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Author Topic: Fear of losing my coins grabbed me by neck  (Read 339 times)
gagux123
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July 01, 2022, 09:20:51 AM
 #21

Well, when it involves security, it is extremely valid to use a Hardware Wallet.

A mobile wallet would be ideal for you to keep a small amount in it, maybe $50 / $100 / $500 or others values, so you can use it on a daily basis.

I do not advise you to store a large amount of Bitcoin in a Mobile Wallet, because it is very vulnerable.

If you don't have a hardware wallet yet, One option that came in my mind is to use the Electrum wallet.
It is an excellent wallet and also has several interesting features!

Electrum also allows some methods to increase the security of your wallet, which would be the use of additional passphrases or multi-sig.

@Vvang, if you don't know how to create a multi-sig wallet on Electrum, I translated a topic that would be a tutorial to creating a wallet on Electrum Multi-sig  Smiley

For more information - [TUTORIAL] - How to create a multi-signed wallet on Electrum


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July 01, 2022, 10:43:57 AM
Merited by lovesmayfamilis (1)
 #22

Mobile wallets have been considered one of the most at risk wallets (after Web wallets).
I think a better part that can trigger this issue is with sites the mobile wallet owner visits. If the user has a habit of visiting porn sites they will easily be exposed to malware vulnerability. This expectedly also exposes the wallet to hacks and attacks. I've been using mobile wallets as long as I can remember and I haven't had any issues with the various ones I have used. I make sure I'm extremely careful while installing them. I don't copy to paste passphrases. Just generate the passphrase offline and write them out on a sheet of paper.

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July 01, 2022, 12:45:29 PM
 #23

Your choices are pretty limited as a lot of things can go wrong. But at the very least, only write down your recovery phrase on a piece of paper, and use a privacy-friendly keyboard app.

If it is a crypto wallet that will be used only for storage, then I would consider that after ensuring that the backup (seed words) is completely correct and safe, delete the entire wallet and before that save the addresses that have a balance or master public key with which I would make a watch-only wallet. For someone who only receives transactions, this would be safer as it would prevent possible hacking - although everyone should still be on the lookout for clipboard malware in that case.

In case the OP or someone else uses a mobile wallet for outgoing transactions as well, raise your smartphone habits to the highest possible level, which includes AV protection, not downloading risky apps, and regular security updates for your OS.

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July 01, 2022, 08:34:33 PM
Merited by ETFbitcoin (1)
 #24

Mobile wallet doesn't mean inherently insecure. Same as a offline computer doesn't necessarily mean it's secure. Depends on how it was generated mainly, and for the upmost security the device should remain offline from generation.

I do not advise you to store a large amount of Bitcoin in a Mobile Wallet, because it is very vulnerable.
Okay, so I think it's important to distinguish why, and mainly because mobile phones are assumed to be online, and used as a daily device. However, that isn't always the case. A mobile phone wallet, that is completely offline should be just as safe as a computer based one. There might be some arguments in there, that might prove otherwise, but if it's stored correctly, and generated correctly, and the way you downloaded the wallet software was verified, and done correctly, then it should in theory be about the same security.

Personally, I would prefer a offline wallet generated via computer, but I get that phones could be a valid option for others, as long as they keep it offline. The risks multiply when you connect a wallet or generate a wallet to the internet. By that, I don't mean the wallet directly, but the device it's stored on.

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July 01, 2022, 08:51:51 PM
 #25

Well it’s very important to be security sensitive in all aspect of crypto-currency but one way of being security conscious is by not complicating things, I have and android wallet of which I make use of and by following simple instructions I have been able to remain safe, first you need to trust yourself alone that is your first point of security your phone password should be private then about coping and pasting, well call me orthodox but I prefer to write my seed phase down and keep it safe.

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July 02, 2022, 06:03:05 PM
 #26

On electrum, you will be giving your mnemonic phrase on creating an address and you can back that up physically and store in a secure location without having to copy or screenshot them, which are not advisable for safety.
This is the step most users go about keeping there private keys safe or seed phrase. For electrum it's clearly seed phrase for which your sure to verify before proceeding. This involves you making a hardcopy of the seed phrase, you are allowed to make screenshots but, its not of best interest to have your keys in the screenshot on your device or any device at that, not to mention getting to upload it somewhere especially on the Internet. Most people see safety in Google cloud but that would be one of the worst ideas ever. Any hack or phishing attempt and your keys/seed is compromised too.
You would have better luck with safety in copying the seed phrase and storing it in a location that your sure to be secured.

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July 02, 2022, 08:05:15 PM
 #27

Keep in mind, that whatever wallet you have been using on the device, you need to secure your device first. Often we use mobile for daily life and browse a lot of sites. So you need to be careful about phishing attempts and malware. So you would be safe, and always you need to double-check the wallet address you are going to paste. Make sure the address are matching with the address you have copied. If you found something wrong, immediately erase everything and reinstall your wallet. Don't forget to secure and save your wallet credentials offline device or notebook to avoid loss.

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July 03, 2022, 08:06:15 AM
 #28

Mobile wallet doesn't mean inherently insecure. Same as a offline computer doesn't necessarily mean it's secure. Depends on how it was generated mainly, and for the upmost security the device should remain offline from generation.

I do not advise you to store a large amount of Bitcoin in a Mobile Wallet, because it is very vulnerable.
Okay, so I think it's important to distinguish why, and mainly because mobile phones are assumed to be online, and used as a daily device. However, that isn't always the case. A mobile phone wallet, that is completely offline should be just as safe as a computer based one. There might be some arguments in there, that might prove otherwise, but if it's stored correctly, and generated correctly, and the way you downloaded the wallet software was verified, and done correctly, then it should in theory be about the same security.

Personally, I would prefer a offline wallet generated via computer, but I get that phones could be a valid option for others, as long as they keep it offline. The risks multiply when you connect a wallet or generate a wallet to the internet. By that, I don't mean the wallet directly, but the device it's stored on.
Well, I confess that I didn't think with that vision
Thanks for correcting me!

I have a limited knowledge in this technical area, can you tell me which type of OS is more vulnerable, Android or iOS? (or this variable depends exclusively on the smartphone user?

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July 03, 2022, 09:46:16 AM
Merited by gagux123 (1)
 #29

I have a limited knowledge in this technical area, can you tell me which type of OS is more vulnerable, Android or iOS? (or this variable depends exclusively on the smartphone user?

By default, iOS generally is safer than Android. But there are things to consider such as user behavior, Android/iOS version and built-in application. Each smartphone brand have different built-in application where some of it can't be removed. For example, there was vulnerability found on Samsung built-in application[1].

[1] https://techcrunch.com/2021/06/10/security-flaws-found-in-samsungs-stock-mobile-apps/

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July 03, 2022, 10:19:40 AM
 #30

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.

If you do not have money for a hardware wallet, then most likely you have nothing to store there. Your mobile wallet will remain safe if you don't connect it to questionable sites to get a few dollars. You also need to do research before installing unknown apps on your phone.

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July 03, 2022, 10:41:43 AM
 #31

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.
If you have a tablet or a computer that you don't need to connect to internet you can use them as cold wallet. You will use them to sign your transactions with the seed they store and use your smartphone to create unsigned transactions in "watch only" mode and to broadcast transactions signed by your cold device. It's very easy with Electrum, you can also make a multisig wallet with your cold device as co-signer, it's almost the same thing as explained in the thread of gagux123 quoted above. If you need to connect your cold device, you will have to send your funds to another seed before and to never use this seed again.

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July 03, 2022, 11:04:22 AM
 #32


I think a better part that can trigger this issue is with sites the mobile wallet owner visits. If the user has a habit of visiting porn sites they will easily be exposed to malware vulnerability. This expectedly also exposes the wallet to hacks and attacks. I've been using mobile wallets as long as I can remember and I haven't had any issues with the various ones I have used. I make sure I'm extremely careful while installing them. I don't copy to paste passphrases. Just generate the passphrase offline and write them out on a sheet of paper.

You are right again. But the difference is that not all people are wise and accurate. I read the OP's post history. It's short, but even there you can see that the OP is hot and hasty. He does not study but is in a hurry, hence the fear of losing.

In addition, he had money to spend on a hardware wallet and was gradually learning about cryptocurrencies, but he did it differently. The funny thing is, he will lose these coins too. Such people need experience and bitterness to be accurate.

But I agree that not everyone has the opportunity to purchase multiple devices to share their entertainment and finances. This is especially difficult when you are young.

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July 03, 2022, 02:35:13 PM
 #33

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.

One safe method I employ in keeping my wallet safe is to write out the recovery phrase/private keys on a book.
I have a special book for that, where I write my password and private key on.
It is very unsafe copying and saving your private keys/password online. Many wallets have been hacked that way. So, if you can't get a hardware wallet. Maybe you can try that method.
However, keep this book out of reach of anyone.

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July 05, 2022, 10:52:29 AM
 #34

You can consider a mobile wallet but it is risky and easily hackable. I suggest you save up and get yourself a hard wallet so you can increase your security and maintain low stress. For the time being, it is okay but long term, not really. You need to backup also, so you can't risk your assets.
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July 05, 2022, 03:01:26 PM
 #35

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.

A hardwallet is quite cheap... I don't know how much you invested in crypto but probably not a huge amount if you can't afford to buy a hard wallet.
The best thing is just to write down on a piece of paper your seed phare and to never interact with risky websites or tokens.
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July 06, 2022, 06:44:47 PM
 #36

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.

A hardwallet is quite cheap... I don't know how much you invested in crypto but probably not a huge amount if you can't afford to buy a hard wallet.
The best thing is just to write down on a piece of paper your seed phare and to never interact with risky websites or tokens.
Ledger Nano S is cheap and I wonder why the OP finds it hard to get one if he's truly the fear of losing his coins grabbed him in the neck since mobile is always vulnerable to attack and it's not advised to use it as storage wallet.
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July 06, 2022, 08:43:49 PM
 #37

I don't have any experience on getting my mobile wallet hacked, I use non-custodial wallet for years now and don't have any issues with it. If your scared of your putting some crypto on your mobile phone, I suggest to re-format it to clear all your apps and files to avoid malicous apps and files to your phone. If you have a good amount of crypto, I think selling some would be enough to buy a hardware wallet. Not just you improve your security, You also get a confidence and will make you stop worrying about your wallet conditions.

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July 07, 2022, 06:21:01 AM
 #38

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.

Most of us would use a PC, but there are steps you can take to secure your Android device as well.

First of all, make it cleaned from all malware, by installing something like the Alliance Shield app from Google Play.

Second, make sure that you are only using the correct wallet software, such as Electrum Wallet, Atomic Wallet, Guarda or others. Make sure there are no fake copies of wallets installed.

You can ensure that you only have legit wallet apps by going to the website of the wallet, and click on the download link for Android. It should take you to the Google Play link, so if it does not list it as installed, then it means that the copy of that wallet you have installed is a fake copy.

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July 07, 2022, 07:14:49 AM
 #39

Brothers and Sisters on the forum I need your help, I don't have money for a hardware wallet and all I have left is android wallet, the problem is fear of copying my private key into something else, I have come to realise that clicking on COPY on your phone can be dangerous, where to decide to PASTE can be unsafe too, for those who aren't using hardware wallet how are you doing it? What is the safe procedure with mobile wallet users.


I don't know the amount of Bitcoin you have managed to secure but if it is value worth almost to $1k, I will suggest you get a hardware wallet at all cost but if it is less than or within the range of a hundred, you can use Electrum since it can be used offline with any computer that doesn't have anything installed. Create a seed phrase with a passphrase or seed extension and make sure you back it up, send your bitcoin to any of the wallet addresses. Open an Electrum wallet on your android device and create a watched only wallet with that address. You can be viewing your balance on your android but you have to make sure that your seeed phrase is properly secure, if you loose it, keep it safe like you would keep a secret until you need it.

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July 07, 2022, 07:49:36 AM
 #40

Many people that claim they can't afford hardware wallets can afford them, they just don't want to. Think about it. If you own a modern smartphone or change phones every few years, you might as well use an older model and purchase a decent hardware wallet for the difference. I have talked about Bitcoin with a friend who says he doesn't have money to invest, but at the same time he uses a better phone than I do, owns a smart-watch, expensive sneakers, and buys new shirts every now and then. Of course he can invest in Bitcoin. Instead of purchasing 4 shirts this month, he could just buy 2 and save money for a hardware wallet...


Using a mobile wallet is less safe than using a desktop or hardware wallet. But in the end, it comes down to the person and the way the phone is used. If you can't differentiate good security practices from bad ones, you might want to look into learning that first before you start dealing with cryptocurrencies. I have used mobile wallets for years with amounts I spend when on the go and I don't have problems with that. But I am also not the person who will fall victim to phishing, malware, and other online hazards. Get yourself familiar with basic online safety and you won't have to worry about having your devices hacked.     

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