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Question about security/hardware wallets/software wallets/mnemonic phrases/keystores

Question about security/hardware wallets/software wallets/mnemonic phrases/keystores

All Cryptocurrencies

by COINS NEWS 58 Views

So I've finally decided to be responsible and actually try and hold my crypto in a secure way. The problem is that I genuinely do not understand what a secure way looks like and how that would work.

Right now, I'm pretty confident that what I have is Not Good. Most of the currency I hold is on Coinbase. I've got some BTC, BCH, ETH, LTC and BAT on there. I've got a Bittrex account which holds a bunch of shitcoins, and I've also invested in SweetBridge/SweetCoin although they're still holding my coins as I've not got an ERC-20 wallet address to give them. In fairness, I don't even know what an ERC-20 wallet is.

I have to use the authenticator app on my phone to log into the accounts, but then I have no idea what happens if I lose my phone. Can I ever get back in? I know there was a secret code when I signed up for the accounts, but I don't know it off the top of my head, although it is saved in a file which is stored on my iCloud account. That also sounds like a terrible idea.

I've tried to research what it is I want, but I'm still not 100% I know what I'm doing so I'm really hoping someone can advise me. I guess I need a hardware wallet, the Ledger Nano X looks like it's what I need? Is that right? Can I store all my coins on it? Does anyone have experience of the app and can say if it's any good?

Do I also sign up to a software wallet? MyCrypto.com? MyEtherWallet.com? Another one?

If the hardware wallet is stolen then what happens? How do I use it to process transactions? Do I have to memorise multiple passwords or keys? If I do, how can I store these so I don't forget them but they remain secure? What are the chances that I can do something stupid and lose everything?

I'm really sorry this is such a ramble of questions that may seem obvious to you, but I'm really just trying to get some answers so that I can be part of the community and protect myself at the same time. I'm pretty hopeful I can't be the only person who has left themselves open to attack and maybe this post can be helpful to other people too.

submitted by /u/wang_bang
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