\[advice\] Keeping Coins Safe

I know. Silly question.
How do I best keep my coins safe in my wallet so they don’t disappear?
Should I do something dumb or someone who sends some to me decides to
get them back. I wouldn’t like that. Ha
fkimbe

Kevlar

It’s a good question. Knowing how to protect your coins is so much more important than acquiring them, it’s a step that’s often overlooked.

Transactions on the network CANNOT be reversed. Therefore, the worry that someone will take them back isn’t a concern.

What is a concern is the protection of your wallet. Anyone who gains control of that can spend your coins.

First and foremost, protect your computer. Put a password on it, have it lock it automatically. You can also encrypt the wallet in the client, which will require a password, but if you lose that password, you lose your coins too.

Back up your wallet. The best way I’ve found to do this is to create a paper wallet, send the coins to it, and destroy the digital version, but you can also copy the wallet.dat file to a USB drive. Make a few copies of the paper wallet, store one in a safe, put the other in a safety deposit box. Test them out before you destroy the digital versions first though. The point of this is to eliminate the possibilities of someone hacking your machine and gaining your wallet that way.

Above all, DO NOT trust online wallets. The only reason you should have any coins in an online wallet is as a temporary measure, like trading on an exchange. Online wallets and exchanges get hacked ALL THE TIME.

Best of luck, and if you need any more help with the above options, feel free to ask. :)

Thank you Kevlar.
Does the wallet have to be downloaded to every device to have access?
Such as my cell phone?
If no one has access to my downloaded devices, it is not possible for them to
have active access to my wallet…right or wrong???
I know so little about crypto currencies.
Thanks
fkimbe

Kevlar

I believe there are Feathercoin wallets available for mobile devices, but I’ve never used one. If you did, you’d need to import your private key from your existing wallet before you could spend your coins. That’s one advantage online wallets have, but then you run the risk of losing it all due to hackers, since those are high visibility targets.

kris_davison

If you choose to use an android wallet one option would be to just send a small amount to a new address in that wallet and use that to send payment etc. But be very careful I’m not sure how easy it is to backup mobile wallets?

Thanks for the info.
I just know for the crypto coins, including FTC coin, will at some point in the future have to be mobile to
actually be a currency that people can and will use. Whether it will be a phone or some other device, it
will be necessary. Everyday, people go into shops, cafes, stores and buy things.
I know that many things, including time happens first, but that will be the wave of the future.
Of course, I know very little about any of the work and the money that will be involved to bring it
to that point of convenience.
fkimbe

kris_davison

There is a project UKMark has completed that allows people to send and receive coins via SMS (text message) this is really cool. It allows you to keep your coins safe while having access to them wherever you go.

Great------thanks
My thinking is behind the curve. Many thanks to those who know how
to do what needs to be done and are willing to spend their time to bring
to all of us the future now.
I am excited about what the future holds for FTC because of the efforts of dedicated
members.
fkimbe

kris_davison

No I think your ideas are great we need innovators like you to make sure we are heading in the right direction.

Keep it up! :)