Quote from: BlackBoss_ on Today at 02:00:00 AM

User: Benedictare
https://bitcointalk.org/index.php?action=profile;u=3573400

Plagiarism paraphrasing.

Quote from: Benedictare on Today at 01:27:59 AM

Creating and maintaining many cryptocurrency is a good way to keep your asset safe, splitting your assets into multiple hardware wallet keeping one in a cold device completely is having an extra layer of security, which is you don't sign approval with any of the whole device . Having multiple crypto wallet prevents you from losing all your funds to attackers ,and in other for you to have a crypto tracker portfolio, you have to trade three different cryptocurrencies .

In other for you to take proper care of your wallets you need to hold most assets in self-custody wallet because Self-custody is extremely important keeping control over your crypto asset .

Use different crypto wallet for different purpose .
Creating many wallet addresses connected to the same seed phrase and private key is like having multiple bank accounts with same like login details which is not good, especially regarding the ability to become stronger against hackers and implementing access controls.

For example when you divide the company's assets into multiple crypto wallets with different seed phrases is advisable. Putting all together in a wallet can make seeing your company's crypto finances difficult, Instead, consider maintaining at least three crypto wallets,one for receiving payments, another for paying expenses, and a third wallet that acts like a savings account.
Using a different account helps you track your crypto finance ,also helps to implement proper financial control and having a clearer way of managing your crypto wallet,also securely managing your wallets' seed phrase .

https://www.ledger.com/academy/topics/security/what-is-a-cold-wallet

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If you want an extra layer of security, you can also split your assets across multiple hardware wallets, leaving one device completely cold. This means that you don’t sign any approvals with any account on that entire device.

https://www.request.finance/post/how-to-manage-multiple-crypto-wallets-best-practices

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2. Use different crypto wallets for different purposes
Generating multiple wallet addresses linked to the same seed phrase and private key is akin to having multiple bank accounts with identical login details. But this is not ideal, especially regarding resilience against hacks and implementing access controls.

For improved clarity, dividing the company's assets into multiple crypto wallets with distinct seed phrases is advisable. Lumping it all together into one wallet can make seeing your organization’s crypto finances difficult. Instead, consider maintaining at least three crypto wallets: one for receiving payments, another for paying expenses, and a third wallet that acts like a savings account.

Maintaining different wallets for different purposes provides clarity in tracking your organization's crypto finances. It also enables you to implement proper financial controls and simplifies financial reporting for tax purposes and audits.

Plagiarism
Benedictare

Quote from: Benedictare on April 08, 2024, 02:01:49 PM

The only way is to use Cloud backup in other to completely avoid data loss during any disaster .

Cloud backup storage is an online backup that is used for storing of data base in case of any environmental disaster.
Cloud backup also has its own risk but trusting it means proper enycption of the seed phrase before storing puts it at a lower risk because it's always targeted .

It is important that any computer system that you use to view your seed phrase should be free from malware .
Cloud storage is without trouble strong and healthy it has risks largely due to its quality and by how much potential access could happen in a way that is not planed or showing a desire to cause harm be granted to data stored there.

There is a potentially very great in number to place in a particular position so that they are in order of options and tools available to perform encryption.

Password managers can be producing a result that is wanted and without trouble for some secrets, but their operation must also be well-known in order to give the safety that they are needed to provide.

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How to use Cloud storage to back up your Seed Phrase.

Read this article if you want to better understand the strengths and potential pitfalls in storing your seed phrase in the Cloud.

Vault12 Crypto Security

January 18 2024

One of the many ways that you could choose to back up your crytocurrency seed phrase would be to back it up to the Cloud. Although Cloud storage is not risk-free, proper encryption of your seed phrase before storing it there lowers the risk and makes it an option that you might consider.

TL;DR (concentrated takeaways)

If you rely on Cloud storage for backing up your seed phrase, you must encrypt it first - else it is extremely poorly protected. Cloud storage is a target!

It is critical that any computer that you use for encryption, or for viewing your seed phrase, be free from malware.

Although Cloud storage is convenient and robust, it has risks largely due to its complexity and by how much potential access could accidentally or maliciously be granted to data stored there.

There is a potentially overwhelming array of options and tools available to perform encryption.

Password managers can be effective and convenient for some secrets, but their operation must also be well-understood in order to provide the safety that they are meant to provide.

For anything that you encrypt, you must keep and store a backup of the decryption key (too)!

On the surface, the peace of mind given by Cloud providers gives by taking responsibility of long-term digital file storage looks like making the Cloud the perfect place to store your seed phrase. However, news reports cover with alarming frequency tales about information being stolen from various Cloud storage repositories, whether due to inappropriate permission configuration, software vulnerabilities, or even insider theft by employees with authorized access to computer systems, networks, or recycled hardware.
Cloud security can be excellent, but it is not perfect - especially the parts that rely on human diligence. This is why it is necessary for your sensitive information to be stored in the Cloud and be encrypted before being placed there, If someone were to gain unauthorized access to your Cloud files, but those files were strongly encrypted, he would not be able to read the contents.
Cloud storage is great but has risks, but encryption offers some protection.

Advantages of Cloud backup of your seed phrase

.Convenience.
.Reduces risk of physical loss or media failure.
.Reduced risk from natural disasters
.Good security controls when carefully applied.

https://vault12.com/securemycrypto/cryptocurrency-security-how-to/crypto-cloud-storage/#:~:text=Password%20managers%20can%20be%20effective,of%20the%20decryption%20key%20(too)!