"Convenient" is not an ally

[Curious T]

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

This got me thinking how most times we do things the easy and convenient way, but that is not usually the best way. It's easy to back up your seed phrase on the cloud or on your google account, because you don't need to bother about it, but if that account gets compromised you're in trouble.

Holding your coins on an exchange is convenient. You don't need to worry about protecting your secret phrase, all you need to do is remember your password, which is not difficult to do. And even if you lose your password, you can simply recover it through your email. As convenient as that would seem, it takes power, ownership and control away from you. It is this same convenience that the banks gave while they used customers deposits to enrich themselves. What is worst of the banks is that they no longer even offer the convenience because they became an integral part of the system that the economy will crash without.

When you're browsing through a website you'll see the famous google popup that says something like "Log into to this site without any passwords". This simply means you should save your login details on google and don't require to login when you want to access the site. I do this (I guess that makes me a hypocrite), but I don't do it for sensitive sites. It's easy and convenient not having to log in every time, but at the same time, it put you at risk.

The point of of all these is that, things being easy, fast, and convenient may not always be in our favour. when things are convenient for us, we should always look at what it takes and see if it's worth it. Transaction with stable coins are fast and easy, but that doesn't make them better than transaction with Bitcoin.

[Livingleged]

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

This got me thinking how most times we do things the easy and convenient way, but that is not usually the best way. It's easy to back up your seed phrase on the cloud or on your google account, because you don't need to bother about it, but if that account gets compromised you're in trouble.

Holding your coins on an exchange is convenient. You don't need to worry about protecting your secret phrase, all you need to do is remember your password, which is not difficult to do. And even if you lose your password, you can simply recover it through your email. As convenient as that would seem, it takes power, ownership and control away from you. It is this same convenience that the banks gave while they used customers deposits to enrich themselves. What is worst of the banks is that they no longer even offer the convenience because they became an integral part of the system that the economy will crash without.

When you're browsing through a website you'll see the famous google popup that says something like "Log into to this site without any passwords". This simply means you should save your login details on google and don't require to login when you want to access the site. I do this (I guess that makes me a hypocrite), but I don't do it for sensitive sites. It's easy and convenient not having to log in every time, but at the same time, it put you at risk.

The point of of all these is that, things being easy, fast, and convenient may not always be in our favour. when things are convenient for us, we should always look at what it takes and see if it's worth it. Transaction with stable coins are fast and easy, but that doesn't make them better than transaction with Bitcoin.

Reading your post from the first paragraph one could think you were trying to ask questions probably you encouraged a challenge while trying to send a coin. since you talked about a transaction and creating a new address for the one time transaction. but at long the line it turn out that you’re giving advice on the danger of hot storage and how it could be compromised.i I’m not saying you’re spamming but I think a lot of threads that discuses that are here you might just be adding to the them.

[SquirrelJulietGarden]

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

Google account, either it is your Gmail or Google Drive, it's online backup and it's bad practice. I am curious about reasons why previously you did not back up your wallet online because if you had valid reasons for that practice why did you change from good to terrible practice?

And, wallets, address are different. I don't know which wallet you use, but the address can not be hacked, what can be hacked is your private key (from private key, you create a public address) or wallet mnemonic seed.

How to back up a seed phrase?

Terrible Backup Schemes

Any note taking apps that get synced to the cloud.
Services that sync files from your phone / laptop to the cloud.

[Peanutswar]

Most of the platforms are now offering convenience so the users are now getting lazy they are now becoming dependent on these. Now regarding the backup of the seed phrase its the most important because this contains your asset so you if you are hodling a large amount of money are you just letting it slide to not make sure it of course not so do always create as many backups as possible and store to different places that you are aware still where did you put it. Now regarding with storing of your money in exchange, it's not advisable if you are holding there for a long term, you are using only the exchange for literally exchange and do active trades and now for the long term because they can lock and freeze your asset anytime they want. Its not your money anymore once you keep staying in there.

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

Now you just wanted to have a new address Electrum wallet supported a multiple wallet address for your transactions so you dont need to create another wallet.

[348Judah]

When we receive the offer to backup our seed phrase or private key by the Google, we should not be too comfortable with that because it may not pay us at last, they are thought party entity and anything could happen by so doing because we are not maintaining our privacy with this kind of behavior, there are more safety means through which we can secure our assets and avoid the influence of a third party from getting access to what belongs to us, not only the Google, there are also password managers and the likes which we think are secured but are not in reality.

[Hatchy]

Op seems to be mixing up different terms..Like someone already stated, you don't need to create a new wallet so you can add a new address.. most modern wallets are hierarchical deterministic, you can simply get a new address if you don't want to link a transaction with older ones.. also for spending you can use coin control to spend only the funds on a specific address.. aside that, your keys are the most vital aspects of your investments in cryptocurrency..loss them, you lose all. This simply means that no matter how lazy you might be, if you don't take the security of your keys seriously, someone else would help you spend your investments. So you must avoid using third party to story your keys..

[Oshio-man]

If you are talking about bitcoin, I think bitcoin worth of investing because is the king of all cryptocurrencies and they have good teams that is making the bitcoin to be most favourable coin government and individual want to invest, investing in bitcoin is not by force because you will not invest for another person to enjoy, you have power over your bitcoin you are holding because without your password there is no way they can gain access to your coins even though it worth millions of dollars.this is a good advice to newbies, i don't buy coin because people are buying because you don't know what they got from their research to be move to buy too.

[jossiel]

As they say, convenience has its cost.

But doing those things being in crypto, the cost is going to be a huge amount and it's a big mistake that you'll never want to do again if ever you're a victim of your own convenience.

Never save your recovery phrases or keys in the cloud, email accounts and any other online storage.

And with the centralized exchange accounts, never store any money that you can't afford to lose.

[PrivacyG]

There is a way in between full convenience and very inconvenient however.  The very inconvenient is writing down on a note book every single Password you have.  The fully convenient way is backing it up in to the Google servers.  The middle would be using at least an encrypted Password Manager to hold them.  It does not get stored entirely offline considering the device has an Internet connection, but at least it does not sit in the servers of a stranger.

You can make things as convenient as you want.  There are some things that are worth making very convenient.  There are some things that should never be convenient, such as where you put the key to your life savings vault or the Seed for your Bitcoin Wallet.  It gets really stupid when people blame every thing else for losing their stuff when they are the first to put a blame on for giving up Security for convenience.  There is a reason you do not put the keys to your apartment hanging above the door every time you leave.  You may not lose them around in the city, you may not have to carry them around.  But do not expect that door to stay untouched until you come back home for the other convenience you get.

[Smartvirus]

Reading your post from the first paragraph one could think you were trying to ask questions probably you encouraged a challenge while trying to send a coin. since you talked about a transaction and creating a new address for the one time transaction. but at long the line it turn out that you’re giving advice on the danger of hot storage and how it could be compromised.i I’m not saying you’re spamming but I think a lot of threads that discuses that are here you might just be adding to the them.

While I might agree with all that you’ve said about the OP’s thread to take a turn that is very different from the originally conceived idea at the point of reading this thread, I would want to highlight something I feel it’s unnecessary of your own.

Like, you don’t literally have to quote an entire OP the way you did, especially when it’s on the same page and when the next comment on the OP is literally yours. There was no reason for you to do that really. At best, you could have just sniped it and if there is a need to archive it, then I would understand but this, I don’t get.

[EluguHcman]

This got me thinking how most times we do things the easy and convenient way, but that is not usually the best way. It's easy to back up your seed phrase on the cloud or on your google account, because you don't need to bother about it, but if that account gets compromised you're in trouble.

Let us not cause mixed reactions about conveniency here because some might think the quickest/easiest means of backing these keys up is all that matters.
I guess that is why users are still adamant or ignorant to still store their seed phrase online also on the short cut of them getting access to their seed phrase easily when navigating with other devices.

The implied convenience not more than the safest you think that you can not only keep it away from the reach of third parties offline but also online where hackers can also target you with malicious internet schemes.

Backing your recovery keys is always more convenience when written on offline injections.
Writing on papers is better and you can also think of engraving on metal.
So you can say to be convenience when your privacy is managed to enhance security.

[Zaguru12]

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

Now you just wanted to have a new address Electrum wallet supported a multiple wallet address for your transactions so you dont need to create another wallet.

Multiple addresses are actually possible with Hierarchy Deterministic wallets but if the OP is actually trying to actually make sure that the address doesn’t gets linked with the address then he should be careful of actually reusing such address which is made simple by spending from that address using coin control and avoid spending from the address using Freeze feature.

This days people chase so much convenience and that’s why we see lots of people actually using custodial platforms OP has rightly stated

[UchihaSarada]

Multiple addresses are actually possible with Hierarchy Deterministic wallets but if the OP is actually trying to actually make sure that the address doesn’t gets linked with the address then he should be careful of actually reusing such address which is made simple by spending from that address using coin control and avoid spending from the address using Freeze feature.

This days people chase so much convenience and that’s why we see lots of people actually using custodial platforms OP has rightly stated

Use change addresses, and careful with using UTXOs, don't send round numbers, don't use "Send everything", and if want best privacy, use different wallets as it is not difficult or cost any extra money to create new non-custodial wallets, and if possible let's run your Bitcoin full node and use Tor.

What is the "Change" address on bitcoin wallet ? read to know !
Bitcoin privacy guide.
Protect your privacy.
General guidelines for sending BTC transactions

[Outhue]

The point of of all these is that, things being easy, fast, and convenient may not always be in our favour. when things are convenient for us, we should always look at what it takes and see if it's worth it. Transaction with stable coins are fast and easy, but that doesn't make them better than transaction with Bitcoin.

What are you going to do about it because GenZ are wired this way, it's in their own time that AI also came, the easiest way out is their own new found way.

Just like my father used to say that if hardworking is the road to success a certain tribe in my country would have taken the upper hand, because all they know is working extremely harder but in the end they aren't successful.

I understand your point but it should not always be hard work and inconvenience, because in the end, those who really makes it are the ones that people will want to hear them talk about how they get successful. I am in no way encouraging scams and hacking but there are legit ways to be successful, still the convenience part is left for you to find out, do not over work yourself all because convenience isn't always good.

[Hardyrobust]

 It is not convenient to hold coin in an exchange. Although, it may appear to be convenient from the starting until you encounter a problem that is when you will realise how problematic it is to hold coin in an exchange.
The issue of convenience in storing seed phrase online, it may appear okay but we should always put one thing into consideration what will happen if someone was to have unauthorized access to our seed phrase. So conveniency in the case of storing seed phrase should be a matter of security .

[Pmalek]

Something happened to me recently where I needed a new address for a transaction. It was a one-time transaction, so I created a new address. While creating the address, the wallet gave me the option of backing up my recovery phrase in my google account. Ordinarily, I don't back up my address online, but since this was convenient for me, I went with it.

Backing up an address and writing it down somewhere is very different from making an online copy of your recovery phrase. I assume this is just a mistake on your part when you wrote the post and that you backed up your seed, not your address. Having the seed fall into wrong hands has severe security implications. Having addresses or public keys exposed publicly is "only" a privacy issue.

It's been repeated many times: seeds shouldn't be stored online. They have no place in emails, on the cloud, as screenshots saved on your phone, or in any other digital media.
The first thing a person should do after creating a bitcoin wallet is to make multiple offline backups of their recovery phrase. They should then take note of an address or two from their wallet, recover the wallet from seed, and check if the same addresses appear once recovered. It's not a bad idea to make a small test transaction in and out of your wallet just to see that everything is working as it is supposed to.

[Die_empty]

The point of of all these is that, things being easy, fast, and convenient may not always be in our favour. when things are convenient for us, we should always look at what it takes and see if it's worth it. Transaction with stable coins are fast and easy, but that doesn't make them better than transaction with Bitcoin.

Convenience is one of the reasons why people buy Bitcoin through ETFs rather than buying it directly. They don't want to bear the responsibility of keeping their funds safe. Others are used to centralization, so they trust these third parties so much. People would always want to learn through bad experiences. Until FTX crumbled, people thought that their funds were safe.

It will cost little effort to back up your seedphrase physically instead of exposing your wallet to third parties. Anyone who is using centralised platforms should be ready for the consequences. Using stablecoins for transactions is not wrong, but keeping it is risky. 

[Somegory]

Even if the biggest crypto wallet company in crypto space introduced online backup feature this doesn't mean you should use it, they are stupid people who don't want to honour the fact that offline is best for recovery seed, let them be stupid but don't follow their stupid ways.

Trust wallet has this feature too, I am sure that many people are backing up their recovery seeds in the online cloud because it's very easy to do, mind you these wallets won't take responsibility once they start losing their digital assets.

Every available wallet options isn't for everyone, you need to pick which one suits you more and don't be deceived that online way of backing up your keys is the safest, NO they are not.

[Yamane_Keto]

Why create a new wallet to generate a new address? If your wallet isn't generating new addresses, it's better to replace it.
cloud-based wallet recovery option is bad because you are mortgaging the security of your wallet to the strength of the encryption algorithm and the strength of the password, so your wallet cannot be considered secure.

[348Judah]

The point of of all these is that, things being easy, fast, and convenient may not always be in our favour. when things are convenient for us, we should always look at what it takes and see if it's worth it. Transaction with stable coins are fast and easy, but that doesn't make them better than transaction with Bitcoin.

Not the people are so much interested in stable coin to that extent, but each time they are about to invest in Bitcoin or any other cryptocurrency, the tent will retain the value of their money in stable coin before using it to buy Bitcoin, which can be much easier for them to exchange as a currency pair for Bitcoin and usdt as the case may be.