Something you don't have to forget | Bitcointalksearch.org

Dr.Bitcoin_Strange

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Quote from: irhact on November 28, 2023, 02:44:01 AM

You're right, the first thing any individual should consider when investing in Bitcoin is where to store them, exchange are common for many newbies as they think it's safer to store them there but they're not the best place to store Bitcoin or any other cryptocurency. Private wallet are the best as your Bitcoin won't be affected by any hacking happening to the exchange you bought your Bitcoin from but when you leave them on exchange, you can lose your Bitcoin.

Apart from a crypto newbie who has a mentor who is well educated about the importance of security in the aspect of holding one's crypto asset safe, other newbies who don't have proper knowledge about security will end up keeping their coins on the CEX. That's what most crypto enthusiasts do, but hack issues and the news of not keeping their assets on exchange are the reasons why most of them are not deviating from holding their assets on exchange. I know that this forum is an eye-opener in light of receiving serious warnings about keeping an asset on exchange. When I was yet new in the space, I also held my coin on CEX and even staked some coins on the exchange, but I am now very aware of the risk.

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

Most people never knew Bitcoin will be this huge and important because I wish they do everyone would've at least have 10 of it but again there are people who have this Bitcoin but because the value then was not encouraging most people lost their wallet password, am saying this because I know most people do actually lost their wallet password before they heard Bitcoin is now a great coin.
However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password. I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

I don't encourage mining new altcojns and hold them, most of them are bad and only good for profit talking when they appreciate in price, I have someone who mostly start crypto mining at earlier days years ago, almost all the coins he mined are dead between a year and half, just because its a proof of work doesn't make it the next Bitcoin or Ethereum.

If anyone wants to start mining right now I will tell them to go for Bitcoin or Kaspa, one requires a lot of money and also bills on electricity than the other, Kapsa miner takes only 120watts from the wall and this net you $5 daily, in few months you will make your initial back and the miner itself is $500+ almost $600.

But I still trust Bitcoin more than anything, far more reliable and it has the strongest backers and community over other proof of work projects, make sure you invest where you will have confidence, a little risk is better than higher risk.

irhact

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Quote from: Dr.Bitcoin_Strange on November 25, 2023, 04:43:52 PM

The first thing a bitcoiner should know is that if they lose access to their wallet, they will never get back into it again. So, the best thing to do is make the security of their wallet a priority, like some people who said that in the past, they bought some Bitcoin and forgot to withdraw it from the exchange where they bought it. Now that the price of bitcoin has skyrocketed, they are looking for the exchange where they left their bitcoin. These are lessons to learn from, and also remember the warning: not your key, not your coin. It's a rule that every Bitcoiner must not forget and also let others who are not aware of it become aware.

You're right, the first thing any individual should consider when investing in Bitcoin is where to store them, exchange are common for many newbies as they think it's safer to store them there but they're not the best place to store Bitcoin or any other cryptocurency. Private wallet are the best as your Bitcoin won't be affected by any hacking happening to the exchange you bought your Bitcoin from but when you leave them on exchange, you can lose your Bitcoin.

After using private wallet, also keep your seed phrase safe and offline so hackers can't get access to them. The private wallet should be those that are non custodial. Custodial wallet are like exchange as you don't have complete control of your seed phrase. When you use private wallets, you can forget about your Bitcoin for years and when you return, you'll still have access to your Bitcoin but if you use an exchange, they might go out of business with your Bitcoin lost forever.

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Quote from: Xampeuu on November 27, 2023, 01:47:00 AM

Quote from: MFahad on November 26, 2023, 12:42:45 PM

Quote from: Negotiation on November 26, 2023, 08:22:13 AM

Bitcoin investment should always be done with security in mind then there will be no reason to be disappointed. Access to the wallet should not be lost at all no one knows when the price of bitcoin will increase if the price increases you will be disappointed. This is why you should try to keep your wallet access safe. Many investors make this mistake, they don't pay attention when the price goes up and they fail because they forget the wallet accesses. For this reason the keys should be kept in such a place that they can be easily found so as not to fall into losses.

Yes security is must because there is no option to get profit from bitcoin once you forget the password or loss your wallet. Some people buy coins but when their value decreases then dont focus on its security therefore when price goes up then they have no access towards their coins as they don't remember the keys of their wallet in which they have keep their coins saved.

Try to remember your each password and if you know that your memory is not working properly and you always forget the things then save it else where because saving password at only a single place is full of hazards. Instead of learning about bitcoin investment also learn well about security because it is the most necessary thing in crypto market.

how much we have bitcoin and develop it but without neatness in storing security keys, it will be useless. Actually, this is something basic that must be considered at the beginning before investing, but there are people who ignore it, so that they actually experience difficulties behind it. Even though we have kept it neatly, there is one more obstacle, where our heirs must know, but it remains safe as long as we are still alive, because no one knows how old we are.

You made a good point there and I was just thinking the same when I read the OP. To keep Bitcoin is a thing and for our heir or wife or family (as it pleases us) to know when unplanned circumstances happen is another thing. There are a lot of people who are rich in Bitcoin but are dead and have their coins with them without passing them to anyone. This is because they are too secretive, or should I say that never planned for what would happen to them, which is unfortunately letting a lot of Bitcoin waste away and people would think they are actually HODLing it but it's not.

For this, I believe that people should first take keeping of their wallets, the seed phrase and the password very seriously just like how they deal with a vital document that is so precious to them, not undermining it since we are keeping them informally. It will be a good idea to have duplicates of this and code them in such a way that no one can ever know what you are referring to unless you explain to them. Then have your Will written but let the access keys be missing, and let your trusted heir/wife/family know the access codes, which they can't access unless your lawyer tells them what the codes are meant for.

BALIK

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Quote from: Aanuoluwatofunmi on November 27, 2023, 11:21:15 AM

Quote from: sotelorene on November 23, 2023, 02:05:33 PM

However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password.

Which kind of password are you referring to here, what i think should be discussed is on how we can handle our private keys and not passwords, only with the private keys our bitcoin can be taken away from us, they don't need to have access to the device before they can attack, password deals with the device used and while private keys deals with the access to the coins on blockchain.

To be precise, we should store seed phrases/private keys, passwords...all important data well. OP was just speaking in general terms and everyone understood what he was saying, you don't need to be too harsh on him.

Quote from: Aanuoluwatofunmi on November 27, 2023, 11:21:15 AM

Quote from: sotelorene on November 23, 2023, 02:05:33 PM

I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

There's this possibility, but only if we are not investing on shitcoins, we must make our research well deepens and accept every other risk involved with either bitcoin or other cryptocurrencies, but i will always advise for bitcoin first, before any other alt cryptocurrency.

Nowadays, bitcoins are worth thousands of dollars, no one is stupid to own bitcoins without preserving a good seed phrase. Even though many shitcoins are dead, this market is still full of crazy things, anything can happen. Many coins that were thought to be dead or forgotten suddenly came back to life, which is not too rare in this market. So keep it all so you don't have to regret it later like those who invested in bitcoin early but didn't keep the seed phrase carefully.

mamesso

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

~Snip~
please keep it safe and don't forget your password very important because you can't and will never recover the password. I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

I prefer you to call it Seed Phrase rather than Password, the mention of the words Seed Phrase makes people's minds immediately connected to the key to recovering the wallet. The password is only used to unlock the wallet interface of the device you are using, its function is to prevent someone from opening the device without your knowledge. If you use a wallet like Electrum, the password functions like a pin, anyone who has access to the wallet file then the password you use can access your assets. Meanwhile, the Seed Phrase is a series of passwords used to access the wallet. If you lose your wallet or accidentally delete the wallet from the device you are using, you still have access to back up your wallet.

AHOYBRAUSE

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Quote from: taufik123 on November 23, 2023, 02:32:28 PM

Unfortunately, I got into Bitcoin around 2016 and couldn't get more BTC when the price was still below $1 a few years earlier.

But early holders of Bitcoin not only lost their keys because they were not stored, they made the sale early because at that time Bitcoin was still worthless.
And a big transaction made with Bitcoin is the purchase of pizza with 10,000 BTC.

If the initial holder could hold back until now, then he would have become very rich with Bitcoin, but in fact they have sold early.

And those who lost the key or those who have died and did not pass on the Seed Phrase to others.
The address with a lot of Bitcoin will only become a graveyard of Bitcoins that will no longer be able to move.
So there is less and fewer Bitcoin supply available in the market.

Yeah don't tell me.
I have 2 phones (that are gone) which had wallets on them holding an accumulated 0.9 btc at least. These are from around 2014-15.
AT that time I didn't really know much about btc and so didn't really pay attetion to store the seed phrase and all this stuff. I used btc for some transactions and the leftover coins were just sitting in the wallet.
When I lost access and/or the phone dies I had no way to get to the coins, and I didn't even try because at the time it wasn't more than 20$ or something.
Well now I know better, but it's too late. Roll Eyes

YUriy1991

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In the last few days I have read many posts about asset loss, theft and other bad things that happen to BTC users. Yes. we need a place to keep your keys safe from those who have bad intentions towards our property.

That's right. OP, a great person is someone who is able to guard his assets well and wisely without providing any information that could attract thieves, especially if he already has 10 BTC as you wrote above. And the solution is to educate ourselves while staying focused on money because we are at the cutting edge of technology.

Seinlocko

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

Most people never knew Bitcoin will be this huge and important because I wish they do everyone would've at least have 10 of it but again there are people who have this Bitcoin but because the value then was not encouraging most people lost their wallet password, am saying this because I know most people do actually lost their wallet password before they heard Bitcoin is now a great coin.
However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password. I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

Maybe when bitcoin was not yet valuable, few people speculated that bitcoin would reach the price it is today. Moreover, when bitcoin still had a very low value, at that time digital money or crypto was still far from popular. Therefore, perhaps many people have wallets containing bitcoin and forget the password, because they think digital assets or bitcoin will not have prices as high as they are now. Therefore, this should be a valuable lesson for all of us, so as not to throw away, or underestimate the "crypto" coins that we currently have.

peter0425

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Bitcoin has opened so many people eyes in the cryptocurrency industries which is most people have been encounter, not to take notes of password mining platform of alt-coins in the system, that gives a huge return profits in the near future.

Lol of course Bitcoin will Open Eyes(have opened Eyes) because this Pioneered the evolution Grin

so it is normal that it is the one that opens , but Password Mining , what do you mean about altcoins there?

Quote from: syedakhlaque on November 26, 2023, 08:13:40 AM

Being frustrated or discouraged, even forgetting your account password, does not reflect a good business. If you make a loss today, you will surely make a profit tomorrow. A good businessman has the ability to earn in all situation. Bitcoin may be up or down. Achievement and success is owe to hardship and trouble. Many good businessman fail because they do not have patience and wait. So always keep in touch with your business.continue struggle and pins good hopes for good future and success.

you have given different example , Password cannot be compared to business and yes when you forgot your password here you will completely Lose everything you are holding so where is the profit for tomorrow there?

Kaliandra

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most people don't know that the price of bitcoin will be this high and in the past the price of bitcoin was so low that many people didn't pay attention to the key and ended up losing the key. and when there is a price increase, many people sell cheap because they don't know that BTC prices will rise as high as they do now. and many people now regret being too hasty in selling bitcoin.

Yes, saving passwords is certainly something that must be prioritized because in the future we will not know the price of the coins we have and the price of the coins could become expensive which will make us very rich. Of course, there are many examples of people who became rich because they didn't forget their keys and usually these people are very good at analyzing the potential of the coins they hold. So it's true that we shouldn't forget the key because even though for example it's cheap now, we won't know the price in the future.

I think we have to learn from the experiences of previous people who are now successful as a result of knowing BTC and became rich because they didn't forget the key.
but I'm sure that having a key lost and not found again will have the potential to make BTC prices better in the future.

Aanuoluwatofunmi

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password.

Which kind of password are you referring to here, what i think should be discussed is on how we can handle our private keys and not passwords, only with the private keys our bitcoin can be taken away from us, they don't need to have access to the device before they can attack, password deals with the device used and while private keys deals with the access to the coins on blockchain.

Quote from: sotelorene on November 23, 2023, 02:05:33 PM

I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

There's this possibility, but only if we are not investing on shitcoins, we must make our research well deepens and accept every other risk involved with either bitcoin or other cryptocurrencies, but i will always advise for bitcoin first, before any other alt cryptocurrency.

dezoel

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I think there are still people who manage to hit that threshold even though they are kind a bit late. For those who are not wealthy enough, they can always do it slowly. If they are consistent, I'm sure they will soon reach that value. Even if not, there is still no problem with that. You don't really have to say this because those who are involved in crypto already know this fact.

This is why there are now so many new coins and people invests on them because they believe they will be the next Bitcoin. If you are only talking about password, it was actually recoverable. But if it was about the private keys and seed phrases, then it is not possible. So yeah, we should keep them securely.

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Quote from: MFahad on November 26, 2023, 12:42:45 PM

Quote from: Negotiation on November 26, 2023, 08:22:13 AM

Bitcoin investment should always be done with security in mind then there will be no reason to be disappointed. Access to the wallet should not be lost at all no one knows when the price of bitcoin will increase if the price increases you will be disappointed. This is why you should try to keep your wallet access safe. Many investors make this mistake, they don't pay attention when the price goes up and they fail because they forget the wallet accesses. For this reason the keys should be kept in such a place that they can be easily found so as not to fall into losses.

Yes security is must because there is no option to get profit from bitcoin once you forget the password or loss your wallet. Some people buy coins but when their value decreases then dont focus on its security therefore when price goes up then they have no access towards their coins as they don't remember the keys of their wallet in which they have keep their coins saved.

Try to remember your each password and if you know that your memory is not working properly and you always forget the things then save it else where because saving password at only a single place is full of hazards. Instead of learning about bitcoin investment also learn well about security because it is the most necessary thing in crypto market.

how much we have bitcoin and develop it but without neatness in storing security keys, it will be useless. Actually, this is something basic that must be considered at the beginning before investing, but there are people who ignore it, so that they actually experience difficulties behind it. Even though we have kept it neatly, there is one more obstacle, where our heirs must know, but it remains safe as long as we are still alive, because no one knows how old we are.

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

Most people never knew Bitcoin will be this huge and important because I wish they do everyone would've at least have 10 of it but again there are people who have this Bitcoin but because the value then was not encouraging most people lost their wallet password, am saying this because I know most people do actually lost their wallet password before they heard Bitcoin is now a great coin.
However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password. I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

For a city that just came to Bitcoin when the price was already more than $100, maybe you can start to predict that Bitcoin will be this big. However, for those who knew about Bitcoin before, where the price of Bitcoin was still very low and could even be considered worthless, it was still not recognized, and there were still many doubts, then I really applaud those who turned out to be able to match Bitcoin until now. and in the end you can achieve extraordinary things with Bitcoin. Of course, this is none other than because of their belief in this technology, in the future and what Satoshi aspires to in Bitcoin.

The value of Bitcoin is increasing. Even though there are still many people who oppose it and hate it, that doesn't mean it has bad values. So, I personally have no doubts about focusing on investing in Bitcoin... and it is true about how me must secure our investment and keep our privacy on it. because it also still has a risk if losing access to it and being attacked by cyber crimes. so, always be careful

MFahad

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Quote from: Negotiation on November 26, 2023, 08:22:13 AM

Bitcoin investment should always be done with security in mind then there will be no reason to be disappointed. Access to the wallet should not be lost at all no one knows when the price of bitcoin will increase if the price increases you will be disappointed. This is why you should try to keep your wallet access safe. Many investors make this mistake, they don't pay attention when the price goes up and they fail because they forget the wallet accesses. For this reason the keys should be kept in such a place that they can be easily found so as not to fall into losses.

Yes security is must because there is no option to get profit from bitcoin once you forget the password or loss your wallet. Some people buy coins but when their value decreases then dont focus on its security therefore when price goes up then they have no access towards their coins as they don't remember the keys of their wallet in which they have keep their coins saved.

Try to remember your each password and if you know that your memory is not working properly and you always forget the things then save it else where because saving password at only a single place is full of hazards. Instead of learning about bitcoin investment also learn well about security because it is the most necessary thing in crypto market.

doomloop

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

Most people never knew Bitcoin will be this huge and important because I wish they do everyone would've at least have 10 of it but again there are people who have this Bitcoin but because the value then was not encouraging most people lost their wallet password, am saying this because I know most people do actually lost their wallet password before they heard Bitcoin is now a great coin.
However, what am saying in essence is that whatsoever coin you have or you are mining please keep it safe and don't forget your password very important because you can't and will never recover the password. I believed within a short time most of these coin will have a great value, a value that one of it will change your story.

When I first came to know about Bitcoin, it was priced below $500. Though I didn't know that it was going to be this huge in the future, I knew it was something unique and I had never seen anything like it before. I was excited and eager to have Bitcoin, I used to use faucets every day to claim free satoshis and store them in my wallet. The unfortunate thing for me at that time was that I didn't have any money to buy Bitcoins and store them until now, if I could do that, I'm pretty sure that I would have access to my wallet because I've been active since then.

A lot of people might have had a lot of Bitcoins at that time and many people must have spent them like the guy who bought two pizzas for 10,000 Bitcoins, the reason behind that was that people didn't expect Bitcoin to become as huge as it has become today, and as you said, we will be saying the same thing in the future as well. So, anyone who can afford to should have at least some Bitcoins going into the future.

Negotiation

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Bitcoin investment should always be done with security in mind then there will be no reason to be disappointed. Access to the wallet should not be lost at all no one knows when the price of bitcoin will increase if the price increases you will be disappointed. This is why you should try to keep your wallet access safe. Many investors make this mistake, they don't pay attention when the price goes up and they fail because they forget the wallet accesses. For this reason the keys should be kept in such a place that they can be easily found so as not to fall into losses.

syedakhlaque

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Being frustrated or discouraged, even forgetting your account password, does not reflect a good business. If you make a loss today, you will surely make a profit tomorrow. A good businessman has the ability to earn in all situation. Bitcoin may be up or down. Achievement and success is owe to hardship and trouble. Many good businessman fail because they do not have patience and wait. So always keep in touch with your business.continue struggle and pins good hopes for good future and success.

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Quote from: sotelorene on November 23, 2023, 02:05:33 PM

Most people never knew Bitcoin will be this huge and important because I wish they do everyone would've at least have 10 of it...

There are billions of people on earth and only less than 21 million bitcoin will ever be mined. There is no way that everyone can get at least 10 coins. There is no way they can get 1 coin each. I can continue decreasing the number but I think you got the point.

Quote from: sotelorene on November 23, 2023, 02:05:33 PM

but again there are people who have this Bitcoin but because the value then was not encouraging most people lost their wallet password

Some did lose their passwords to centralized services where passwords were required, but the bigger concern is the loss of private keys and seed phrases (once they were introduced). That's what losses your spending ability.

Topic: Something you don't have to forget (Read 679 times)