Are your coins really safe stored in your wallet?

[Nerdy doctor]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

[1714607350]

1714607350

[rahmad2nd]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

Have different between bank and bitcoin wallet as saving our money, I think bank controlling by many people from staff and security working on bank know with our data, in my country several time member loss their money on the bank and different with crypto as saving fund, only you are the controlling there and not any one know with your phrase or id about your wallet, not any one can access to your wallet depending how keep secure your data saving.

[Josefjix]

Banks are controlled by entirely different individuals with different interests at heart, the bankers could conspire to rob a bank where as in the case of None Custodian wallets, you have absolute control over your assets provided your pass phrase don't get leaked to a third party. So, your coins are very safe provided you can keep your pass phrase from third parties.

[hosseinimr93]

First of all note that your bitcoin is not stored in your wallet. Your coins are stored in the blockchain.
The blokchain is shared between many people and there are thousands of full nodes that validate transactions. In bitcoin we are not dealing with a centralized party.

Your wallet only stores your keys and you use them for making transactions. As long as these keys are kept safe, no one can have access to your bitcoin.

[Charles-Tim]

You have your wallet, you have you private key, you anonymize transactions or having privacy while using bitcoin, no one should know you have coins, then you are safe from physical attackers.

You use cold wallet for most of your coins, online open source reputed wallet with safe, secure and non-infected device with low amount of coins. You don't click on ads, you install ads blocker like ublock origin and you do all possible things you can to avoid downloading malware, then you are safe.

[pakhitheboss]

If your wallet is non custodial, open source and if you have backy your wallet then you are the owner and controller of your wallet. All your crypto assets are not stored in the wallet but on the respective blockchain. You wallet only provides access to your crypto assets. You are primarily responsible of the loss of your cryptocurrency and no one else.

Now ask this question from yourself. Does your bank control your money or you a actually control your money kept in your bank account?

[Dunamisx]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.

You get maximum guarantee in securing your coins using Decentralized exchange or let me put it like this, get an open source hardware wallet, its more safer because there you own the keys to your coins, they are non custodial wallet for maximum security. avoid the use of hot wallet.

How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

As I've said earlier, the safety of your coins lies in your hands this time around and not on the vault in banks or government, if you make use of a centralized exchange then two things are involved, their site may be later hacked and they loose users data or your security privacy can not be guaranteed in them. i will recommend you go through open source hardware wallet where you can have varieties of hardware wallets in this category to best meet your purpose.

[mk4]

1. There are no coins in your wallet, your wallet only holds the keys

2. Your wallet is just as secure as you make it to be. You use a hot wallet with your recovery phrase stored digitally? Automatically at high risk. You use a reputable hardware wallet and just keep your recovery phrase physically on pieces of paper or a steel sheet? You're funds are pretty secure.

[cabron]

There are many ways to make your coins safer but if you are at gun point, which one would you rather lose your coins or your life?

Banks is not so different with you having the coins in your wallet. Robbers can also knock on your door. But you can definitely make the coins in your wallet safer from online threats. I could certainly be keeping my coins in my wallet safe by not even try to connect it online if possible not make a single transaction using this wallet.

[livingfree]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

They're safe based on the knowledge you have on how to keep them safe.

But I'd say that they're really safe. I've got a hardware wallet and it has been there for years I'm happy that I've purchased one before because my funds are safe there for a long time.

Funds will be compromised if you're no good in keeping them and you're careless the way you keep it.

[fiulpro]

I do think for me I look at it in two ways:
1. How you personally affect their safety
2. How you choose the wallet
One needs to understand that there are many wallets available and sometimes you do have a basic choice that everyone has to make : offline or online . Everyone knows not to go for the online wallets because they are easy to hack, way easy.
Then comes the matter of : how many coins you own ?? if you do have a lot of coins then you might have to invest in a small hardware wallet to make sure they stay safe. You can always go to the good old paper wallet but chances are if you ever lost some money, you are bound to loose it, for me that's just a physical bitcoin.
Then comes the matter of keys! which everyone rightly says " not your keys, not your coins ". Then again how good is your mobile phone ? Is it virus free? Is it bundled with numerous bugs and unnecessary apps from third parties ?? It's just not a small matter I do think people can go on and on about the safety..

[Ryker1]

Well, the central bank is totally different from your crypto wallet --and storing your money in the bank is not a good idea because you cannot use it anytime whereas in a crypto wallet once you will own the key it means you own your coin. Why do we trust a third party, especially the central bank which is they will have more power over us with our money.
An open-source crypto wallet is the safest way to store our coin and it should be a hardware wallet that has a feature that can protect itself away from the hacker and even malicious links or malware-infected PC. If you know how to store it safely, you are safe and convenient that your coin is safe and no one could get it except you alone.

[FatFork]

How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

Bitcoin and other cryptocurrencies can be stored in different ways. The most popular way are personal software or hardware wallets such as those available at https://bitcoin.org/en/choose-your-wallet. These wallets have been reviewed and tested by the community and security experts as strong enough to protect your coins from theft and hackers.

Since you control your private key, you are liable for everything that goes on with your digital wallet, including security. To safeguard your digital wallet you need to make sure it is installed in a safe and protected environment, as well as with strong passwords. A key feature of a blockchain-based wallet is that it is designed to be difficult to compromise by hackers. Ideally, you should keep your wallet in a mobile phone or computer that cannot be easily accessed by other people. It is also important that you regularly run security scans, to catch possible threats and vulnerabilities that can put your coins at risk.

[Flexystar]

First of all note that your bitcoin is not stored in your wallet. Your coins are stored in the blockchain.
The blokchain is shared between many people and there are thousands of full nodes that validate transactions. In bitcoin we are not dealing with a centralized party.

Your wallet only stores your keys and you use them for making transactions. As long as these keys are kept safe, no one can have access to your bitcoin.

Pretty simple answer and easy to understand. If the coins were on our devices then I’m pretty sure it would have been possible to hack the wallet and take out those coins. Because at some point there would have been some sort of file that will be stored on the device to recover the number of coin information. Moreover, if there was saving of our coins on the devices then blockchain technology would have been little different than the current one. Because imagine that device getting disconnected from the internet, then how would blockchain node would know about those coins? So it’s just keys and phrase.

[JohnBitCo]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

If your coins are stored in non-custodial wallets ( the wallets which give you access to the private keys), then your coins are safe. (although you need to know about the best practices and security measures.

If you are storing  your coins on centralized wallets  or exchanges ( wallets protected by username and passowrd), then you are at a big risk and should immediately take action to move the coins to the secure wallets.

[Cryptmuster]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

If you are dealing with cryptocurrencies, then your knowledge should be at the proper level. You need to understand that in fact you are your own bank, and all responsibility will lie with you. Banks have created the illusion of security, their marketing is based on this, but you need to understand that this is not so. Hardware wallets are a good option for storing crypto, and you can only store a small amount of coins on an exchange if you are actively trading, otherwise it makes no sense from a security point of view.

[jrrsparkles]

I had recently been thinking about how really safe bitcoins or/and other alt coins are when stored in your wallet.
With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.
How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

Your coins are not stored in a wallet, the wallet its an interface to access our coins stored in the blocks where it belongs and no one actually can access without the private keys which is supposed to be in your hands only so your Bitcoin will be with you as long as your private keys are in your hands.

[Lucius]

With fiat currency, financial institutions; mostly banks go all out with the notion that their institutions are safe and their vaults are top notch yet they still fall prey to bank robbers who would cart away valuables from the vault.

If you have a bank account and you have a certain amount of money in that account, in case someone robs the bank, or steals your bank card and steals money that way, the bank will reimburse you in full. From this point of view, the bank looks like a pretty safe place if we would make a comparison with any non-custodial crypto wallet where each user has their own bank.

The key question here is how well the average individual is able to protect their bank from theft/hacking, especially if we consider that in the event that someone steals digital assets from a non-custodial crypto wallet, the chances of recovering such stolen funds are minimal.
 

How safe then are the wallets used in storing coins? And if they could at any time and in any way be compromised hence losing your bitcoins

If the crypto wallet is open source and the code can be checked, and if the user knows what he is doing - then we can say that the security is quite high. If someone doesn’t understand how things work, then hackers happen to have a very profitable business as was the case with Electrum a few years ago when a vulnerability in that wallet was exploited to trick users into downloading a fake wallet and thus losing their BTC.

[riso2015]

As long as I use krypto until now I am still safe keeping my coins in my wallet, because I have a principle I will never divulge to anyone, about the keys I keep, in fact I have never told anyone that I have bitcoins, because it prevents more better than treating.

[Leviathan.007]

The difference between storing money in a personal wallet and a bank account is more like the difference between holding assets on an exchange and holding assets in personal wallets, upon holding money in a bank account you are not actually holding the money and you do not have any control over the money you think you have and that's because of the centralization of the banks, but in the other hand, whenever you hold your bitcoin on your personal wallets, you actually have control over your assets if you have the private keys and no government or organization can be involved in this.