People losing their Bitcoin is not a risk to Bitcoin: - page 4.

btc78

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Quote from: HajiBagi on December 06, 2023, 03:19:29 AM

Quote from: Hewlet on December 06, 2023, 01:54:36 AM

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin?

maybe these people are so rich that they do not give much importance to the btc they hold or maybe they are so confident that they will never lose their private keys

anyway one needs to understand that their private key is an integral part of holding btc and one that should not be careless with

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Quote from: HajiBagi on December 06, 2023, 03:19:29 AM

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.

I agree. Probably the very first step when getting acquainted with Bitcoin, people need such stories so that they understand the essence of their ownership of their own bank. We are used to seeing people fascinated by the stories of the growth of Bitcoin and people's financial success, but instead, it would be wiser to show the other side so that people are freed from illusions and can soberly assess their ability to keep initial phrases and, in general, their ability to be careful.

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Quote from: Yaunfitda on December 06, 2023, 03:54:28 AM

It's obvious though, even the man himself knows this:

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

That is the point. The problem of someone losing the keys to manage their bitcoin is personal, not the rest of the ecosystem that actually benefits from it. And it can be done on purpose as well, as someone who decides not to bequeath their bitcoin to anyone in particular, but to the whole community.

Zaguru12

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Quote from: Hewlet on December 06, 2023, 01:54:36 AM

I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

There is the seed phrase for that and also a rare case of still having the backup of wallet file for that wallet. This two can be use to recover the wallet but if you include either a passphrase to that seed phrase or a password to that wallet file and you forget them then you can’t still recover that wallet.

It is also true that you can’t recover a lost seed phrase or private key. All those services promising people that they can recover their lost private or seed phrase are fake. The only case is if you forget some words of the seed phrases and still have some then btcrecover can do that

KiaKia

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The crazy part is Bitcoin OGs still gets their bitcoin wallet compromised, there are many ways that something can go wrong and sometimes you can't turn around a mistake that's already written to happen to you, mind you we learn from it.

There have been few times that my crypto wallet got hacked or compromised and I can't help but wonder why, because I don't like free things online and I am not a fan of strangers sending PM to me on Telegram and social media, if you think you got everything covered and you can't make some stupid mistake well think again, anything can happen.

Still it's better to be cautious than to be careless, and that's why I decide to lower the chances of making my wallet get compromised again, and that's why I decide to go for a hardware wallet, something I should have done for many years back, just be careful with decisions you make.

Yaunfitda

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Quote from: Hewlet on December 06, 2023, 01:54:36 AM

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

It's obvious though, even the man himself knows this:

Quote from: satoshi on June 21, 2010, 12:48:26 PM

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.

And it's hard to recover lost bitcoins, due to several reasons, yeah carelessness is one of them. Although I think the latest breed of bitcoin enthusiast now are very careful about their bitcoin because they know it's harder to get know as compare to start of bitcoin, 2010-2013 era.

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Quote from: Hewlet on December 06, 2023, 01:54:36 AM

I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

You are correct. Once you lose access to your bitcoins either through losing your proof of ownership which is your private keys or through sending to the wrong address which you do not control, there is no way to recover the bitcoins. Transactions are immutable and Bitcoin is extremely secure.

If you lock yourself out, you can't get in.

Quote from: HajiBagi on December 06, 2023, 03:19:29 AM

Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key;

Loss of private keys was more common in the early days when the value of Bitcoin was significantly smaller than it is now. It was easy to be nonchalant about an investment that only had promise but little value at the time. Today when even a few thousand sats is running into thousands of dollars people are more careful with their investments but still make common mistakes one of which is having a single backup in one location.
Having one backup means that any natural disasters that affects that environment results in loss of bitcoins.

HajiBagi

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Quote from: Hewlet on December 06, 2023, 01:54:36 AM

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.

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Quote from: Hewlet on December 06, 2023, 01:54:36 AM

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

There are a lot of ways to lost your Bitcoin, specially during the early years, and who wouldn't forget this story? Man who lost 7500 bitcoin in a landfill asks gov't he wants to dig it up.

And so there are a lot of ways that has been shared here in the community on how to protect your private key and mnemonic phrase.

Hewlet

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So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

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