Ok so more specifically, can a hacker steal a private key from a Daedalus wallet? Is it very thoroughly encrypted? If the answer is yes, how difficult is it to steal the private key?
This is not to repeat the previous topic, I am trying to refine the question. What I’m trying to understand is: is it like astronomically so difficult that it is not worth the effort, and where is the greatest weakness if a hacker busts into a computer through the internet. (not physically in front of the computer).
I believe they just have to crack the password you have assigned - I dont know if they would then get your private-key, but they would def be able to transfer the ADA - but I am not technically qualified to answer that question…
Also they wouldn’t even need to hack it, if you have a comprised system they could “keylog” the password out of you and just transfer the funds out of your wallet.
Hence why you should have multiple wallets, with different passwords including hardware and paper wallets. Never have it all in one, unless its smaller amounts… Like, I feel more than conformable having 5K$ in one hot wallet but would I feel comfortable with 100k? no.
The risk of someone breaking into your system from outside is extremely unlike, it happens through you downloading something you shouldn’t have that puts your hot-wallet(s) at risk.
That’s one of the reasons I am looking forward to the Ledger support…I prefer to use the ledger…as a safety precaution, I am the only person with access to the computer where the Daedalus sits…and it is off when I am not using it
Yeh I would split some of it… But yeah thats your business. You can still create a paper-wallet as it is now, create a wallet, save the 12 words, and delete the wallet and you got yourself a paper wallet. Specially for long-term storage.
And I had restored the wallet on a computer that had never had any wallet on it before. After putting in the 12 word seed (or 16) I had to enter the original password that the original wallet was created with. So somehow the password used when a wallet is first created is somehow part of the blockchain. So I don’t know if stealing the password alone can crack the wallet, unless I’m wrong or my memory is out of whack. But the part about the password being encrypted into the bitcoin blockchain … I wonder if the Ada block chain does that.
Edit: No, I did not need the password… memory was out of whack. Thanks jb455