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When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?

 
Butch DeFeo
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11/26/2021 01:37 PM

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When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
POLL: IS A CRYPTO WALLET SECURE?
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So I bought a puny amount of crypto, just for the hell of it.

I got it from a broker, so will transfer it to a wallet soon.

When creating a crypto wallet, how do you keep the password and phrases from getting into the hands of a hacker who will later steal your crypto from the wallet?

How do you know the password is not being INTERCEPTED by a hacker or even someone who programs the crypto network?

The whole system looks WEAK to me. And super insecure.

Ideas?


Thanks

Last Edited by Butch DeFeo on 11/26/2021 01:49 PM
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Swingline
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11/26/2021 01:44 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
tantrum

I would like to know who has a great crypto wallet? My son mention about getting a hardware wallet.
"I'm Just Meaner Than You"
Anonymous Coward
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11/26/2021 01:47 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
There is none,some 5eyes military guy could steal it all and you cant do jack shit.
Some telephone guy gets paid off to redirect the neighbors phone lines into neighbor joes house and he man in the middle attacks you.grabs it all.
Nothings secure because gov wanted to spy on you.
The terrorist won.
Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 01:48 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
tantrum

I would like to know who has a great crypto wallet? My son mention about getting a hardware wallet.
 Quoting: Swingline


Yeah some say that a hardware wallet is best, but who is to know that whoever manufactured that hardware wallet didn't install software that sends the password and phrases back to the manufacturer?

The whole crypto wallet thing seems hokey.
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minimeister
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11/26/2021 01:48 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
Anonymous Coward
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11/26/2021 01:50 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
Faith in the technology and not being so paranoid that you believe everyone is out to get you.

I suggest meditation.
Farlander

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11/26/2021 01:51 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
Crypto is
magic
Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

User ID: 44546351
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11/26/2021 01:51 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
 Quoting: minimeister 77540894


hmmm thanks

I don't totally understand the paper wallet yet. At some point, you have to type in the password online, correct? Or create it online?

It could still be intercepted???

Last Edited by Butch DeFeo on 11/26/2021 01:55 PM
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Butch DeFeo  (OP)
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11/26/2021 01:52 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
Crypto is
magic
 Quoting: Farlander


sure seems like it
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Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 01:52 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
Faith in the technology and not being so paranoid that you believe everyone is out to get you.

I suggest meditation.
 Quoting: Anonymous Coward 81254898


WEDDINGDAY
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Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 01:53 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
There is none,some 5eyes military guy could steal it all and you cant do jack shit.
Some telephone guy gets paid off to redirect the neighbors phone lines into neighbor joes house and he man in the middle attacks you.grabs it all.
Nothings secure because gov wanted to spy on you.
The terrorist won.
 Quoting: Anonymous Coward 73611604


Yes, I believe this.

The only question is, will an opportunist take advantage or not?
ENDTHESHUTDOWN77redblueLEDDONTBEAPANDEMICS
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minimeister
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11/26/2021 02:04 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
 Quoting: minimeister 77540894


hmmm thanks

I don't totally understand the paper wallet yet. At some point, you have to type in the password online, correct? Or create it online?

It could still be intercepted???
 Quoting: Butch DeFeo


you download a program that will generate wallet addresses offline. you can validate that code if you like, it's been done, this is old stuff. on a computer that is NOT connected to any network you run the program and you get your addresses. there are even some nice ones you can print off that look cool.

At this point you will have your public keys (rcv addy) and their corresponding private keys. at this point you have an address that you can send to but at this point there will be zero transactions. you can use an internet connected machine to check the balance and transaction history using any old block explorer. you can send to it and it can rcv without ever being connected to the internet.

when you want to send the coins somewhere then at that point you will need to use a connected machine to issue a transaction to the network. typically the addresses are discarded after this process known as 'sweeping' as they have now been exposed to the internet.

this all happens through crypto math magic.
Anonymous Coward
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11/26/2021 02:06 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
 Quoting: minimeister 77540894


hmmm thanks

I don't totally understand the paper wallet yet. At some point, you have to type in the password online, correct? Or create it online?

It could still be intercepted???
 Quoting: Butch DeFeo


Nope

You can download a paper wallet generator

unplug your computer from the internet

generate the wallet passwords

WRITE THEM DOWN AND HIDE A COUPLE OF COPIES

delete program and plug computer back in
Crypto-Tard

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11/26/2021 02:09 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
You need a hardware wallet. ie. Trezor, Ledger, etc.

Take your machine OFFLINE. Do it on a machine with a fresh boot USB so you avoid keyloggers and other spyware they jam on these computers.

Generate the word list and WRITE IT DOWN. Store that list in several safe places. Fires happen and you don't want your crypto "going up in smoke".

Once your private key is generated, you can go back online, but only plug in the hardware wallet when you are sending from it. You can save the receive addy on a text note pad, because it's a PUBLIC address, it can receive anything.

To send, plug in your hardware wallet and start the wallet, then use the send function.
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11/26/2021 02:13 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
Oh no. You and You alone figured it out without knowing any technical information or anything about cryptography/encryption. I guess Bitcoin is really dead now.

SMH


Look into what public and private keys are and how they work. You aren't sending a clear text password.

Hardware wallets "can" be compromised, which is why you never buy from resellers and only direct from well known manufacturers.

Paper is the safest, as all encrypt/decrypt is client side and only the address is public. Just make sure to disconnect from internet when generating.

Personally I keep most on coinbase and use 2FA on an old phone with no sim card.
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Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 02:13 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
 Quoting: minimeister 77540894


hmmm thanks

I don't totally understand the paper wallet yet. At some point, you have to type in the password online, correct? Or create it online?

It could still be intercepted???
 Quoting: Butch DeFeo


you download a program that will generate wallet addresses offline. you can validate that code if you like, it's been done, this is old stuff. on a computer that is NOT connected to any network you run the program and you get your addresses. there are even some nice ones you can print off that look cool.

At this point you will have your public keys (rcv addy) and their corresponding private keys. at this point you have an address that you can send to but at this point there will be zero transactions. you can use an internet connected machine to check the balance and transaction history using any old block explorer. you can send to it and it can rcv without ever being connected to the internet.

when you want to send the coins somewhere then at that point you will need to use a connected machine to issue a transaction to the network. typically the addresses are discarded after this process known as 'sweeping' as they have now been exposed to the internet.

this all happens through crypto math magic.
 Quoting: minimeister 77540894


Wow, complicated! Thanks, I'm gonna study this more.
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11/26/2021 02:15 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
you can use an offline paper wallet generator and then send to that. it works without the receiving address ever being connected to the internet. Lots of info if you search for 'bitcoin paper wallet'. most coins have their version of this.
 Quoting: minimeister 77540894


putin-thiss
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11/26/2021 02:15 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
I don't program those databases but I'd guess that your password is hashed, a 1 way hash so if someone intercepted it, it's essentially useless to them.
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11/26/2021 02:15 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
wallets get hacked. then you have nothing
Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 02:16 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
You need a hardware wallet. ie. Trezor, Ledger, etc.

Take your machine OFFLINE. Do it on a machine with a fresh boot USB so you avoid keyloggers and other spyware they jam on these computers.

Generate the word list and WRITE IT DOWN. Store that list in several safe places. Fires happen and you don't want your crypto "going up in smoke".

Once your private key is generated, you can go back online, but only plug in the hardware wallet when you are sending from it. You can save the receive addy on a text note pad, because it's a PUBLIC address, it can receive anything.

To send, plug in your hardware wallet and start the wallet, then use the send function.
 Quoting: Crypto-Tard


How can you trust the manufacturer of those hardware wallets? What if there was software in them that sent the password, etc back to them?
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Butch DeFeo  (OP)
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11/26/2021 02:17 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
wallets get hacked. then you have nothing
 Quoting: Anonymous Coward 80759460


OMGWAT
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Butch DeFeo  (OP)
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11/26/2021 02:18 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
I don't program those databases but I'd guess that your password is hashed, a 1 way hash so if someone intercepted it, it's essentially useless to them.
 Quoting: Anonymous Coward 80562797


How bout when the password is enroute from your computer to whatever computer on the internet processes it?
ENDTHESHUTDOWN77redblueLEDDONTBEAPANDEMICS
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11/26/2021 02:19 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
You use a cold wallet *always* - hot wallets (online) are only temporary for this reason along with many others.

it's not your crypto unless it's in a cold wallet where YOU hold the keys and nothing and no one else.

Simple as that.
Keilani

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11/26/2021 02:19 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
tantrum

I would like to know who has a great crypto wallet? My son mention about getting a hardware wallet.
 Quoting: Swingline


Yeah some say that a hardware wallet is best, but who is to know that whoever manufactured that hardware wallet didn't install software that sends the password and phrases back to the manufacturer?

The whole crypto wallet thing seems hokey.
 Quoting: Butch DeFeo


I've had no problem, for the most part, with Trust Wallet. You have to remember to add the coin in order to view it, that throws some people off on it.

If I buy on Coinbase I leave on Coinbase, it's like a frick'n bank and insured, so why pay money to move it???

I looked into hardware wallets, but they actually seemed harder to use to me, and how is that safer when someone could just steal it or you could lose it? I find online safer.

Also, it's my understanding, costs a fortune to trade from the hardware wallet back to platform when you want to cash out, IDK.
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11/26/2021 02:20 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
I don't program those databases but I'd guess that your password is hashed, a 1 way hash so if someone intercepted it, it's essentially useless to them.
 Quoting: Anonymous Coward 80562797


How bout when the password is enroute from your computer to whatever computer on the internet processes it?
 Quoting: Butch DeFeo


It's not a secure connection?
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11/26/2021 02:22 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
So I bought a puny amount of crypto, just for the hell of it.

I got it from a broker, so will transfer it to a wallet soon.

When creating a crypto wallet, how do you keep the password and phrases from getting into the hands of a hacker who will later steal your crypto from the wallet?

How do you know the password is not being INTERCEPTED by a hacker or even someone who programs the crypto network?

The whole system looks WEAK to me. And super insecure.

Ideas?


Thanks
 Quoting: Butch DeFeo


digital money can just dissapear with a few key strokes...

matrix

everyday physical assets you can touch, will be the only money worth keeping.
GT Big hair...yep and Amen.
Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 02:23 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
tantrum

I would like to know who has a great crypto wallet? My son mention about getting a hardware wallet.
 Quoting: Swingline


Yeah some say that a hardware wallet is best, but who is to know that whoever manufactured that hardware wallet didn't install software that sends the password and phrases back to the manufacturer?

The whole crypto wallet thing seems hokey.
 Quoting: Butch DeFeo


I've had no problem, for the most part, with Trust Wallet. You have to remember to add the coin in order to view it, that throws some people off on it.

If I buy on Coinbase I leave on Coinbase, it's like a frick'n bank and insured, so why pay money to move it???

I looked into hardware wallets, but they actually seemed harder to use to me, and how is that safer when someone could just steal it or you could lose it? I find online safer.

Also, it's my understanding, costs a fortune to trade from the hardware wallet back to platform when you want to cash out, IDK.
 Quoting: Keilani


Yeah and it seems like the hardware wallets could have malicious software in them that could steal your password.

I'm gonna start a coinbase account and wallet just to play around with, and keep a bare minimum in it.
ENDTHESHUTDOWN77redblueLEDDONTBEAPANDEMICS
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Itz The MonkeyPauxCommyUsurpPocalypse - Pronounced "MONKEY POE COMMY YOU SIR POCKA LIPS"
Clarence Worley

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11/26/2021 02:23 PM
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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
What is far more distressing to me is that you have to give them the username & password to your on-line bank account when you sign up for a crypto account. I do not understand that at all and that is the primary reason I do not have a crypto account.
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Butch DeFeo  (OP)
Itz The MonkeyPauxCommyUsurpPocalypse

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11/26/2021 02:25 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
I don't program those databases but I'd guess that your password is hashed, a 1 way hash so if someone intercepted it, it's essentially useless to them.
 Quoting: Anonymous Coward 80562797


How bout when the password is enroute from your computer to whatever computer on the internet processes it?
 Quoting: Butch DeFeo


It's not a secure connection?
 Quoting: Anonymous Coward 80562797


Secure would need to be encrypted. So nope, unless the crypto service is encrypting on both sides automatically or something.
ENDTHESHUTDOWN77redblueLEDDONTBEAPANDEMICS
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Butch DeFeo  (OP)
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11/26/2021 02:25 PM

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Re: When you create a crypto wallet online, how do you know that the password, phrases, etc are NOT being intercepted as you create the wallet?
What is far more distressing to me is that you have to give them the username & password to your on-line bank account when you sign up for a crypto account. I do not understand that at all and that is the primary reason I do not have a crypto account.
 Quoting: Clarence Worley


Oh, I won't be doing that, either.

NO SHIT???
ENDTHESHUTDOWN77redblueLEDDONTBEAPANDEMICS
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11/26/2021 02:25 PM
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It is really funny how peasants believe that anything online is safe especially digital currency brought to you by the beast...





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