RE: 🔥👛 The TOP 5 BEST ALTCOIN wallets: an overview 👛🔥

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🔥👛 The TOP 5 BEST ALTCOIN wallets: an overview 👛🔥

in cryptocurrency •  7 years ago 

I am a user of Jaxx, but it does NOT have local encryption. To bad since that would be quite easy to build it to the product. Exodus sounds like what I will be using for my Desktop wallet.. . I currently like to use a strategy of several wallets much like i would with real money for example:

Billfold Wallet < $1000 - This is my pocket money that i carry with me on my phone (Jaxx) Usually keep less than $1000 in it unless i know i will buy a big purchase. Security is good, but if it is compromised, not a showstopper

Exchange Wallet $0 - This account could be an online Exchange such as Kraken/Coinbase etc. and NEVER NEVER NEVER leave your coins on there use it only as an on / off ramp to convert to USD or link to bank account. This account is not safe and should be considered as vulnerable as a bank as far as privacy.

Transfer Wallet $0 - I use a transfer wallet when i need to receive bit coin and i dont want to reveal my public address so money goes in and generally get shuffled out pretty quick.

Deposit Wallet - < $1000 I generally have a single account that has a 'memorable' address for example one of mine starts with 11KIKINMAN....... it really means nothing, but I know right away that that is my address. I give this to my clients to send money.

DUMMY / Test Wallets < $100 Accounts i use for testing and development purpose... pretty much disposable and never really concerned with security.

VAULT Wallet $100,000+ - ROCK SOLiD This is were you keep your main storage of bitcoin (or other coins) and you can trip encrypt the file and obfuscate it in another document by hiding the public / private keys buried in an image file or even hidden in a word document and you can even encrypt the key again so if a user every did figure how the triple security and locate a pair of keys... even those keys would be encrypted. You can also create a honey pot by adding a bunch of fake keys to throw off the intruder. What ever scheme you come up with just make sure you either remember it or document it so you remember. Once you have encrypted the file you can feel safe to store it with your other files up on Dropbox, sugar sync or just your backed up file system.

As for me, i have been using a pretty lengthy obfuscation/encryption scheme with my own security algorithm so it is pretty much impossible for anyone to reveal my keys.

I Also keep several long term wallets as an addition measure of security vs all my coins in a single basket.

Here is details on my current strategy

Dollars -> Crypto

Billfold Wallet Jaxx on desktop and mobile device
Exchange Wallet Coinbase / Kraken

Transfer Wallet Always trying new ones
Long Term
Deposit Wallet Exodus since it is encrypted

Vault Wallet Trezor / Ledger or Paper Wallet (obfuscated)

Well, I hope this can help somebody build a strategy that works for them, it took a while to learn from mistakes, but i am still refining and tweaking as I continue to learn.

I would love to hear others Ideas as in this community I am always willing to open my ears.

cheers.

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Thanks for that lengthy write up, that's great advice there! Followed and upvoted; best to you.

Excellent! This could have been its own post rather than just a comment!