Don't trust your old wallet of when u had no Crypto knowledge

[AVE5]

To the rest of us in the forum, I am to let you know that if you have created a crytop wallets before probably during your ignorant eras such as when you never had the security knowledges of Bitcoin and your wallet, which you may have in anyway exposed your private and security phrases to others due to your previous lack of crypto and wallets understanding, you are advised to dump the wallet and creat a new wallet with a newly generated private and security phrases which you can now keep carefully and privately to your best of safe mode.
I brought this up here because lot of individuals has long time ago installed the crytop wallets to their devices even before they are embracing the crypto sphere, they had then loose guarded their private phrases but due to the fact they could remember the wallets passwords and have access to the wallet, they feels so safe in using the same wallet at once they have embraced the crypto industry.
Having your wallets passwords in gaining access to your wallet is the ultimate of ownership of your wallet but your Private keys phrases matters because you one can who is knowledgeable about those private phrases has the access command to retrieve your wallet to themselves anytime any day.
So, be concious about your wallets privacies.
Meanwhile some persons may have been putting you through the thoughts about Bitcoin whom may have helped you in creating a crytop wallets during a learning era about the coins which probably they may have got access to your private phrases without your knowledge then. My advice at a case like this is that at your readiness of Investing your funds in the crytop, do not use the wallet, you are free of charge to create a new wallet with a generated private phrase keys which can personally be to yourself all alone but depending on how careful you could be about your privacies.

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[promise444c5]

Snipe

I get your point OP and it's a good one
However, you're mixing things up settings up a password is  general for wallets but using a password for wallet recovery  after a long period of time probably on a new device  or reinstall of wallet software is only limited to Exchange wallets as youonly need your sign in id and your registration password to get things running again.
Non custodial wallets only use secret seeds for retrievals but you can setup a login password to always enter your account each time you feel like accessing it to prevent  someone from accessing your wallet through your phone without  permission.

[Mia Chloe]

This is one of the best advices I've seen today. During my newbie journey before I joined this forum I knew little about how privacy works and how to even manage it. However as I spent more time I began to get the bigger picture.
Using old wallets you used when you were less aware of your privacy for storing your Bitcoin hodlings is a very wrong move. because unknowingly to you, you may have been exposed to some phishing attempts in the past or already have your computer being monitored by some hacker via a malware without your knowledge.

Now when I got to understand these things I knew the best idea was to start afresh. I did this by formatting my computers removing the pre installed windows and installing a more open source software (LINUX). Doing all these helped keep me safe from hacks and phishing malwares.

Having your wallets passwords in gaining access to your wallet is the ultimate of ownership of your wallet

As for this, the ultimate ownership of a wallet is in the seed phrase and master private key. Passwords are only used in wallets like Electrum to encrypt the file hodling the seed phrase and private keys.

[Despairo]

Using a receipt address from centralized exchange when you didn't login into the exchange, that's called ignorance because any exchange can update the customers' receipt address without notify.

Asking someone else to create a wallet for you, that's called stupid.

Having your wallets passwords in gaining access to your wallet is the ultimate of ownership of your wallet but your Private keys phrases matters because you one can who is knowledgeable about those private phrases has the access command to retrieve your wallet to themselves anytime any day.

Wrong, as long as you have the private key, you can access to your wallet even though you lose your password and 2FA.

you are free of charge to create a new wallet with a generated private phrase keys which can personally be to yourself all alone but depending on how careful you could be about your privacies.

Incorrect, what you talk is about security, not privacy.

[Ruttoshi]

I believe anyone that has spent up to a month active in this forum will know that it is a normal say that your seed phrase should be backed up and kept safe in three different locations very far from each other. Anyone who is using a wallet that he does not know where the seed phrase is, I think that person is gambling with his coins, because password is useless when it comes to wallet. This is because you can create wallet and use a different password and import your seed phrase incase you don't have access to your phone or you forgot your password.

One thing I practice most times for security is that, I try as possible not to use the same wallet for a long time, because creating a new online wallet is easy. The safety of your bitcoin is in your hands and be safety cautious. The good thing is that I started my crypto journey from this forum, and it has helped me a lot.

[lovesmayfamilis]

I remembered myself. Coming to the forum in the bounty era and being intoxicated by the news background from all YouTube and Internet sites about the profitability of these companies, the first thing I did was create a wallet.
I didn't know anything, but I created a wallet, expecting that the time of my wealth would come. Afterward, I laughed at my thoughts for a long time.
You are right, OP, that you shouldn't trust what was created while you were growing up. There will definitely be mistakes. And I think perfection is common to all people. We want the best; we buy better gadgets, handle them better, understand how important it is to keep devices clean, and naturally, we must be more careful with those things on which our financial life depends. In this case, the accuracy and safety of wallets.
Start to understand that when you better understand a particular area, everything that came before can be called a draft. And they are usually destroyed.

[Taskford]

People really need to know that the first wallet they use is so risky since there's a chance that someone has an access on it especially when the time we don't know how to use it. For sure there's a lot of programs we participate and we are not sure by that time if we do the right thing. That's why much advisable to anyone to create a new wallet when they gain knowledge about crypto since for that they can assure that there new wallet is safe.

They should not look back at their old wallet since there's nothing to waste their if they don't have any balance left.

To many newbies fall from this since they think their old wallet used is safe and they've been hacked by those people waiting for them to deposit some balance so to avoid this to happen delete all old used  wallet and try to get new one so we are confident that we are away from hackings or other methods that can affect us.

[Nothingtodo]

When new entrants to cryptocurrencies have very limited knowledge about cryptocurrencies, the wallet used is not properly stored or even if stored, the private contents of that wallet are unknowingly shared with others. Moreover, the initial condition is to connect the wallet by entering phishing links provided by various sources, which are likely to be hacked. i am As far as I know, if you connect the wallet to various phishing sites and AirDobs, that wallet goes under the hands of hackers and they can easily access those wallets. That's why it's best not to use a wallet that is currently in use when knowledge of cryptocurrencies is very limited.

[Z390]

Good advice 👍.

Two of my old generated crypto wallets from 2018 have been compromised, I don't believe that I leaked the keys but I must have been careless with the keys without even knowing it, today I have learnt more effective ways to keep recovery seed safer than the old days, so you have a point OP, it's better to avoid the old crypto wallet from the time you don't have a lot of experience about crypto.
I will like to correct you that there is nothing like crypto wallet passwords, those passwords are for in phone security, but if your recovery seed get leaked your password becomes useless, what matters the most is your recovery seed and private key, they are the real keys to your digital assets.
Mind you, some people still use crypto wallets from 2016 and they are holding good amount of BTC in the wallets, they understood the security procedures and they stand by it, I called them smart beginners, but no one knows me better than myself, I was a slack person when I was new to crypto, it makes no sense for someone like me to use an old crypto wallet.

[sokani]

You're not wrong. During my rookie days I made same mistake. I had the private keys of my first wallet stored on my phone which I've long abandoned because of the security risk. Your advice is good but for those persons who have misplaced their privates or seed phrase but still have access to their funds, aside having someone else steal their funds through the misplaced seed phrase. If they lose their device, they'd automatically lose their fund since they don't have the seed phrase. So it's important they generate a new seed phrase, back it up, and send their funds to the newly created wallet.

[Gladitorcomeback]

I agree with OP advice, There is high chance of losing assets from old wallets we created in time when we had not enough security knowledge to secure our wallet. We might tried our wallet phrase in scam sites or PC attacked vy malware. we should create new one and follow all security steps to secure our fund.

Well honestly all my wallets(more than six) has been hacked as i saved phrase in Gmail where hackers got access. Now from 2021 I started new journey of crypto and my wallet are secure till now.  Wallet security should be our first priority before holding btc or any altcoins.

[Doan9269]

To the rest of us in the forum, I am to let you know that if you have created a crytop wallets before probably during your ignorant eras such as when you never had the security knowledges of Bitcoin and your wallet, which you may have in anyway exposed your private and security phrases to others due to your previous lack of crypto and wallets understanding, you are advised to dump the wallet and creat a new wallet with a newly generated private and security phrases which you can now keep carefully and privately to your best of safe mode.

It all start from here, what you should do and not.

1. Don't make use of a custodial wallet.
2. Don't make your private keys vulnerable to anyone
3. Learn to maintain and practice security and privacy
4. Don't use any old or existing wallet you don't know if it has been compromised or not
5. Make sure that you also cross check, validate and be rest assured of the steps you're taking in using a particular wallet, don't share devices with other people and don't allow them to help you set up your wallet, even when you're once a newbie, discard the old one set up by other people for you and create your own by yourself.

[Catenaccio]

My advice at a case like this is that at your readiness of Investing your funds in the crytop, do not use the wallet

You meant that "Don't reuse wallets that were used long time ago when you are a newbie and have no or little knowledge about cryptocurrency and security".  Reuse, let's emphasize it.

you are free of charge to create a new wallet with a generated private phrase keys which can personally be to yourself all alone but depending on how careful you could be about your privacies.

I agree as it does not cost extra fee to create wallets. Hence if it is better and safer for your fund, it's a good practice to create a new wallet when you already have better knowledge about wallet, security and have new clean devices.

Remember that don't delete your old wallets as satoshi's advice "Don't delete your wallets".

[satscraper]

I did this by formatting my computers removing the pre installed windows and installing a more open source software (LINUX).

Do you know that the advantage of Linux went down to the drain after it was discovered that almost all distros with Secure Boot support contain a vulnerability that allows remote code execution.

Therefore, I am convinced that singing the praises of any operating system is a lost cause. As we  say here, “for every bolt there is a nut.”

Wallet must rely on air-gapped machine rather than OS.

[jrrsparkles]

If your private keys or seed phrase exposed to others then there is no chance for any balance left in that wallet so it doesn't necessarily mean your old wallet is compromised because you created with little knowledge. But I get your point, if you had better understanding about wallet security and where you need to store the funds that is intended for long term holding then definitely cold storage option is recommended.

[Outhue]

This is the best advice I've read today, you are indeed very correct, I have used my old crypto wallets to do tons of stupid things and that's because I can remember this, I have claimed to many airdrops with the wallet, sign everything I saw online, no single free tokens escaped from me, I was 100% active and ready to earn free money at the time.

Imagine someone who did this, as a beginner, what do you expect? I was having a very good time learning about crypto, today I announced that such wallet can't be safe, because I believe so, I was just too carefree back in 2017, I am sure that the wallet address is already poisoned.

That's it, today I will like to advice any newbie to get a airgapped devices instead, but they should first take their time to learn how to safe guard their crypto wallet, even if its a hardware wallet you can do so many stupid things and still lost your assets.

[ItsaWhale]

To the rest of us in the forum, I am to let you know that if you have created a crytop wallets before probably during your ignorant eras such as when you never had the security knowledges of Bitcoin and your wallet, which you may have in anyway exposed your private and security phrases to others due to your previous lack of crypto and wallets understanding, you are advised to dump the wallet and creat a new wallet with a newly generated private and security phrases which you can now keep carefully and privately to your best of safe mode.
I brought this up here because lot of individuals has long time ago installed the crytop wallets to their devices even before they are embracing the crypto sphere, they had then loose guarded their private phrases but due to the fact they could remember the wallets passwords and have access to the wallet, they feels so safe in using the same wallet at once they have embraced the crypto industry.
Having your wallets passwords in gaining access to your wallet is the ultimate of ownership of your wallet but your Private keys phrases matters because you one can who is knowledgeable about those private phrases has the access command to retrieve your wallet to themselves anytime any day.
So, be concious about your wallets privacies.
Meanwhile some persons may have been putting you through the thoughts about Bitcoin whom may have helped you in creating a crytop wallets during a learning era about the coins which probably they may have got access to your private phrases without your knowledge then. My advice at a case like this is that at your readiness of Investing your funds in the crytop, do not use the wallet, you are free of charge to create a new wallet with a generated private phrase keys which can personally be to yourself all alone but depending on how careful you could be about your privacies.

this has happen to me too , i was using blockchain wallet more than years never had any issue till one day someone withdraw all my money
I get rid of it  long time ago

[Hatchy]

I brought this up here because lot of individuals has long time ago installed the crytop wallets to their devices even before they are embracing the crypto sphere, they had then loose guarded their private phrases but due to the fact they could remember the wallets passwords and have access to the wallet, they feels so safe in using the same wallet at once they have embraced the crypto industry.

It's great to see people caring about the safety of their money and keeping their keys secure. Many crypto investors suffer consequences due to ignorance. Knowing how to protect your funds is crucial for any crypto investor. I've heard of investors losing their money for similar reasons you mentioned.

Recently, a friend lost $500 worth of altcoins because he forgot his old wallet's password. I advised him to import the wallet again, but he couldn't find the seed phrase.he was frustrated, but once you lose access to your keys, your funds are gone. He felt sad and blamed himself for not understanding crypto wallets earlier.

Let's all be smart about safety of our funds. Avoid buying wallets or having someone else open one for you. It's easy to learn how to manage them if you focus and put in the effort.

[Mia Chloe]

Do you know that the advantage of Linux went down to the drain after it was discovered that almost all distros with Secure Boot support contain a vulnerability that allows remote code execution.

Therefore, I am convinced that singing the praises of any operating system is a lost cause. As we  say here, “for every bolt there is a nut.”

Wallet must rely on air-gapped machine rather than OS.

Thanks Op for the heads up.

Anyways  I was not saying that I fully trust the LINUX Os, but my point is it is a better option than windows. Like for example if I was to setup an air gapped wallet I would definitely not make use of windows.

No wallet or OS is totally safe but the point is there are always better alternatives and options. If you come to think of it cold wallets are safe from the internet but are not totally safe from burglary and other physical thefts.

[Coyster]

Well honestly all my wallets(more than six) has been hacked as i saved phrase in Gmail where hackers got access.

Sorry you had to lose your money to these hacks, but at least you learnt an invlauable lesson not to keep your seed phrase online, and that includes your email account, once your email account is hacked, your money in your wallet would be stolen. You should only make offline backups.

One thing I practice most times for security is that, I try as possible not to use the same wallet for a long time, because creating a new online wallet is easy.

Doing this does not increase your security, i think you should move your money to a new wallet if think you have made a mistake that can possibly lead to your wallet being compromised, other than that, if you are using your wallet safely, there is no need to change it regularly.