Management of assets and wallets

Hi all,

is there any specific course where the experts give some advice on the best way to manage wallets etc.

I have some BTC and ETC currently in coinbase right now but soon though I would like to start investing in some other assets like Dai, MCO, Enjin etc. Obviously some of these cryptos are only available on some wallets while not on others.
With this in mind is there any advice on the best way to manage all ones crpytos without completely losing track of the wallets they all exist in etc ?

thanks
E

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A hardware wallet such as Ledger Nano S should be capable of storing all of those coins/tokens. I don’t think we have a specific course on storing cryptocurrencies. In the Blockchain and Bitcoin 101 course, we briefly went over on how we can store cryptocurrencies. Setting up a hardware wallet shouldn’t be hard, as long as you know the basics of how bitcoin and blockhain works you should be good. If however you do find yourself stuck when setting up hardware wallet, don’t hesitate to contact me or any of our moderators. We are here to provide help and support. :wink:

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thanks @Mauro…

actually my question was in the context of software wallets. I have been using BRD and Enjin Wallet but just wanted to know a good strategy for keeping things in order i.e. how the experts do it :slight_smile:

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I see. I haven’t been using a software wallet since almost 2 years. I highly recommend you think about getting a hardware wallet. I did however use Exodus in the past. I liked their interface, but you would have to check what kind of coins/tokens they can hold.

An expert would most probably use a hardware wallet. :man_shrugging:

I do have an enjin wallet but only because of the enjin assets. :smiley:

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Which wallet do you use ? I am paranoid about battery failing etc. Is there a way to regenerate keys etc ?
Would really love if someone did a tutorial on best practices for this stuff as I feel that lost keys etc will be a big issue for newbs going forward

I use Ledger Nano S. Of course you can recover the keys if the device fails. You don’t rely on the device itself. Just save the seed phrase and don’t lose it. Let me explain.

I believe the ledger nano s generates a seed phrase with a standard known as BIP39. This means that even if the device fails you would be able to recover it with any wallet that supports this recovery phrase. It could be another Ledger Nano S or a completely different wallet. It can even be a hot wallet as well. However, if you do get a hardware wallet please don’t enter your seed phrase into a hot wallet. By doing this you would have removed the whole point of the hardware wallet by allowing your keys to be in the hot wallet. (You always have to look at the weakest link, just like in electricity.)

Here is a tool to get your private keys even if you can’t find a wallet with the BIP39 recovery phrase function: https://forkdrop.io/using-ian-colemans-bip-39-tool

Be careful when you recover your private keys. If your hardware device fails, the best way to recover your keys is to get a new hardware wallet and restore it that way.

I hope this makes you feel safer. Hardware wallets are considered to be the safest way to store your cryptocurrencies. :smiley:

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thanks @Mauro, I think I will look into a Ledger Nano X, it seems to be the one getting all the ratings right now.

I was just thinking there… lets imagine crypto goes fully mainstream and maybe even the global reserve currency and everyone owns either soft or hard wallets.

Doesn’t that mean that every single person in the world will have to store their 12 secret words somewhere probably in their house. Isn’t this going to be a seriously attractive situation for armed/threatening burglers/thieves?
Maybe there will be a better way by then, maybe traditional banks will be converted to just hold private keys for people instead of green paper :slight_smile:

Oh yeah. Definitely go for that one if you can. I might actually get that one myself now. Completely forgot about it :smiley:

They would have to save it somehow. They could even remember it in their brain. :wink: But on the real note, most people may still like to pay for a service that will hold the private keys for them. This is likely to happen. But you are always free to be your own bank if you want to. You can also have both as well. Either way it gives us much more options than today. A hardware wallet can be embedded in to the phone.

Great questions either way. I really enjoyed talking to you these past few days. :raised_hands:

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