Start assuming that you can get hacked at anytime

[Out of mind]

Nothing in the crypto world is 100% safe, we can face hacking at any time, especially when we keep our money in an exchange-based place, it is even more unsafe. Of course, we should learn from the current events that we can also face hacking at any moment. And for the security of our money, we have to take our own steps, in which case we have to choose a place where our money is safe in the future. That is right, for the security of your money, it is most important to use a cold wallet, and its passwords should be kept in a safe place. You should not think that keeping money in any wallet is safe, but you should always pay attention to all management carefully.

[Orpichukwu]

It's time to consider using Passphrase on your recovery seeds or even consider Multisig.

The problem now is that it's not personal accounts that are hacked, it's the related exchange that's the problem. Even if we set a unique password, if hackers break into the exchange, all the crypto assets there will be lost.

Anyone using the exchange and storing their money in their already trusted account will trust that the exchange will cover up all their losses if a hack ever happens on the exchange and not an individual account accessing it. If the exchange will honour that, it is left for them, and it is based on what they have left after a hack.

But for self-custody, which I believe is where the OP concerned is focused on, a passphrase and other added security will help secure the person's wallet even when the software they are using is attacked and compromised, like a cold card. They can still be safe since they don’t depend only on a single key.

[KiaKia]

It's a good idea to split your coins in more than one crypto wallet but I wouldn't do because I believe that a well generated recovery seed can still get stronger with the use of passphrase.

Just make sure your Passphrase has over 50 words or numbers combined, it will take many many years for a computer to get to it trying to decipher or what is the English called?

And if you even want to be a freak of security then consider using Multisig, generate one and move your coins into the address and keep the keys offline, you are going to be in good hands for a very longer period of time.

[SquirrelJulietGarden]

It's a good idea to split your coins in more than one crypto wallet but I wouldn't do because I believe that a well generated recovery seed can still get stronger with the use of passphrase.

The first split must be among Bitcoin and altcoins. If people have both bitcoin and altcoins, they must split funds and store them in different wallets. One wallet for bitcoin storage only, another or other wallets for altcoin storage.

Storing both bitcoin and altcoins in a single wallet (multi coin wallet) is very risky practice. I don't trust multi coin wallet, and I don't use them to store my bitcoin.

Just make sure your Passphrase has over 50 words or numbers combined, it will take many many years for a computer to get to it trying to decipher or what is the English called?

If people don't know what to do, how to back up wallet and wallet passphrase properly, setting up a too long and strong passphrase can cause big problems later. With non custodial wallets, problems mean failures in wallet access and wallet recovery, then fund will be lost.

https://blog.lopp.net/how-to-back-up-a-seed-phrase/

Seed Backup Threat Model

We already know why we are creating seed backups - to protect against loss of whatever devices (if any) we are storing the keys on for regular use. But what do we need to worry about protecting the backups themselves against?

    Loss due to destruction
    Loss due to complexity / not being able to restore from backup
    Loss to an attacker

[Rengga Jati]

It's time to consider using Passphrase on your recovery seeds or even consider Multisig.
There is no better solution that I can think about than these.

Investments of any kind have always carried risks. And Bitcoin is no exception. While the value of Bitcoin itself may be secure enough. But, the wallet, where it is stored, can be the real issue. You’re right. Recent hacking incidents are truly concerning. They serve as a stark reminder that nothing is ever completely safe. We must be extra vigilant in managing our assets and carefully consider the best, most optimal place to store our Bitcoin. Security measures also must be strengthened. In short, we should implement multi-layered security to achieve a higher level of protection. Though, even then, it still doesn't guarantee 100% safety.

[Luzin]

It's a good idea to split your coins in more than one crypto wallet but I wouldn't do because I believe that a well generated recovery seed can still get stronger with the use of passphrase.

Just make sure your Passphrase has over 50 words or numbers combined, it will take many many years for a computer to get to it trying to decipher or what is the English called?

And if you even want to be a freak of security then consider using Multisig, generate one and move your coins into the address and keep the keys offline, you are going to be in good hands for a very longer period of time.

50 words with a unique combination will be a major challenge, but if they are not accompanied by entropy or the level of randomness, the combination of letters will be the same. Then, Multisig and passphrase are not guarantees of perfect security but serve as very good alternatives to make it difficult for thieves. However, this condition must be accompanied by our carefulness in storing and securing the passphrase and choosing multisig. We already know this, but sometimes we make mistakes that we are not fully aware of.

[Tamaperdana]

Snip

Yes, basically, in this increasingly modern digital era, if we own crypto assets, we must absolutely ensure their security. Because there have been so many cases of hacking like this. So, it's clearly very scary, because many people have lost their money due to these hacks. So, it's true that securing crypto assets, like the Bitcoin we own, clearly requires stronger security. Because, basically, it would be a shame if our assets were lost after we've accumulated them. Furthermore, storing Bitcoin in several separate wallets can be a very good solution. And also, don't keep your wealth in just one investment asset. So, it's better to spread it across several other assets as well. Because I think that's much better. So, yes, hopefully everything will be fine from now on.

[Fivestar4everMVP]

If you have 0.2 BTC
It's not wrong to split them into two separate cold storage, airgapped devices.

Splitting fund between different wallet is actually a good security measure which i think everyone in crypto should learn, just like a few years back when we would advice ourselves on the dangers of one putting all his or her eggs in one basket, which if anything goes wrong, all the eggs will be damaged/lost.

Starting to assume that you can get hacked is unfortunately now the beginning of wisdom in this crypto space today.
Don't sit back and feel safe because your crypto wallet isn't touched, yet.

Well, i don't or wont agree with this advice because it will do nothing but create/install fear/panic in the hearts of investors, and life is naturally designed/programmed in such a manner that what we fear most is what tends to somehow find its way into our life.
Investors should do everything they know is good to ensure they are never a victim of any type or form of hack, but they should never assume they would get hacked, because once you have this particular fear inside of you, you might actually end up becoming a victim, don't under-estimate the power of the human mind.

[savetheFORUM]

With the rate at which we are beginning to experience all these hacks that is going on the the cryptocurrency world, if you ask me to begin sharing my Bitcoin to different exchanges I will say that, it's not a too good idea personally speaking. Since you don't even know the next place the attack can take place it's better that you keep your Bitcoin in one place.

Op your idea is a nice one but if you ask me I will say that, you are exposing yourself the more. What you should encourage people to do is to become more security concious when it comes to their wallet, such as handling of seedphrase. The part we will play in this is to make sure that we on our own end doesn't expose ourselves to fraudsters taking the security of our assets seriously. But what we should know is that hacking is beyond you, so whether you share your funds or not you don't know the next exchange that is going to be hacked.

Exchanges will always be a risky move so we should not trust any single exchange. Using multiple exchanges is a good practice because even if any one of those gets hacked, we still have access to some other funds which we can continue to use. Mostly traders face this kind of a problem because they have to keep trusting exchanges with a bigger chunk of their portfolio. If anything happens to that one single exchange, these traders are ruined and have no job for a few coming days.

Using multiple exchanges is one way out and the second will be to use cold storages as OP said. Anything you save on your computer can be exposed so why take a risk of using online wallets to hold funds?

[Fuso.hp]

Although there is no 100% guarantee in anything, I think we can't always think about the fact that our money can be hacked at any time. If our thinking is always like this, then we will not be able to keep money in any wallet and be comfortable. What I sometimes think is that users are largely responsible for money being stolen from their personal wallets. There are some users who prefer exchange wallets to avoid trouble and always sell, and they keep a large amount of money on the exchange at the same time, but this is not right. Exchanges are already targeted by hackers, so if money is kept on the exchange, the risk of losing money is high. We can use mobile wallets or hardware wallets, but the seed pages must be recorded in a secure place so that they are not lost or fall into the hands of someone else. If we are careful about general matters, we can definitely keep money in the wallet and be safe.

[ndutndut]

What we need to seriously understand when we start diving into the crypto world is that the security of asset storage is truly the main foundation in crypto. There really isn’t any system that’s completely 100% safe even big exchanges just like what happened with Binance. So it’s better to assume that wallets or assets could be hacked at any time, and that’s actually a good mindset. Security threats can come from many directions both technical ones and those caused by human error which often are unexpected.

Events on major exchanges like Binance lately remind us that even the most prepared parties can get overwhelmed. A multisig address is one of the best approaches to reduce risks from hacks or the like. Because with this method, approval from several parties or devices is required before a transaction can be executed a single point of failure becomes much harder to exploit. Still, this isn’t an absolute guarantee, so for good security we need to stay alert to phishing and keep things running continuously.

[Synchronice]

If you have 0.2 BTC
It's not wrong to split them into two separate cold storage, airgapped devices.

You have to realize that splitting 0.2 Bitcoin into two air-gapped device means double responsibility. First, you have to get two air-gapped device, then you have to store coins on them, then you have to protect both. 0.2 Bitcoin is not that amount of money that will attract hackers and make you their target. It's my opinion but I wouldn't put extra security on 0.2 Bitcoin and I would keep them on one air-gapped device.

It's time to consider using Passphrase on your recovery seeds or even consider Multisig.
There is no better solution that I can think about than these.

The higher the security you have, the higher the responsibility you have too. Some people will fail to bear such big responsibilities. We have to keep that in mind too.

[osasshem]

There's a lot of sense in this statement. The crypto community is now engulfed with different hacks and losses of assets to hackers, and North Korea being the lead of these hacks makes it unthinkable to sanction or dive deep into the investigation. Safe keeping of our assets is now a major priority because anything is possible to happen at anytime. As much as splitting your holdings into different wallets, we should also have it in mind to update our different wallets applications. This might not be too important, but very necessary for security reasons.

[JollyGood]

This is a quick reminder that you created this thread on 31st October and made a post on 1st November. I checked your post history and am not surprised to note that you are posting elsewhere quite regularly but are no longer interested in this thread. Your posting patterns are synonymous with account farmers therefore I have left an appropriate tag.

This is a quick reminder that nothing is truly 100% safe in crypto space

[Odogwu-Blockchain]

I am not the type of person who love to be in a a situation where I'm panic over anything, I will not be separating my assets into different wallets because I'm afraid of hackers because that will let me be in a confuse state of consciousness, I hate it whenever I am confused.

I'll simply quit crypto investment for my peace, or store all my crypto in a secure wallet like electrum wallet. I can't and will never put my crypto into different wallets because I'm scared of hackers. Nah