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Author Topic: is electrum safe?  (Read 194 times)
GbitG
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November 28, 2023, 10:52:23 PM
 #21

Someone told me that exchange is not safe because exchange can be hacked by hackers.
That's right. You should avoid any custodial service for holding your bitcoin.
In addition to the possibility of getting hacked, custodial services like exchanges can freeze your fund for any reason. You should use non-custodial wallet, so that you have full control over your fund.
Boss, you said it right that everybody has a need to avoid custodial services (Exchanges) fro holding your assets because this can cause them to lose something else. Becse These exchanges can forcefully steal or take funds from you by freezing your funds.

And I say this with the claim that I have an example or evidence of this. That custodial service means an exchange that is considered the world's largest and highest-capital exchange, Binance has also frozen the trade of 1 million dollars of a crypto influencer, @ZakaWaqar. No reason has been given to this person by CZ. But his fund is still stuck.

So it means to say that, I really appreciate you that our proud member, @hosseinimr93, has been given very good advice to the OP that exchanges are not trustworthy.
Everyone has to protect the fund or assets from their own roles because if the world's largest and richest exchange, Binance can freeze your fund without any reason, then there is no question that other exchanges will not freeze your funds.

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Dr.Bitcoin_Strange
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November 30, 2023, 12:22:34 AM
 #22

OP, it's very cool that from your early stage of getting into the crypto space, you have started to see the security of your asset as the very paramount thing you need for your asset, and that's a good start. Electrum is safe for Windows, and if you are also using a mobile Android phone, then Blue Wallet is also safe for use. After creating your wallet and depositing your coin in it, I will advise you to just duplicate your private key and keep it in a very safe place that you can easily and safely get it any time you want it, and after you have done that, you can then remove your wallet from your device. The reason is that if your device is always going online all the time and you are browsing different sites, there are possibilities that you can get attacked through some phishing links and sites, and if they gain access to your device, they can possibly steal your asset.

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Yamane_Keto
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November 30, 2023, 03:22:30 AM
 #23

After creating your wallet and depositing your coin in it, I will advise you to just duplicate your private key and keep it in a very safe place that you can easily and safely get it any time you want it, and after you have done that, you can then remove your wallet from your device.
This step will not enhance the protection of your bitcoin especially in an operating system such as Windows, as simply deleting your wallet may not mean that you are safe, especially if there are vulnerabilities at the moment of creating the wallet, which may lead to the loss of your money once you deposit it at that address, even if the wallet is deleted. It is better to use an open source operating system and a USB, burn the OS to that USB and boot from that system rather than just deleting the wallet application.
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December 13, 2023, 08:51:50 AM
 #24

Hardware wallets are way more secure than software wallets, even if it's Electrum. Software wallets are only as secure as the environment they run on. Hardware wallets usually have physical buttons where pressing can't be "faked" and they offer a secure environment where the keys are stored and the transaction signing takes place.

On the other hand you could look into Electrum's Coldstorage feature where you basically have two devices that run Electrum. One is used for watching the wallet, the other one for managing the keys and signing the transactions. I highly recommend looking into it if you want to use Electrum without a hardware wallet.

As a whole make sure you only use open source wallets. Because you never know what closed source wallets do under the hood.
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