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Is a passphrase enough to store your coins? (alien.top)

submitted 10 months ago by ashketchup422@alien.top to c/ethereum@blockchained.world

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I always read about public keys,private keys and speedphrases that you need to store them in a paper wallet or hardware wallet. The only thing I ever stored are the passphrases (those 12 or 24 words) I get from metamask or other wallet provider in the beginning of creating a wallet. Is this enough when I write them down and secure them?

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[–] Passi-RVN@alien.top 1 points 10 months ago (2 children)

for some reason i dont like hardware wallets too, the following is "my way" to store my eth:

i did a fresh windows install and only downloaded metamask, nothing else, wrote down the address and the seed phrase and gave my metamask a password ( wrote the seed phrase and password on 20 pieces of paper and hid it here in my house in the cellar ) and turned off the computer and took out the hard drive

after that i did send my eth to the address

and there it is now ( 2 years from now ) until i need to access it again, but im a hodler, when the time comes (5 years maybe or more ) i will do a fresh install of windows again, install MM again and transfer my eth to an exchange of my choosing and change it to fiat then

[–] Neophyte-@alien.top 1 points 10 months ago (1 children)

for some reason i dont like hardware wallets too, the following is "my way" to store my eth:

why dont you like hw wallets?

with your other steps, everything would have been fine, but you connected your pc unpatched / no virus scanner to the internet to dl metamask to create a wallet, and yeah its windows..

how ever unlikely it may be, you may have been subjected to a virus / keylogger while your unpatched windows machine got metamask... at hte time of the install

even if there was a 0.00001% chance your pc was compromised. imagine you had your life savings on a potentially compromised wallet where some bad actor had a keylogger on your pass phrase. sure its been 2 years, but maybe the hackers are waiting

[–] Juankestein@alien.top 1 points 10 months ago (1 children)

This guy created the most unnecessary, slow, impractical and unsecure method to safeguard his crypto to avoid paying $70 to Ledger/Trezor.

[–] beerbaron105@alien.top 1 points 10 months ago

not to mention greatly flawed by being internet connected

[–] Juankestein@alien.top 1 points 10 months ago

Sorry but this is the most stupid thing I've heard regarding safeguarding crypto lol.

Why not make an Ubuntu bootable USB, why windows 10?

And even with your unnecessary method, your steps are wrong. You first need to send ETH to the address, verify it arrive and that you can send it back, and then you take out the hard drive.

I could write a bible as to why your method is slow, unsecure and bad but I'm just gonna say that creating your seed in a hot wallet is a bad idea, there a bazillion ways you could get exploited. Buy a HW wallet, they're literally $70 and will save you this pain in the ass PLUS being like 25 times more secure lol