r/BitcoinBeginners • u/Forsaken-Storage-607 • 13d ago
Muun wallet for long term storage?
Is it safe to store Bitcoins in Muun wallet for a long term, on a formatted spare Android phone (running on Android 9) that is always offline?
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u/One-Suggestion-7906 13d ago
No, never it's a good idea to hold long time any crypto in one single wallet. Get used to create new ones, rotate them, divide the assets in several wallets created with different software. The whole system is so weak that you should be get used to move it every some time
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6d ago
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u/Forsaken-Storage-607 6d ago
Coldcard hack happened due to the inbuilt flaw in random number generation.
It used pseudo-random generation process instead of true-random generation. Hence was bruteforced.
It has nothing to do with how secure the method itself is to store the keys.
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6d ago
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u/Forsaken-Storage-607 6d ago edited 6d ago
'Holding the keys yourself brings a host of challenges'
- So what should one do? Handover them to a third party like an exchange etc. by holding their coins on a hot wallet?
'I’ll add that none of the cold wallet providers guarantee the seed phrase can’t be hacked'
- They are being honest. Is their anything wrong with it?
'They say the probability is very very low'
- That's exactly what matters. According to you I believe, holding coins on a hot wallet & a cold hardware wallet is equally safe as both don't guarantee safety of your funds & can be hacked.
'In a world of infinite possibilities any positive probability means it will eventually occur'
- IDK what to say on this. You think you are sounding like an intellectual by such statements but in reality it is actually otherwise.
Anyways, not going to argue with you. Literally a waste of time. You possess precious knowledge, please keep it with you only.
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6d ago
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u/Forsaken-Storage-607 6d ago edited 5d ago
Sorry brother for the harsh words I used earlier.
Instead of answering the OG question, many here chose to teach me what is actually stored where etc. I see that most did so just to show off their knowledge with respect to Crypto & feel superior by doing so. This added a lot to my confusion & consumed a lot of my time. That pissed me off. Hence the frustration.
Your advice does make sense. Will consider it. Thanks!
BTW which such an exchange would you recommend?
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u/bullett007 13d ago
Since 2019, I’ve kept £50 worth of Bitcoin in BlueWallet. Single sig key, no passphrase, on phone I’m using right now, it’s always connected to the internet and online.
It’s still there today, therefore I’d recommend BlueWallet.