Post
Topic
Board Economics
Re: Is wallet security important to use?
by
fuding12
on 23/09/2018, 19:31:35 UTC
Do you guys have a better idea to avoid theft in the wallet?
Your Knowledge and Ideas will be more helpful if shared.

Buy a Hardware Wallet. I recommend Nano Ledger S but there are other quality hardware wallets out there. Am I claiming that the hardware wallet really can't be hacked? No. But I definitely think it's safer than downloading a wallet to your computer. The following are some of the advantages provided by hardware:

  • Compatibility with most cryptocurrency.
  • The wallet is only online when it is plugged into your computer so that the opportunity threshold is much lower.
  • The wallet protects your private key that is important for sending coins. In fact, unless you are very focused, you won't even know your private key!
  • The wallet can only be accessed with a pin code that damages the wallet after three incorrect attempts. What is the possibility of a thief guessing your pin in three attempts?
  • This wallet is supported by a 24-word password that you need to record and keep it in a safe place. I recommend storing passwords in 2 or 3 different locations to be safe. If you lose your wallet or corrupt your crypto, you can return it with this password.
  • Each transaction must be confirmed by a button on the wallet itself. The wallet will also display the address you sent your coin. Never push a button unless the address in the wallet matches what is on your screen! The wallet is always correct.

As you can see, the wallet protects against various hacking attempts; even protect you from your own stupidity. You cannot give your private key (something you should never do) if you don't even know them!


Source: Quotations from Jared Busby, at Quora.
Link: https://www.quora.com/How-do-you-prevent-your-cryptocurrency-from-being-stolen