Best practices for using the IOTA wallets safely


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Truths
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Newbie here... Is iota wallet safe and secure? Can we store iota in the wallet for years to come?

And nothing to worry about?

Thanks.
Alexa
Alexa
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Hi @Truths

thanks for your post and welcome to the forum!

1. Yes, the wallet is safe to use if you follow Eric’s advise in the OP. 
It’s always a good idea though to test how the wallet works with very small amounts before you receive and send larger amounts.
There's many people on the #donations-channel on Discord (invite link below), who'll be happy to send you some IOTA for testing purposes.

2. No, it’s not safe to put funds in your wallet and not worry about it for years to come. IOTA is still in development and changes are to be expected.
We have seen changes before, some of which required the IOTA owners to take some action.
So to be on the safe side, it’s necessary that you pay attention to important announcements and follow the instructions given for these situations.

Announcements will be made on IOTA’s Discord platform. If you check the #announcements-channel maybe every two weeks or once a month you should be good to go. Here’s an invite link to Discord:
https://discord.gg/hgbDnBd

There’s also a #help-channel on Discord as well as a Help subforum here in case you run into any problems or if you have any questions. 

Alexa


I wouldn't be able to help anyone without thetangle.org-explorer. If you feel like you want to support its developer Mathieu Viossat in maintaining his service, please consider a donation to the address shown here: https://thetangle.org/about. Thank you!
Josh0101
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Truths - 18 Mar 2018
Newbie here... Is iota wallet safe and secure? Can we store iota in the wallet for years to come? And nothing to worry about? Thanks.

First time poster here. IOTA is not stored inside the wallet but on the tangle so it could be 10 years from now and it be there sound and safe. The only thing you should do however is update to the latest wallet if logging into your balance. And make sure your seed is on encrypted thumb drives. Other than that you don't need to do anything. In 5 years or 10, IOTA, in my opinion, will out do all cryptocurrencies and be worth quite a bit Smile
Alexa
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Josh0101 - 9 May 2018
Truths - 18 Mar 2018
Newbie here... Is iota wallet safe and secure? Can we store iota in the wallet for years to come? And nothing to worry about? Thanks.

First time poster here. IOTA is not stored inside the wallet but on the tangle so it could be 10 years from now and it be there sound and safe. The only thing you should do however is update to the latest wallet if logging into your balance. And make sure your seed is on encrypted thumb drives. Other than that you don't need to do anything. In 5 years or 10, IOTA, in my opinion, will out do all cryptocurrencies and be worth quite a bit Smile

@Josh0101,
Hello first time poster and welcome to the forum!

Thanks for your contribution! You're absolutely right, the funds are not stored in the wallet but on the tangle. That's why it actually doesn't matter all too much whether the wallet displays the correct balance or not. The funds are not connected to the wallet, but to an address on the Tangle.

What we need to keep in mind though is, that you'll only have access to that address when you hold the correct seed that will generate this specific address. And: IOTA is still in development and we have to expect changes.

Now, the same seed will always generate the same addresses.
But: there might be situations, when the algorithm for address generation changes. Such a situation occurred in August when the signing function had been changed from Curl to Kerl. This change resulted in the mandatory transition of all seeds from the old Curl function to the new Kerl function. If you use an untransitioned seed today, it will generate totally different addresses than it did before the transition. Therefore, you'd not have access to any pre-transition address that holds your funds, even if you update your wallet.  

This is exactly why the IOTA Foundation secured the funds for everyone who missed to transition their seed. That's why these people now have to reclaim and wait for their funds to be returned to them. And that's why we all need to stay updated and do as we're instructed.
We might need to transition again one day.
So, better stay in the loop everyone! Smile

I wouldn't be able to help anyone without thetangle.org-explorer. If you feel like you want to support its developer Mathieu Viossat in maintaining his service, please consider a donation to the address shown here: https://thetangle.org/about. Thank you!
Josh0101
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Alexa - 9 May 2018
Josh0101 - 9 May 2018
Truths - 18 Mar 2018
Newbie here... Is iota wallet safe and secure? Can we store iota in the wallet for years to come? And nothing to worry about? Thanks.

First time poster here. IOTA is not stored inside the wallet but on the tangle so it could be 10 years from now and it be there sound and safe. The only thing you should do however is update to the latest wallet if logging into your balance. And make sure your seed is on encrypted thumb drives. Other than that you don't need to do anything. In 5 years or 10, IOTA, in my opinion, will out do all cryptocurrencies and be worth quite a bit Smile

@Josh0101,
Hello first time poster and welcome to the forum!

Thanks for your contribution! You're absolutely right, the funds are not stored in the wallet but on the tangle. That's why it actually doesn't matter all too much whether the wallet displays the correct balance or not. The funds are not connected to the wallet, but to an address on the Tangle.

What we need to keep in mind though is, that you'll only have access to that address when you hold the correct seed that will generate this specific address. And: IOTA is still in development and we have to expect changes.

Now, the same seed will always generate the same addresses.
But: there might be situations, when the algorithm for address generation changes. Such a situation occurred in August when the signing function had been changed from Curl to Kerl. This change resulted in the mandatory transition of all seeds from the old Curl function to the new Kerl function. If you use an untransitioned seed today, it will generate totally different addresses than it did before the transition. Therefore, you'd not have access to any pre-transition address that holds your funds, even if you update your wallet.  

This is exactly why the IOTA Foundation secured the funds for everyone who missed to transition their seed. That's why these people now have to reclaim and wait for their funds to be returned to them. And that's why we all need to stay updated and do as we're instructed.
We might need to transition again one day.
So, better stay in the loop everyone! Smile

Thanks for the welcome Smile

Thanks for going a bit further on why it's good stay informed on transitions and implementations! I guess you can't really forget about your funds completely in case the foundation makes us reclaim funds in their possession.
monkeyking
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I know this is an old post but allow me to add my thoughts: for the use case of putting an address on a website, in my understanding it is save to receive multiple transaction on a single address as long as you are sure that you do not spend from that address. As soon as you spend from the address, it is "burned". 
Though this is not ideal, one could generate a seed for the purpose of receiving donations and putt one address on the website. As long as nothing is spent from that address the funds are save and if something is spent, the address needs to be changed on the website.
Please correct me if I am wrong.
Alexa
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monkeyking - 15 Jun 2018
I know this is an old post but allow me to add my thoughts: for the use case of putting an address on a website, in my understanding it is save to receive multiple transaction on a single address as long as you are sure that you do not spend from that address. As soon as you spend from the address, it is "burned". 
Though this is not ideal, one could generate a seed for the purpose of receiving donations and putt one address on the website. As long as nothing is spent from that address the funds are save and if something is spent, the address needs to be changed on the website.
Please correct me if I am wrong.

Hi @monkeyking,
thanks for your post and welcome to Hello IOTA!

You're correct, IOTA addresses can receive funds as often as you like, but should only be used once for sending and never again afterwards.
For the time being, the way you've described it would be how it works.
Maybe changing the first address on the website already before you actually spend from it would also be a good idea. 
However, the problem with publicly posted addresses is that you can't really prevent people from sending new funds to an already spent address.

There are some ideas on how to tackle this problem in the future. This is Part 1 of a very interesting series on this topic written by Eric: 
https://medium.com/iota-demystified/solving-the-iota-donations-problem-by-using-iota-cheques-ebfd79f721d4

I wouldn't be able to help anyone without thetangle.org-explorer. If you feel like you want to support its developer Mathieu Viossat in maintaining his service, please consider a donation to the address shown here: https://thetangle.org/about. Thank you!
Jonathan Everton
Jonathan Everton
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awesome guide
Jonathan Everton
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always used to worry about wallets, this is a good resource for newcomers and novices
Crypt0Pro
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Thank you for a good explanation! It is still relevant nowadays.
CryptoKing
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Thanks now I understand finally why it is better to avoid simultaneous sendings and wait for the first transaction to finish before making the second one
Crypt0Pro
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Just faced a tough situation and remembered all the tips given here. Very useful thread!
IOTAfan1
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Hi there! the topic is a bit controversial as there are always some exceptions. I would agree with your emphasizing of NEVER in rule 1. But for someone who for the most part passively stores value, I think it is a bit over the top.

CryptoKing
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I never paid attention to 

RULE 6: ALWAYS wait for a transaction to be confirmed before sending anything else.

Seems reasonable now

Winston
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IOTAfan1 - 18 Feb 2019
Hi there! the topic is a bit controversial as there are always some exceptions. I would agree with your emphasizing of NEVER in rule 1. But for someone who for the most part passively stores value, I think it is a bit over the top.

I guess the philosophy is "better safe than sorry."

Nice avatar btw @IOTAfan1
Edited Last Year by Winston
CryptoKing
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Better safe thab sorry is a good motto for many situations in life))
AnaMe
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CryptoKing - 20 Feb 2019
I never paid attention to 

RULE 6: ALWAYS wait for a transaction to be confirmed before sending anything else.

Seems reasonable now

I never even thought about this rule and didn't expect that there might be any problems
Helga
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Thank you for the relevant information!
CryptoKing
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I think there is no difference between MAC and Windows, as to the comment above

AnaMe
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IOTAfan1 - 18 Feb 2019
Hi there! the topic is a bit controversial as there are always some exceptions. I would agree with your emphasizing of NEVER in rule 1. But for someone who for the most part passively stores value, I think it is a bit over the top.

Well, if people don't want do face bad consequences it won't be a big problem to follow all the rules, I guessSmile
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