Topic: Hey Bitcoiners Choose Simplicity Over Complex Technicalities - page 2. (Read 343 times)

using a multisig wallet is something that increases the level of security of wallet and funds but it can turn out to be a disaster for an individual, a newbie who for sake of wanting to level up his wallet security chose to make use of multisig wallet Just to later encounter the technicalities involved and making a mistake that could cost him his funds eventually. If I have so much money to protect that much I'll simple make use of a hardware wallet if am not comfortable with using a single signature wallet.

I am not getting what you want to express, actually. If you are afraid to store your cryptocurrency in multisign wallets, then we can simply use hardware wallets. It's actually called simplicity but secured. Electrum isn't an advisable wallet for storing large amounts there. We have seen how fake upgrades drive lost wallet access. So it won't be a secure way to store crypto. Simplicity always won't bring the best for you. Hardware or a cold wallet is the best way to avoid complex technicalities. Just be more realistic and learn the proper things related to storing your bitcoin. Because an unsafe store won't be an ideal simplicity procedure.

It doesn’t matter if you have small amounts of bitcoin or a larger amount of bitcoin; that will determine whether you should use a multi-signature to safeguard your coins. No matter the amount of your coins, they need protection and security. Someone with 0.00001 bitcoin today can have 100bitcoin tomorrow. Do you mean that is the time when he or she will start safeguarding his or her wallet? No, because no matter how many coins you have, you need to protect them because they are worth money.


What I understand here is that you have just been lazy, because if your account is not safeguarded, hackers will have access to it without lots of stress. When you think you are following simplicity, you are just being too lazy to learn.
That is why educating people to purchase or invest in bitcoin is not enough; it is also important to encourage them to engage in classes and research that will help them understand bitcoin and its technical aspects. You can purchase bitcoin, but it is of no use to you if you don’t know how to safeguard it because you might lose it due to your ignorance and think that bitcoin is just a scam. So let's protect our bitcoin and learn more about the technical aspects of bitcoin. It will help you a lot.

You wouldn't really be that so dumb on diving in without having that sufficient knowledge on things on which it is really that impossible for someone who do make things without even thinking on what it is,specially if we do talk about storing our bitcoin then it would really be just that normal on human instinct or behavior that we do need to research up first before making further step. There might be some those dumb people who do carelessly making out some actions without thinking up first but majority of us would really be that mindful about the actions that we are making since we are basically be dealing up with the money that we are really that tending to store for long term. Technicalities about storage about your Bitcoin isnt really that too much to comprehend even if you arent that tech savy or does have that high knowledge about digital things but having making use of your own common sense should really be that enough for you to determine on which thing is really that viable for it to be done and what things should really be that be avoided.

Its impossible that you cant really be able to distinguish which thing that best for you but of course there would be people who would really be making actions which arent even that
worth or right on doing so and this would really be resulting on losing up their precious coins.

We have a site that's named YouTube where you can learn about multi-sig wallet easily. Just search the term "How to setup multi-sig wallet" and you'll see 100's of video tutorials that teach you how to set-up a multi-sig wallet and trust me learning from those tutorials isn't hard at all. In fact Electrum also offer multi-sig wallets and for that you'll have to search "How to set up multi-sig wallet in electrum" on YouTube and once again you'll see some good videos that will help you to set your own multi-sig wallet in Electrum.

It's okay to test new things that are also being done by others. But don't include yet your holdings on it upon testing just as the example that you've given.
Everyone started with zero knowledge and that's why we're all testers from the start. I wouldn't discourage someone in trying new things if that's what they like.
But on some point, you're also right that if you don't like complicated things then better stay to the existing ones by just doing what's the typical thing to do in keeping your bitcoin.

You are right dear, I have seen some cases, in which the person taking so many precautions like wanting to save the seed phrase totally off the grid means not wanting to save on a storage that is online accessible. And in that process, he wrote down the seed phrases on paper and then lost them. And in other cases, those who have kept it saved on online place or on a mobile or laptop, might not lose those seed phrases. And in another case, one might save the seed phrase at different locations.

But you are not totally right, because, if you think the multi-signature security level is some technical shit then you are wrong, because setting multi-sign wallets is too easy and you mentioned Electrum and we can easily set a multi-sign wallet on that too. So, why we should not test it out and learn about it?

Instead of giving up, by saying, this shit is so technical and I want simplicity so I will not adopt the new technology, these people are always at a loss in all fields of life. If we do not learn new things and remain aware of all the new scams and hacks then we can easily be hacked. So technicality does matter but simplicity also.

It is important to adopt a process that you understand rather than using a complicated technique that you have little or no knowledge about because you want to secure your coin. But we should also note that the more complicated the higher the security. A house that has two or more gates or some security device will be more difficult to access than a house that has just a single lock. So if you have a high amount of Bitcoin, it will be better to spend time and learn about the best means of securing your investment regardless of how complicated it might be. But newbies should keep it simple until they comprehend how wallets work.

It depends on the number of Bitcoin you have and the purpose. If you have 0.5 bitcoin and above, you can get yourself a hardware to save you the stress and technicalities in setting up a multisig wallet. I think the multisig wallet comes very handy especially in holding organizational funds or family inheritance. I don't really see the need for an individual to have a multisig wallet and have the seed phrase and private keys all to himself. A hardware wallet, an electrum cold storage wallet or electrum standard wallet is fine with me.

Learn then practice and to avoid loss by practical mistakes by lack of knowledge and experience, make your first practice to test your knowledge with Bitcoin testnet. If you make mistakes with Bitcoin testnet, you don't lose any money.

Create your wallet, backup and use your backup to recover your wallet.

If you want to use that (like a multisig) wallet to store your coins, send a small amount to it and practice to sign a transaction from co-signers. If it works, you can send more bitcoin to it as you already know how to broadcast a transaction from a multisig wallet.

Don't do complicated backup like splitting your seed to some parts. Because if you lose one part, you can not brute force it to have your full wallet seed. That causes you a loss of your bitcoin because you can not recover your wallet.

How to backup a seed phrase?
Bitcoin Q&A: Why is Seed Splitting a Bad Idea?

The method of approach be it buying,  selling and storage depends entirely on the individual preference and the level of information and mastery he has acquired. For instance, the multisignature you quoted was created for a purpose, it might seem complex to come people but it is easy for some. Every innovation was created to improve or offer preferable alternatives to what is in existence. If you are not well oriented with how to use a particular thing, the best you can do is to seek for knowledge.

Every one love simplicity but not at the expense of security and comfort.

The balance of complexity and simplicity can be understood better if we know what is the users' goal. Their threat modelling is different, surely, we should not advise a user who wants to store a gigantic amount of bitcoins on a hot wallet, instead, we suggest to them the cold wallet options. It also applies to multi-signature wallets, if there is a requirement, it is applicable even if we sacrifice simplicity slightly.

Generally, I understand and am aware, that even the basic sense of how we operate a wallet is still far from convenient. So the best way to advise someone is to adjust their needs and threat exposure, how likely and how bad the consequences are if they did not secure it properly or what if their funds got lost. A complex way may be unbearable, but if that's the way to go, educating how to operate it would be the surest decision.

Simplicity is no doubt better than technicality, but depending on what factors you call a method, thing, or strategy, a simple one and a technical one Because, in your sight, or according to your knowledge, you found "X" things simple, while the other person with lower knowledge will find the same "X" thing technical. The level of simplicity and technicality depends on the knowledge one has.

If you don't know about multi-signature wallets, then learn about them, up your level a bit, and set that standard as a simpler one for you. Then proceed to more technicalities and make them simple for you. If you do not leave your comfort zone, either in the context of wallets, blockchain, or any crypto-related technology, you will not find new ways and will be stuck at levels that, in your sight, will be simpler for you, while moving up will look like a burden to you. So change that.

In simpler words, we should improve ourselves with modernization and how hackers and scammers are finding new ways to scam us. In the same way, we should improve ourselves and keep our education up-to-date, and that's the only way to avoid complexity. Then start with less, or first just test the options, then proceed with real funds.

There is a distinction between I don't know how to utilize multi signature wallets and they are difficult to use.
You should know that Bitcoin technology has a lot of technicalities, which is why it is called digital currency; therefore, if you have more than 10BTC to keep, I believe you will look for a means to learn how to save your Bitcoin offline in order to be completely secure.

Looking for simple ways to keep your Bitcoin safe is a good thing, but we are constantly learning, and scammers are also learning, so we should keep looking for ways to increase our wallet security, and I believe Multisig is a fantastic alternative.

Entering the world of Bitcoin requires some technical knowledge mainly, because Bitcoin is a new technology and needs some understanding before dealing with it in the correct way, so it is better to acquire more knowledge about Bitcoin.

But in principle, it can be said that what you are saying is correct. People who do not have sufficient knowledge of wallets that are considered somewhat complex, a multi-signature wallet or the like, are better off using simple wallets, but of course on the condition that they stay away from web wallets or central wallets. As their knowledge improves, they can move to safer wallets.

There's a reason why I don't even recommend the likes of multisig and Bitcoin Core to the typical layman. I always recommend Ledger/Trezor + Electrum, and a written down recovery phrase. That's the best balance between simplicity and security in my opinion.

This advice can be both good or bad depending on how people will interpret it. The most simple solution is to store coins where you bought them - on exchange, and we all know how bad it is. A little bit more complex option is a hot software wallet, and we also know how risky it can be. A simple cold storage or hardware wallet setup is providing enough security for nearly all users. There's indeed a danger in overcomplicating, especially by making custom encryption or encoding algorithms, using layers of encryption, splitting the seed and so on. All of it will increase the chance of losing the key while the security benefits are an overkill.

Ofcourse, simplicity is important. Even the technical ones could be made really simple for average people to understand. Bitcoin is a complicated tech  Satoshi tried as much as he could to simplify using things most people are familiar with, like the word "mining". That's how you know developers who really care and know what they are talking about... Others are deliberately making things complicated for certain people/competitors to understand, or they just want to "sound" technical, or it's really too complicated for them to simplify.

Besides, Open-source and Community-run Projects aren't supposed to be complicated so that everyone is carried along and help secure them from attacks from minority who understands how things work
 

From my experience it is better to use a wallet with a complicated system, and prioritizes security rather than a simple one. I would rather lose my funds in my wallet any time I find my pass key hidden than have it stolen due to scamming. Even in the trust wallet class, you can be missed, until now I still use hardware wallets from Trezor and Ledger.

In my opinion, security is more important, no matter how complicated we access it, the most important thing is that the investment we protect is safe from threats.

Actually this problem is being solved by hardware wallet companies. Everything safety that supposed to be complex becomes user friendly with the existence of this wallets. You don’t have to worry anymore whenever you connecting your wallet online since hardware wallet doesn’t share seed phrase.

I believe simplicity is really the main goal to attain mass adoption. The current technology development is already moving that way so in a sense your simplicity idea is not that bad.