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Topic: How Bitcoin Nearly Bailed Me Out - page 4. (Read 648 times)

staff
Activity: 3304
Merit: 4115
April 01, 2022, 07:55:44 AM
#5
You were lucky to have your funds back but the highlighted part in your post is the worst way to backup your seed phrase as having Screenshot in your mobile phone is as risky as telling them to people openly.The first rule is i would say offline storage on piece of paper or metal sheets with full safety.What if your phone was lost, stolen or damaged would you be able to get your funds back then and it would be permanently lost adding up to the shrinking supply of 21million.
I can think of worse ways of storing a backup for example storing them online via pastebin or something would be absolutely disastrous, but yeah it definitely isn't optimal, far from it. Not only from the malicious attackers point of view, but also phones are easily damaged. I don't know how many phones I've gone through over the years. Only takes water damage or a drop or two, and your data could be gone.

There's many ways of backing up a seed, you could go the washer route which is probably a little over kill for most users, but as long as your storing it offline in a reasonably secure place, then you should be fine.
hero member
Activity: 1064
Merit: 843
April 01, 2022, 07:52:48 AM
#4
You're lucky that your screenshot didn't get deleted and your phone still work, if not then it's different story. You're already learn the most important thing about Bitcoin, it's HODLing. Bitcoin is the best long term investment, don't need to worry if you have bought at the peak. Back on 2017 where many people regretting buy Bitcoin at $19K and then after 1 year it goes dump until reach $3K. Most of people panic and sold their coins since they thought Bitcoin would goes to zero. But if they keep holding until now, they've doubled their investment.
legendary
Activity: 1974
Merit: 2124
April 01, 2022, 07:50:50 AM
#3
So I needed some funds to make up for a payment. I contacted three of my clients who were supposed to pay for some writing jobs but the payments were delayed. I was getting frantic when I remembered that one of my old Blockchain wallets. I started wondering if the wallet I hadn't used for years could have some valuable bitcoins. I also remembered that I had the seed words in my phone as a screenshot (crazy!) so I imported the wallet. Boy, you wouldn't believe how much I had in there. Not up to all the money I needed but enough to make a difference.

I wonder who else has access to old wallets Smiley
You were lucky to have your funds back but the highlighted part in your post is the worst way to backup your seed phrase as having Screenshot in your mobile phone is as risky as telling them to people openly.The first rule is i would say offline storage on piece of paper or metal sheets with full safety.What if your phone was lost, stolen or damaged would you be able to get your funds back then and it would be permanently lost adding up to the shrinking supply of 21million.

Hey, lucky you forgot about the old wallet before otherwise you might have spent what was in it. Probably a good idea for others to learn from this & write down all wallet passwords, seeds & what platform they are on.
Writing up but not the way he has done is the lesson for us because everyone would not be lucky like him as this is very easy way in which your seed security is compromised but don't know how people do such things.He might be lucky to sell them at good price compared to what he would have got in past but he could have lost them all.So take this lesson from him.
staff
Activity: 3304
Merit: 4115
April 01, 2022, 07:45:24 AM
#2
Also, probably worth noting that storing your seeds as a screenshot in the future probably isn't the best way of going about things, since the phone is online, and you use it regularly if it were ever compromised so would your seed. Seeds should always be stored offline, and preferably not on digital media. Obviously, you still need to look at securing the offline backup from physical threats.

At least you made some sort of backup, and were able to recover them successfully though!
member
Activity: 291
Merit: 19
If there's something to be written...
April 01, 2022, 07:25:38 AM
#1
So I needed some funds to make up for a payment. I contacted three of my clients who were supposed to pay for some writing jobs but the payments were delayed. I was getting frantic when I remembered that one of my old Blockchain wallets. I started wondering if the wallet I hadn't used for years could have some valuable bitcoins. I also remembered that I had the seed words in my phone as a screenshot (crazy!) so I imported the wallet. Boy, you wouldn't believe how much I had in there. Not up to all the money I needed but enough to make a difference.

I wonder who else has access to old wallets Smiley
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