Spending extra to keep my assets out of trouble

[KiaKia]

Check this out.



This is a screenshot of a token that I am holding presently and today I read about their v2 upgrade which is a must for every holders.

If i am a beginner I can easily connect my hardware wallet instead because the link is strictly from the project's official website.

I believe this is not a safe practice so I prefer to spend more on ETH gas fee, move the tokens out of my hardware wallet into a spare wallet connect the spare wallet to the website swap to the new V2 token, and move the new token back into my hardware wallet.

It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.

It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

Nothing must confuse you to connect your main wallet to any platform even if it's the real platform for token swap, because you might think it's safe and these people have their ways with your hardware wallet later on.

I could have made this mistake today if I am new, but due to my past mistakes I tend to avoid such things again, you may just never know, do not trust any platform, project team or friends by connecting your wallet to any link provided, if its a must then consider a spare wallet.

Stay safe famz.

[Hatchy]

Nothing must confuse you to connect your main wallet to any platform even if it's the real platform for token swap, because you might think it's safe and these people have their ways with your hardware wallet later on.

It was wise of you not to connect your wallet to that platform, as it's always advised to have a separate wallet for any tokens, airdrops, or faucets that require you to connect your wallet to their site. For a long time, many people have been victims of incidents where they connect their real wallets to unknown or malicious faucet sites and unfortunately get scammed, losing their funds.
As a long-term holder, you should consider holding reputable coins like Bitcoin in a hardware wallet where you don't always have to connect to a third party for upgrades. This is another reason why I don't trust most altcoins or tokens out there today. We should all be smart and vigilant to avoid mistakes that could put our funds at risk and leave us frustrated.

[DaNNy001]

Nothing must confuse you to connect your main wallet to any platform even if it's the real platform for token swap, because you might think it's safe and these people have their ways with your hardware wallet later on.

It was wise of you not to connect your wallet to that platform, as it's always advised to have a separate wallet for any tokens, airdrops, or faucets that require you to connect your wallet to their site. For a long time, many people have been victims of incidents where they connect their real wallets to unknown or malicious faucet sites and unfortunately get scammed, losing their funds.
As a long-term holder, you should consider holding reputable coins like Bitcoin in a hardware wallet where you don't always have to connect to a third party for upgrades. This is another reason why I don't trust most altcoins or tokens out there today. We should all be smart and vigilant to avoid mistakes that could put our funds at risk and leave us frustrated.

Well I don't have much to say but just for the fact anything that has to do with connecting my main wallet online is definitely a no no for me because you don't have to be experience with you losing some funds to actually know that these things are real and many lose their coins always because of cases like this. Although for your investment on altcoins am not against it but if you ask me I think even if you are having other investment you should probably hold Bitcoin at a larger ratio and also have it on a separate wallet to avoid losing funds due to the fact that you are trying to upgrade your altcoins.

[BitMaxz]

That's the best way to protect your hardware wallet from any attacks we do not know how safe to connect a hardware wallet to any sites like VV token what you did is a must.
If you are holding a large amount of assets it is always better to have an alternative wallet(Non-custodial) if ever the project like VV token is trying to hack/connect to request for a different transaction you can avoid losing all of your assets by using the alternative hot or non-custodial wallet.

For Bitcoin transactions in Electrum, you can also do an airgap way to make a transaction and sign the transaction to an offline device with your hardware wallet which is more secure than signing the transaction with your hardware wallet to an online device.

[Dr.Bitcoin_Strange]

You only took wise steps for the token swap, and that's what an experienced crypto user would do for the safety of their asset. Anything that relates to the connection of a wallet is not 100% safe because there could be some attack that can cause the loss of all the assets in that wallet.One of my friends has been in a situation where his wallet was compromised due to connecting to a different website and Dex. Anytime he sends some valuable coins into that wallet, they automatically get moved to an unknown wallet. It's better to take this kind of step and lose some gas than to connect one's hardware wallet online, while the wallet holds all your valuable assets. 

[alastantiger]

Nothing must confuse you to connect your main wallet to any platform even if it's the real platform for token swap, because you might think it's safe and these people have their ways with your hardware wallet later on.

I could have made this mistake today if I am new, but due to my past mistakes I tend to avoid such things again, you may just never know, do not trust any platform, project team or friends by connecting your wallet to any link provided, if its a must then consider a spare wallet.

Knowledge is power is what they say and knowledge applied is a super power is what I would say. You have shown that they knowledge that you have acquired since you joined the crypto space has given you the "super power" to discern and prevent an innocuous looking activity that could have been detrimental to the future of your assets. By reading this, I have also learned being that I am someone who trusts a lot. Although you spent some money($24) in this moving the token around, well it is better safe than sorry.

[SilverCryptoBullet]

You can keep that new wallet for your interactions with that token, its smart contract only. Don't use that wallet to store your fund in other cryptocurrency and you should not fund that wallet in future.

Revoke smart contract approval in that wallet when you complete the swap and move your fund back to hardware wallet.

3 Minute Tips: How to Revoke Token Approval Following Opensea’s Latest Security Episode

https://etherscan.io/tokenapprovalchecker
https://revoke.cash/
https://app.unrekt.net/

[Porfirii]

You only took wise steps for the token swap, and that's what an experienced crypto user would do for the safety of their asset. Anything that relates to the connection of a wallet is not 100% safe because there could be some attack that can cause the loss of all the assets in that wallet.One of my friends has been in a situation where his wallet was compromised due to connecting to a different website and Dex. Anytime he sends some valuable coins into that wallet, they automatically get moved to an unknown wallet. It's better to take this kind of step and lose some gas than to connect one's hardware wallet online, while the wallet holds all your valuable assets. 

I would better day that that's what an experienced crypto user "should" do, but I think that a percentage of them would still fall in the trap, for what and for saving 24 bucks in gas.

Chances are that nothing happen: the project (I don't know about it) may be legit and chances are that nothing happens if you connect the wallet in this case, but as a safe practice it should be a no-go, just in case.

[Fiatless]

Sometimes we want to save small bucks but end up losing more. The money you spend on gas fees could be considered high but it is insignificant considering the risk you averted depending on how much is stored in the wallet. Connecting a hardware wallet to any online platform is a great risk. I would rather have different wallets for diverse coins than keep all of them in a single one. Having a non-custodial air-gapped wallet for diverse tokens could be cost-effective. Thank you, OP for sharing because this information is helpful not just for newbies but for other members.

[Kelward]

Sometimes we want to save small bucks but end up losing more. The money you spend on gas fees could be considered high but it is insignificant considering the risk you averted depending on how much is stored in the wallet. Connecting a hardware wallet to any online platform is a great risk. I would rather have different wallets for diverse coins than keep all of them in a single one. Having a non-custodial air-gapped wallet for diverse tokens could be cost-effective. Thank you, OP for sharing because this information is helpful not just for newbies but for other members.

It's important to avoid the penny wise pounds foolish situations, so it's ok to spend a small amount to protect a bigger amount of money, by spending a lower amount on Ethereum, gass fees, the OP has averted any likely hack on his main wallet, a very smart move. I hope that newbies will take note of this advice Incase they're faced with a similar situation where they need to connect to a website to swap their tokens, because ignorance is not an excuse when their wallet is compromised and all their token are stolen. There are so many scams and hacks in the crypto space, so everybody in it must aquint themselves with the correct knowledge to protect themselves, don't trust and always follow due process to avoid being a victim.

[pinggoki]

It's a wonder to me that people don't do this kind of thing when this is basically the best way to protect yourself from getting your crypto out of the harms, although the pay is really heavy, sometimes it's the only thing that you can do, you're bound to lose more money when you skimp and just connect your wallet directly on the website that asks to link your wallet into their website. Have been doing this ever since my friend told me about this, quite expensive but at the end of the day, you're much safer. My only complaint to this is it's tiresome and really taxing to do but given that I don't do a lot of transactions anyway, might as well go to the longer but safer route am I right?

[un_rank]

I believe this is not a safe practice so I prefer to spend more on ETH gas fee, move the tokens out of my hardware wallet into a spare wallet connect the spare wallet to the website swap to the new V2 token, and move the new token back into my hardware wallet.

You can have a spare wallet for tokens so as not to incur too much fees while sending back and forth. Keep those speculative investment permanently in that wallet and your funds you will want to better protect in a different one.

Nothing must confuse you to connect your main wallet to any platform even if it's the real platform for token swap, because you might think it's safe and these people have their ways with your hardware wallet later on.

The platform can also be legit but get hacked later on. You will be opening a security risk that you cannot control or protect against.

- Jay -

[Husires]

a token that need monthly swap to v2 upgrade is a token that deserves to be ignored, or at least not withdrawn, because this means that the old tokens may be invalid or may be burned soon.
Withdrawing tokens means that you stay informed of the news of the required updates and upgrades. Otherwise, you may be surprised that you do not carry valid tokens that you cannot spend, and then you will loss all your investment. creating a separate wallet for these tokens will enhance your security, or at least keep the main tokens in a hardware wallet and these tokens in several hot wallets.

[Lucius]

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station

[Findingnemo]

You said Why we should not connect our hardware wallet to any platforms especially for upgrades, swaps and development related things of a project that doesn't really worth anything.

I would say don't even use your hardware wallet for storing this kind of shitcoins, just let it there on Metamask like wallets and if that really become a thing in future then consider moving into the cold storage.

[Kristiyana]

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station

I was shocked when you Said,you spent $24 for gas feel is quite expensive I must say,well that's very thoughtful of you. however you should thank your stars for moving those your old token to another wallet successfully, well I will say it depends on the kind of wallet you're using, reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties. I'm also making use of trust wallet right now as we speak I have most of my assets stored in my trust wallet, and I was able to move it to a different wallet although I'm still a new user.

[Coyster]

reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties.

If you are using a wallet that does not let you move your coins when you want to, then you should ditch that wallet immediately for a better option, no matter how long you have held your funds in a non custodial wallet, you should be able to spend it whenever you choose. I have not heard of this problem you are talking about with trust wallet anyway, but irrespective of that, it is advisable not to use trust wallet to keep your coins, particularly when it is Bitcoin you are storing, for shitcoins, maybe!

[OjAbram]

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station

I was shocked when you Said,you spent $24 for gas feel is quite expensive I must say,well that's very thoughtful of you. however you should thank your stars for moving those your old token to another wallet successfully, well I will say it depends on the kind of wallet you're using, reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties. I'm also making use of trust wallet right now as we speak I have most of my assets stored in my trust wallet, and I was able to move it to a different wallet although I'm still a new user.

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

[Coyster]

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Binance is an exchange, so the wallet in Binance is a custodial wallet, and in such wallets you are not in control of the funds because the exchange or service has the keys, as for trust wallet, it is closed source. So yes, it is advisable to get an open source hardware wallet and move your coins out of Binance and trust wallet into your hardware wallet.

If you are worried about the cost of getting a hardware wallet, maybe because your coins is of a small amount, then you can start by using Electrum wallet if it is Bitcoins you own, and if it is altcoins, then Unstoppable wallet.

[Lucius]

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Maybe some people won't like it, but a hardware wallet (not even the best one) is not an absolute solution for safe storage of our coins (private keys) if we don't use that same hardware wallet the way we should.

I will ask a simple question - is someone's Bitcoin safer on a centralized exchange if we take into account that the person knows what phishing is and keeps his access data offline, or is someone's Bitcoin safer if he has a hardware wallet whose backup is saved to e-mail, in the cloud or as plain text on a computer?