Not necessarily. Electronic hardware and software wallets allow “you” to generate the private keys locally, but in reality, it is actually the hardware device and software that is generating the private keys. That device and software was made by someone else. If the device is defective or tampered with, or if malicious code is inserted into the software, the private keys generated by that device are unsafe and could result in total loss of your coins. With the exception of Bitcoin Core, other cryptocurrency wallets have very few if any qualified, independent developers auditing the code to ensure that there are no critical vulnerabilities.
Articles in this section
- How are Ballet wallet private keys generated?
- Does the Ballet Crypto app store my Ballet wallet private key on my mobile device or transmit it over the internet?
- How is it possible to generate a cryptocurrency address from a passphrase and encrypted private key without combining them on the same computer?
- How do you make sure that company employees or anyone with access to Ballet manufacturing facilities cannot steal encrypted private keys or passphrases during or after the manufacturing process?
- How are Ballet wallet passphrases and encrypted private keys are matched correctly during the manufacturing process?
- How do you verify that each Ballet wallet’s encrypted private key can be decrypted by the wallet passphrase before selling wallets to the public?
- Why should I trust Ballet?
- How is it possible to generate an encrypted private key without knowing the passphrase needed to decrypt it?
- Do Ballet wallets allow me to generate my own private keys?
- Isn’t it safer to use cryptocurrency wallets that allow me to generate my own private keys?