Topic: Security is important in Bitcoin - page 2. (Read 585 times)

It should be as much as possible to protect both, from securing the seed phrase and the device in possession (PC) but this is clearly the carelessness of his friend who stored the seed phrase carelessly, if not found then did not have access to the wallet.

Yes not only where to store lockers as a backup but we must also be able to avoid malware viruses on our computers, usually avoid downloading unclear sources and always check always from a definite source if you want to install from our device.

At its core we must be able to store properly and not be careless.

That of your friend is so careless and negligence to things that matters. But I believe that has thought him and others who had heard of Such some lessions. However, I feel sorry for him and hope he and others have learnt their lessions out of such. Next time when relying his phrase hardware savings he should always have it stored in more than two locations and must be kept secretive.
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.

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 .

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

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.

What is difficult to understand is why people keep treating their coins in this way? Why it is so difficult for so many people to just write their seed words and keep them safe? After all it is not as if this is something they have never done, as there are many documents, money and other valuables that we have to secure and we can do it without a problem, so why when it comes to their seed words people fail so miserably when they know very well that without those seed words they could lose access to whatever money is in that wallet.

Actually, the discussion about wallet security has been discussed very often and indeed in the end we always come to the same point by saying that this is something very important.
For me, this is the basic thing or if this is compared to a building then this is the basic foundation in order to strengthen the building that we will occupy.
Security keys are very important and we should not mess with this, because indeed if in the end the foundation we build is not strong then do not expect the building to stand well as well as here when we are negligent and underestimate your security key or seed then indeed do not expect more with the portopolio that you store in your wallet.

Well, your friend had the right Ideas but wasn't security careful. After writing out your sensitive information like private key, seed phrase, the next step would be to secure that information very well so it doesn't get into a third party hands. Another thing you friend did wrong was using a closed source wallet. Alot of users are getting introduced to the industry wrongly because of the huge presence of centralized service providers like Exchange, and wallet owned by this CEX.

Trust wallet although it's comfortably to used, isn't the most recommended wallet to use as the affair of the wallet isn't fully decentralized. Bitcoin gives the power of your finances into your hands and not having an intermediate as we do with our local fiats so you're responsible for your money. With this responsibility you should take the security of your money very serious. We have to ensure there are multiple security measures to the protection of our Bitcoin and one of the ways of ensuring hackers don't get access to them is to use a non constodial wallet and store our information off the net.

Using a hardware wallet is the most recommended way of storing Bitcoin but that doesn't mean you can't use a good recommended online wallets on an air gapped device. What matters most is how good you store your seed phrase and keep your device clean off viruses and malwares.

It is not recommended to store your seed phrase in your phone or as a pdf, that is such as unsafe method of backing up your seed phrase and it is very easy for an attacker to compromise it and steal your funds. You should back up your seed phrase on paper, but you must also have good opsec to store it in a place where nobody can find it. You can also add extra layers of security like a passphrase or setting up a multisig wallet, this will give you better security of your funds.

We need to blame our own self for our mistakes. This is one of the reasons why we need to learn about the security of Bitcoin and how to keep our Bitcoin asset safe from getting mishandle which can make our loses everything if we are unfortunate. Cryptocurrency has both advantages and disadvantages but we must be ready to understand what could  lead to the disadvantages and the level of the gravity. There are many investors that had lost there Bitcoin because of carelessness in handling their coins. Learning safety precautions as an investor is important because this will safe us from carelessness that could result in a big lose.

The same way that someone will take all reasonable precautions to protect their assets, particularly physical ones, you should prioritize the security of your assets, especially if you have made significant investments. If additional security training is required, you should do so because if someone should find out that you own anything, they will target you. This is a very good lesson to learn if you are just starting out and need to add security and privacy to your classes. Even if anyone is after the profits then security should not be a problem then because no one will want to joke with their business.

People will continue to fall for these scams despite any advise you give, and if they learn from their testimony, others will too. Individuals who don't take security seriously are likened to someone who opens a gate to a robber.

Of course anyone can change the file extension, but the idea of changing the file extension is just to make it unattractive. Hackers usually look for text files, Word files, or files with the .dat extension, so you give the file an unattractive extension like (.dll, .sys) Or any extension for system files. Of course, there are thousands of these files in the computer, and the hacker will not try to convert the extension of all these files because it will take a very long time.

It is better, of course, as I mentioned, to change the extension and encrypt the file. Thus, until it is found, it will be difficult to open it. In any case, this method is not completely safe, but it may be useful temporarily until the seed or private key is saved correctly on a metal plate or something Similar.

We cannot blame other people for the mistakes we have made and we also have to be responsible for the assets we have and have to look after them well. It is important for everyone who invests to really study it well to be able to look after the assets they invest in and Don't let them blame other people when they experience failure in the investments they make.
I agree with what you say, we must be responsible about the investments we have made and if we don't really understand it, it would be better for us to learn about it first so that we don't experience failure in the investments we make.

OP, I advise you to give your story a good narration and direction, it has been said severally that before some could think of investing in Bitcoin or crypto currency in general, such person should know the basics, which only you should be aware of your private keys or seed phrase as name may be, so if this is real, your friend failed to maintain the basics, he was reluctant, yes, Bitcoin is for everyone but mainly for careful minded people, Bitcoin is very sensitive, those wallet was created for the users to safeguard their coin which every user is aware of, in the case of your friend he has failed to abide by the rules, I know that mistake occurs no doubt but this is very expensive one.

Even people who are too skeptical about security prefer all security, but in the end they get stuck and suddenly all the security is useless and the wallet can be broken into by hackers.

Moreover, just writing on paper and ignoring it.
Maybe it's a simple offline method, but it will be easily damaged and won't last long.

There are many backup seeds made of stainless metal that can be purchased at a fairly affordable price.
Just need to choose which one is more suitable and safer.


https://thebitcoinhole.com/seed-backup

Well, whenever we talk about any valuable things we directly mention the security of that thing because we know that this is valuable and someone will try to steal this and for that, we make a safe in our house to keep it safe. The same is the case with Bitcoin, even if a child knows about the worth of Bitcoin then how you can be so careless about Bitcoin security? Security is not to save the thing from others but instead, security is to keep that thing under your observation. Writing the private key on a page and leaving it on a table What kind of security is this? I called this a big stupidity and careless person who even did not care about his assets. This is a lesson for him and the next time he will be more serious about the security.

Text file? Even if you change its extension, anyone could change it. It's very easy, not to brag, but if you work in IT or information technology, changing the extension of the text file or any file will not help because if someone gets that file, they can easily convert it and access it.

But using an encryption programme is the best option, as it's not easily hacked if they don't have the encryption key, and it will also encrypt not just the password but the content as well, so even if they can decode the password, they still can't read and use the contents. The best way to secure private keys is by memorising them if you can, because nothing can remain inside your mind. Well, it's impossible always because there's a limit for human minds, so I guess the safety of private keys will depend on how much we can secure them; it depends on us, the owners.

Yes, security is very important, and that is what everyone has to take so seriously first, especially in the cryptocurrency industry. I believe security is the first thing everyone should learn when it comes to the cryptocurrency industry. I will just say that Bitcoin is all about security because it really talks about someone's privacy, so I don't know why someone will just invest in Bitcoin without knowing much about security, but just after the profits,the person has gotten it wrong. Someone can be lucky to make thousands of dollars in profits, but if the person refuses to provide the fund with proper security, it will likely easily lose everything. So newbies like me should know that security should be the first thing they should not play with in the crypto industry.

Security is the most important thing of all things, if security is not applied then the thing will never be secure. In order to keep your bitcoins safe when you invest bitcoins, you must use a secure wallet. When you invest bitcoins and keep them in a wallet you must collect keys to keep that wallet safe. As long as you can keep those keys in a safe place then your money will be saved otherwise there will be fear and risk of losing money. The first thing you need to do is save the keys to your Bitcoin investment wallet and keep them in a safe place. If you lose this key, you will definitely risk money and the possibility of losing it, and if you lose your wallet, you will not be able to recover it later. That's why security is the most important thing before you invest, so keep your wallet keys in a safe place before you invest Bitcoin.

After reading your post it seems like what your friend did was completely stupid as he did not protect the privacy of the wallet where he kept his invested bitcoins.I don't understand why he would write down his wallet key on paper when he could have it on his phone or PC or computer as a PDF.
There is a saying in cryptocurrency language that, Not your keys, Not your coins
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How to Back Up a Seed Phrase visit this link