::le sigh::
...almost makes one wish for that bygone day when the term 'counterparty risk' was discussed regularly 'round these parts...
Topic: possible ways to make bitcoin's usage safe (Read 3100 times)
Buy the Trezor hardware wallet.
This is true, but the price is too high for someone not having at least 1 Bitcoin. But if the Trezor price could get much lower, it could help secure average Bitcoin user his Bitcoins. Compare the hardware and price of Trezor and cheap Smartphones, and you will see the Trezor price is too high
EDIT: even with someone with 1 BTC, buying the trezor to keep the 1 BTC safe would work out to 25% of the value you are keeping safe
Buy the Trezor hardware wallet.
This is true, but the price is too high for someone not having at least 1 Bitcoin. But if the Trezor price could get much lower, it could help secure average Bitcoin user his Bitcoins. Compare the hardware and price of Trezor and cheap Smartphones, and you will see the Trezor price is too high
Buy the Trezor hardware wallet.
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.
Yes, keeping your BTC on an exchange just gives you an additional layer of uncertainty and additional attack-vectors. Your Bitcoins are protrected by a regular private key, as well - still, you risk that the exchange goes bust, or actually robs your coins. You're in every case much safer holding those coins yourself!
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.
I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.
Just because Bitstamp has not been hacked or gone out of business taking all of the Bitcoins that have been loaned to it and running does not mean they will never be hacked or take all of the loaned BTC and run.Mt.Gox was a fixture in the Bitcoin community for years before it crashed and burned - taking a huge boatload of BTC with it. Besides Mt.Gox there have been many, many cases where businesses have failed due to either incompetence or malice and taken all of the BTC with them.
You are way more trusting of people you do not know with your hard earned capital than I. But then again I was burned to the tune of 10,000 BTC early on by someone I did know and met in person and thought I could trust with my BTC so I have scar tissue you do not have (yet).
10000 btc you could be a millionaire right now.. how does that feel? I would be depressed.
I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.
Just because Bitstamp has not been hacked or gone out of business taking all of the Bitcoins that have been loaned to it and running does not mean they will never be hacked or take all of the loaned BTC and run.Mt.Gox was a fixture in the Bitcoin community for years before it crashed and burned - taking a huge boatload of BTC with it. Besides Mt.Gox there have been many, many cases where businesses have failed due to either incompetence or malice and taken all of the BTC with them.
You are way more trusting of people you do not know with your hard earned capital than I. But then again I was burned to the tune of 10,000 BTC early on by someone I did know and met in person and thought I could trust with my BTC so I have scar tissue you do not have (yet).
I'm looking at naked pics of Kate Upton that were "securely stored" on a cloud.
Would you put naked pics of you in a cloud? then you wouldnt put the money there as well 
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.
ok i am reading about trezor right now. It is not exactly what I mean. I meant a device which makes the same things those apps for smartphone do now, which is store bitcoin, read qr codes and do transactions easily... but in an extreme secure and easy way. And for what I read trezor does need that you make your own backup... this is more than what common Joe can do.
We need a device which connects to Internet and do a backup on its own in your personal account. There are several ways to make a account super secure, like 2 steps authentication or maybe even more.
We need a device you carry in your pocket, take out when you have to pay. A device which you only can use.
Maybe iphone 6 with fingerprint recognition and virus proof could serve the purpose? I don't have an iPhone so I don't know.
For what I see, now there are several devices, each one with a different purposes, pro and cons. We need One, good, which fits all roles. Cold storage but even easy and secure payments in the streets, at the supermarket. A thing where you can put all your bitcoin, feeling safe, even if you lose it, cause Noone but you will be able to use it. A password + fingerprint I think will be enough. Maybe add 2 steps authentication to restore the account if you lose it. But you need another device with authenticator. anyeay you should not think about creating backups or other things because it should do everything. When you buy it you will have to create an account where it will put backup of your bitcoin, in a very secure server. Is possible in 2014 to make a super secure cloud?
We need a device which connects to Internet and do a backup on its own in your personal account. There are several ways to make a account super secure, like 2 steps authentication or maybe even more.
We need a device you carry in your pocket, take out when you have to pay. A device which you only can use.
Maybe iphone 6 with fingerprint recognition and virus proof could serve the purpose? I don't have an iPhone so I don't know.
For what I see, now there are several devices, each one with a different purposes, pro and cons. We need One, good, which fits all roles. Cold storage but even easy and secure payments in the streets, at the supermarket. A thing where you can put all your bitcoin, feeling safe, even if you lose it, cause Noone but you will be able to use it. A password + fingerprint I think will be enough. Maybe add 2 steps authentication to restore the account if you lose it. But you need another device with authenticator. anyeay you should not think about creating backups or other things because it should do everything. When you buy it you will have to create an account where it will put backup of your bitcoin, in a very secure server. Is possible in 2014 to make a super secure cloud?
Only store a small usable amount on a phone wallet. They are already as secure as you say, except you want a cloud that is 100% secure, which doesn't exist. They can only be as safe as the user. Keep the rest of your coin on paper wallets with encryption or not. /thread
Having all your bitcoin on an exchange is probably the best way to have he greatest chances of having your coins stolen/lost. You are not only risking that the site owners run away with your money but you are also risking that your account gets hacked and your bitcoin withdrawn from your account.
Technically I would have a hard time even calling it "his money" or "his coins" since he has loaned them out to the exchange to do with them whatever they please.What he owns is a bunch of (hopefully not empty) promises, not Bitcoins.
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
Terrible idea with the cloud. Plus, a hardware wallet already exists, its called Trezor.
here is a vid of it
http://www.youtube.com/watch?v=ggVKVmcmflk
If you do not want to shell out the $119 for the Trezor you can go with less security but more conveniences by using your phone. Download Wallet32, write down the seed words and keep them safe, remember your PIN number (password) and you can use that.
There are other wallets for your phone however most of them must be backed up periodically. Wallet32 never needs to be backed up.
Whatever you do, since you are a noob, get a deterministic wallet to avoid the hassle of backing up you private keys.
Terrible idea with the cloud. Plus, a hardware wallet already exists, its called Trezor.
here is a vid of it,
http://www.youtube.com/watch?v=ggVKVmcmflk
and a thread on it
https://bitcointalksearch.org/topic/eshop-launched-trezor-bitcoin-hardware-wallet-122438
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
I want that to sink in. All of your BTC have been loaned out! What you currently "own" is a promise that someone you have never met, probably in a country far away from you, will give you the BTC you have loaned to them when/if you ever actually want it.
You are way more trusting with your hard earned money than I. I no longer loan my money to anyone - not even a, or especially not even a bank.
As the security of fingerprint scanners becomes pervasive, expect common 'stickup' scenarios to include the amputation of the victim's forefinger.
Well kidnapping and mutilation exists even nowadays in extreme cases. Wallets would have a password too so thieves should even torture you to know the password. This is possible even nowadays, when people enter rich houses and kidnap people to know where money is. Difference is that bad guys would steal all your money. But in the future you could put limits on btc daily transactions so to overcome this hypothesis.
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.
I use a deterministic wallet on my phone. I use Wallet32 but there are other deterministic wallets. I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
Now, I have a password on my phone to access my wallet. The wallet has cash in it. But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.
So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!
Also, you never have to back it up. All you have to do is keep a list of 24 words safe, secure and secret.
I think that is easy enough for just about anyone that is smart enough to own a smart phone.
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