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

[moneystery]

this is good advice considering that we don't know how we treated our private keys in the past when we didn't understand the security of the bitcoin wallet, maybe our private keys were already in the hands of someone else or other possibilities which made our old wallet no longer safe. and because of this, when we know about the security of bitcoin wallets, we must be able to create a new wallet to be able to secure our assets from unwanted parties.

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[Rabata]

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.

About such a situation I have also come to know where a friend of mine after creating a wallet and forgets to save it out of laziness or any others reasons and subsequently deposits there and he also lost his account accidentally. He opened the wallet to join an Airdrop. If he had a good idea about crypto then he would have tried to save it with utmost importance. There are certainly risks involved in using a cryptocurrency wallet without knowledge. Especially in security matters. It is necessary to know whether he has collected the seed phrase of his account or whether he is aware of the aspects of his weakness or not. One must know how important a cryptocurrency wallet's seed phrase.

[Churchillvv]

I love the idea of making things so private, I had a bad experience some time ago when I change a login details an account that was created for me back then and the mentor wasn't happy with me for changing my password so I then voluntarily gave him the pass code there after I have a little funds in my wallet, out of ignorance he moved the coin to his own private wallet and I was left without profit after putting in some energy to work.

Now here is the fact, when making a choice of wallet you should choose open source wallets[1]  whether mobile or desktop version of the wallet and hardware wallets/cold storage wallet should be considered all the time. at this point we should always remember the phrase that says "not your keys, not your coin"[2] security and privacy should be a paramount priority of a coiner.

Some days ago, I shared the idea of teaching wallet security and privacy issues in Bitcoin investment with JayJuanGee, he agreed to put in sure idea in his work of knowledge in the forum. I do care about security because a little mistake can flush out all you investment.
[1] https://alternativeto.net/category/cryptocurrencies/cryptocurrency-wallet/?license=opensource
[2] https://www.ledger.com/academy/not-your-keys-not-your-coins-why-it-matters

[Hamza2424]

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.

Hmm Yup, Bro you are on the right track...

Its never preferred to use custodial wallets, even though those are also Hot wallets but still, we need to realize that non-custodial wallets are way more secure compared to those ones, not every noncustodial wallet is reliable we need to find out by ourselves. I know the current topic is not about custodial vs noncustodial.

Still as always endorse the point "Not your key, not your coins" This should be mentioned and clarified everywhere, the pre-wallet login pin is a good feature but its not as reliable as if you are using most third-party apps and your wallet on same time and relying on the PIN, because its not cold storage or 2FA.

[AVE5]

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.

And the ignorance attitude towards this article is mostly exercise by the newbies. This is one of the reasons for the thread which is basically pointing at either beginners and help who had done mistakes in an onset that hasn't been able to realize their ignorantic misconducts.

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

What we don't know is always bigger than us just as said that a questionaire is not no offensed for asking whom can probably misguided due to lack of knowledge so, intentionally, you can ask someone to create wallet for you due to the fact that it was the person that introduced you into the platform and sincerely, it should be assumed that you are not knowledge in the platform at that period of time.

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 absolutely right @Despairo but the fact is that you can't get hold to gain full access and privacy to your wallet just because you have your password and loose guards on your private seed phrases. Remember we are discussing about beginners and help here who are just comfortable about their wallets with the fact that they have their passwords with them but feels less concerned about their private seed phrases which one can retrieve or gain access to their wallets just with the entrance of their privet seed phrases. That is my point here. Just tips of advice to whom it may concern.

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.

Privacy and security is undermined here. You can have access to your wallet and yet a third party could still have access to it without your knowledge. I strickly tried to explain it this way that if you don't trust your wallet during your begining, you can always create yourself a new one. As previously explained, someone who introduced you Into the system could create a wallet for you at a learning or beginners stage and at your experiences gain to Invest into the platform, due to doubts of your wallets privacies, you can always create a new one after your knowledges in rh industry.
Literarily, this thread is basically for the users with the potentials of being unknowledge able about the risks of their wallets formally untrustful wallets either by security or privacy doubts.

[albon]

This is a piece of good advice given by the OP. Some keep old wallets that they created many years ago since they recently joined the crypto arena and got involved in participating in airdrops, bounties, and the like without securing themselves with the proper safety and protection procedures in place due to the lack of sufficient experience that they had when they were a beginner. They might be using these old wallets now and discover a sweeper bot or a malicious DApp connected to their wallets or that their seed phrases and security information are already exposed, leading to the draining and theft of their deposited assets.

Creating a new wallet only takes a few minutes for anyone, so there is no reason to use old wallets if they do not contain any valuable assets and if the person is not sure about the security of the old wallets in which he will deposit his capital into, there is no need for him to use them instead of losing everything in the blink of an eye.

[Pi-network314159]

What you are saying is actually truth because many people whom attempt on doing that, they end up sending coin to a wallet that the either the seed phrase has been misplaced. And another person might be in possession of your seed phrase and whenever coin comes to it, the third party know about it and probably might swindle the money due to ones ignorant and carelessness. And I believe this is the main reason many people always complain about hacked wallet or stolen coin in wallet. All is just as a matter of misplacement of pass phrase

[Kelward]

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.

Thanks for bringing this topic up, a lot of us have made mistakes when we were ignorant of the various scams and hacks in the crypto space, immediately a person that's into crypto gains knowledge, they must review everything that they've done before gaining knowledge to see if they've made any mistake that needs correction. Opening a new crypto wallet seems easy to us now, but the truth is that most of us were guided by others to open our first wallets, and you never can tell if the person has copied our seed phrase and can use it to import the wallet to be monitoring transactions inside it, if a substantial amount of coins enters it, they can easily move the coins to another wallet.

[Mame89]

About such a situation I have also come to know where a friend of mine after creating a wallet and forgets to save it out of laziness or any others reasons and subsequently deposits there and he also lost his account accidentally. He opened the wallet to join an Airdrop. If he had a good idea about crypto then he would have tried to save it with utmost importance. There are certainly risks involved in using a cryptocurrency wallet without knowledge. Especially in security matters. It is necessary to know whether he has collected the seed phrase of his account or whether he is aware of the aspects of his weakness or not. One must know how important a cryptocurrency wallet's seed phrase.

Actually, there is no need to wait long to change our cryptocurrency wallet. If we feel that our wallet is connected to an airdrop or something similar, we should create a new cryptocurrency wallet because this is to maintain the security of our assets in the wallet.

Especially if we have a lot of assets, it is best not to use this wallet for things that are not important, such as taking part in airdrops and bounties. Because both are very vulnerable to wallet hacking. So apart from not using your old wallet, it would be a good idea to separate your main wallet and a wallet for participating in airdrops and so on. Many people experience hacking because they think things like this are trivial.

[Peanutswar]

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.

You can set another password if you transfer your wallet to another device, private keys are the most essential you need to keep not the password, get into the trend if you know that old wallets doesnt support any kind of features for another layer of security there's nothing wrong if you will migrate your money to make it more secure, if you have a funds why not buy a hardware wallet these make you feel safe. Dont hesitate to invest in your security not only with the hardware but also to the device you are using with.

[avp2306]

About such a situation I have also come to know where a friend of mine after creating a wallet and forgets to save it out of laziness or any others reasons and subsequently deposits there and he also lost his account accidentally. He opened the wallet to join an Airdrop. If he had a good idea about crypto then he would have tried to save it with utmost importance. There are certainly risks involved in using a cryptocurrency wallet without knowledge. Especially in security matters. It is necessary to know whether he has collected the seed phrase of his account or whether he is aware of the aspects of his weakness or not. One must know how important a cryptocurrency wallet's seed phrase.

Actually, there is no need to wait long to change our cryptocurrency wallet. If we feel that our wallet is connected to an airdrop or something similar, we should create a new cryptocurrency wallet because this is to maintain the security of our assets in the wallet.

Especially if we have a lot of assets, it is best not to use this wallet for things that are not important, such as taking part in airdrops and bounties. Because both are very vulnerable to wallet hacking. So apart from not using your old wallet, it would be a good idea to separate your main wallet and a wallet for participating in airdrops and so on. Many people experience hacking because they think things like this are trivial.

Creating a new wallet should not be an issue since this could make them feel safe regarding on what those possible problems that might come to them. If they have balance left on their old wallet then they can simply transfer it and for sure it will not eat a lot of their time to do it.

Also if they are worried about possible upcoming airdrops and their wallet might be eligible on one of those then I guess much better for them to keep their old private key and just visit them when there's a airdrop rumored on the past platforms they are using to see if they are eligible for possible airdrops. Many suffer really from hacking from not doing anything on their old wallets and if they are just aware about the risk for sure they would never encounter any hacking issue.

[tabas]

IMHO, there is no problem if you use an old wallet with a new address. As long as you haven't used it publicly and you are the only one that knows it, that's totally fine and there's no issue at all. But if that's what making you confident and happy to not use an old wallet or address, you better make a new one for your own confidence. I think this is a reminder to the bounty hunters where they've been using addresses and they are being attacked by dust attacks to conceal their identity. It's a matter of privacy concerns that you have to check out upon using old wallets of yours. So, it's more likely that you're giving a reminder to the airdrop and bounty folks wherein they're required to do some test nets and transactions which makes them pay the fees and stuff. But if you use your wallets privately and you don't connect it to any random website or don't do transactions often, you have nothing to worry about.

[nakamura12]

It is a good advice coming from you OP but not all old wallet you have can't be trusted because I have an old wallet myself but it is still to br trusted and wasn't compromised although your point is still good because some people didn't even know that their own old wallet is compromised or someone know the seed phrase of the wallet. If you think that the wallet is no longer safe then creating new wallet should be the first thing to do and transfer all the crypto from the old wallet.

[bayu7adi]

I still remember my first wallet was created on a custodial platform and I stored the credentials to access the wallet in the cloud which may now be exposed. Even though this is very basic, it is true, using a wallet that is no longer secure is a bad choice.

As long as creating a new wallet is free, and the longer we learn, the better we become at improvising security and privacy, it's a good idea to use the newest wallet. This is really related to the security of our data, so I also recommend not using old wallets. If there is a balance, moving to a new wall as soon as possible is the best option.

[Uhwuchukwu53]

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.

Ignorance has allot to play especially as newbie but this advice is very deep as most our ideas speak my mind. See anything wallet is not what one need play with mostly when there is a money involved, private key,pass phrase password and all details need be personal security no interference of any second or third party, Saving it as software is even dangerous it's even more advisable to make use of hardware wallet than software, even leaving your money on exchange is very dangerous, I think allot has be given as opinion who ever that want learn should learn from others mistake because been a victim you may not leave to testify.

[Ever-young]

I remember back then when myetherwallet was very popular which must of my wallet was all created through it and the private key printed and safe guided in a secured location, but there have been lot of now closed dex exchanges which I have connected those wallets to like, forkdelta, etherdelta and many others which I can’t remember many of those exchanges have been compromised which our wallet data might also be part of the stolen data.

I personally have abandoned those wallets as I can’t remember the last time I used it, unless I come across some airdrops which I want to try luck on then I can use the old wallet which I use for nothing to connect and risk it there.

[teamsherry]

It's quite true, going back to your old wallets would be very risky, a lot of newbies didn't care shit about their private keys, i even stored mine on my WhatsApp 😄, what if someone has access to it then, we might have even mistakenly logged in on some online scam site or given access to the wrong people.

I think this should be added to one of the safety precautions to save your asset.

I remember back then when myetherwallet was very popular which must of my wallet was all created through it and the private key printed and safe guided in a secured location, but there have been lot of now closed dex exchanges which I have connected those wallets to like, forkdelta, etherdelta and many others which I can’t remember many of those exchanges have been compromised which our wallet data might also be part of the stolen data.

I personally have abandoned those wallets as I can’t remember the last time I used it, unless I come across some airdrops which I want to try luck on then I can use the old wallet which I use for nothing to connect and risk it there.

Yeah some of our old wallets might have already been compromised or hacked, who knows what Links we have clicked on in the past out of ignorance. Going back to old wallets can be very risky, unless you have some asset in it, but what you should do is to move out the asset to a new wallet and stop using old wallet.

[Issa56]

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.

Seriously, I made a mistake that I notice most newbies make after joining cryptocurrency. When I created my wallet, I decided to store my private key online. I stored my private key on my gmail, and I decided to screenshot it after saving it on my gmail, and I saved the screenshot as an image on my phone, but I never knew the repercussions of sharing my private key online and on my phone. I thought it was just the most secure and easy way to access my private key. I was thinking if I can lose access to the one I stored on my phone, then I will be able to make use of the one online, but I didn’t know I was making a mistake. I later discovered that what I was doing was wrong, so I decided to delete it online, and I deleted the image I saved on my phone.
 
It’s better you just change your wallet if you know you have made some errors previously, because someone might already have access to your private key, and you won’t know. Maybe they are waiting for you to have enough money in your wallet first before they are going to attack you.

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.

I have heard about issues like that before. The person who guided the guy when he was learning about bitcoin was the one who scammed him because he had his private key and other information’s about some exchanges when he was registering an account. The best thing is that you should make sure you change your password for all the exchanges that someone guided you to register on, and you should also change your non custodian wallet so that at least the person won’t have access to your new wallet. You should also make sure you empty the old one.

[Saint-loup]

No it's not free of charges unfortunately. BTC transaction fees are a real issue for this kind of things because you will need to spend much fees if you want to spread your funds on the same number of adresses without grouping them in order to take care of your privacy. That's certainly one of the reasons why people are still dealing with their old wallet. So maybe it's better to just spend funds from old wallets and start with fresh funds placed in a new one if you can afford it.

[Awaklara]

I have heard about issues like that before. The person who guided the guy when he was learning about bitcoin was the one who scammed him because he had his private key and other information’s about some exchanges when he was registering an account. The best thing is that you should make sure you change your password for all the exchanges that someone guided you to register on, and you should also change your non custodian wallet so that at least the person won’t have access to your new wallet. You should also make sure you empty the old one.

it all depends on the character of the person who teaches us Bitcoin. regarding wallets and also exchanges made.
It is indeed risky to continue using a wallet made by someone else when we learn to use a wallet for transactions. I also changed my wallet which my friend found out about. Even though there are still some assets that are not large, there are never any problems with the wallet.
The risk is still there, but what matters is the character of each person. if they are good, bad things will not happen even if there is a chance. but if a person's character is bad, no matter how small the assets are, they can quickly change hands.