BTC wallet disadvantages - page 2. | Bitcointalksearch.org

ThemePen

hero member

Activity: 938

Merit: 765

I stand with Palestine.

Quote from: DaNNy001 on November 07, 2022, 05:41:23 PM

But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.

Why are you putting the natural mistake blame on technology?
Do you really think this is disadvantage of the wallet?

If they will eliminate this security protocol you will make more disadvantages of the wallet.
I think this is compulsory. And people should save the seed phrase to any safe place.

Let me suggest to those who forgot phrase or lost it.
1. Make a locker.
2. Purchase a notebook.
3. Write all phrases on it.
4. Save that notebook in the Locker.

You can get everything at anytime.
But if people keep safe the locker key and forget the key place. So they should consult to Doctor for treatment. Cheesy

Razmirraz

sr. member

Activity: 1316

Merit: 422

You are fully responsible for the wallet you have, losing access to open a wallet is a big loss especially if you have a number of assets there. Forgetfulness or carelessness is an unavoidable human trait, which is why you should immediately save your phrases when you first create a BTC wallet.
You can store whatever amount of money you have there, the important thing is that you don't lose access to open the wallet you have.

witcher_sense

legendary

Activity: 2450

Merit: 4415

🔐BitcoinMessage.Tools🔑

Quote from: DaNNy001 on November 07, 2022, 05:41:23 PM

I know for security and safety reasons thats why Bitcoin wallet have been set to have the seed phrase security.
Which is supposed to be ones wallet security pin,but you know as humans forgetting and carelessness is a must in our nature.
But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.
Since their is no way you can stair up a forgotten password option in the wallet app

Your solely controlling (knowing) the secret keys to unlock part of the space in the blockchain is an essential part of bitcoin and cryptocurrency. Without these secret keys, it wouldn't be possible to provide decentralization and censorship-resistance, and it certainly wouldn't be possible to give people what they have been seeking - financial freedom. Bitcoin liberates people from the shackles of the old financial system and gives them a way to escape from ever-growing inflation and political corruption. Of course, the inability to restore access in case of accidental loss implies full responsibility for the actions you perform and also the thoughts that come into your head. But you can't be really free without also being responsible for your own actions. You either accept this new reality growing up financially or continue to rely on banksters seeking your money, time, and freedom. Backing up your wallet is not that hard; it is definitely worth it to learn about the best practices of dealing with private keys, especially if you value independence and freedom.

Apocollapse

hero member

Activity: 1148

Merit: 796

Quote from: Fullcoinese on November 07, 2022, 08:44:03 PM

I also save it in a word document that I save on flash.

This way isn't safe since word document has very low security even though you have encrypted the file and set a password, it's will become useless your computer has a malware that can break those extra security. USB flash drive has a chance your data get corrupted due to many factors, the best is safe in offline using steel plate [1], washers [2] etc that the material is resistant to anything.

[1] https://bitcointalksearch.org/topic/stainless-steel-bitcoin-recovery-seed-plate-5323755
[2] https://bitcointalksearch.org/topic/securing-your-seed-phrase-with-washers-5389446

Fullcoinese

full member

Activity: 407

Merit: 136

always try to back up our wallet seeds. save on one paper of course is not enough. do whatever it takes to keep the seeds in at least 2 different places.
I save it on paper with handwriting that I keep somewhere. and I also save it in a word document that I save on flash.
I do it not for all the wallets I usually use for trading. but only for the wallet in that I put my long-term BTC in.

Despairo

hero member

Activity: 1064

Merit: 843

This is why you should create a back up on steel plate or any other medias that resist against fire, corrosion, etc.

Be your own bank, this mean you have full control over your coins and it's your responsibility to protect your wallet. If you can't be your own bank and you let the third party control over your money, it's seems Bitcoin isn't for you since the reason why Satoshi create Bitcoin is to eliminate the third party. Holding on centralized exchange seems to be fine when nothing is happen, until it's too late when the exchange got hacked.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: DaNNy001 on November 07, 2022, 05:41:23 PM

I know for security and safety reasons thats why Bitcoin wallet have been set to have the seed phrase security.
Which is supposed to be ones wallet security pin,but you know as humans forgetting and carelessness is a must in our nature.
But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.
Since their is no way you can stair up a forgotten password option in the wallet app

There's nothing that limits you to holding your Bitcoin wallet password or recovery seed only in one place. You can create as many backups as you want and in different formats - on paper, on CD, on USB, on metal sheets and so on. The problem is that some people treated it as just another password and made only one backup copy and then misplaced it, when in reality they should have treated it as nuclear launch codes.

PX-Z

hero member

Activity: 1554

Merit: 880

pxzone.online

Keeping your own money is your own responsibility to keep full control of it You could write your seed, pin and password in the paper and keep it in a safe place that is fire and water proof.
If you think you cannot take that responsibility to keep your own money as your own bank, then keeping bitcoin isn't for you.
If you just keep your money to any custodial wallet or exchange imagine if they were hacked and file bankruptcy like many exchange did this past few months. Your hard earned money will just vanish like it isn't yours because of that irresponsibility to keep your own money.

Piesel

sr. member

Activity: 672

Merit: 273

The first thing to do after creating a wallet is to save your wallet's private phrases in a safe place that you can have access to at any time.

This does not necessarily mean you should save them online or on your mobile for easy access because that can also make you vulnerable to hackers, but having your wallet keys safe is the first and primary thing to do.

Your wallet phrase is your access to your wallet and is what gives you the power and control over your wallet so I don't see it as a threat whatsoever.

DaNNy001

hero member

Activity: 644

Merit: 520

Leading Crypto Sports Betting & Casino Platform

I know for security and safety reasons thats why Bitcoin wallet have been set to have the seed phrase security.
Which is supposed to be ones wallet security pin,but you know as humans forgetting and carelessness is a must in our nature.
But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.
Since their is no way you can stair up a forgotten password option in the wallet app

Topic: BTC wallet disadvantages - page 2. (Read 348 times)