Security is important in Bitcoin | Bitcointalksearch.org

Natsuu

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Quote from: bussybuddy on December 24, 2023, 11:15:02 AM

Your bitcoin blunder is a classic case of "HODL my beer, I'm gonna dive into crypto headfirst!" Jumping into the crypto pool without a life jacket, a map, or even a basic understanding of the water hazards is like driving blindfolded on a highway – sure, you might get lucky, but the odds ain't exactly in your favor.

Just throwing your money at bitcoin and hoping for a magical money tree to sprout overnight is a recipe for disappointment. It's like planting a seed in the desert and expecting a jungle to bloom. Building wealth, crypto or otherwise, takes time, effort, and a healthy dose of knowledge. You wouldn't open a bakery without learning how to bake, right? So why jump into crypto without knowing the difference between a blockchain and a block of cheese?

Right. Navigating the crypto waters without understanding the currents can indeed lead to an unfortunate journey. Investing wisely requires more than just blind faith, it's about informed decisions and a strategic approach. Learning the ropes before diving in is a solid recipe for success.

bussybuddy

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Your bitcoin blunder is a classic case of "HODL my beer, I'm gonna dive into crypto headfirst!" Jumping into the crypto pool without a life jacket, a map, or even a basic understanding of the water hazards is like driving blindfolded on a highway – sure, you might get lucky, but the odds ain't exactly in your favor.

Just throwing your money at bitcoin and hoping for a magical money tree to sprout overnight is a recipe for disappointment. It's like planting a seed in the desert and expecting a jungle to bloom. Building wealth, crypto or otherwise, takes time, effort, and a healthy dose of knowledge. You wouldn't open a bakery without learning how to bake, right? So why jump into crypto without knowing the difference between a blockchain and a block of cheese?

wtsimis

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Bitcoin works on a decentralized trustless network. This is why security is paramount in the Bitcoin world. Bitcoin's core strength lies in its blockchain technology, which records all transactions across the network through a single computer. Blockchain technology uses cryptographic techniques for security. Such as digital signatures and hashing that protect transaction integrity and blockchain immutability. Moreover, if you use a hardware wallet instead of paying more attention to the virtual wallet, then the security will definitely be stronger. If your friend had used a hardware wallet instead of a virtual wallet, he might not have suffered the loss.

Bitcoinpoly

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

Issues like this won’t happen in a centralized exchange but regardless being conscious is the best thing you can do when investing in cryptocurrency. Try to keep your phrase in safe place next time. If you’re using a cold wallet because of the tokens needed, you can still opt in for Bitget exchange, there is an integration of decentralized system through the Bitget swap feature, but if you’re very much interested in cold wallet you can choose to use Bitget wallet.

Ahli38

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

2000USD in my country is quite a large amount. So if someone tries to invest with that amount then I am quite sure the people here will first study and make basic research. About wallets and also about how to secure them. So I am so surprised by your friend who is careless in terms of security. But I hope he learns a lesson from this incident and becomes more careful. And hopefully beginners here will also take lessons from this story. Because sometimes these basic things are the most important to learn and be reminded of. In fact, currently there are Hot Wallets that can allow users to immediately create a wallet without having to backup frase seed first. So beginners who are really beginners are prone to losing their own crypto wallet when they accidentally delete the hot wallet application.

redsun114

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Wallets right now are more user/beginner friendly, in which they can also have that notice on how important it is to secure our seed phrases before we create our wallet. So, I don't believe your friend when he says that he don't know that seed phrases are very important.

After your friend dropped the paper which contains a seed phrase to his wallet, it's possible that someone that has a knowledge on crypto found it and stole the coins inside it. Did you asked him on which place he dropped it? Was it on their house only? Office, or somewhere? 2 months is long.

So, maybe the coins were already spent. I guess the best thing that he can do is just move on and take this as an expensive lesson.

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

This is the height of carelessness and stupidity. What was he thinking? Even if he was leaving alone, what will it cost him to hide the seed phrase somewhere out of the reach of preying eyes. If your story is true, then a friend who has knowledge about cryptocurrency must have seen it and stolen the Bitcoin. The second golden rule is never make the same mistake twice, so next time, he's going to learn from his mistake and be very careful with his seed phrase.

Ale88

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Quote from: Z-tight on December 16, 2023, 06:24:33 PM

Quote from: AVE5 on December 15, 2023, 07:00:34 PM

He can also store his phrase keys in a software where there is no probabilities of forgetting its password or any form of electronic devices where he can also store his phrases and get reach to it easily.

It is not recommended to store your seed phrase electronically, and anything stored online is prone to hacking. When storing your seed phrase, what should be at the back of your mind isn't convenience and ease of reach, but your security. Large amounts of BTC should be stored in a hardware wallet or in an airgapped device, and the seed phrase should be backed up on paper and stored safely in more than one location.

If the device you are using to store the seed phrase is never connected online then it's not necessarily a bad thing. Of course there is the problem that it could breakdown and in that case you either have a backup or you need to hope that you can somehow recover the information. Probably a mix of electronically and physical backup is the best choice. But I repeat, never connect to internet the device.

Webetcoins

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It's surprising how careless some people can be with their money. I mean, how in the world would you not know that something private, which you are asked to keep safe and secure when creating an account, can be kept in the open that too in a public place or a place where people come and go, even if it's a private room or something, one shouldn't be this careless with their money, earning money is a difficult thing, at least for most people. Some people make mistakes that make you wonder how reckless they are.

Not only Bitcoin, but finances and money are not for people who can't safely store and manage them well. You can't keep your debit or credit card along with its pin somewhere public and then expect that it won't be taken and no one would take the money out, of course, they will, you have offered it to them.

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

as fictional as this may sound, their is a whole lot of thing to learn from this story. Some of us are always too casual with important things and are used to keeping things that are of valuable anyhow and whenever we are in a situation that requires usbto use it urgently, that's when we start searching everywhere and when we run out of luck sometimes, we start blaming it on people staying with us.

Your private key is as valuable as any amount of bitcoin you've accumulated in your wallet and as much as you see your accumulated bitcoin as a big deal, you should see you private key as same.

I think their was a suggestion someone gave under a thread that it's better we write our private key into a number of copies and save it at different location we visit very often so in the event that we loose access to one, we can easily go to the next location to retrieve it. I find this very wise because apart from misplacing your private key, incident could happen like wire outbreak that can burn down your property and your key might be among things burnt down, you don't want to be a victim do you?

GideonGono

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For me not just in Bitcoin but everything that would involve our money, banks, online wallets and even exchanges or trading sites.
Without security we are just risking our money by putting it on to their system, we need to secure our asset or money.
It is hard for me to trust some online wallet specially if their system has already been breached before that cost their customers to lost their money, but we should also be responsible to secure our accounts.

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Quote from: AVE5 on December 15, 2023, 07:00:34 PM

He can also store his phrase keys in a software where there is no probabilities of forgetting its password or any form of electronic devices where he can also store his phrases and get reach to it easily.

It is not recommended to store your seed phrase electronically, and anything stored online is prone to hacking. When storing your seed phrase, what should be at the back of your mind isn't convenience and ease of reach, but your security. Large amounts of BTC should be stored in a hardware wallet or in an airgapped device, and the seed phrase should be backed up on paper and stored safely in more than one location.

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Quote from: kotajikikox on December 15, 2023, 06:21:42 PM

Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

If you cannot take care of your security in Bitcoin then forget about investing here , remember that there is only one bridge from you and your coin and that is the private key in which needed most of the security so if your key cannot be protected then what is the sense being here?
I once have lost protection of my key that brings me to losing fund so will never let this happen again and will make sure to have my keys secure all the time .

If not reading this from you now that you have lost your pass to your Bitcoin once, I found it hard to believe when I read it online. Because as adults, I believe there should be some sort of seriousness in our dealings, not that we do things anyhow to the extent that we lose the pass to our asset's room, that's the height of it as far as I'm concerned. Besides, it's good to know how Bitcoin privacy and security work and the distinctions between the custodial and non-custodial wallets should have made anyone know how to go about their wallet securities. For custodial arrangements, one can still be careless with it and still get to recover their funds with the help of the company involved, which is the main advantage of custodial arrangements.

But those who are using the self-custody arrangement should know better, they must know that they are the banks of themselves, so they should not have been careless about it. I heard some stories of how people misplaced their millions of dollars through the self-custody arrangement but it still baffled me if it's really true as it shows how careless some people could be, as most think that everything informal should be careless about. No wonder they pay bitterly for it.

Ale88

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

The reason why i outline that security is one the most important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

Excuse but did your friend have any idea about what he was doing? How could someone even think about leaving the seed phrase written on a piece of paper (first big mistake) and then leave it on a table? This story doesn't make any sense, either you're making this up or, sorry to say this, your friend is extremely stupid and careless. Would you ever leave your credit card or bank account details on a table? I don't think so.

_BlackStar

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The private key or seed is the key to accessing the wallet - if you don't have the key then it's not your bitcoin.
Everyone should keep it a secret from everyone – even from your own family. Dropping it accidentally is an undesirable mistake - but when your friend puts it down on paper then I'm sure he cares about the safety of his assets. The problem here is not Bitcoin's iffy security, but rather pure user negligence.

terrific

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Quote from: TimeTeller on December 15, 2023, 06:14:20 PM

Quote from: terrific on December 15, 2023, 06:11:23 PM

He bought on an exchange and there's no private keys in exchanges because that's normal as they are custodial wallets as well.
But not having the idea of having a private key while creating a wallet is such a negligence on that person's end.
You invest money, the hard earned you have made and you never did any research what these are for. It is understandable but a mistake that's going to teach an expensive lesson for everyone who miss it out.

He can just charge it as an expensive lesson that he will always remember by.
Sometimes we all need to experience something awful in life just to stick a life lesson that you will keep to yourself in a lifetime.
And do note that in this market, even if we did our part, research and all, we still can't guarantee that we won't suffer any kind of loss.

Experience will teach us a lesson but I hope that it's not that expensive for the majority of the newbies that are trying to learn and get familiar with the market.

Quote from: TimeTeller on December 15, 2023, 06:14:20 PM

This is the risk part of going into any market, you can only diminish its impact if you will use your extra funds.

Extra funds or not, as long as you're willing to lose them. That's the phrase that we use to say because it's not for those who likes assurance because this market is volatile so as bitcoin.

GbitG

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very unfortunate for your friend. The story seems strange to me because the first thing we understand is to keep our phrase in a safe place. Surely someone must have told him when he was buying BTC that you have to keep the phrase first. I think the reason for this is not ignorance but carelessness. From this story, I concluded that he watched a YouTuber's video because an experienced crypto mentor will never suggest Trustwallet for storing bitcoin. Electrum is the best choice for BTC when using a hot wallet.

By the way, security is the first thing. Keeping the phrase in a safe place , keeping the wallet device safe from malware are some initial steps for any holder, regardless of whether they are a newbie or an experienced crypto user.

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Quote from: Justinopet on December 13, 2023, 02:28:27 PM

i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

These things doesn’t just affect only bitcoin but whatever that has to do with money ought to be kept and handle with extra caution and what happened to your friend is a bad one and these should also serve as a wake up call to everyone as to the importance of safeguarding our seedphrase as no one will be held responsible in cases like this.
I’m so about the case with your friend but there are several other ways we could secure our seedphrase which even includes backing it up.

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Quote from: EL MOHA on December 13, 2023, 03:27:05 PM

There two things that could have happened to your friend, first is his wallet might have been compromised through phishing attacks or any attacker, this is achievable without the hacker having access to the offline seed phrase. If it is then the physical seed phrase that was used to get access to the wallet then I wouldn’t call your friend’s case a case of lack of knowledge but carelessness because when creating a wallet every wallet even trustwallet will tell you the importance of seed phrase and that you shouldn’t let anyone have access to it.

Some people don't bother to read instructions or manuals, they go straight to business and download, they're only concerned about memorizing and safekeeping their passwords. If it's the case with OP's friend, then he's is a matter of negligence, because if he had taken the time to read through details while opening the new wallet, definitely he'd have known the importance of seed phrase in wallets. I guess he has learned the hard way because $2000k is a lot of money to lose because of ignorance, let it be a lesson to newbies to be security conscious when opening wallets and when transacting cryptocurrencies.

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Quote from: kotajikikox on December 15, 2023, 06:21:42 PM

I once have lost protection of my key that brings me to losing fund so will never let this happen again and will make sure to have my keys secure all the time .

That's how things goes, you have to experienced it before you learned from it, it's very effective, the same time too expensive lesson.
Although it's way better if you take others experience as a lesson to avoid such things.
I never have such experience here in this space, although i have different past experiences to get some lessons too.

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