Despite having this kind of reminders repeatedly over the years there are still a lot of people, especially those who are new to crypto that were recently being able to gain profit by investing in Bitcoin. Bragging it to other people is of their ways to show off and make other people see them as a successful person that should be followed.
This is one of my observations which can sometimes they use to take advantage of other people to gain more money, increase their followers, increase their referrals, and sometimes they even take a step forward of initiating a paid seminar just because they made a profit with their investment during the rally.
By doing this, they are forgetting the most important thing, to keep the information of their investment as their privacy. They don't imagine the risk involved of doing this because they are more focused on bragging and letting other people know that they are making money through Bitcoin.
Topic: DO NOT BRAG ABOUT YOUR BITCOIN - page 8. (Read 1121 times)
They may tell their friends, and sooner or later someone who you don’t know, who may have the capacity for violence, may decide you are an appetizing target.
Prevention is better than any cure, isn't it?If you are fearful of physical attacks, don't reveal anyone that you are a Bitcoin investor.
Known physical Bitcoin attacks
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This is yet another reason to use a multi-sig setup. Even if someone obtained 1 of 3 keys, they cannot steal your Bitcoin.
Multisig wallet will cost you more transaction fee. Don't use multisig wallet only because you think it is safer and you only have to use multisig wallet because you want to be known by others, that you are a Bitcoin investor. Keep your investment in secret is better.Quote
Concurrently, your Bitcoin can be backed up.
What you back up is your Bitcoin private key, or your Bitcoin wallet mnemonic seed.How to back up a seed phrase
If you are held at gun or knife point for your bitcoin, it is because someone has found out you have bitcoin, another very important reason why you must never discuss it.
While I agree that everybody should just keep to themselves how much Bitcoin they own, if somebody is held at gunpoint or at knifepoint, it doesn't anymore matter which wallet you're using, or whether it is multi-sig or not, or whether you have a copy of your seed phrase or some other backup. It's either your life or you cough up those information.
Perhaps it will help if your coins are stored in different wallets. If such a thing happens, God forbid, you will give the information of only one wallet.
Perhaps it will help if your coins are stored in different wallets. If such a thing happens, God forbid, you will give the information of only one wallet.
Many experts believe Bitcoin's surge to over $72,000 is just the beginning of its potential growth. Investors may also see this surge as a validation of Bitcoin's potential as a long-term store of value. It is important you do not brag about success. Don’t share how much you have with others. This should be obvious, but there are people that may not be so excited for you. They may tell their friends, and sooner or later someone who you don’t know, who may have the capacity for violence, may decide you are an appetizing target. This is yet another reason to use a multi-sig setup. Even if someone obtained 1 of 3 keys, they cannot steal your Bitcoin. Concurrently, your Bitcoin can be backed up. If you lose your Bitcoin you can literally just magically get it back if you have back up, that's because your Bitcoin is stored on the blockchain. If you have a copy of your "seed phrase" you can regain access to all your Bitcoin no matter which wallet you use. Don't go blabbing your mouth to everyone about your Bitcoin stack.
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