Topic: My Question to Crypto users about its security (Read 597 times)
I think there's any possibility in this world in anything. But sometimes we heard about any govt sectors failing any type of business, like bank etc.but mostly we trusted. I can say crypto currency is virtual currency, it's all decisions are depend on us.if the investors are too be greedy. Then my opinion is that he or she should not be investing. Ultimately we can get good earnings in crypto having low risk,due to good trust & popular in the market. I think so.
Bitcoin is traceable, in fact recent news in an exchange where hackers transfer Millions of stolen Crypto's immediately intercepted and frozen by custodial wallets and exchanges, and the issue about what will happen to your Crypto's when you die. You can easily set up apps like automate emails to send your private keys. So that you don't need lawyers and pay thousands.
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If your coins were stolen, then it is entirely your fault that you didn't put up the necessary security measures simply because you're the one in control of coins.
In a decentralized system, full control is in our hands, we are the only ones responsible for the security of our assets. Bitcoin does provide the convenience of transferring value, as well as the security and speed it offers, without any restrictions, if it can be used properly. So you are correct in saying, even if there is a case of theft or hacking of a private swallow, it is entirely the user's fault because it does not maintain security so that it is easily penetrated by hackers. Beware, friends, the crypto world is full of risks, we must improve the security of the wallet as much as possible. If your coins were stolen, then it is entirely your fault that you didn't put up the necessary security measures simply because you're the one in control of coins.
Crypto is praised as currency of future, 100% secured way of transaction. my question is how?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
Bitcoin is actually secure in terms of transacting coins. It is only in terms of transfer of ownership of coins that there seem to be a security flaw.
However, just like the fundamental principles of bitcoin stated, bitcoin is a decentralized currency which means it is entirely in the control of its holder and not some third party or a central government. This means that whatever happens to bitcoin coins is entirely dependent on its holder. If the holders wants to pass his coins on to someone else after his demise, then he'll have to give them access to his coins.
If your coins were stolen, then it is entirely your fault that you didn't put up the necessary security measures simply because you're the one in control of coins.
Crypto is praised as currency of future, 100% secured way of transaction. my question is how?
Bitcoin is very secure. I have never lost a single satoshi to a hacker or scammer. The question should be, is the person holding the bitcoins security conscious? Are they doing more than enough to secure their Bitcoins?But not all people are aware about those scams that they might encounter, and we are lucky that in this forum, we can read a lot of things regarding this.
Bitcoin is really secure and safe depending on how careful you are in holding it. It also depends on how you double check the address when you are sending btc to other wallet address.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
Again, the money is yours to protect. If you are careless with it and it ends up getting stolen, then the blame is entirely yours.So how is this a currency of future, did anyone asked these question before?
Blockchain Technology is very complex, you are accountable about the things that might happen in your wallet. Bitcoin is said to be the currency of the future due to its ability to become the best digital currency that we can use in our daily lives. But the thing that made it hard to become like that is its volatility in the market, that's why some people are not considering bitcoin as a real currency.
maybe someday the bank will use blockchains and use a semi-decentralized system so that with an official proof from the police and sufficient evidence it can be used to get your assets back
this is just my idea
indeed when we die a number of balances in our assets cannot be used, this is my anticipation
I wrote in my note an important file with all the passwords, backup google authentification and privatekey
this is just my idea
indeed when we die a number of balances in our assets cannot be used, this is my anticipation
I wrote in my note an important file with all the passwords, backup google authentification and privatekey
With that said, your 2 points are definitely obvious flaws, and people are yet to figure out a good more-feasible solutions for them(than the typical write down instructions on a piece of paper etc). Having true ownership and having self custody really also has it's drawbacks. People are calling bitcoin the currency of the future due to the mistrust in central banks or with banks in general, not specifically because of it's user-friendliness.
I couldn't agree more with @mk4. BTC is denoted as the future of finance because of the freedom from centralisation and the emergence of the blockchain technology which can be used beyond the scope of creating digital currency, and can be used to solve real life challenges such as pension funds etc on the basis of smart contracts.
If somebody is saying that BTC is safe, that's a lie. It isn't 100% safe due to targeted hacks but so far it is the best alternative to having a decentralised system where you and only you (plus any other people you trust with your life) can access your funds, giving you full responsibility.
Do you think you the first one to ask these things? They were asked before bitcoin was created by the creator themselves.
Firstly your share all your personal info with your bank so how can you call that secure? If someone else has your crypto details that doesn't mean it is not secure. I trust a family member with my private key much more than some bank with my money.
How will someone steal your crypto? Btw just because your money was stolen does not mean the bank will get it back.
In our current generation where technology is booming, There's nothing unhackable now. Banks can be breached if an excellent hacker/group of hacker want to breach a bank. Bank security is considered high and hard to penetrate but it is possible to get past through it. The bank is known to have high security that's why people are trusting it with their money and people should agree with their terms and agreement. Surrendering your personal data is one of them. This is why cryptocurrency enters, If you don't want to get controlled by the banks, Cryptocurrency is the answer. You have your own freedom to keep your asset and be responsible for what you are doing with your own money. Firstly your share all your personal info with your bank so how can you call that secure? If someone else has your crypto details that doesn't mean it is not secure. I trust a family member with my private key much more than some bank with my money.
How will someone steal your crypto? Btw just because your money was stolen does not mean the bank will get it back.
Firstly your share all your personal info with your bank so how can you call that secure? If someone else has your crypto details that doesn't mean it is not secure. I trust a family member with my private key much more than some bank with my money.
There have been some cases where Bank data has been breach, as we know there is no perfect system after all, but when we talk about security it is best if you keep your money with the bank with terms and condition applied to avoid getting lost. And of course you'll trust your family more than anyone lol. How will someone steal your crypto? Btw just because your money was stolen does not mean the bank will get it back.
There are various way for your crypto to be stolen, one of them is by malicious software intended to hack your wallet. Btw just because your money was stolen does not mean the bank will get it back.
It depends, that's why there are terms and conditions when keeping money in the bank.
Do you think you the first one to ask these things? They were asked before bitcoin was created by the creator themselves.
Firstly your share all your personal info with your bank so how can you call that secure? If someone else has your crypto details that doesn't mean it is not secure. I trust a family member with my private key much more than some bank with my money.
How will someone steal your crypto? Btw just because your money was stolen does not mean the bank will get it back.
Firstly your share all your personal info with your bank so how can you call that secure? If someone else has your crypto details that doesn't mean it is not secure. I trust a family member with my private key much more than some bank with my money.
How will someone steal your crypto? Btw just because your money was stolen does not mean the bank will get it back.
And why would you use bank or any regulated platform when investing in Bitcoin? if you don't wanna get traced the look for other ways. I'm also using banks but I'm not getting any problem regarding about Bitcoin, if you have a proof that what you're doing is legal, then you're good, but I guess it still depends on which country you are in.
And the security of Bitcoin, if you died, it's your fault not giving a note or instructions to your family about how they would get your funds in cryptocurrency just in case you died. If a hacker got into your wallet, it's your fault as well because you didn't secure your Bitcoin in a decent wallet.
And the security of Bitcoin, if you died, it's your fault not giving a note or instructions to your family about how they would get your funds in cryptocurrency just in case you died. If a hacker got into your wallet, it's your fault as well because you didn't secure your Bitcoin in a decent wallet.
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but as far as i am believing?cryptocurrency are safe for now and the next years to come and those claims that coming out are just a strategy of fudders here to make market fall.
One of the most important things that I learned from this ecosystem is that we have to really update information, not be easily affected by FUD, it could be just confrontation and issue, with a specific purpose, as you explained.but as far as i am believing?cryptocurrency are safe for now and the next years to come and those claims that coming out are just a strategy of fudders here to make market fall.
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The most important thing is that we learn safe ways to store assets, the risks of our choices, so that we are prepared and not trapped in losses.
Thats why i bought a Nano ledger for more safer investing .Quote
Most people still ignore this security, remember hackers target you. Nothing is really safe on the internet, prepare the best possible preventive measures so you don't regret it. As long as we realize the risk, we will definitely choose the best security.
securing you assets is better but the problem is that hackers still in best to victimized us.
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I took the word "security" in the other way, as I thought it was about the risk of getting hacked. 
Before the person dies, he/she should just give the private key to who will inherit the coins. It's not lost forever if you take responsibility of YOUR coins.
It's YOUR coins, therefore you control it to where it will go right now and to the future (well if you aren't using online wallets which is a different discussion). What do you mean by not really "secured" currency? If I don't give my private keys to anyone, it's secured to me. Before I die I would give the private keys to someone I trust and it will be secured to him.
I am holding my bitcoin since 2017 and I don't have any objections against its security.
Truly I got defrauded a few times and I lose my cash their yet there's no point of blaming its security.
Just your flaw can make your coin disappear. My companion neglected to logout his coin base wallet and somebody takes them
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I took the word "security" in the other way, as I thought it was about the risk of getting hacked. Before the person dies, he/she should just give the private key to who will inherit the coins. It's not lost forever if you take responsibility of YOUR coins.
It's YOUR coins, therefore you control it to where it will go right now and to the future (well if you aren't using online wallets which is a different discussion). What do you mean by not really "secured" currency? If I don't give my private keys to anyone, it's secured to me. Before I die I would give the private keys to someone I trust and it will be secured to him.
Hi, how are you? It's simple, my friend, your bitcoins are protected in a wallet that has a private key and you can place the 2fa to guarantee its security, now if you create a wallet on a third-party platform that platform or it can become a scam or it can simply be hacked, greetingsBTC
If someone can access your funds then how you can call it as safe? If it is your money then you only needs to access it if you wanted to give it to your family then give it to them if they are trusted,if they are not trusted enough then why need to give money to them?
they get access because you let them but the access is limited to your trust network to ensure that cryptos are safe . -If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
crypto exchange and some crypto wallets are also regulated or centralized and they can do the same service like what you decribed above . and how do you know that no one will know if the crypto owner dies ? what if they already tell their access to the people that they trust the most . sharing details can also happen on banking or on other regulated platforms and not just not crypto but this does not mean that they are not secure .
In some instance you have a point too but the bitcoin is not a fully secured still the most case scenario of hacking and losing of bitcoin is because of the users too.
There are some factors of losing their coins.
1. Doesn't store the seed phrase in a safe place.
2. Public their accounts.
3. Sharing of account.
4. The password is saved.
5. The account is automatically login.
Also you can track your transactions to blockchain.
There are some factors of losing their coins.
1. Doesn't store the seed phrase in a safe place.
2. Public their accounts.
3. Sharing of account.
4. The password is saved.
5. The account is automatically login.
Also you can track your transactions to blockchain.
Crypto is praised as currency of future, 100% secured way of transaction. my question is how?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
If someone can access your funds then how you can call it as safe? If it is your money then you only needs to access it if you wanted to give it to your family then give it to them if they are trusted,if they are not trusted enough then why need to give money to them?
My opinion is that before using cryptocurrency, you need to be at least a little technically prepared. Statistics tell us that about 28% of bitcoins are lost forever
How this happens can be easily answered.
Keys to wallets are lost, incorrect transactions are sent, and of course, if something happens to the owner, then all data is also lost.
It is corny to talk about what the forum has described thousands of times.
But there is a good rule of thumb that if you want to take care of preserving your assets, you need to put in as much effort as possible.
How this happens can be easily answered.
Keys to wallets are lost, incorrect transactions are sent, and of course, if something happens to the owner, then all data is also lost.
It is corny to talk about what the forum has described thousands of times.
But there is a good rule of thumb that if you want to take care of preserving your assets, you need to put in as much effort as possible.
Crypto is praised as currency of future, 100% secured way of transaction. my question is how?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
-That's true, if a person who holds crypto will die, no one will know about his crypto and will lost forever. But as you have said, he can share the details with someone really close to him, it is still secured as long as that person will really be trusted. -If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
-If your money was stolen, the one who is responsible is the owner of the crypto. We should always try to do everything to secure our crypto and don't let anyone stole it. Even in banks, there are robberies and credit or money being stolen. It just a matter of how we suppose to secure our money.
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