Beginners should avoid this wicked idea at all cost

[PX-Z]

If you are a beginner please stay away from any means of storing your recovery seed in a cloud storage, this doesn't make trust wallet and unusable crypto wallet, if you must you trust wallet make sure you store your recovery seed offline, don't patronize their cloud storage idea, it's totally wrong.

Ideas are evolving as time flies, but when Ledger introduced a cloud based seed recovery service, it felt like a step backward from the core principles of crypto, privacy and self custody.

It's fine to use centralized platforms to some extent, but agreeing to store your seed phrase or passphrase in the cloud defeats the whole purpose. At that point, you're giving up control, which goes against what crypto was meant to solve in the first place.

[tbct_mt2]

Ideas are evolving as time flies, but when Ledger introduced a cloud based seed recovery service, it felt like a step backward from the core principles of crypto, privacy and self custody.

It's fine to use centralized platforms to some extent, but agreeing to store your seed phrase or passphrase in the cloud defeats the whole purpose. At that point, you're giving up control, which goes against what crypto was meant to solve in the first place.

Their Recover product breaks many principles of a good cryptocurrency storage that requires to have full control, and no other entity knows about your wallet mnemonic seed.

Bitcoin Q&A: Why is Seed Splitting a Bad Idea?
Shamir's Secret Sharing shortcomings.
Ledger Recover: What The Hell is Happening? With aantonop and lopp.

[arzuo]

Your warning is very relevant!!
Generally, many people don't know that whoever has access to the seed has full control over the funds.
Newbies don't really understand how important the recovery seed is, they consider the convenience more acceptable than being careful.
This topic needs to be analyzed and posted more easily for beginners!

[ABCbits]

--snip--

So why are they encouraging online backup when they know that it is not safe.

I would bet because there's demand for such feature. Cloud backup have become the norm these days.

It was all over the news in 2022 when someone lost over $650 million of NFTs because of iCloud backup of his seed phrase.

https://bitpinas.com/cryptocurrency/hackers-metamask-icloud/

I get your point. But IMO, in that case the bigger issue is the victim use mobile/browser extension wallet to manage $655K worth of crypto.

[SamReomo]

If you are a beginner please stay away from any means of storing your recovery seed in a cloud storage, this doesn't make trust wallet and unusable crypto wallet, if you must you trust wallet make sure you store your recovery seed offline, don't patronize their cloud storage idea, it's totally wrong.

Trust wallet isn't a trustworthy wallet because it's closed source and I personally don't trust wallets whose code is not available to public. The only best wallet I believe for most users or for everyone is Electrum, I've been using it for many years and to be honest, I've never faced any issue. It's the wallet that gives you full control over your keys and seed phrases and that matters more than anything else. So instead of Trust wallet I'll always prefer Electrum.

[Queen uloma]

You’ve said it all and I agree with you. Your recovery seed phrase is the master key to your wallet, if anyone has access to it your money is gone. New beginners love easy way, if their wallet gives them options like, cloud backup, many beginners will accept it without thinking twice, this might be a very big mistake. Anything that has to do with the internet such email, cloud or screenshot are not 100% safe, hackers are everywhere so we need to be very careful. For me trust wallet is a good wallet no doubt but when it comes to cloud backup option it can mislead new beginners that really don’t understand anything about  risk.  My advice is that never you store your recovery seed phrase in the cloud or on your phone etc. it’s better for you to write it down on a paper and keep it in a hidden place. Don’t disclose your seed phrase to anyone no matter what. New beginners should wise up, ignore anything that looks like shortcut because it will cost you everything.

[Felicity_Tide]

Trust wallet, I am looking at you.

Is it not strange that a supposed self custodial wallet that ought to emphasize the need to write down your seed phrase while warning you about the risks of failing to do so, is now asking - 'Wouldn't you like to back up your seeds?'. Aside from the fact that I once experienced a glitch on Trust Wallet, I think this idea of seed phrase backup was also one of the biggest turn off for me. I hope the company behind it _{(binance, I guess)} has stopped categorizing it as a self custodial wallet, since it now provides a backup option for those that ought to be fully responsible for their own keys to their money. Last I checked, 'self custodial' doesn't have two meaning or does it?.

[YellowSwap]

--snip--

So why are they encouraging online backup when they know that it is not safe.

I would bet because there's demand for such feature. Cloud backup have become the norm these days.

It was all over the news in 2022 when someone lost over $650 million of NFTs because of iCloud backup of his seed phrase.

https://bitpinas.com/cryptocurrency/hackers-metamask-icloud/

I get your point. But IMO, in that case the bigger issue is the victim use mobile/browser extension wallet to manage $655K worth of crypto.

There should be data on how much demand there is on cloud backup.

I am not going to buy this, because everyone had to adjust with what Bitcoin has to offer.
We had to keep recovery seed offline for our Bitcoin to be safe, anyone who didn't follow this rule must have learned the hard way right now.

If Trust wallet doesn't make this available people will have to use the old good way, which is writing down their recovery seed, because they don't have a choice and this is the right way to keep seed safe.

Now that Trust wallet is making it look like Cloud backup isn't bad at all then there might be true demand for the idea.

[SirMac3]

If anyone should know better about crypto wallet it should be the makers, I mean those people who build wallet softwares for public uses, but I am here to tell beginners to be on guide as there are wallets out there that don't know what they are doing, or maybe they did it intentionally?

Allowing your users or customers to store their recovery seeds via online cloud storage is evil and wickedness, because beginners are always in good terms with easy way out, there is no better way to define beginners than this.

There is a high chance that beginners trust crypto companies more than themselves, thinking that "They should know better since they are the ones that make the crypto wallet", but alas, if any beginners are reading this, know that keeping recovery seed in cloud storage is 100% wrong.

Trust wallet, I am looking at you.

If you are a beginner please stay away from any means of storing your recovery seed in a cloud storage, this doesn't make trust wallet and unusable crypto wallet, if you must you trust wallet make sure you store your recovery seed offline, don't patronize their cloud storage idea, it's totally wrong.

This idea is really helpful. It will go a long way to helping all the newbies. Sincerely, how would I have known this if not by studying the threads? I'm really grateful. This is one of the reasons for studying the threads for a while as a newbie before making investment moves, as not to know how not to get trapped by those tempting wallets.