People forgetting passwords is certainly a problem. However I really doubt that any educational campaigns will be able to solve it. There already is a ton of information and tips on data security available, yet people are not paying much attention. Sadly, safekeeping of personal and financial data is a learning process that is triggered by bad experiences. In turn, some people will ask third parties for help, others will adjust their own behavior.
Regardless of user-related problems with the security of funds, I don't think that banks will be able to maintain their dominant position when Bitcoin becomes a major currency. Today's fiat fractional (or zero) reserve system is a legalized process. Quite ironically the same is not true when banks do the same with Bitcoin - it will be considered financial fraud. The simple reason is that Bitcoin is not subjected to state monetary policy. Money creation with Bitcoin happens outside the regime of central banks.
ya.ya.yo!
Topic: People Losing Passwords & Wallets... - page 7. (Read 4239 times)
people have been losing their passwords for as long as passwords exist, and it is neither limited to bitcoin nor limited to internet.
why do you think most of the people use passwords like "123", "abcd", or their brithdays? because they lose/forget their passwords all the time. whether it is the password to open their physical lock or it is for their bitcoin wallet.
creating tutorials never change anything in this case.
why do you think most of the people use passwords like "123", "abcd", or their brithdays? because they lose/forget their passwords all the time. whether it is the password to open their physical lock or it is for their bitcoin wallet.
creating tutorials never change anything in this case.
People already treat exchanges and online wallets as banks but they need to realize any service where you don't have your private key is a flaw. Bitcoin banks will happen is to people being lazy and stupid, they rather just put their coins somewhere and have zero responsibility. I personally stamp my seed words into copper tags that are arranged in a special encrypted order.
People already treat exchanges and online wallets as banks but they need to realize any service where you don't have your private key is a flaw. Bitcoin banks will happen is to people being lazy and stupid, they rather just put their coins somewhere and have zero responsibility. I personally ....
And if more trendy leftist people join bitcoin, they usually have 0 responsibility, and always come with the demands.
People are either self-governed, or others will govern them. If they can't store their money, other will store it ,and then the fractional reserve cancer will come into bitcoin as well.
We really dont need that. The flaw is in people not in the currency.
So the only option is to educate people to be more responsible.
Also you might not want to reveal how you store your private keys online ,so just edit that post.
It has come to my attention, that people are starting to lose their passwords/wallets/access to bitcoin more and more often. They are either idiots or careless or just naive, but this really needs to stop.
Just today I see at least 5 reports of people losing their wallets, frequently in the wallet subforum but also on reddit. Of course economically speaking this is good for the rest of us, because the money velocity slows down making our coins more valuable, but it also makes newbie integration very unfriendly.
Really if we want bitcoin to be global, we need to make newbies more comfortable with bitcoin. Many people are irresponsible, so we need to warn them of the consequences, because they never read the fine print.
My suggestion:
1) Everyone more experienced with BTC should write tutorials for newbies and give them out for free for newbies, that will teach them how to start out in bitcoin, and what risks they need to consider. Highlighting important topics like backing up wallets, and passwords, and also keeping their systems safe from malware.
2) Every wallet software should integrate a warning window warning users to backup their wallets and passwords before creating the wallet. The warning should be in big red letters , so that newbies can see it, and this might make them realize that it is important for example:
3) A pinned thread on the Beginners & Help section warning users to backup their wallets & passwords
4) Bitcoin.org and wallet websites should also tell newbies to backup their stuff.
Consequences:
If we don't make bitcoiners more responsible, then they will demand the existance of "bitcoin banks" that will store their bitcoins for them "safely".
If the newbies cannot be responsible, then they will hand over the control over their coins to middleman, centralized wallets, and we will accomplish nothing.
Bitcoin banks will be born,and the same fractional reserve shit will start over again. So it is in our interest to make people responsible, to keep bitcoin decentralized.
Just today I see at least 5 reports of people losing their wallets, frequently in the wallet subforum but also on reddit. Of course economically speaking this is good for the rest of us, because the money velocity slows down making our coins more valuable, but it also makes newbie integration very unfriendly.
Really if we want bitcoin to be global, we need to make newbies more comfortable with bitcoin. Many people are irresponsible, so we need to warn them of the consequences, because they never read the fine print.
My suggestion:
1) Everyone more experienced with BTC should write tutorials for newbies and give them out for free for newbies, that will teach them how to start out in bitcoin, and what risks they need to consider. Highlighting important topics like backing up wallets, and passwords, and also keeping their systems safe from malware.
2) Every wallet software should integrate a warning window warning users to backup their wallets and passwords before creating the wallet. The warning should be in big red letters , so that newbies can see it, and this might make them realize that it is important for example:
WARNING!! BACKUP YOUR WALLET/SEED/PASSWORD OTHERWISE YOU COULD LOSE ACCESS TO YOUR BITCOINS
3) A pinned thread on the Beginners & Help section warning users to backup their wallets & passwords
4) Bitcoin.org and wallet websites should also tell newbies to backup their stuff.
Consequences:
If we don't make bitcoiners more responsible, then they will demand the existance of "bitcoin banks" that will store their bitcoins for them "safely".
If the newbies cannot be responsible, then they will hand over the control over their coins to middleman, centralized wallets, and we will accomplish nothing.
Bitcoin banks will be born,and the same fractional reserve shit will start over again. So it is in our interest to make people responsible, to keep bitcoin decentralized.
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