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Cryptocurrency "wallet" question.

Any other investment discussions eg. peer to peer lending
JamesMuenchen
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Re: Cryptocurrency "wallet" question.

#111157

Postby JamesMuenchen » January 17th, 2018, 7:07 am

Put it on a USB drive.

mrbrightside
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Re: Cryptocurrency "wallet" question.

#111377

Postby mrbrightside » January 17th, 2018, 6:13 pm

FredBloggs wrote:I have been taking a look at a crypto currency called Nexus Earth. From the Nexus Earth website, I understand the Nexus Earth wallet thing where you keep your cryptos and installing it on to a PC. But what happens when I use a different PC or laptop or a tablet/phone? How will I access my cryptos then? I use three different laptops at the moment, plus other devices regularly too. I am very surprised indeed that the Nexus Earth crypto currency wallet is hosted on a local computer. Everything seems to be in the cloud now. What happens if I buy a load of Nexus Earth cryptos and just after I transfer it to my local wallet the hard drive crashes? What if I got one of these infections that encrypts your hard drive, how would I get my Nexus Earth back again? I can't work that out? Surely, somebody would have thought about this before they decided to host wallets on local computers? Thanks for any insight.


While the Cloud is very trendy, remember that this is a wallet storing money. Do you store your online banking details on Dropbox or Google Drive ?

A crypto wallet is normally protected by a passphrase/seed that may be 12 or 24 words with an optional PIN.

If your PC/disk dies, you can simply recover your wallet to another device using your passphrase/seed (which must be stored safely).

If you're merely experimenting and playing with crypto, then I might trust a Web or phone wallet for *small* amounts.

Otherwise, I'd invest in a hardware wallet like Ledger or Trezor.

mrbrightside
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Re: Cryptocurrency "wallet" question.

#111551

Postby mrbrightside » January 18th, 2018, 10:44 am

FredBloggs wrote:Thank you for the feedback, yes this is a bit of a play thing, but I do like to understand this stuff. Any heads up for me on this web or phone wallet at all? Cheers.


Hi Fred

I was talking generally about crypto currencies but I have invested in some altcoins and as part of the research, I always investigate what wallet options are available. I know nothing about the Nexus Earth coin but note they do have a wallet available from their official homepage. The wallet is available for Windows, Linux and Mac. There are no officially sanctioned NE wallets on Web or phone so that's not an option.

The Linux version of the NE wallet is open source and hosted on GitHub. This is a good thing IMHO as everyone can review the code and any malicious or questionable code would quickly be exposed.

Even if you do encounter a Web/phone wallet for NE, ask yourself if it is 'official' or a potential scam ?

For now, I'd simply use the NE wallet for your platform and guard that passphrase carefully.

Unless you're actively trading, you probably don't need to access the wallet that often. However, you probably do want to check the value of your embryonic crypto portfolio. There are loads of sites and apps to do that. For the Web, I use https://www.cryptocompare.com

HTH - Andy

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Re: Cryptocurrency "wallet" question.

#111656

Postby JMN2 » January 18th, 2018, 3:45 pm

Print it, double-laminate two copies, hide them, tell someone you trust.

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Re: Cryptocurrency "wallet" question.

#112618

Postby StepOne » January 22nd, 2018, 4:48 pm

JMN2 wrote:Print it, double-laminate two copies, hide them, tell someone you trust.


Orrrrrrrrrr....... just chuck it in the bin as it'll be worthless by Easter?

;)

StepOne


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