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Author Topic: Don't trust your old wallet of when u had no Crypto knowledge  (Read 689 times)
Taskford
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March 06, 2024, 07:30:40 AM
 #61

We can't afford to just waste our hard-earned money on storing our coins in an old wallet believing that it was already compromised. Therefore, we need to create a new one for security assurance, and at least, we are confident that nobody knows the keys/password. It is very important that we have to be more cautious when storing our keys and one big factor is to know how secure is the wallet we use and if we see any suspicious activities, it only means that there is something happening and already accessed by other people. And much more careful when using an old exchange wallet even if that was just for trading.

Creating new wallet will not eat a lot of time so this should not be an issue for new people to execute since by grabbing fresh wallet which they know much safer they can get away on any possibilities that they might get compromised. Some fail to do it experience a hacking so they should not wait for certain incident like that to happen before they would think about changing their wallet since for sure we can't afford to lose money by simple mistake which is avoidable to happen.

For sure at early part of our participation on crypto activities we are not aware on the risk and there's a chance that we mishandled it that's why the chance to be on risky situation is so high so its important for us to have new wallet grabbed so that we can safely go and don't worry about the balance we left on our new wallet.

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Shishir99
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March 06, 2024, 12:01:34 PM
 #62

I believe asking questions publicly is good because it can also benefit someone else. A lot of newbies have used their addresses for airdrops and clicked on different links and now they still use those same wallets and addresses to keep their coins. If something like this was discussed privately, I don't think they'd know that it's not safe.

Using the same wallet to participate in airdrops and using it for storing coins should be avoided. I do not suggest anyone use a regular device to store their crypto. Recently, I started checking some airdrops, and I do it with a different browser. The most important thing is that you have to avoid projects that come from unknown sources. I follow some influencers, and they work on those projects as well. I am not working actively, But I am keeping my eyes open.

Random forum account is not a trusted source. Even if they post it in public, make sure you know the project before you click on anything. Or make sure you want to take the risk to open a link from unknown person. Do it with your own risk.
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March 06, 2024, 01:48:39 PM
 #63

I believe most of us have created tons of wallet back in the day we still a new comer to the crypto world, and then we just forget the private key. From Bitcoin to Ethereum, and other thing like Litecoin, Monero and other stuff. So, I doubt if people is still using their old wallet from the time they are still reckless, most of them would already lost it and create a new wallet.

Also I guess people wouldn't store much worth of a crypto on their old forgotten wallet, most of my forgotten wallet filled with worthless Ethereum and Stellar Token.

Crypt0Gore
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March 07, 2024, 03:15:34 PM
 #64

Even if you have crypto knowledge it's still not advisable to use your old crypto wallet because you are still very knew to crypto and nobody have the right knowledge when they are a beginner, so either you have the knowledge or not, everyone was once a newbie, do not use your old crypto wallet, the chances that it's been compromised already is very high.

I believe that no one is capable of remembering how they use their first crypto wallet when they came into crypto space, with the hope of having some knowledge we must have tried a lot of things just to get by, and knowing which is right or wrong remains unknown. 

To avoid unnecessary mistakes it's better to download and create a new crypto wallet from scratch and keep the recovery seed offline, let what's bygone be bygone, new wallet is way safer.

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hd49728
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March 08, 2024, 02:31:57 AM
 #65

do not use your old crypto wallet
Don't reuse your old wallets but don't throw them away. Make sure you always have back ups of your old wallets, just note them as old wallets for yourself to know in order to don't reuse them.

Quote
To avoid unnecessary mistakes it's better to download and create a new crypto wallet from scratch and keep the recovery seed offline, let what's bygone be bygone, new wallet is way safer.
It is easily to create a new wallet in cryptocurrency so it's a best practice to create new wallets when you are unsure about your practice in the past and when you need to expose your fund to a new platform, new smart contracts.

New projects have risk of some back doors or security issues so you must protect yourself at the start.
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March 08, 2024, 07:10:42 AM
 #66

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.
Sometimes, it is good for newbies to try and understand the things they intend to explain because this alone could cause contradiction and may trigger some kind of confusion to the readers and those that want to contribute. It is good for us to know what we are doing and not try to confuse other. Op need to understand more about wallet and how the cryptocurrency market do it things. This would help him in a long way because it will broaden his faculty to give a well detailed explanation without any problem.
And having newbies the privilege and benefits of doubts, I also think old members should at times try to understand that newbies might not be grounded so much in the forum to posses the abilities of putting every of intended details on an understandable ways, sometimes they could have some important messages to pass through but their newbies inability are not sufficient enough to let them make it standard for a proper understanding.
We could do well and correct them that this is how is was supposed to be Instead of the other ways.

They are here to learn and so every forum users too. As long as we keep coming across new things it is to be accepted that it might be something we may either have a layman's thought of it but not dipped in thought of grabbing it all.

However, I think the OP is trying to pass some advices about wallets straight up to the fellow newbies.
I understood in his contexts that during most of us times when we are Into acquiring knowledges about Bitcoin before we invested our funds, we do had guidance someone who has be building us all through those times of learning about Bitcoins.

So to my best understanding, he claims to say we should not trust the wallets created for us by our guidance during the learning days because due to privacy demands about this Bitcoin investments, someone you trusted can turn out sometimes else in the future meaning to say the guidance may still have access to the wallet without your notice as a newbie those days.

Sometimes too you may have been careless with your seed phrases during your learning stages so to be in a safer side during when you must have acquired the a suitable knowledge that is fit enough to guide your investment, you can as well create a new wallet and trash the others just to secure your assets and as well keep a privacy to your investment.

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March 08, 2024, 08:40:23 AM
 #67

I believe most of us have created tons of wallet back in the day we still a new comer t o the crypto world, and then we just forget the private key. From Bitcoin to Ethereum, and other thing like Litecoin, Monero and other stuff. So, I doubt if people is still using their old wallet from the time they are still reckless, most of them would already lost it and create a new wallet.

Also I guess people wouldn't store much worth of a crypto on their old forgotten wallet, most of my forgotten wallet filled with worthless Ethereum and Stellar Token.
Creating new wallets is not as hard as we might think and we need to keep creating new wallets to differentiate our wlalt from the rest.
Th repeated use of hold wallet can be somehow unsafe from us because the private key might be exposed to the public and we might be surprised to face the consequences of trying to convert an old wallet to the one we could be using to keep all our transactions.
Since creating a new wallet is very easy without much difficulty steps, it is good when create new ones to carry out a separate transactiona.









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