Post
Topic
Board Bitcoin Discussion
Re: It's stupidity to have thousands in Bitcoin using a software wallet
by
Hatchy
on 05/02/2024, 18:33:39 UTC
It's easier to find the definition of Bitcoin online at the time but it's a bit complex to know out of the box that there is something called cold wallet or custodial wallet, it was confusing to me, so I just visit google for answer and yes Legder and Trezor are always the first, instead I went on google play store for bitcoin wallet, I mean, why spend dollars on a hardware wallet when a software wallet can do the same?

I don't recommend ledger for hardware storage as they are unsafe. And with recent news of them using cloud to backup users data, it shows how untrustworthy ledger is. So just as @ upgrade00 had said, if you don't do proper research you may end up using a hardware wallets that will get your funds compromised.

Quote
This was how I found FreeWallet, I use this to store some Bitcoin, it was easier for me because it required only email login and password, I stumbled on some that ask me to write down recovery seed but it was stressful for me, stupid me, since Free wallet sync with my email I thought that's all that matters and I lost it all, can't log into my account anymore, as if Freewallet swapped my password and log in info.
You made a mistake by using wallets that are controlled by third parties and centralized. Any wallet that stores your keys for you is considered unsafe and not trustworthy. Remember, if you don't control the keys, you don't control the coins. This should be a lesson for you.

I don't see how difficult it is to write down your seed phrase and keep it in a secure place. If you think software wallets are unsafe, you should reconsider. There are good wallets like Electrum and Blue Wallet. As long as you can keep your seed phrase offline, your funds will be safe.