Topic: Bitcoin's Dos and Don'ts (Read 222 times)

Yes, I totally understand what you mean mate, I Initially wanted to to do which how how resemble this which you have said above, but a proverbs says "it better to stay far away from the devil than get close and end up being tempted".

Due to his slowness in learning, I wanted to duplicate the phrase, give him one and keep one myself incase he looses his, but my mind wasn't settled, i had a lot of reasons to keep that phrase myself and also had alot of reasons not to, one thing I avoid alot is temptation, I don't want to be tempted to cheat on him because my conscience will judge me for it even though he won't find out due to his illiteracy, so to be perfectly truthful and trustworthy to him, I had to make him understand how important that phrase is and also make him promise he won't loose it, which he did, but eventually, he ended up loosing it,  i am even more pained than he is, and I don't understand why 😂.

Nah, if you want privacy do not use Samourai wallet for your transactions or CoinJoin because unless you are running their special full node implementation RoninDojo, they will know all your addresses, all your public keys, they can always deduce where funds went, what is the source and destination of funds, they can, in fact, demix and doxx you if they want or forced to by governments. Instead, it is better to use other CoinJoin implementations such as JoinMarket or WasabiWallet, which can give you more privacy and can be connected directly to your own full node (Bitcoin Core, for example, which doesn't require additional costs to run and is more reliable than Samourai's one.) However, there are some problems with both of these solutions too because JoinMarket is too technical to understand and use, and WasabiWallet requires at least 0.1 btc to participate in CoinJoin transactions. It is better to wait for the release of Wasabi 2.0, where I believe you will be able to CoinJoin any arbitrary amounts. They already released a version that works on TestNet https://github.com/zkSNACKs/WalletWasabi/releases/tag/v1.98.0.0

If you are concerned about privacy then it is better to use the Samourai wallet. Both privacy and anonymity components are taken care of with this wallet. It is compatible with the TOR network, there are other wallets that provide the same but this wallet is also compatible with the VPN network. Since it is an HD wallet it will generate a new wallet address for each transaction.

As it has been suggested by members, the use of a simplified payment verification often attached to the service providers which are the centralized exchanges isn't secured and one is not on a private mode as they are connected to a central server but the use of electrum or myecelium wallet rather than any other type could go along with privacy since running a full node could come with loads of financial amd technical challenges, therefore hardware wallet os recomendable.

This is why most of the time, it's not the best decision to get your advice from social media posts like this. Especially with infographics like this whereas the information is compressed into oblivion just so it fits in a graphic, the "advice" is just too broad to tell you anything meaningful.

If you want to actually learn, go with articles!(or at least decently compressed information): https://cryptosec.info/checklist/

Poor privacy leads to a risk to your security.

Let's say you use the same bitcoin address for everything. Now, everyone you have ever bought, sold, traded, spent, earned, swapped, or otherwise transacted bitcoin with can see every transaction you have ever made and can see exactly how many coins you are holding at all times. Do you really want every single person you have ever interacted with to be able to see exactly how much you are holding? What if one of them decides that you are holding a bit too much coin and decides to help "relieve" you of some of it. Or maybe they tell one of their friends. Or maybe because they also reuse the same address for everything, someone you've never met who they have also transacted with starts to track you down. Because you were careless with your privacy, you make yourself a target for attacks.

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In general, the entire list has some pretty big flaws.
The majority of users should never even look at their private keys: Just write down your seed phrase and be done with it.
Doing ID checks/KYC with multiple different buyers/seller is a fast track to having your identity sold on the dark web.
You shouldn't forget your private keys because you shouldn't have remembered them in the first place. Just write down your seed phrase.

Very unfortunate story. This about crypto seems difficult to some people. I have heard of your type of story and I know such stories will keep emanating as time goes.
In other to avoid this type of stories, I use to default some don'ts intentionally.
See what I do, after creating your wallet, I'll write down your seed phrase and ask you to keep it safe. Then I'll send the phrase to your email (which is not recommended) and ensure you message me with same email. I know it is not a good practice, but it is a better risk than the kind story above. Years later, I can search my email to see the person's email and we can recover everything.

Well, it probably meant, "you shouldn't forget where you placed it maybe after writing it down or copy pasting, which ever" lol.
This is probably the most important "don't", alot of people have lost huge amount of money by this mistake, even a friend I introduced to crypto way back 2017, I helped him create coinomi wallet and also help him buy over 4000 enjin coin(at about $0.02 each) which I helped him store in his coinomi wallet and handed him his wallets phrase and asked him to store it in a safe place.
I later relocated to a different state so we stopped talking for a very long time, fast forward to 2021, I stumbled on his contact on my phone and remembered I helped him buy enjin coin, by this time, 1 enjin coin was already worth about $3.4, I called him to find out if he's still hodling it or he sold it early(selling, I doubt because he's so dumb and can't sell without asking me how to 😂), behold, he told me he forgot about it a long time ago since I was around anymore to continue teaching him, I then asked him about the phrase which I told him to keep in a safe place, behold, he lost it, he doesn't even have or know the wallet address anymore.
Today, he has over(According to current enjin coin price) $6000 laying somewhere he can't access and he can barely feed himself and his family.

The second point about noting down your private keys should be modified as private keys are a bit complex to work with, such as backing up  and it is surely impossible to memorize. Working with a mnemonic phrase is a better option, but even this should not be memorized as we can not trust our memory as a backup.
Also, if you are a long term holder, you do not have to regularly keep track of the exchange rate.

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Another point or points, I would add to the Do's is;
• Learn safe browsing, this would include using ad blockers, avoiding unverified sites and bookmarking regularly visited URLs,
• Try to utilize decentralized services to use bitcoin.

Extra Dos:

• Use common sense.
• Use it to buy things.
• Ask to be paid in it.
• Educate others.

Extra Don'ts:

• Don't hesitate to ask how it works.

That's a very non-recommended don't, because you should have never memorized your private key in the first place.

Actually, there's no such as a bitcoin password.

You're right, that's describing about the bitcoin wallet's password and likely in general, all that requires login details. Just do not forget about that which also includes the exchanges since you might have deposited your bitcoin there.

It's probably because someone can trace you and can use that against you in a scenario that we don't know might exist in the future. It's lessening the privacy you have upon using it again.

I don't get, what's the meaning of 'remember your bitcoin password' do BTC need password to operate or its talking about bitcoin wallet? Even if it's about the wallet well that sounds like a centralised wallet that ask for email and Password to log in.

Just for privacy reasons.

But some people are still using different addresses for different transactions but in a way many of their addresses can be tracked. An example is a person that receives 5 transactions, making it 5 inputs, spending the whole coins with 5 inputs in a single transaction, this will be easily known on blockchain explorer that the whole 5 addresses belong to the same wallet.

Another issue are that people are making use of light clients (SPV wallets), this type of wallet depends on central server(s) as they are not running full node. Central servers can connect many addresses generated by the same wallet together and linked it to their IP addresses.

For privacy, the best is to run full node like on Bitcoin Core or having your own Electrum server.

But if you make use of wallets like Electrum and be spending a specific inputs using coin control can be of help because you are still having privacy to an extent as your addresses are not connected for blockchain observers to view but only to central server operators if you are using light clients. But to have complete privacy run full node using Tor connections.

The above image state some bitcoin's Dos and don'ts which I believe applies most specially to bitcoin newbies, I can personally agree to everything mentioned in the Dos, but in the "Don'ts" section, my exceptions lies with dot 3 which state "Don't reuse wallet addresses".

My thought is that, the reason for this rule is for privacy concerns, but then, I might be wrong, so my question is "are there or is there any security issue(s) related to using or reusing a particular or one single bitcoin wallet address for a very long period of time?

I asked cus I know many crypto friends (including myself) who have been using one bitcoin wallet address for over a period of one year now without issues, so about you and what do you think of this rule?