Topic: Hands up.. robbery. - page 3. (Read 1198 times)

The cryptocurrencies wallet have security and most of the wallets of cryptocurrencies right now requires its users to have a strong password where the robbers will not be able to unlock or bypass the account fast and there is also 2fa in almost of the wallets and that enables the user to have a comfortable usage of his secured account.

I've been using Bitcoin for years, and have never had access to any funds on my phone. Don't plan to, either. I guess this could happen if mobile BTC usage gets several magnitudes more prevalent, but even if so, it's a big gamble for robbers to simply assume that anyone and everyone has immediate access to crypto funds.

But while we're on the subject, this is definitely a good reason to remember this sage advice: Don't tell people about your bitcoins. I don't even like to tell people IRL that I'm into Bitcoin. Paranoid about people wanting my coins.

It can only be possible if you are posting or a lot of people knows you are a big holder of Bitcoin, and of course, you should not use  Mobile phone to store your bitcoin, use a lot of kinds of wallet and do not put all your eggs in one basket and the most inportant is always keep your private keys in a safe place.

With crypto they can't take your coins. They would need access to your wallet which is (hopefully) behind 3 factor authentication. With cash they will just take it.

You can always be threatened to give the coins, as well as with cash as well as with money in the bank. There is no difference.

Yes this is an interesting idea. Some people could do this in the future. But for now too many poeple has too little bitcoin, so it would be a waste of time to try and find all people having sufficient bitcoin. Otherwise, what you say could happen in the next 10 years, if the bitcoin price continue to increase as before. I've got a good laught reading this thread.

Lol!! What an imagination. But could also be. I guess before you finished the transaction the cops are already there to rescue. If someone called for rescue.

Personally, I would never keep enough Bitcoin on me that if I got robbed it would affect me in any way. I'd be more annoyed that my phone was stolen than the cryptocurrencies on that phone. You need to keep your cold storage of the radar and your hot storage very limited. That's just the nature of cryptocurrencies. It's smarter to be cautious rather than sorry in the end if you lose thousands due to a simple robbery.

That's completely not true. Bitcoin transactions can be fairly easily tracked, especially if the robber is planning on spending the coins. There are companies that specialize in this sort of stuff. With all transactions being public, it is actually very easy to track Bitcoin transactions.

This whole thread is based on the premise that they have physical access to you and can physically rob you. If a card is stolen, as soon as the money is spent and the robber has the goods that they want, blocking the card is just as good as letting them steal the amount of money from you as they spent on the card. Furthermore, they don't need to use the card in a physical store, they can go online and buy things with the card online. And with debit cards, they just need to go to an ATM and withdraw as much money as possible.

And if you don't cough up, you can die. And if you do, you will probably also die. But if you are dead, no one will be able to touch your money with crypto. With fiat the attacker can go over to your dead body and retrieve your credit and debit cards from your wallet.

That's a good point. If you physically rob someone and can get the password to their phone, you probably do have access to their bank accounts as many people access their bank accounts from their phones too.

Exactly, criminals will continue to rob people of anything that stores any value whatsoever. Regardless of it being crypto or fiat. But honestly I think crypto is less practical to steal because how are you going to type a full address?

Dont you think mobile banking and wallets are already in use by major population. That already makes us vulnerable to such threats. But yes the only problem with bitcoin is you just cannot trace to whom you have sent your money. So there is no way ti search the burglar.

Where I'm at these days every bank ATM has a camera in it, dunno about the ones in stores, so whatever idiot goes straight to cash out winds up leaving a nice record of it.

Come on! The thieves don't use the stolen cards to shop online or to buy cigarettes. They go to the first ATM machine they find and get as much money as they can. How do you trach this money so? Who is damn stupid to steal a card and shop with it.... and why not get delivered at home

There iq no diference if you go out with a card or with a BTC wallet on your smartphone with some bucks into

It's not a bad argument, really. It makes sense that there might come a point when robbers can hold people up for their money and they won't necessarily be able to do much about it. As for what can be done then, I don't really know. This is partially why I'm pro-armed-society, but it's not like a ton could be done about it either. You're mostly screwed at that point, but only if you have your entire wallet with you. If you have only a small portion of your Bitcoin in a wallet you carry around, you can mitigate your losses.

Yeah this is probably the number one issue with crypto right now.

As a bitcoin holder if you are not dumb enough you would really do the things which you would really ensure the safety of your coins.As you suggested we can do hide up some apps in our phone which if someone who stole it wont easily recognize since its being hidden and also no one would robbed you out if you would not share on how much bitcoin holding you do have as  simple as that.

If we're talking robbery rather than carding, cards can be blocked. If people use them in physical stores then they're filmed. They also need physical access to them and you in the first place.

With crypto none of that is necessary. It does make nefarious and anonymous demands much easier.

You can be tootling along in your self driving car and then suddenly receive an email threatening to chuck you off the next bridge unless you cough up.

It's rather strange how much more effort is given to physical crime when the online variety must be on its way to far outgrossing it these days.

that was my indirect point...

I think we are a lot of years far from crypto to become common currency. Anyway if that day comes early and crypto really becomes common soon it is advisable to not keep a mobile wallet with you. You can have some coins in an exchange if you want to do trading or buy a few things so even if the aggressor tells you "give me all your crypto" you hand him your phone and tell "I don't use cryptos, only cash". Meanwhile in such time keep the majority of your bitcoins in a hardware wallet in a very safe place of yours.

What you are telling is correct but in credit card and debit card the transaction can be tracked but in bitcoin it can not be tracked

And you think cash/fiat isn't? "Give me your debit card and pin or you're dead". Or "give me all your cash", or "give me your whole wallet". Although people don't carry a lot of cash on them, they are still carrying tons of money. A credit card can be worth thousands of dollars and people generally have more than one credit card on hand. Furthermore people also carry debit cards which give direct access to their bank accounts. And they don't need you alive to take and spend your money. They can kill you and just take your credit cards and debit cards from your wallet, no need to keep you alive to get a password like you need to with Bitcoin on a phone.