and following instructions
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March 09, 2020, 10:40:59 AM
 #16

Some don't still get it that private keys and recovery seed is very important, you can even see few newbies posting their private keys on telegram group thinking that's how you get coins, they don't know the difference between Public address and Private keys, it's simply lack of learning

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March 09, 2020, 10:50:15 AM
 #17

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

I do not think this should be news to anyone.
On myetherwallet, metamask, trust app, coinomi or imtoken, you are always advised and instructed to back up your keys before proceeding.

Either newbie or not, we should be submissive to learning and following instructions
The new investors usually buy a small amount but they forgot to keep the private key secret. Even storing in the devices with an internet connection is not safe, offline devices should be preferred for the best security. Some Android wallets don't let the new user create a first wallet without verifying random words on seed phrases.

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Novatech8
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March 09, 2020, 10:56:56 AM
 #18

We can't keep all newbies safe from stupid mistakes like this, but I'm sure once they get bleed once they will learn never to do same stupid mistake over again, remember, it's always failure first before anything else

aemma
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March 10, 2020, 10:38:11 AM
 #19

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

The other day I read a post of someone whose friend forgot to backup his wallet private keys and when the phone had issues there was need to reinstall the wallet and that was when the friend got to know the private keys were not saved. So it means your post is still and will always be valid and important for newbies most especially, it is good to constantly remind people the need to back up their private keys, seed, keystore or backup phrases as the case maybe; in fact that is the first thing to do before storing any asset in that wallet.
Also the most important thing is, storing these private keys, mnemonic phrases or backup phrases safely and not carelessly to avoid a third-party having access to them because once accessed by a third-party might lead to theft.

Pffrt
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March 10, 2020, 11:53:25 AM
 #20

In the past, there are lot of examples of how people stored their coin in reputed exchanges and how their crypto ripped off either by the exchange itself as exit scam or by hackers. In crypto, since it is decentralized, there's no point of trustig others when you have ways to secure yourself.

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