Topic: Security is important in Bitcoin - page 5. (Read 585 times)
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.
I don't understand the story. Are you saying that he set up his wallet at home, left the phrase on his table and another family member found it, knew what it was and used it to steal his money?
Is 1k a lot of money to your friend, because the story suggests it isn't. I find $1k to e a decent amount of money, enough to buy a computer or 2 sets of tires for your car (summer and winter), or a pistol, if you're into guns... I wouldn't invest 1k in something that I don't understand.
Your friend's problem is not lack of security but negligence and carelessness. You don't need proper security to put your seed phrase in a "safe" place, like inside a book, or an encrypted file on your computer.
In my early days when my bitcoin wasn't worth a lot of money I used to keep my private keys in renamed txt files hidden somewhere on my computer. I'd take a normal text file, change the extension into something like "infinity.dll" and hide it somewhere. That's not proper security, but still many times better than some people, who store these on gmail accounts, cloud servers, or password managers.
Is 1k a lot of money to your friend, because the story suggests it isn't. I find $1k to e a decent amount of money, enough to buy a computer or 2 sets of tires for your car (summer and winter), or a pistol, if you're into guns... I wouldn't invest 1k in something that I don't understand.
Your friend's problem is not lack of security but negligence and carelessness. You don't need proper security to put your seed phrase in a "safe" place, like inside a book, or an encrypted file on your computer.
In my early days when my bitcoin wasn't worth a lot of money I used to keep my private keys in renamed txt files hidden somewhere on my computer. I'd take a normal text file, change the extension into something like "infinity.dll" and hide it somewhere. That's not proper security, but still many times better than some people, who store these on gmail accounts, cloud servers, or password managers.
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.
Jump to: