Topic: Discovered a new way to protect my Bitcoin (Read 291 times)

I don't think it would be wise to think that someone holds all the coins in one wallet. What do you think? Also, we didn't get any benefit from it. If you are holding it in one wallet, why not you holding it in the same wallet that was before? And in what ways it will make strategies for you easier? And what strategies it will give you? I didn't see anyone you mentioned here.

And in some way if you connect your wallet to any website or any other apps, would your Bitcoin would be safe there? And what benefits a multi-signature wallet will give you in this case. Can you please explain?  I didn't see anything reliable in the post that you mentioned above and didn't see anything up to the point. If you explain we can get more information.

Hardware wallets are not perfect at protecting your bitcoins, they do not completely protect you from risk, they may be more secure than online wallets or software wallets but the safety of your bitcoins depends entirely on you . I see some people use hardware wallets to store their bitcoins but store the seed phrase on their phone or online storage platform. Many people mistakenly believe that their bitcoins are stored in hardware wallets and that as long as the hardware wallets are secured, they are safe. And this is a serious lack of knowledge. So for me, the safety of our bitcoin depends entirely on how we store it.

If you don't have a wife or children, you can also share those secrets with your other relatives like your parents, they are the people who gave birth to you, they are more trustworthy than anyone. It would be wasteful and selfish when we only live for ourselves and are willing to throw everything away while our loved ones deserve to inherit that wealth if something unfortunate happens to us. But it's hard to understand why so many people are so selfish. There are even some people who believe that someone dying with their bitcoins is contributing to bitcoin's scarcity, which is the craziest thinking I've ever seen. LAUGH!!

Are you choose to donate your coins to the network?

I don't think it's cool when all of your hardwork when you're still life not to be given to other people you love, especially your kids.

When did @OP mention hackers in his thread? he discuss about thieves, there's no different if you use online wallet or offline wallet since they use $5 wrench attack.

Hackers are not stupid OP, you are dealing with intelligent people here so decoy won't clean your radar off the mirror of hackers, I won't mind doing this at all when I can just buy a hardware wallet and keep my assets.

Mulit signature wallet works too or just paper wallet, since it is offline, the best way to be one step ahead of hackers is to keep your keys offline, if I were you I won't still feel safe using decor wallets, so stay away from keeping your wallet online all the time

People generates their recovery seeds and private keys offline for this reason and I guess that's what you should do too, it's cool to use decoys but if your main wallet key find it's way to online you will still get toasted by hackers.

Hardware wallet is the perfect choice if you are in worries about protecting your Bitcoin.

Looking at the replies above, I'm not sure which is the new method. I'd like you to explain in detail.

Multisig is good but yeah, they're right that having a decoy wallet isn't new at all. But if it's new to you and you're doing that, then that's nice that you're able to discover it without someone telling you about this idea. And what matters really is when you're dealing with your own privacy, as in never talking with that public or anyone even the person you trust the most. Anyway, hardware wallets are still my personal choice as they've got a better validation when you're accessing your funds I like that feature that I've seen and it's kind of hectic before I access my own funds which is positive to me.

OP is quite underestimating the skills of thieves, if they have the intention and purpose of stealing your property, they will not give up until they achieve their goal. Or maybe those thieves are relatives or friends of OP, OP's plan will be easier to detect.
Overall, no method can be considered 100% safe and let's use whatever method we think is safe for us but don't make things complicated. Bitcoin is like any other valuable asset, if the way you store other assets, and that keeps you safe for many years then use that method for your bitcoins.

Decoy wallet might work with an actual wallet for pick pockets but with crypto it won’t do much. What are you going to do have both wallets on the same computer which is connected to the internet? Why wouldn’t the thief find the other wallet?

Just get a hardware wallet or just do cold storage with electrum. You don’t even need to buy anything you just need an old computer you never use. Just remove the WiFi adapter and it’s a true cold storage device. Much safer than this decoy wallet method.

Your approach to Bitcoin storage is intriguing and, no doubt, crypto is a place where innovation and caution should go hand-in-hand. But let me challenge you on the "decoy" wallet idea for a second. Does creating a "decoy" truly offer a veneer of protection, or is it just a psychological safety blanket? Hackers today are becoming more sophisticated, and such tactics might only deter amateurs.

Moving on, the multi-signature wallet strategy is, on paper, a fortress of security. Yet, consider the implications: the more signatures, the more complex the validation process becomes. Does this not inadvertently make you more susceptible to bureaucratic hiccups, thereby affecting transactional fluidity? I respect your proactive approach and unconventional thinking, though. Pushing the boundaries of traditional thought is exactly what the crypto world needs.

At least burglars could take other valuables in your home; even if your cryptocurrency is secure, you're not entirely immune to such misfortunes. This isn't to say it's a bad situation, as there are still assets you can safeguard. However, be cautious when you lack tangible assets, as burglars can sometimes threaten the safety of homeowners.

The practices you're describing are akin to watching a year-end movie, like "Home Alone." Deception tactics against burglars that seem to exist only in films. In reality, it's much more menacing.

I'm more concerned with finding a safer place to store assets. What's most important is that if a burglar were to actually break into my home, the first thing I'd protect is my life and the lives of my family. Because wealth holds little meaning if we're no longer among the living.

If it is still the same wallet, it doesn't really reduce the risk of hacking, isn't it? Unless you're referring to privacy concerns. You can also use other wallets to change your receiving address easily, I'm pretty sure it is not a rare feature on most open-source wallets. On another note, keeping all your coins in one address is not recommended if you plan to store them for a long time. It is better to have at least two different wallets for long-term and short-term purposes. From the way you describe it, it sounds like you use one wallet both for saving and transactional purpose, which is not ideal. CMIIW.

I don't see this as a new method and I don't know if this really that effective if you keep talking about Your Bitcoin and your investment in it the thief will not likely look for it they will probably beat you up until you tell them where you hid all your Bitcoin and they expect a lot of it


What's new on this so many of us have been using this and it's part of every tutorial about how to safeguard your Bitcoin you have not discovered something new this is not unconventional, to protect yourself from thieves don't let many people know your investment you will become an easy target if you keep talking about your investment and your method.
What if a thief knows who you are and sees this post they will know that you have a large Bitcoin somewhere so they will beat you up to tell them

All this paranoia with Bitcoin is what even makes it scary for some to buy as they're more likely to assume that they will become targets once they've some Bitcoin. Can we just tone this unnecessary anxiety down a bit? Shouldn't we begin to see Bitcoin as just an acquisition rather than that which we acquire to inflict us with avoidable tension? Even those who've less than 1 Bitcoin will pick up this line of thought and begin to imagine that someone is after them.

But at some point, you will have enough funds, and then you will be looking for ways to save them. So I recommend you keep digging into topics like this because not only the post by the OP is beneficial, but the replies of the last page's members are also beneficial and can take you to threads that might help you learn new techniques to keep your funds the same.

I also learned a lot by just following this simple method. You have to be optimistic and energetic to read long threads. And yeah, we can call this tip unconventional because it does not work for everyone. If the OP finds this tip helpful for him, then it is not guaranteed that it will be beneficial for others too. The best way to keep your huge funds safe from hackers is to keep them in cold wallets, like hardware wallets, but you also have to be very selective in choosing between hardware wallets. Because hardware wallets also come with different security levels.

I also used to think that I didn't have enough BTC, so hackers might not be looking for me, but you can definitely see that you would be receiving spam or phishing links on your SMS or email. Which means they are trying on everyone, and once you become a victim of them, you will realize the importance of these topics. So better to remain up-to-date just like the hackers.

Multi-signature wallets have long been famous for their level of security for storing large amounts of funds. Most institutional investors and exchanges also use this type of wallet.

Regarding storing a small amount in one wallet, it is a good idea, but we also have weaknesses, it will cost quite a lot if we need large funds, if we withdraw for example from 10 wallets then the costs we have to pay will be 10 times more. Then we also need to correctly store the phrases for each wallet we have, of course it's a bit complicated. However, if we don't have a problem with these two things, it won't be a problem.

I prefer keeping all my BTC in one address. But in OWNR wallet your receiving address changes every few days or so, which makes it a bit safer.

Your plan to use a decoy wallet is good but the hackers are smart . Unless also you use a different wallet from another company while you inter change where you save or should I say you alternate between wallets so as to keep your funds moving snd not in one spot or supposed decoy trick.
The best bet has always been to use security protocol like the multi signature wallet you mentioned, OP. Also enable authenticator authentication on your wallet.
One truth is that big time investors have companies who help them insure and keep their coins safer than the conventional wallets a small time investor/trader or learner trader uses.

Reading all the replies to OP, I realized that there is no such thing as "unconventional tips" or strategies to hide one's hoard of Bitcoin in today's hack-prone world. What we can discover may have already been known by someone else...that we think we are so safe from online thieves the reality is that if we are not so careful then we can also be another victim of these evil people.  Good thing I don't have that much Bitcoin so thieves may not really be interested with me at all.

You are right, it's like an alternative wallet with only some money in it, and if the hacker doesn't know how much BTC you have, then they might fall for your tip and might come to think that you have only this much BTC in your accounts. But if the hacker is smart, then he can easily find out your holdings and can easily understand that you are using this wallet as a decoy.

And you might get stuck in more problems, but the best practice is definitely to use a decoy wallet because once they open your wallet, you should set up some APIs or bots that would be triggered and move your funds from the main wallet to the different wallets so that your main wallet could be saved.

I liked this trick. Thanks for bringing it in front of me.

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.