Crypto as investment

iAcesHigh

makeorbrake wrote: »

@iAcesHigh : Listen to Bob24. More than likely nothing would happen but you can't take that risk with digital money.

- Your password manager could be hacked at their end
- It could very easily be hacked at your end via whatever devices you run it on
- When you input the keys there to begin with, who's to say that your device hasn't already got a keylogger running on it....or your machine could be compromised by clipboard malware after the fact.
- The password manager may run a solid show in terms of security against external attacks but who's to say someone on the inside doesn't compromise your key.

That key can never be seen by anyone.

ok, won't go into discussion, but while I'm new to crypto I definitely am not in world of computer security. In short, there is MUCH bigger chance that somebody will physically steal your wallet + paper with password than break into high-security password account. Indeed, if I was handling huge amounts of € I would probably use pass app on a closed system, but even using some quality regular pass manager these days is still much safer than pass on a piece of paper...

Arrival

iAcesHigh wrote: »

ok, won't go into discussion, but while I'm new to crypto I definitely am not in world of computer security. In short, there is MUCH bigger chance that somebody will physically steal your wallet + paper with password than break into high-security password account. Indeed, if I was handling huge amounts of € I would probably use pass app on a closed system, but even using some quality regular pass manager these days is still much safer than pass on a piece of paper...

Storing it in any way digitally is dangerous, not only because of the possibility of it being hacked but because in order to access your wallet you would also have to input the keys on your phone or PC which adds further risk because they could be compromised as well. A hardware wallet allows you to remove these issues. You don't have to store the seeds on a piece of paper, you can use all kinds of resistant methods to actually take note of them and you can easily hide those somewhere secure and hidden in your home. On top of this, if you're talking about large amounts of money you can use multiple hardware wallets in a 'multisig' setup which increases the security far more again - you use 2+ hardware wallets, ideally different manufacturers, in order to validate your transactions and you'd store hardware wallet 1 with the seed phrases of hardware wallet 2, and store hardware wallet 2 with the seed phrases of hardware wallet 1, both in secure places where nobody knows. There are even more secure setups than this but I never bothered learning more about them, they're overkill for my own situation.

The main thing is ensuring nobody knows you're actually holding any at all, because that could make you a target. If you keep it to yourself and hide your seeds somewhere good you'd never have any worries at all - it doesn't matter what you do with the hardware wallet once you've reset it because you can buy and use another one to restore your wallet using the seeds. Overall hardware wallets are very straightforward and easy to use, Ledger and Trezor put a lot of effort into making them usable by anyone

Bob24

Arrival wrote: »

On top of this, if you're talking about large amounts of money you can use multiple hardware wallets in a 'multisig' setup which increases the security far more again - you use 2+ hardware wallets, ideally different manufacturers, in order to validate your transactions and you'd store hardware wallet 1 with the seed phrases of hardware wallet 2, and store hardware wallet 2 with the seed phrases of hardware wallet 1, both in secure places where nobody knows. There are even more secure setups than this but I never bothered learning more about them, they're overkill for my own situation.

Agree with your whole post, but just meant to add that BIP 39 also specifies a way to have a “seed extension” which is a 25th word of your choosing that is required to retrieve the private key from a seed phrase. This 25th word can be memorised or stored in a different location as a way to add additional security.

Probably not as safe as multisig, but easier to implement.

Lex Luthor

the only way I would store my passphrase digitally, is on a laptop that doesnt ever go online and it has a login password into the desktop and then an app or another mechanism for locking the info in a file

Keeping a passphrase in a safety deposit box is a much safer way imo

they can steal my ledger all they want, its pretty much useless to them if anyone gets it

slick14

Hey,
I know nothing about this stuff but saw Michael O'Leary on the Late Late and I think the independent did an article on Bitcoin Era?
I was thinking of setting up an account - but I'm also thinking its a scam? But why would he be promoting it if it's a scam??
Can you let me know if I'm just a total idiot (go easy on me) or is it worth investing?
Cheers,
Slick.

Bob24

slick14 wrote: »

Hey,
I know nothing about this stuff but saw Michael O'Leary on the Late Late and I think the independent did an article on Bitcoin Era?
I was thinking of setting up an account - but I'm also thinking its a scam? But why would he be promoting it if it's a scam??
Can you let me know if I'm just a total idiot (go easy on me) or is it worth investing?
Cheers,
Slick.

Bitcoin as such isn’t a scam whatsoever.

Some services related to cryptocurrencies might be scams, but then scam exist everywhere so just go for reputable services.

Is it worth buying Bitcoin? It depends on what you are looking for but I’d say for everyone it isn’t a bad idea to get a little bit of it (of course it is better if your understand what it is and why you are buying it, and you can find a lot of information online).

sethmcallaway

What do you mean by hardware wallet to store it?

spongbob

where in Ireland can someone purchase bitcoin, or any other newly evolved cryptocurrency that might be worth investing in

el diablo

https://www.boards.ie/discussion/comment/118031069#Comment_118031069

On an online exchange such as Coinbase (easiest for beginners but fees are high), Kraken, Swissborg, www.crypto.com etc.

el diablo

https://www.boards.ie/discussion/comment/117610979#Comment_117610979

It's an offline wallet (it is never connected to the internet) which stores your private keys which you use to access your crypto (Bitcoin) etc on the blockchain.