Safety first before accumulation, a lesson I learnt the hard way

[Jegileman]

This is a very good advise and a good lesson to follow it up on how important it is to have a hardware wallet for complete control and ownership of your bitcoins. As the much anticipation for halving and bull run is approaching, a lot of people won’t mind were to save their coins, they will only be focused on how many they can accumulate before the bull run so that they can get a lot of profit from it. They will tend to forget that safety comes first before anything and if you leave your bitcoins in the hands of third party, you are at risk of losing them all. It is better to also note how to keep our funds safe while we continue ti accumulate for the bull run. No penny is worth being lost to anyone after you’ve worked to earn it for yourself.

[CryptopreneurBrainboss]

Do not let the same thing happen to you before you know the importance of having a hardware wallet, I have always known that hardware wallet is the safest but I ignored it, thinking I can't afford it, and I could, but I don't want to leave my accumulation of Bitcoin behind and spend hundreds of dollars on a hardware wallet, few open source hardware wallet are not even up to hundreds of dollars.

I  was reading your post to know exactly what happened that lead to you losing that amount you mentioned but you didn't mention it and I don't believe it was just because you were using a software wallet that's the reason why you got scammed. Irrespective of the type of wallet that you're using, if you're careless with your seed phrase or private key, you can still get scammed and besides we have some software wallets that has be operating for years with good reputation that can be used for hodling and you won't get any complaints. Hardware wallets are the most recommended and there are reasons for that but you can also used wallets like electrum on an air gapped device and still have a smoothly hodling experience.

Let's no make it seems like.just having a hardware wallets solves everything because it doesn't, you still need to be extremely carefully so you don't expose your private key to scammed because if you do that irrespective of the wallet you're using, you'll lose your coins. Safety is very important when investing in Bitcoin, the safety of your investments should be your top priorities and you should employ different security measurements to make sure your investment are secured.

If you can accumulate Bitcoin every week or months, brothers and sisters you can afford a hardware wallet, I know you have a goal, to reach 0.3 BTC but mind you, making sure you hold the 0.3BTC securely is the most important thing, don't work hard for scammers to reap your reward, safety first.

Affording a hardware wallets isn't the problem for some people's but how to get the wallets delivered to their location is the problem for some people especially those not staying in US or European countries that shipping to their location won't be that smooth. I won't be comfortable if my hardware wallets has to go through different third parties before it gets to me even though it hasn't been opened so using a software wallet like electrum on an air gapped device is still a safer option for me.

[AnonBitCoiner]

$2000 is a huge amount of money to just lose like that. someone like me could probably not face such loss and would go through a serious mental breakdown. and wouldn't be able to do anything for days. I am glad that you got over the loss and learned your lesson and took immediate action and a hardware wallet for yourself to keep yourself secure in future.

But keep in mind that Only buying hardware wallet is not enough. you need to be extra careful to protect your seedphrase. and also be careful when using those DEFi websites and dapps. don't connect your wallet and give permission to unknown websites. sometime people end up signing up in scammy apps and end up getting their wallets drained.

[bangjoe]

$2000 is a huge amount of money to just lose like that. someone like me could probably not face such loss and would go through a serious mental breakdown. and wouldn't be able to do anything for days. I am glad that you got over the loss and learned your lesson and took immediate action and a hardware wallet for yourself to keep yourself secure in future.

But keep in mind that Only buying hardware wallet is not enough. you need to be extra careful to protect your seedphrase. and also be careful when using those DEFi websites and dapps. don't connect your wallet and give permission to unknown websites. sometime people end up signing up in scammy apps and end up getting their wallets drained.

Unfortunately he made a few mistakes until he lost his biggest one which was $2000, and that's enough to make some people suffer, it's enough for most people.

I agree with you that hardware wallets are not the main thing for security, because if we are good at keeping our wallets with seed pharsenya well, to this day I am also still safe, and my bitcoins have not decreased at all. And so far I have invested in bitcoin never bought or used hardware wallets for my crypto assets, especially bitcoin, it's just that I divided my bitcoin portfolio in several wallets so that when I lost one, I had another wallet, but so far the way I did it did not get any problems.

[sokani]

Do not let the same thing happen to you before you know the importance of having a hardware wallet, I have always known that hardware wallet is the safest but I ignored it, thinking I can't afford it, and I could, but I don't want to leave my accumulation of Bitcoin behind and spend hundreds of dollars on a hardware wallet, few open source hardware wallet are not even up to hundreds of dollars.

From what you said about software wallets, I could easily conclude that you were careless with your wallets and that's how you got exposed to hackers. However, It's actually a good thing that you got a hardware wallet but have it at the back of your mind that hardware wallets are not 100% safe. You still have a part to play to ensure the safety of your assets. For instance, If the device you're connected to is infected with a clipboard malware, you could lose your funds when copying an address, so take note. Also, don't create digital footprint of your seed phrase, back it up, keep it offline and somewhere safe.

[Bushdark]

Do not let the same thing happen to you before you know the importance of having a hardware wallet, I have always known that hardware wallet is the safest but I ignored it, thinking I can't afford it, and I could, but I don't want to leave my accumulation of Bitcoin behind and spend hundreds of dollars on a hardware wallet, few open source hardware wallet are not even up to hundreds of dollars.

From what you said about software wallets, I could easily conclude that you were careless with your wallets and that's how you got exposed to hackers. However, It's actually a good thing that you got a hardware wallet but have it at the back of your mind that hardware wallets are not 100% safe. You still have a part to play to ensure the safety of your assets. For instance, If the device you're connected to is infected with a clipboard malware, you could lose your funds when copying an address, so take note. Also, don't create digital footprint of your seed phrase, back it up, keep it offline and somewhere safe.

I don't like using the word careless because this might not be as a result of carelessness but ignorance. It is good when we understand ourselves and make sure that we stay safe in the market because there are lot of ways we can lose money to scammers. We need to ensure that we do the right thing making sure that we keep learning on how to stay safe in the market. Those that had been in the market for long too might have fallen to this kind of mistake and it is a lesson for everyone to keep everything safe.

[fullhdpixel]

I would say that though hardware wallets are way safer and more secure than software wallets, it depends on a person's nature and how careful they are with their funds, wallets, and private keys so that no one manages to get access to their funds. A Careless person will always make mistakes that make their wallets easily vulnerable to getting attacked by those who are always looking for such opportunities so that they get to have access to someone's wallet and steal their funds.

So, it depends on your ability to safeguard your funds because some people might manage to keep their assets safe even if they don't have a hardware wallet. And, some may not be able to protect their assets even if they have them stored in a hardware wallet because their private keys can still get leaked if they are careless by nature.

[Mr.right85]

You were not scammed or lost your bitcoin because you did not have a hardware wallet; rather, you lost them because you were careless with your private keys and you were not security conscious. Many people here do not own a hardware wallet and have no idea how to use one, yet they have never complained about being compromised.

I think the OP gets that point and perhaps might have presented the case wrong but, the intent could have just been, it’s more easier to have your digital device compromised and consequently, the phishing of important details, wallet deeds and all than, it would be with a hardware wallet.
In recent times, our devices are a part of our daily live and we practically, live some of our lives in the digital realm and that means, your having way much and frequent interactions with people, applications, bots and whatever it is that is out there. In a way, it opens you up to threats and danger.
The case is much different with hardware wallets. It’s just you having to save and maybe withdraw and that’s all.

Still, it all goes down to what amount of care and safety you give it. It wouldn’t save itself.

[dzungmobile]

Losing money is always painful experience but we can not ask scammers to refund us so we have lessons to learn, for improvement practically and avoid loss in future. Sorry for your loss but it is good to see you learn from it, imrpove your practice and also share this stoylry with newbies.

Wallets are where we store our private keys and our bitcoins. Choosing a good wallet is first step that is important but is not enough.

A good wallet can be compromised if you have bad practice and it is your fault, not from the wallet developers.

I am a bit surprised to see you were in cryptocurrency market in 2018 but only joined this forum in 2022.

[Dimitri94]

For those who intend to hold Bitcoin for the long term, using a hardware wallet is risk-free for wallet security. But if an investor or holder wants he can also use good software based wallets. The security of the wallet mainly depends on the wallet user. If you save the security keys properly and if your wallet does not connect to some random unknown harmful sites then there is no possibility of damage to your wallet. What we find in most cases is that we don't store key phrases with proper care. Any site we connect our wallet and in some cases we are subject to attacks by phishing sites. Hardware Wallet is definitely safe but it is expensive so not everyone can use it. So if someone uses software wallets carefully  I think his bitcoins will be safe.

[LogitechMouse]

Every small $$$ was so damn important to me that I only care about buying Bitcoin, i ignored going for a hardware wallet, until I lost $2000 using a software wallet, this was so painful that I got mad and took out some money to purchase my first Hardware wallet, something that I should have bought right from the start.
~
I repeat, safety should comes first, if you are a beginner, start saving up for a secured open source hardware wallet now, we are heading into 2024, add this up to your plans if you don't have the money now, the safety of your Bitcoin is what will count in the end, not how much you have accumulated and lost.

I wonder what is that "software wallet" you used because I've been using Electrum ever since, and still didn't buy a Ledger (or any hardware wallet), but fortunately, I didn't experience getting scammed.

Don't blame the fact that you are only using a software wallet for what happened to you in the past. Blame the fact that you're a bit careless thus, you got scammed (or got hacked whatever). Whenever I'm browsing, I'm always cautious on the websites that I'm browsing because there might be a chance that it's a phishing website. At the same time, I'm always curious on the things that I'm downloading online because there might be some malware that's included on it that might get my assets.

Many people (including me) recommend other people to use hardware wallets so that their assets will be safer, but in the end, it's useless if you don't know which are scams and which are not. You can get a hardware wallet, and still get scammed if you don't know how to distinguish a scam. Like what others said here, hardware wallets might be the safest, but there's still a chance for it to get compromised like what's happening in the past.

[Pi-network314159]

Things like knowing how to create an airgapped wallet, not exposing your private key to any software that's connected to the internet, not downloading software or files from an unknown source, not verifying software before installing it (even if it's from the original source), and randomly clicking on links are all examples of risky behaviour. It's far better to learn them than merely going for hardware wallet alone, however you might have a hardware wallet and still get hacked if you don't know how to properly safeguard your system.

I have been wondering on how to create this airgap wallet. I have come across This airgap wallet but don't know much about it. I will be a honour if you can trow more light on it?

[Nheer]

I was able to remember how I have lost some crypto assets to scammers because of my crypto wallet private keys revealing one way or the other, I still remember losing $300 worth of Bitcoin in 2018 and also something similar happened in 2020 and even 2022.

Repeating a mistake doesn’t make it a mistake again rather i see it as being careless, how would the same mistake keep repeating itself multiple times? If it does then you are just being careless and one would think maybe you derive joy from losing money and that’s why keep losing money almost every year. $300 is a huge amount that would make a person feel bad when lost and then you easily amend your ways and prevent further loss.

Every small $$$ was so damn important to me that I only care about buying Bitcoin, i ignored going for a hardware wallet, until I lost $2000 using a software wallet, this was so painful that I got mad and took out some money to purchase my first Hardware wallet, something that I should have bought right from the start.

That’s where people usually get it wrong, safety first before anything else but when money is involved they get blinded by it and forget everything else. The crypto world is full of scammers and they are always waiting for the slightest mistake and opportunity to scam people. Before investing choosing the best wallet and how to secure and store your private keys should be the first priority because when your assets are stolen there will nothing else to protect.

[_BlackStar]

Losing bitcoins due to hacks and other things like losing access to a wallet is the user's fault - not your fault for not purchasing a hardware wallet. You can still lose all your bitcoins even if you keep them in a hardware wallet - that too for the same reason.

Storing bitcoins in a hardware wallet is one of the recommended security methods for bitcoin users - but that doesn't mean you can completely avoid all risks when you are not careful in use and other things that could cause you to lose them. It's all about the user and how they practice security methods - but hardware wallets are one of the best recommendations.

[bananaunana]

Very sad to hear. 
300$ is very high amound because right now, it might be even more.

I hope it won't happen to you again and I wish you always a safe storing of coins. Hack is always dangerous and when we rely on an insecure application.
Technology might make progress in technology as well. 

[Darker45]

The main lesson isn't probably about buying a hardware wallet. It's about safekeeping. Electrum, for example, is probably the safest and the most recommended hot wallet for Bitcoin users. But then there's somebody using it who lost his funds kept in an Electrum wallet. The lesson isn't necessarily avoiding Electrum. It's about safekeeping.

For somebody who DCA little by little accumulating $300 so far, an $80 Trezor is probably expensive for him/her. But it's not the only safe option out there. One can even have a hot wallet for it for the time being for as long as one is mindful with the basic safety dos and don'ts and actually practices it.

[knowngunman]

This is a very good advise and a good lesson to follow it up on how important it is to have a hardware wallet for complete control and ownership of your bitcoins. As the much anticipation for halving and bull run is approaching, a lot of people won’t mind were to save their coins, they will only be focused on how many they can accumulate before the bull run so that they can get a lot of profit from it. They will tend to forget that safety comes first before anything and if you leave your bitcoins in the hands of third party, you are at risk of losing them all. It is better to also note how to keep our funds safe while we continue ti accumulate for the bull run. No penny is worth being lost to anyone after you’ve worked to earn it for yourself.

The matter of hacking is not all about using a secured hardware wallets but how well you can protect your wallet. Of course, the chances and risks of your assets being stolen will be minimal when you are using a hardware wallet but it is not 100% guarantee because your maybe vulnerable to malware. The security of your coins depends on how secured your private keys are and not the type of wallet you are using. It doesn't make any difference if you are using the most secured wallet or not. If you can not protect your keys, you are at risk of being hacked.

To Op, I believe enough have been said on this thread regarding your wallet safety and possible reasons that led to your coins been stolen which is most likely that you handle your keys carelessly. Addition to what have been said, I will also add my two cents. Your private keys security come first before any other thing and be careful the sites you interact with.

I am a bit surprised to see you were in cryptocurrency market in 2018 but only joined this forum in 2022.

I'm not surprised thou because I know people who have been in crypto space for quite some time now and they have no idea about this forum. What surprises me is how knowledgeable they are on crypto despite not being around here. Having a second thought, some people are the type that like reading from a site without having to become a member. They are comfortable to read others opinions but don't like to make their own contribution. That might be the case with op or possibly, he became aware of this forum lately.

[Y3shot]

Safety is the most important thing one needs to know about Bitcoin,  when their is no understanding about safety it is very easy to lose all you have invested in bitcoin.  Before investing in Bitcoin,  safety in all aspects needs to be understood very well. The kind of wallet that should be use to store Bitcoin matters a lot. Bitcoin should be stored in a non custodial wallet,  with this kind of wallet ones investment is in a safe hand than using software wallet or exchange wallet that anything can happen to it.

[Hypnosis00]

Losing money is always painful experience but we can not ask scammers to refund us so we have lessons to learn, for improvement practically and avoid loss in future. Sorry for your loss but it is good to see you learn from it, imrpove your practice and also share this stoylry with newbies.

Wallets are where we store our private keys and our bitcoins. Choosing a good wallet is first step that is important but is not enough.

A good wallet can be compromised if you have bad practice and it is your fault, not from the wallet developers.

And no matter if we use hardware wallets if we are still careless, that is useless.
In fact, many crypto holders are not using hardware wallets but have never been hacked because they keep their keys safe and have been cautious about any links. Yeah, it is all about bad practices and carelessness and it was not a surprise to anyone who is doing this.

And so newbies must understand first the risk of investing and saving crypto as it was not the assurance to have a highly secure wallet our funds are 100% safe because hackers will find a hole in our security and get in.

[arwin100]

And no matter if we use hardware wallets if we are still careless, that is useless.
In fact, many crypto holders are not using hardware wallets but have never been hacked because they keep their keys safe and have been cautious about any links. Yeah, it is all about bad practices and carelessness and it was not a surprise to anyone who is doing this. 

This is the reason why its important for us to know that there's huge risk for acquiring digital assets and they could lost everything they have in their wallets if they don't care to much on the safety of their wallets and just click all things they see or participate to any unknown site that ask them to put their private details. Its not all about what wallet they used but how they secure their wallets since if you are aware and use a lot of measures so that you will not get affected then everything is fine here.

And so newbies must understand first the risk of investing and saving crypto as it was not the assurance to have a highly secure wallet our funds are 100% safe because hackers will find a hole in our security and get in.

They must know and research a lot of information and they should not always look for positive information's but rather learn those past scam since this could help them to decide either they should enter on risky platforms or not.