Why offline wallet is the safest

[Finger Geek]

Many individuals including myself are victim of some wallets for losing our funds to them. I lost my bitcoin worth 10,000 satoshi to blockchain.info. I lost the coin because I was not following the wallet when they announced that there will be change in there system. So when I needed the coin and login in to my blockchain wallet I see that my coin is gone. This and many more has also happen to some people before.

I have read many post and reviews about the safest wallets to save our coins and many of them chose cold Wallet which is the hardware wallet. Truly it is secure but I don't see it as a safe wallet because if anything happens to the hardware like been damaged or stolen, then it means that our coin will be gone. Since some thing like this can happen to the wallet then it should not be considered as the safest.

The safest wallet to store cryptocurrency is on offline wallet and the best offline that I know for now is coinomi. The reason I choose coinomi as the best and the most secured is that apart from providing passphrase for our wallet, it also has the ability to encrypt our wallet with password. This will make it impossible for anyone to steal our wallet. If our phone or laptop is damaged or stolen, our coin will still be safe.

 

[Suba]

Until now, there is no crypto wallet that is more secure than cold wallets, some cold wallets are Paper wallets and hardware wallets. Because the hardware wallet is always offline, we need to connect it via USB. while Coinomi is classified as a hot wallet because it is on a mobile application.

 

[Finger Geek]

Until now, there is no crypto wallet that is more secure than cold wallets, some cold wallets are Paper wallets and hardware wallets. Because the hardware wallet is always offline, we need to connect it via USB. while Coinomi is classified as a hot wallet because it is on a mobile application.

I agree with you that cold wallet is the most secured wallet. But it is not the best and safest wallet like I have explained earlier that when anything happens to the hardware like been damaged then the coin is gone. Or is there a way to get back the coin after the hardware has been damaged? Paper wallet is still better because it is totally offline and private key is only needed to access the coin and the private key can be written down in many places.

 

[Jasz]

When you're dealing with cryptocurrency, it's easy to forget that the main appeal of these digital currencies is that they're not traditional money. They are decentralized and not controlled by a government or bank. For the most part, cryptocurrency runs on the internet, so it can be accessed from anywhere in the world.

However, with cryptocurrency having become such a global phenomenon, there are now more cyber-attackers than ever who want to get their hands on your money—which means you need to take extra precautions when storing your crypto. One of those precautions is keeping your funds offline.

Even if you keep your crypto in an online wallet, that doesn't mean it's secure from hackers. An online wallet can still be hacked and lose funds. In fact, this happens regularly. Cryptocurrency hacks aren't even unheard of for large exchanges like Coinbase and Binance—and that's why you don't want to leave any crypto there.

The safest way to store your crypto is in an offline wallet where it can't be stolen by hackers. If you do get hacked while using an offline wallet, it's much more likely that you'll be able to recover your lost funds than if you have them stored online somewhere.

 

[Iqra]

Sometimes users can lose bitcoin and other cryptocurrencies as a result of theft, computer failure, loss of access key and so on. Cold or offline storage is one of the safest method for holding bitcoin.

 

[Ajebo25]

To me I prefer trust wallet because it uses phase phrase to login other wallets like Coinbase and binance are also safe because it is a Blockchain owned wallets so use it

 

[Mika]

Hot wallets are the wallets that are connected to the internet, cold wallets are the wallets that are not connected to the internet. Some of the examples of hot wallets are coinbase wallets, Binance wallets, trust wallets, etc. some of the examples of cold wallets are Trezor and Ledger. Private keys on hot wallets are stored in the cloud, therefore, the transfer process is quick. The private keys in cold wallets are stored on hardware that is not connected to the internet, therefore transfer takes time.
Cold wallets are basically offline wallets because they are not connected to the internet. You need to connect to the internet only when you have to transfer your assets. Since these wallets are not connected to the internet, they cannot be easily hacked. However, cold wallets are susceptible to damage or loss. If you lose your hardware, you will lose your entire finds. I find desktop wallet better than hardware wallet (cold wallet) on web or app based wallet (hot wallet).
You will have to download and install the wallet on your device (computer). Desktop wallet allows you to own your own keys. Even when someone gets access to your computer, your wallet can not be hacked because you will be stringing the security keys separately.

 

[maidnagi]

Yes, cold storage (offline wallets) are quite safe as these wallets aren’t accessible via the internet. So, hackers will not be able to hack these wallets and steal your digital money.

 

[Franchise Solomon]

The only way hackers can have access to your wallet is if they are online which cannot be controlled but cold/offline wallets access can be controlled. So, I think the latter is more secure.

 

[cashisking149]

I think if you have more crypto held than the cost of a hardware wallet then you should be buying one

 

[Franchise Solomon]

I think if you have more crypto held than the cost of a hardware wallet then you should be buying one

Are hardware wallets that expensive to purchase?