Stupid or Not

[KiaKia]

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

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[Lordsilvabtc]

Honestly, this should be labeled as a stupid idea, but based on my own perspective, the most important thing is keeping your safe keys, well secured to an extent that you alone have access to them, transfer of tokens from one wallet to another is a big risk, most especially if you're doing it all the time, we've got to be extremely careful about that too, As you're aware changing wallet to another could easy mix things up for you, so it's not a good practice.

Others might say it's a good idea because to some extent, it will prevent anyone trying to monitor your access code to your phase keys, but still not the best practices, hence keep your phase or Private keys well secured. This is my take on this

[Pandu Geddon]

wouldn't that mean he would have too many keys to open his wallet?
I'm not sure it will be good. but for me, it would make me even dizzier with piles of wallets and keys.
the risk is not in the hack, but in the error in ourselves.

if the new wallet continues to be used to connect to a malicious web or site, of course, it will not reduce the risk. I usually differentiate the main wallet from the one I use to trade on the dex exchange or link it to a new site.

[Renampun]

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

you should just tell your friend slowly to put all his assets in one wallet only, because if he moves to another wallet then the vulnerability of losing his private key or password is very big.
I'm afraid your friend will have bad luck when he creates a new wallet to be his new asset but forgets to save his private key and password. the safest way is to keep your private key and password safe in 2 places or put it in a safe that can withstand any conditions.

[dimonstration]

What he is trying to achieved by doing such thing? Is this for safety or privacy purposes because it doesn't make sense to transfer token to different wallet if the wallet is not compromised or exposed to possible hack. This move is just a waste of transaction fee and at the same time too hassle to do if he have multiple coin stored in his wallet.

But it really doesn't make sense for to change wallet regularly for whatever reason.

[Daniel91]

I think there are other, much better ways of keeping your privacy than changing wallets all the time.
I personally keep crypto assets that I don't currently need on the ledger. Given that Ledger is offline and has a good level of security, I'm not too worried.
I keep the liquid funds, which I need daily for trading, on crypto exchanges using all possible levels of protection.
In 7 years I have never had any problem.

[jackg]

The only reasonable reason 8 could see for doing this that hasn't been mentioned above is to keep up to date with knowing how to transfer his coins and it might prevent either him being scammed or doing something stupid when he comes to sell them (it might also mean he does something stupid and loses all his funds before then).

I hope he's not doing token transfers on the eth chains too as the fees seem like they'd erode a lot of his crypto investment.

Security is probably worsened short term by a system like this but I had an idea of doing something similar to this a while ago but due to skepticism..

[cryptoaddictchie]

The idea of changing wallet is good but that often like a month not sure, cause he should remember keeping the seed phrase everytime. Yeah his not prone to scam or potential target of scammer. But if his careful and not clicking malicious links, I think theres really no need to change wallet frequently.

[ajiz138]

Why not just use a hardware wallet, it's much safer than moving coins or tokens every month to a new wallet, of course it will make us dizzy with the many wallets we used before?
Did your friend do that because he was afraid of losing too, so he did this idea for the safety of the coins he had?
To be honest for me this is not a good idea, as long as we still have a secure private key and the wallet is not connected to any Dapps we will still be safe with the coins we have so this will not be a headache and of course every transfer of coins and tokens will cost money more.

[NeuroticFish]

I guess that OP's friend is somehow afraid his address gets hacked or something in a matter of time. The problem is that (if the wallet was generated really safe) the time needed for that may be more than the lifetime of our sun.
Even more, a hacker may go for his wallet's seed instead of a sole address, making OP friend's effort futile.

Another direction of thought would be that OP's friend misunderstood the idea of not reusing addresses (which is good for privacy, while it doesn't really matter for security).


Bottom line: it's stupid and useless.
(As said, if he hears his funds and he's not tech inclined, hardware wallet is his best call).

[Upgrade00]

The only reasonable reason I could see for doing this that hasn't been mentioned above is to keep up to date with knowing how to transfer his coins and it might prevent either him being scammed or doing something stupid when he comes to sell them (it might also mean he does something stupid and loses all his funds before then).

This doesn't seem reason enough to go through the stress of creating new wallets every month and safe keeping multiple seedphrases.

If it becomes necessary to keep up with changes in how transfer protocol changes, having a little fund kept away in a wallet which can be used to play around with and keep up to date.The idea doesn't seems unnecessary in my opinion and exposed they user to a lot of risks.

[Issa56]

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

Some people don't really know much about wallet security, changing wallet monthly is not really reasonable and those not mean your funds are safe if you did not properly secure your private key, the only time I think you should transfer your coin from one wallet to another is when the current wallet which you store your coins have been compromised, maybe when you notice someone as access to your wallet private key, then you can create new wallet and transfer your coins their, but creating new wallets monthly and transferring your coins their is not really making sense to me, because the private key which you will be having will be kind of much and you might endup mixing everything up one day.

[Charles-Tim]

Why changing from one wallet to another? It is possible he might lose his seed phrase or mixed it with another of the old in a way he can lose his present seed phrase.

I think of all possible ways this would be considered a good reason, but none yet comes my mind. I see this as ignorant means of securing your coins in a way no security is added and yet can lead to confusion and loss of seed phrase.

[2stout]

I get the intent but I don't find this to be the brightest of ideas, so I am going to say stupid.  Also, Sats are being wasted doing this which in the long run will be detrimental.  There are better ways to go about security.

[Zaguru12]

For me Its actually stupid had it been he/she is indulges in saving on exchanges it will even be considered reasonable. Even the transactions fees should be a thing of concern not to talk of having multiple seed phrases which might get missed up. He should rather just get a ledger Nano rather than going through all this fiasco

[decodx]

I understand that some people might want to change their critical account passwords frequently, but I don't think changing crypto wallets on a regular basis would be a good idea. It would be like changing your phone number or email address every month. It would be extremely inconvenient and would make it much harder for people to reach you. Furthermore, the frequent transfer of all coins and tokens creates added risks. The more times you move your coins around, the greater the chance that something will go wrong.

I think it would be safer to have a few major wallets for different purposes. For example, one wallet could be used for day-to-day transactions, another wallet could be used for long-term savings and investment, and another wallet could be used exclusively for ICOs.

[lalabotax]

Is the reason because of making the assets safer? Seriously, I don't think so.
This is a quite bad idea, too complicated, but doesn't guarantee a secure wallet. Not only that, isn't this actually increasing the expenses for paying transfer transaction fees, right? This actually makes our assets decrease. While the wallet used is still an online wallet?
Not a wise idea, this also doesn't guarantee that the asset is safe. Instead of doing that, why not just use cold wallets if you want to be more secure, right?

[Gozie51]

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

For whatever reason that he is transferring his coins from one wallet to the other is very risky. I believe with doing that, it is likely to be a miss up at some spot at the phrase and this is confusing if that happens. I have experienced a miss up in phrase sometime, it is really difficult to sort out. Be sure you write your passphrase somewhere only you know because you may need to get the exact phrase again to input it in the phrase if you missed it. If you don't have any need to transfer coins from one wallet to the other, then don't start doing that.

[Cryptomultiplier]

Instead of doing that, why not just use cold wallets if you want to be more secure, right?

Well, we don't have to blame the guy for knowing his own way of keeping his asset safe. He might have to learn from an experience if he is smart enough, because I guess he probably has little use for his time to be so meticulous about going through such a process bi-monthly. 
Inasmuch as he has good intentions, his method of delivery is poor and complicated. It is easy for him to loss his funds by just
simply forgetting his phrases or passwords, than for scammers or hackers to steal his funds.
He should consider using cold wallets, for ease and better assured security.

[nurilham]

-snip- he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two..

He is not stupid, he is trying to secure his coins from hackers.
However, sending coins to a new wallet every month requires a lot of transfer fees. I cannot imagine if he hold the coins for 5 years, how much the transfer fees he spent during holding the coins. I suspect the value of the transfer fee will be bigger than the coins he keeps in the wallet. I think, his strategy is only effective if he plans to keep the coins for several months only.