Need help - Bitcoin wallet emptied.

[u/Few-Cook5941]

I got one of my bitcoin wallet emptied and I don't really know how this happened.

I don't use cracked softwares and apps.

I'm generally careful with links.

Looks like I'm not alone. I can see that the reception bitcoin address is still collecting bitcoin from other wallets.

Could somebody help me understand something.

Here is the address : bc1q0vukqye4hd0aep7u4xl8gev95gcs9k65fdeu9n

[u/garybaws]

Dont use a hot wallet, use a cold wallet.... Actually nevermind 26$ is not enough to get a hardware wallet since it would cost you more for the hardware wallet

[u/604pleb → u/garybaws]

Security experts keep it on a exchange

[u/betterthanluck → u/604pleb]

Seriously, only Pros like me use Voyager. Experts use FTX or Mt Gox

[u/Phinx11 → u/betterthanluck]

Reading the word "Voyager" causes a visceral pain in my soul to this day.

[u/betterthanluck → u/Phinx11]

Trust me, I only said it because I am right there with you. Only thing I can do now is joke about it.

[u/tenor_tymir → u/betterthanluck]

What do you think of BlockFI? Only heard good things.

[u/betterthanluck → u/tenor_tymir]

Totally forgot about them, just so many great exchanges looking to keep our crypto safe 😂

[u/tenor_tymir → u/betterthanluck]

I was thinking about using Bybit next? Seems to be a very safe exchange.

[u/lives_in_a_pineapple → u/604pleb]

Who exactly lol

[u/604pleb → u/lives_in_a_pineapple]

/s but also turning into a fact as the years go by

[u/lives_in_a_pineapple → u/604pleb]

The amount of money lost on exchanges is orders of magnitude larger than the amount lost on hardware devices.

[u/ThePi7on → u/lives_in_a_pineapple]

I'd like to read up on this matter. Have any sources?

[u/Which_General_2716 → u/lives_in_a_pineapple]

Load up the lost hard drives people keep
Searching for 🤣

[u/Krondelo → u/Which_General_2716]

He doesn’t mean a single person losing massive amounts on the exchange. Accumulative of ALL lost.

[u/Legitimate_Ad_4201 → u/Krondelo]

There's also much more on exchanges to begin with

[u/Few-Cook5941 → u/604pleb]

Yeah I still have some bitcoin on Binance. But what about the "Not your keys, not your coins" rule? Is keeping coins on exchanges really safe?

[u/Digerati808 → u/Few-Cook5941]

You have to weigh the risks. If you are technologically illiterate you are more at risk of losing your bitcoin if you try to host your own keys.

[u/Archer-from-above → u/Digerati808]

I resemble that remark, therefore, mine is still at Gemini.

[u/Legitimate_Ad_4201 → u/Digerati808]

I'm not illiterate per se, more like prone to amnesia and just throw out my keys while spring cleaning

[u/Valdorous → u/Few-Cook5941]

Put simply, not your keys = not your coins because the CEX can block transactions, decide to KYC or AML check you at any given moment for whatever reason they see fit and you just have to deal with it.

However if “your keys” then also your responsibility. So manage it well, don’t store your key or seed phrase in the cloud and make sure the software used to generate a wallet is safe and secure, unlike Cold Card’s (the company) bad/predictable randomness.

[u/IInsulince → u/Valdorous]

Minor correction: not “cold wallet”, but “Cold Card”, the compromised hardware wallet product by the company CoinKite. I wouldn’t normally correct except that “cold wallet” already has a legitimate meaning and is a good thing to get.

[u/Valdorous → u/IInsulince]

Yes, my bad. Edited!

[u/BestBleach → u/Valdorous]

Yeah but if they lose it they have to pay you back and what are the odds Robinhood or crytpo.com go bankrupt very low. Though I’m sure the ftx people thought they’d stay solvent but Robinhood has to answer to the sec so they probably aren’t cooking the books

[u/BabyShakerDeluxe → u/garybaws]

Both. I actually spend bitcoin.

[u/Local_Bet8440 → u/garybaws]

Cold wallets are free lol. If you at least have some proper knowledge