Will I be easily hacked?
Will I be easily hacked?
I have read about Bitcoin storage and it is said that cold storage is the safest because it cannot be hacked since it is not connected to the internet. As a beginner who is yet to buy bitcoin, I would like to own some portions of bitcoin before I will consider to buy a hardware wallet.
I have a brand new phone, if I unbox it and use it to install only my bitcoin wallet without using it to frequent online or click links and neither will I download other apps. Will I still be easily hacked?
Yes you will be safe, your wallet security is in your hands. You can use the software wallet like electrum wallet and blue wallet. Make sure that you avoid malicious link because they might have malware, and also don’t expose your seed phrase to third-party.
If you use it properly and you are security conscious of whatever you are doing with your phone, your coins will be safe in your software wallet.
If you have a old computer that you don’t use at all, you can use it as electrum cold storage wallet. You only need to format it, and then generate your private keys without connecting it to the internet. You should never connect your computer to the internet again, after that you can create a watch only wallet to sign, monitor and broadcast transactions.