Are your coins really safe stored in your wallet?

[decodx]

Your bitcoins are stored on the blockchain very securely and your private keys are stored in your wallet and only provide access for transactions there including sending your bitcoins in exchange for $ you need your private key.
always use hardware wallets for security and don't store your access keys online anywhere, your keys will be safe as long as you keep them very secure.

As you know, it is impossible to do that all the time. I recommend keeping your coins and tokens on the exchange only for as long as you are actively trading with them. Once the trade has been completed, withdraw the tokens to your personal wallet. This is especially important if you plan on holding coins and tokens long-term. Of course, you have to keep an eye on the transaction fees and make sure that you do not spend more on fees than you made from the trade.

[Nerdy doctor]

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.

Banks could in a way refund you when robbed but what if some valuable rocks or documents are stolen..
That aside, I am beginning to understand how secure blockchain and the wallet is. Also now knowing that coins aren't stored in the wallet.

[darewaller]

They are in binance. Just do not make a big deal out of this man, why do everyone keeps on insisting that I have to store it amazingly and the most secure high tech cutting edge way? Just put it on binance and it is safe there. Who could hack into my binance account with 2fa protection? Who could hack binance big enough that they wouldn't be able to recover from?

I mean this is binance we are talking about, I am sure they have protections much better than I could ever reach and that is good enough for me. People who think that if they put their money on some hardware wallet like ledger and be more secure than binance make me laugh, you are not protecting it better than binance could.

[JayTrain]

cryptocurrency wallets are safe exactly as much as possible, if money is kept in the account in banks and guaranteed by a paper contract, then in a cryptocurrency wallet the owner himself owns his assets using his private key, it is the security of this key that determines the security of assets.

[cheezcarls]

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

I wouldn't trust on centralized exchanges and wallets in storing my assets. No matter if their security measures are so intensive, the hackers are always going to find ways to look for a backdoor that would bypass all restrictions just like what happened in Axie Infinity. Plus, CEXs are centralized and we don't have the full control of the assets that we've stored there.

It's better to store them in hardware and non-custodial wallets such as Ledger, Trezor, SafePal, Trust Wallet, etc.

[Minecache]

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

Bank is centralized they can size your money anytime without showing any reason.
Bitcoin is decentralized, no one have the power to size your bitcoin or lock your bitcoin. it is only you who is responsible for your coins.
A software wallet or hardware wallet just gives you a private key to separate you from others. until you keep this private key secure your funds are 100% secured, no one have the power even Satoshi Nakamoto the creator of Bitcoin will never access your funds without private key .

[glendall]

as long as the wallet key is stored safely and the wallet is never used as an airdrop wallet or entered by connecting to sites, I think the wallet we have will be safe

[bocyaj]

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

My all the crypto coin was in the trust wallets.Because it had many supported coins and it was a unique wallet from long.No one can access your wallet ,without your private ket.Actually I was speaking about the wallet and not about the exchange.While coming to exchange,my first option will be FTX,then Binance,WAZIRX,KuCoin.Because this exchange was trusted from long.

[haasanjui]

Yes! My coins are safe in my wallet. I use binance app and store my coins in it because no one can hack binance from phishing link. And if I do any withdraw or transaction it asks for 2FA and send OTP to my phone number. Without OTP anyone can't withdraw my fund.

[The Cryptovator]

Your fund's security totally depends on how your wallet is secure. And your wallet security depends on how are you securing your seed phrase or private keys. Forget about the custodial wallet, it's like your bank. I am talking about your non-custodial wallet where you should secure your funds. In the case of bank robbery, it's the bank's or government's fault since they failed to secure the client's funds. But in case of lost your funds from your non-custodial wallet, you are the one who is responsible. So you have to care about your wallet and seed phrase, then your funds will be secure.

[ajochems]

Binance was my preferred exchange to hold all you savings crytocurrency.Binance was the big exchange which leads in many country of the world by doing partnership to the country owned crytocurrency. For example, the wazirx is connected with binance and the cause of it is to captured the asian crowd towards binance or wazirx. But the effency of the mother company was great compared to son company which is wazirx.

[Doan9269]

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.

I got to understand that security is in levels and the worst decision is to have fiat currency in banks for an investment, now when it comes to bitcoin, we also have levels and using a centralized exchanges is synonymous to using banks just that this time its on digital currency because you don't have full control over your coins, if not for exchange purpose (trading) a centralized exchanges is a bad choice for an investment, people need to understand the need for having their wallets keys in possession through the use of hardware wallets.

[Zanab247]

cryptocurrency wallets are safe exactly as much as possible, if money is kept in the account in banks and guaranteed by a paper contract, then in a cryptocurrency wallet the owner himself owns his assets using his private key, it is the security of this key that determines the security of assets.

I think, crypto wallet are more secured and safe than bank account because in cryptocurrency wallet nothing like third party which nobody can have access to your wallet. You can make use of your coins at anytime you want in your wallet without taking any permission from anybody before your transaction can be successful compare to Bank account which bank officials must verify before your transaction will be done or successful. It is very difficult for people to have access to your wallet because all your private keys are in your hands.

[teosanru]

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

Security issues with banks are quite different from issues that can take place with crypto wallets, With banks the biggest challenge is physical robbery rest all the problems are secondary while with the wallets the problem is hacking, but the truth is decentralized wallets are pretty difficult to get hacked, eventually if you want to hack out some coins you'll have to goof up the blockchain altogether which is really difficult because the consensus would just never match, the only way to scam people is make a fake wallet or fake copy of some original wallet and broadcast transactions in some other address than what is input by the users, but if you fall prey to this I would call this as your mistake to download wallets from unverified sources.

[usekevin]

The wallet security is depends on the exchange or wallet which you had chosen. The best way to chose a wallet is by the feedback from old users. You can check the google users review for it. Some dummy feedback will be done by the company, it short out. Finally you can make a decision with that. The private key is important one for the exchange.When the private key was stolen or forgotten. You make forced to lose the holding crypto on that wallet.

[isaac_clarke22]

~

Well regardless, you would not want to let someone handle the safety of your coins. Maybe for the type of wallet, but not the exchange even DEX, the private key should be primarily be watched under your own supervision and not by any people.
I am not an old user even if I was here since 2017, but I am pretty sure that is a common thought already. I recall back then when I thought my coins are purely safe inside Binance, but then I realized that exchanges are hackackable.

[nur rochid]

~

Well regardless, you would not want to let someone handle the safety of your coins. Maybe for the type of wallet, but not the exchange even DEX, the private key should be primarily be watched under your own supervision and not by any people.
I am not an old user even if I was here since 2017, but I am pretty sure that is a common thought already. I recall back then when I thought my coins are purely safe inside Binance, but then I realized that exchanges are hackackable.

right, Binance-class exchanges were not spared from hacks. and fortunately at that time binance was fully responsible for returning customer funds. actually using a private wallet with a private key is enough, as long as we know how to keep it safe. therefore many will be found from emails, about something that is not clear maybe with the lure of big prizes, we must know what to do so that security is maintained

[Cryptomiles1]

Bank is not safe and funds can be easily stolen from customers or either staff/co-workers could align to rob the bank and made away with your resources but in Bitcoin you are custodian of your funds, this means you have access to your bitcoin phrase and passwords less until you reveal it to external body's before it could be stolen from you

[Lewan]

The most secure storage method is actually a storage method without an internet connection. If you do not have a suitable device for this, you can keep it in a notebook that you think you will not lose.

[vania vin]

crypto wallets are 100% safe so far there have been no crypto wallets such as bnb and eth that can't be hacked so I'm very sure of storing coins in a crypto wallet compared to storing money in a bank account book.