Were do I store my money

[Dunamisx]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

[YellowSwap]

Been self custody isn't enough anymore,  many people did this and they lost their coins, some people are losing their coins true trust wallet and the complains is all over Reddit and twitter right now.

I think it's time to add extra layer of security to your crypto wallet, don't rely on them simply because they are hardware wallets or promising airgapped device.

I am using a airgapped device and I still went ahead to adding higher numbers, words and other to make a passphrase, i am not ready to lose my funds to scammers yet again, once bitten should be twice shy.

[Antotena]

Been self custody isn't enough anymore,  many people did this and they lost their coins, some people are losing their coins true trust wallet and the complains is all over Reddit and twitter right now.

I think it's time to add extra layer of security to your crypto wallet, don't rely on them simply because they are hardware wallets or promising airgapped device.

I am using a airgapped device and I still went ahead to adding higher numbers, words and other to make a passphrase, i am not ready to lose my funds to scammers yet again, once bitten should be twice shy.

I think if you are the amount you hold will determine how you do self custody. You can use hot a wallet that helps in privacy control and have your seed phrase back up all by yourself, but this has to be done if you have small Bitcoin for use. You should keep this kind of coin on hot wallet since you are likely going to spend them anytime. If you are going to plan for storage of long term, then I highly advice that you go with airgap wallet that is offline.

I know that hardware wallet is intense right now, some people are dealing with the trauma of what some hardware wallet has been through. They are still one of the ways to combat theft of coins from hackers. You can still use a hardware wallet without any problem and you will be safe from hacks except if you later expose your seed phrase or even private keys to another people.

[SilverCryptoBullet]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

Non custodial wallets don't give users complete privacy. Privacy or not, it depends on how users use that non custodial wallet with Bitcoin addresses, UTXOs, Bitcoin full node, and Tor connection.

If you have bad practice with Bitcoin addresses, don't use change addresses but reuse addresses, bad use of UTXOs, and don't run your Bitcoin full node, don't use Tor, a non custodial wallet itself is unable to help you getting good privacy.

Bitcoin privacy resources.
Protect your privacy.

[Zlantann]

We? There is no system that is 100% secure by default, the devs still have a responsibility to audit and check their system regularly, to ensure there are no critical bugs that can be exploited. This is the reason why open source and well-reviewed wallets are recommended, not because they are immune to breaches, but because they can be easily identified and patched.

Let's not forget that the first reason why self-custodial wallets are recommended is because its users control their keys and they cannot be locked out of their funds. However, how their devs manage the software and fix vulnerabilities is another thing.

Reports have shown that hackers are using AI technology to identify lapses in these decentralized systems. Developers are now going a step further by adopting this new technology to review and verify code. The system is far from perfect, but it is safer than someone freezing your funds for one excuse or another.

The truth is that, most of the victims of these incidents are already aware of the consequences of putting money in such platforms and just as you already said, they believe so much in the security of those platforms but with all these recent hacks I hope they would have a rethink and try to do the right thing.
There are several better wallets to use and that is why I can't and don't want to believe that, there are people who make deposit to prediction market wallet with hope to holding it and it playing games with the deposit which is just insane to me.

Some people don't want to take responsibility. They want to keep and use Bitcoin the same way they use their fiat bank accounts. Anyone who is using an exchange, casino, or prediction market account as their bank might end up regretting their actions.

[Agathamay]

The truth is that, most of the victims of these incidents are already aware of the consequences of putting money in such platforms and just as you already said, they believe so much in the security of those platforms but with all these recent hacks I hope they would have a rethink and try to do the right thing.
There are several better wallets to use and that is why I can't and don't want to believe that, there are people who make deposit to prediction market wallet with hope to holding it and it playing games with the deposit which is just insane to me.

Some people don't want to take responsibility. They want to keep and use Bitcoin the same way they use their fiat bank accounts. Anyone who is using an exchange, casino, or prediction market account as their bank might end up regretting their actions.

It is true that a lot of people don't want to handle the responsibility of holding their coin and just like the case with Binance hack where at the end of the day, Binance was totally responsible for the losses and recovery of the stolen asset which wouldn't have been the case if it was a decentralized wallet where the user would have to be totally responsible for the losses  and this draws me back to the fact that, a lot of people don't even care about this privacy they cherish so much online as long as their money is presented to be safe, they don't mind taking the risk.

[Orpichukwu]

✂️✂️✂️✂️✂️

This looks like a good perspective to using centralized crypto exchange, getting to rely on the exchange for recovery is kind of a breath of fresh air, I sincerely hope they come through with the promise. But I still think cold wallet is better though.

That looks like a trap you set yourself off on to believe that off all places, centralised exchanges are the best and safest place to run to in terms of handling your coin holdings.

Yes, Binance is able to handle all the losses which occurred because of the hack. Then what? Does that change the fact that they can still freeze your coin and restrict you from withdrawing whenever you want? What if another major hack happens and they can’t cover the loss that time, or a big decline hits the exchange and everyone decides to get their money out? How sure are you they have everyone’s deposits available on reserve?

[Pablo-wood]

✂️✂️✂️✂️✂️

This looks like a good perspective to using centralized crypto exchange, getting to rely on the exchange for recovery is kind of a breath of fresh air, I sincerely hope they come through with the promise. But I still think cold wallet is better though.

That looks like a trap you set yourself off on to believe that off all places, centralised exchanges are the best and safest place to run to in terms of handling your coin holdings.

Yes, Binance is able to handle all the losses which occurred because of the hack. Then what? Does that change the fact that they can still freeze your coin and restrict you from withdrawing whenever you want? What if another major hack happens and they can’t cover the loss that time, or a big decline hits the exchange and everyone decides to get their money out? How sure are you they have everyone’s deposits available on reserve?

The mere thought of having funds that can't be accessed due to restrictions and freezes can be very frustrating. The incontinence it creates and the period of stress that comes with it. Submitting documents that get rejected due to reasons that might not even sound valid most times. I can't advise anyone to store crypto in exchanges no matter how reliable they claim to be. It is either self-custody or no-custody at all.

[Oshio-man]

We are just moving to the fact that these platforms can be hacked. What about personal hacks that have been happening, are we going to neglect that or we can still teach people to secure their own coins. Let's just focus on what we can control.

If the forum is hack today, do you think the scammers will have something to achieve before it will be rectify by the team in charge of the forum because everybody know some kind thing you cannot display in the forum, which if users see such in the forum the team will know that something is going wrong and there will be solution immediately so that it will not make users to fall victim to scammers, before you stop your bitcoin, make sure you have carry out your details about the wallet before you use it to hold your bitcoin and other cryptocurrencies.

[HelliumZ]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

We usually lose our Bitcoins due to our mistakes, especially when we do not properly store our security seed phase, as a result of which hackers easily gain access to our wallets. Moreover, we generally consider custodial wallets to be more secure when choosing a wallet and start keeping our Bitcoins in exchanges whose control system is completely dependent on a third party. If we are aware and use non-custodial wallets and if we keep our security system under our control, then we can easily save our Bitcoins. It has been seen that most of the mistakes of the savers are mainly due to the possibility of such hacking and in some cases hacking even happens.

[Zaka1221]

Speaking of the FTX hack, you reminded me of my past sorrows, especially in November 2022, when FTX owner Sam Backman Fred himself embezzled billions of dollars from the public by getting involved in this exchange scam, I also had some dollars in it and that too turned into zero at some point. I just had some FTX tokens that were in the exchange and after the information about the scam spread quickly, the price of the token started falling so fast that at one point my 65 FTX tokens were worth just a cent. However, I was very upset for a while and recently after seeing this post of mine after the Binance exchange hack, I remembered this thing from the past.

FTX has surely done enough damage, but crypto is having too many hacks and scams. They have done big losses; things are getting worse day by day. Recently a few hacks brought things to the lowest level because with them now the confidence level of investors is also in big decline. Binance was the last nail in the coffin, which surely was going to have a serious impact.
Crypto needs to have a few positive things because being careless and having compromised systems are not helping. FTX is now part of history with no chance of coming back to normal because crypto history is having no way back for them, but now awareness is increasing about exchange security because there are not other solid ways for having crypto exchange and swap.

[goldkingcoiner]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

I think you mean:

As long as we maintain the necessary security measures, we will be given complete privacy. But this is what most people fail to do in the first place, making all their storage methods competely useless.

If a person doesn't do his/her research and just willy nilly goes about storing their coins, then it does not matter if the wallet is non-custodial or not. They will lose the coins because they were sloppy.

Non-custodial only matters if you make it matter.

[Coincrest]

Most of this thread is about where to keep coins and very little about whether you could get them back. Do a test restore once: use a second device or wipe the wallet, restore from your written seed (and passphrase if you use one), and check you see the same addresses before you put serious money in. Plenty of people only find a wrong word or a forgotten passphrase when they actually need the backup.

The other gap is inheritance. A hardware wallet in a drawer with a seed nobody else knows about is lost money if something happens to you. Leave clear instructions where your family can find them, kept separately from the seed itself.

[alastantiger]

Any non-custodial storage that gives us complete privacy and allows us to maintain the necessary security measures means there is nothing that will make us forfeit our coins to hackers. Most of the incidents we are seeing today regarding hacks and scams are related to our individual mistakes and lack of information about using a non-custodial wallet instead of a custodial wallet, while the possible scams are also related to not being informed of the necessary steps to take to secure our assets from scammers.

All types of wallets can be hacked hence it is about how you protect your wallet that matters then just the name or type of the wallets. Some non custodial wallets has been hacked in the past and it can happen again hence we have to be careful regardless of the wallets that we are using. As soon as a viruses gets into your wallet, you lose control over your Bitcoin because the hacker can do anything remotely and you will lose all your Bitcoin in the wallet. Making use of a non custodial wallet is better than making use of a centralized walket that you do not have any control but this also put you at risk of getting hacked too hence no wallet is Safe from hackers but you can make things harder for them that you do not become their targets.

[KingsDen]

With the hack trend in the industry now, from CEXs to self custody wallets, I am becoming scared. I thought that maybe by 2028, the industry will be witnessing the wave of Quantum rush and risk, not knowing that another thing is coming altogether.

I have said that if I survive in the industry until 2028 bull run, I will seriously decide to diversify. It seems that what AI is giving us now is just a tip of the iceberg. There are definitely many things for fight against in the future.

[2Pizza410000BTC]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

In fact, everything is risky, but we have to accept this risk and move forward. If we are afraid to invest, then we will not be able to succeed. I have kept my investments on Binance Exchange and Trust Wallet, and I am safe in that. However, I have occasionally traded the money I have kept on Binance Exchange and kept my long-term investments in my own wallet, but I did not lack any security in that either. But from my point of view, I think I am safe.

[ovcijisir]

With the hack trend in the industry now, from CEXs to self custody wallets, I am becoming scared. I thought that maybe by 2028, the industry will be witnessing the wave of Quantum rush and risk, not knowing that another thing is coming altogether.

I have said that if I survive in the industry until 2028 bull run, I will seriously decide to diversify. It seems that what AI is giving us now is just a tip of the iceberg. There are definitely many things for fight against in the future.

Pretty bleak predictions As for hacked wallets and exchanges goes, wasn't it always been a god practice to keep money on exchange as short as possible ever since mtgox ?

Also there are alternatives to hardware wallets. At this point I don't think of any hardwre wallet as safe, either bought directly from manufacturer, either ones that were bought from distributors.

So far I am still relyng of keeping seed on encrypted USB memory stick, also I use laminated paper - I write the seed on paper and protect it with transparent duct tape. As for spending there are multiple solutions - from using airgapped pcs, to using live memory sticks with portable OS.

[Giwagi56]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

One thing that I have to say is that there is no exchange or wallet that can not be hack, i know we should be panic because these are the place where we think we can store our coins and it has become something that we can not trust anymore but we should not also forget that the exchange are also doing their best to protect our coins because they can not lose their customers, as long as your coins is not touched when the exchange was hacked you don’t need to panic, I am not saying that we shouldn’t look for another exchange or wallet to store our coins but we should remember that those once we trust can also be hack too.

[Patrol69]

The wallet system is not always responsible for all these wallet hacks, but many times the individuals themselves are also responsible. No matter how secure the wallets we use, if we cannot keep their private information secret, our wallets can easily become victims of hacking. Currently, so many people in the world have Bitcoin, but everyone is using such wallets to hold their Bitcoins. The difference between these conscious users and those whose wallets are hacked is that they can protect the privacy of their wallets. Conscious users can maintain the privacy of their wallets, but ordinary users cannot.

If you want, you can use Electrum wallet, personally I like the security system of Electrum wallet very much.

First of all, what I said is that we have to protect the privacy of our wallets, we cannot discuss any matter of the wallet with anyone, and the wallet seeds must be stored in a place where no other person except you can access the seeds, only then can you store your bitcoins very safely.

[Uhwuchukwu53]

The question reached to puzzle a lot is happening in the system that asking such questions won't be a blame to whoever that desires to be clarified, self custodian is good has it disadvantages, every risk has a way of surviving it just that as person you must apply all possible measure to be the safest side, from the knowledge and information I think cold wallet has the best security despite that nothing is hundred percent safe in the Sense that if your using this offline device to store your Bitcoin or your money you must be security wise on physical attack, natural disasters and your keys phrase security all this are seriously in you because any mistake takes you back to square one, some self custodian or cold wallet is still good no matter what happens in the system everything can't be failure.