Topic: NEWBIES: Balancing security risk. - page 2. (Read 166 times)
Losing such a large sum of money is bad for the company. However, this still does not invalidate the need for using complex key passwords to protect your bitcoins from theft or hacking. You can always keep your cash safe and easily accessible to you, even if you've created a complex password key to be used to access them. This company, in this scenario, was simply unlucky and a victim of circumstance.
We have relentlessly been discussing about bitcoin security of our wallet. Tightening the security of our data files against the backdrops of losing our bitcoin to hackers. And that awareness is something very important to every bitcoiner.
Although today I want us to take a glimpse into being very cautious in balancing our risk to avoid going too extreme in the efforts to securie our bitcoin wallet so we don't end up losing the coins in the bid to tighten security, which is another form of higher risk altogether.
If you ask people that lost their bitcoin out of their excessive security to prevent theft of their coins you hear most of them say it's more painful to them losing their coins in that manner compared to a loss due to malware or hack. Therefore, while taking necessary range in protecting your coins in your wallet don't forget to balance the risk.
Source: Mastering Bitcoin
Although today I want us to take a glimpse into being very cautious in balancing our risk to avoid going too extreme in the efforts to securie our bitcoin wallet so we don't end up losing the coins in the bid to tighten security, which is another form of higher risk altogether.
Quote
In July 2011, a well-known bitcoin awareness and education project lost almost 7,000 bitcoin. In their effort to prevent theft, the owners had implemented a complex series of encrypted backups. In the end they accidentally lost the encryption keys, making the backups worthless and losing a fortune.
If you ask people that lost their bitcoin out of their excessive security to prevent theft of their coins you hear most of them say it's more painful to them losing their coins in that manner compared to a loss due to malware or hack. Therefore, while taking necessary range in protecting your coins in your wallet don't forget to balance the risk.
Source: Mastering Bitcoin
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