Risk only what you can afford to lose

[tjtonmoy]

I don't know why people are fixated on the thought of using only one wallet for everything. Hardware wallet, yes that's the best thing and that's why it should be used for storing Bitcoin for the long run. Keep it safe and don't connect it to anything until you are happy with your investment and you want to convert it into profit. So there will be nothing to worry about with that particular wallet. But we usually use other things too. Transferring crypto from exchanges to private wallet etc. for that I think it is somewhat good to use software wallets. It doesn't cost anything and you can easily create another wallet at any given time.
If you see any suspicious activity with your wallet, you can simply create another one and transfer your coins to that wallet. You can't afford hardware wallets? Just buy a cheap PC, install a clean OS then install the wallet you want for this and before doing everything make sure you make that device air gapped.

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[Dump3er]

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

Let's not be too paranoid. You can set up devices in such way that they read a qr code and display what was read without taking any action. This means that you can get malicious code, but will have to confirm it on the device for that code to execute. If you decide to scan a code with an address and get a bunch of strange code instead, just do nothing, cancel the whole process and flag this QR as scam attempt.
I use an offline wallet that isn't truly airgapped because it goes online from time to time when I transact, but for an attacker to be able to target me they'd have to know the IP of that machine and be there waiting when it comes online, which is literally impossible since last time I used it was months ago.

When a hacker really knows his stuff and understands how to target your machine and your wallet, setting up a little bit of code that initiates procedure calls to find out when your wallet comes online should not be a problem at all. But I think it might still not be worth the effort as hackers could probably find other addresses that are more or less guaranteed online frequently a million times easier. A lot of people share a lot of stuff, including PKs and their locations. There is probably no good incentive to use tech to target you, unless you now let us know that the wallet contains 100,000 BTC.  

[Jon_Hodl]

Your security is only as strong as your weakest point of failure but if you are taking all of the necessary steps, you can protect your stack as well as it is possible to protect any physical asset here on earth.

If you are generating your own seed phrases, stamping into metal, and storing it somewhere safe, you have the highest level of security that an average person can reasonably have.

[oktana]

Absolutely true. No matter how one tries to be perfect, there’s still always flaws. And this applies everywhere. Even the best wallet with the most expensive price can even have an error that isn’t related to hackers and you lose all your money. I generallly think that for wallet, it is based on how you manage yours. If you create a normal wallet address in trust wallet for example, you’re safe unless you do some connection to your wallet that compromises your funds or carelessly gave the private keys/ phrase away somewhere, it’s not like it is magically prone to getting hacked.

Perhaps, we're just human and often commit mistakes even if we are too careful. There is no need to be perfect here but what is the most important is that we did the right thing.

Crypto investment is quite risky and we know that already which is why we don't need to rush but rather think twice before investing because there is no turning back. That is why we have to assess ourselves if we can take the risk as well and of course, the willingness we have in this way, we can't blame anyone and never feel regrets when we lose our money.

No offense but I’m trying to connect your response to my actual message, and wondering what you are trying to communicate. Yes, crypto investments are risky and one is prone to lose money, but i think the angle of the conversation here is on keeping your Bitcoin safe, and what could go wrong too irrespective of the procedure and process you take to backup your wallet info or keep it discreet.

[Smartvirus]

If you are generating your own seed phrases, stamping into metal, and storing it somewhere safe, you have the highest level of security that an average person can reasonably have.

As far as storing things in a safe lace goes, getting to stamp your seed phrase on metals and all that, it doesn’t really seem like the best of ideas to security for me. Yeah, it might ensure that it never gets lost, washed up, have some wear and tear taking it’s strolls on it but, you might end up presenting it’s importance to just anyone that could come across it at first glance. That’s in the event of any invading of your safe spot of course.

I think some of the ideas to making something relatively safe is by making it as common as it would seem to anyone. In a way, it could be something that would be less attractive and can be handled anyone by someone who wouldn’t even know the value attached to that which is before them on in their possession.
This doesn’t mean you don’t keep it in a safe place, of course you would put it away in some place safe but, I don’t think you have to make it look so important.

[roller33]

Let's talk about the king solution of keeping your Bitcoin safe, which to me is the airgapped hardware wallets but is it safe to say that they are 100% safe? I think the answer is no..

What and what is likely to go wrong with airgapped hardware wallets?

1. Cord connection: data can still be transmitted when connecting the hardware wallet to your PC.

2. SD Card: some comes with Sd card option for updating the hardware wallet, but I am not sure that using Sd card can always be safe either, I remember those days where I use to buy lots of Sd card because they have issues easily and also they get viruses easily. Old Symbian and Android users here?

3. QR Codes: honesty, QR codes are not readable by the eye, they comes with blocks like figures, there is no way to know what's written in that QR code anyway, there is no way to read it and know what kind of data is inside it.

4. You still have to rely on the company for future safetiness of the hardware wallet in terms of software updates, if someone hackers find a way to alter the upcoming update file you know what could happen.

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

You can limit the risk by choosing to not connect your hardware wallet to your PC or any PC for updates, use sdcards instead, but make sure you use a brand new Sdcard for your updates, once you use one for update today, store in a safe place simply for your hardware wallet updates only, do not use for saving files or downloading.

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

As for the software update from the companies, pray that nothing bad comes up from their side, I still strongly believe that they are the only thing that can easily messed up hardware wallet security.

Stay safe out there kings and happy holiday 🎅

You've raised some crucial points about the security aspects of airgapped hardware wallets, highlighting that while they are one of the safer options, they're not infallible. Let's delve into each of your points to add some more depth:

Cord Connection: Indeed, any physical connection, like a USB cord, introduces a potential vulnerability. Data transfer, even in a supposedly secure environment, can be a weak point. It's essential to use trusted and verified cables and ensure your computer's security when connecting.

SD Cards: You're right about the vulnerabilities of SD cards. They can be compromised and are susceptible to physical wear and tear. The best practice is, as you mentioned, using a new SD card solely for wallet updates and keeping it in a secure location. Also, downloading updates only from the official source minimizes risks.

QR Codes: The inability to read QR codes directly is indeed a limitation. It's crucial to generate or scan QR codes from trusted sources only. One mitigation strategy could be using a secondary device to verify the content of a QR code, although this might not be feasible for everyone.

Reliance on Company Updates: This is perhaps the most significant concern. Firmware updates are necessary for security, but they also present a risk if a company's systems are compromised. Diversifying the types of wallets used and regularly monitoring news and updates from the wallet provider can help mitigate this risk.

Your conclusion about there being no absolute guarantee in crypto security is spot-on. It's about managing and minimizing risks, not eliminating them. Educating oneself, staying updated with security practices, and being cautious with updates and data transfers are key. Your advice on using SD cards and being cautious with QR codes is particularly valuable.

As for updates from companies, apart from praying, actively following their security protocols and community feedback can offer some reassurance. Many wallet companies have robust security measures and are quick to respond to vulnerabilities.

Your emphasis on understanding the inherent risks in crypto and only investing what one can afford to lose is sage advice. In the world of digital currencies, staying informed and vigilant is the best defense. Happy holidays to you too, and stay safe in your crypto endeavors!

[South Park]

If you are generating your own seed phrases, stamping into metal, and storing it somewhere safe, you have the highest level of security that an average person can reasonably have.

As far as storing things in a safe lace goes, getting to stamp your seed phrase on metals and all that, it doesn’t really seem like the best of ideas to security for me. Yeah, it might ensure that it never gets lost, washed up, have some wear and tear taking it’s strolls on it but, you might end up presenting it’s importance to just anyone that could come across it at first glance. That’s in the event of any invading of your safe spot of course.

I think some of the ideas to making something relatively safe is by making it as common as it would seem to anyone. In a way, it could be something that would be less attractive and can be handled anyone by someone who wouldn’t even know the value attached to that which is before them on in their possession.
This doesn’t mean you don’t keep it in a safe place, of course you would put it away in some place safe but, I don’t think you have to make it look so important.

That is why there is not method that is absolutely perfect to secure our coins, if that was the case then every single one of us will be using that method already, we need need to take into account a lot of factors when deciding which solution is the best for us, and while stamping our seed words on a piece of metal do secure it against many dangers, it is also true that it makes our seed words more susceptible to be thought as important to any thief that may enter our house, and if they know anything about this market they could easily steal our coins.

[Yatsan]

If you are generating your own seed phrases, stamping into metal, and storing it somewhere safe, you have the highest level of security that an average person can reasonably have.

As far as storing things in a safe lace goes, getting to stamp your seed phrase on metals and all that, it doesn’t really seem like the best of ideas to security for me. Yeah, it might ensure that it never gets lost, washed up, have some wear and tear taking it’s strolls on it but, you might end up presenting it’s importance to just anyone that could come across it at first glance. That’s in the event of any invading of your safe spot of course.

I think some of the ideas to making something relatively safe is by making it as common as it would seem to anyone. In a way, it could be something that would be less attractive and can be handled anyone by someone who wouldn’t even know the value attached to that which is before them on in their possession.
This doesn’t mean you don’t keep it in a safe place, of course you would put it away in some place safe but, I don’t think you have to make it look so important.

That is why there is not method that is absolutely perfect to secure our coins, if that was the case then every single one of us will be using that method already, we need need to take into account a lot of factors when deciding which solution is the best for us, and while stamping our seed words on a piece of metal to secure it against many dangers, it is also true that it makes our seed words more susceptible to be thought as important to any thief that may enter our house, and if they know anything about this market they could easily steal our coins.

We do get the idea of putting our seed phrases safe but there are just instances wherein in some instances even if you avoid the don'ts you'd be still a victim by chance. Point here is to be more vigilant of your wallets. On the other hand, there are many users here in this industry for years who haven't encountered any problem with such concern. I too myself, fortunately never experienced problems with wallet private keys. So maybe, being preventive could guarantee securitu over your funds. FOMOs just take place which causes panic to some users. At the end of the day, isolated cases of hacking related stories won't give us assurance of the details on which should be specifically avoided unless it happened to us on the actual.

[bayu7adi]

The bottom line is, we all need to be ready for the worst-case scenario that could happen anytime. And this isn't just about crypto; it applies in general. Any plan, if you have contingencies for both the worst and best situations, I believe it will still run smoothly. It won't be as bad as we think.

If you're holding crypto, whether it's in a non-custodial wallet or a custodian wallet, you still have to prepare for the worst risk (if it happen suddenly) losing your assets. None of us knows how far hackers can breach our defenses... there are no trial sessions in the hacking world. If you fall victim to a hack, you'll bear the loss of the assets taken from you.

Efforts to secure assets are a must, and as for the ultimate outcome, whether issues will arise in the future or not, no one can guarantee.