Topic: Discovered a new way to protect my Bitcoin - page 2. (Read 289 times)

It's good to find tips or ways to secure your bitcoin wallet because everyone will have ways they think are the safest for storing their bitcoins.
So you have to be able to do it well so that your bitcoin wallet can be safe from hackers or thieves who break into your house to steal your crypto assets.

The most important thing is that you don't need to tell many people that you have bitcoins that you have stored well so that it doesn't make other people curious.
If you have to share your bitcoin wallet address with other people, you can use another wallet address so that your bitcoin assets in the main wallet can remain safe and only you know about it.

Yeah, this is what Columbus said (thought) at first, but when they went further into the lands, they realized they weren't the first people discovering that continent.

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Here is an idea on how to keep billions of $ in BTC safe and out of reach, this is more or less inspired by hollywood movies.

Make an algorithm like base58, convert your private key(s) to something entirely different, it could be a poem, a literature piece or anything else, then store/keep it on sight somewhere visible for everyone, because nobody would suspect such an easy target to hold any significant value.

Have nothing related to cryptocurrencies on your phone, laptop or in your safe, no usb, no paper back up of any sorts hinting at the possibility that you have crypto.  Delete wallet, erase your system completely leaving no residue of anything crypto related.

You could simply convert your decoy to WIF, whenever you wanted to move the funds.
It could be color coded inside a picture, imagine taking a picture with your family in a carnival, or in front of a Christmas tree, having the key encoded in colors in the order of tree lights.  There are 10,000  other possibilities and ways to "keep your coins safe".

Just make sure to mix your coins before moving them to the final destination(cold storage).

Well! That's quite common in crypto world. We all use multiple account for various purposes. We all keep the main account number secret and share the ones which are already public. We use that public account for all kinds of transactions.

This is very basic here. Just like any other investment rule, we just need to diversify across multiple accounts. So that any any account for compromised, we don't loose all our cryptos.

You're pretty much referring to a decoy wallet, in which isn't really new. It's a decent way of protecting your bigger stash if it's the case that you end up getting hit by a $5 wrench attack[1] someday.

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[1] https://chainsec.io/wrench-attack

Confidence in believing that what you do is infallible is a mistake, in fact being "proclaiming" your "successful" strategy only denotes that you seem to be trolling the topic, anyway, there are very good well-documented methods that serve and adapt to each type of user, These fail due to the bad practices of the users, not only from the computer point of view, also from the social point of view, yeah,social engineering is one of the main weapons that are used and where many generally fall users. Man, Just do the right thing, that safety line is very well documented.

I also have some "fly traps" placed randomly in the house, with baited bitcoin paper wallets.. to see if someone are searching for my stash. I regularly check those addresses to see if someone transferred those coins and if they are gone... then it triggers my first level of defense. 

I am not storing my Bitcoin hoard at my house, because I know that will be the first place where I will be targeted, but the traps will tell me that someone are looking for it. 

Imagine if I were the thief.

Hey look someone in this house is a Bitcoin enthusiast since he have Electrum in his device or own a hardware wallet, when I check the wallet, there's no balance. Do you think the thief will think you clearly don't have any coins? nope, they will think you store or hide it somewhere.

If the thief left your house, case closed. But what if they point your head with their gun and force you to tell where all of your coins?

Now that's not plausible deniability at all. You should never leave wallets in locations where thieves typically search for valuable items, you store then as securely as possible where is out of reach. But if they get discovered they find the decoy wallet with a believable amount of Bitcoin.

A zero or little wallet balance kept in an open space will only suggest that there is some other wallet kept more securely that they can discover.

If you store a wallet with little to no balance in a place where most thieves typically search for valuable items, they are likely to leave your house content, thinking they've found something of value.

That's plausible deniability, where one creates one wallet with their seed and then includes a passphrase which opens up another wallet entirely and the passphrase is stored differently.
If anyone discovers your seed and accesses your wallet they find a believable amount of bitcoins that you own but not your main stash of coins; that is only discovered when the passphrase is included.

This also helps with a $5 wrench attack.

Both of these methods are not new. Anyone opting for them should be very aware of what they are doing to avoid any technical issues when backing up.

Isn’t this the same as “not putting all your coin in one wallet”? If that’s true then it’s not new. Or is this an entirely different strategy? If it’s different please explain how it works and how it will divert potential threats like you stated away from our holdings.


And again, this is nothing new.

So what “new way” did you discover? Because everything you wrote here has already been in used for a long time.

I recently discovered a new way to store Bitcoin that has totally changed the game for me. This new method not only keeps my crypto safe, but it also makes my crypto investment strategy a lot easier.

In addition to this new method, I’ve discovered a few other tips that have been invaluable to me.

For example, you could create a “decoy” wallet with a tiny/0 balance amount of Bitcoin. This way, you’ll be able to divert potential threats/thieves away from your crypto.

You could also try using a multi-signature wallet for extra level of security.

These unconventional tips have given me a new level of confidence in my crypto holdings.