Spending extra to keep my assets out of trouble

[CryptoHeadlineNews]

That was a brilliant idea you made, even though it did cost you high fee, by not connecting your main wallet to upgrading a new coin still in the launching process, because to be frankly speaking, this has been one silly mistake some neglected, which cost them losing all their funds, and this should be a lesson to everyone here to not make such mistake never in the future, that is, no matter how the coin seems to be more promising.

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

Having a hardware wallets is never a must, as we have also got some good and user friendly software wallets that are easy to use and offers the same security expected from a hardware wallets, such as the likes of "Electrum" (i.e Bitcoin only wallet), and "Metamask" (i.e multi chain altcoins wallet), which also works just like "Trust wallet", as they both are noncustodial and grant you full control over your funds.

[Adbitco]

You are to have meet up with the swapping timing because some project do give deadline to for their holders to swap their token and if you didn't meet up they could have used it as burnt token, meaning you can't be able to spend them or swap any longer. The idea of moving your coin from main wallet to a new wallet is a very good techniques I believe you might have learned in a hard way that is why you did this to secure your fund, naturally cryptocurrency investment is for smart people and those who are there to quickly utilized every given opportunities when you are not smart then you tuned to those who also feed the market to others while they make profits on your lost.

[Mpamaegbu]

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 did the right thing. The extra money you spent in safeguarding your funds was a part of a wise attempt. Recently, I had an encounter like what you had. It was with Metagalaxy (Megaland), an old token I had that had its migration but I didn't know of until it was past. Someone sent me a link on how to go about it manually. I sensed something was off with that because it was unsolicitedly rendered. I moved out the token to a fresh wallet and attempted the migration. It dawned on me it was a link that led to a wallet drainer. It would've drained my funds if I had attempted to migrate in the first wallet. People should be very careful. Scammers are getting wiser.

[Coyster]

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.

Of course this is correct, if one does not use "something" in the way it should be used, then they would not be able to enjoy the advantages of the said thing.

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?

In this scenario, can it be said that the person is using a hardware wallet, because even the manufacturers warn their customers to only make offline backups, so as to keep everything completely offline. But to answer your question in the way it is, i'd say it is safer in the former, the only way the person will lose their coins is if anything takes Binance down, but in the latter, the person is susceptible and would prolly be hacked quicker, based on how they use their device and general security practice.

[Outhue]

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?

I believe that a trust wallet is good for someone who can't go on for a week without spending some coins online or making some transactions, and a hardware wallet is good for someone who want to keep their coins offline for a long period of time.

Trust wallet is always online, including all other mobile crypto wallets, and I believe that been online all the time makes them less secured, but you are right that it is all about the user.

If a user of hardware wallet choose to his or her private key online something really bad will eventually happen, there is no point buying something without knowing how to properly use it, that's why we have this forum and even online research will teach how to use hardware wallet the right way.

[Lucius]

~snip~
But to answer your question in the way it is, i'd say it is safer in the former, the only way the person will lose their coins is if anything takes Binance down, but in the latter, the person is susceptible and would prolly be hacked quicker, based on how they use their device and general security practice.

If you keep your coins on a centralized exchange, then there are several ways you can lose them :

1. CEX is hacked and that is something that no client can influence - but one can still hope that the company will compensate him one day.

2. The client loses his coins because he entered his login data in a phishing site - he cannot hope for any compensation except to report the case to the police and for the police to officially request the attacker's IP address and all other information that could help in the investigation.

3. The client loses his coins because his device is infected with clipboard malware, which results in a transaction that sends coins to the attacker's address. There is no compensation or even the possibility to detect the attacker, except for a complicated and sophisticated blockchain analysis that may not give any results in the end.

On the other hand, someone who loses coins and used a hardware wallet can become a victim of the clipboard malware described above, or a seed stealer in the sense that he enters his seed into a fake wallet. In both cases, we can say that the game is over for such a person, because even though he can report the case to the police, the chance of returning the funds is almost nil.

As strange as it sounds, a hardware wallet in the wrong hands is sometimes worse solution than storing coins on CEX.

[Lida93]

We should at all times be ready in bearing any cost and processes that would be beneficial to us safeguarding our assets. The 24$ you had spent for gas fees in swapping and moving those coins is not a waste but a cost for safe practices that some people had avoided to incur only to end up losing all their asset to hack.

Many a times we hear about crypto users losing their coins to intruders or phishing attacks if we investigate thoroughly we will discover that the behavior of the user to avoid to near certain cost or refuse to follow a rigorous process has led to their proneness to loss of their funds. We should always be ready to pay the price of letting go of a little to save a whole it's as simple as that.

[KiaKia]

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?

I have to reply to this comment.

You are right that one still need to learn how to properly handle their hardware wallet to be on a safer path, but on a norms, hardware wallets are safer than anything else in crypto space, unless they are not non- custodial and also maybe the owner don't know how to use the hardware wallet in a safe way.

The fact is your Bitcoin is less safer in a non custodial wallet running on your PC as well, even if you keep the private keys safe, PC is a hacking haven where anything could possible go wrong, it is why Bitcoiniers need to take cold storage very seriously.

It is easier to follow the rules of handling a hardware wallet the right way because there aren't many, but it is very hard to do the same running a wallet on a windows PC, you have to be careful of every thing you do, since the internet is involved.

[Lucius]

I have to reply to this comment.

It took you a long time, but I guess you need to think about some answers

You are right that one still need to learn how to properly handle their hardware wallet to be on a safer path, but on a norms, hardware wallets are safer than anything else in crypto space, unless they are not non- custodial and also maybe the owner don't know how to use the hardware wallet in a safe way.

Do non-custodial hardware wallets exist? I don't think they exist, because it wouldn't make sense - although we can say that technically there is such a thing when it comes to Ledger HW, which has a recovery option that functions in such a way that the user leaves his seed for safekeeping to someone else, which is complete nonsense.

It is easier to follow the rules of handling a hardware wallet the right way because there aren't many, but it is very hard to do the same running a wallet on a windows PC, you have to be careful of every thing you do, since the internet is involved.

Most hardware wallets cannot be considered cold wallets, because from time to time you still have to connect them to the internet in order to upgrade the firmware or coin apps. What should make hardware wallets more secure than anything else is the fact that you can generate seed offline, and that every action on the device itself can/should be confirmed by pressing a physical button. Malware cannot do this, so if you understand how the whole thing works, you could theoretically use such a device on a computer that is infected.

[pawanjain]

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.

It's nice that you are aware of this fact and are sharing it with others as well.
We have see incidents in the past where people randomly connected their wallets to 3rd party apps and lost their funds.
It's good to have separate wallets for taking part in such projects/airdrops and keep your main wallet separate.
Also, it's only worth to sepnd on transferring the funds and losing your money in transaction fees if the potential returns from tokens we are receiving is more than 2x of what we have spent in transferring the coins.