People Losing Passwords & Wallets...

[Cereberus]

I use block.io wallet i want to know is it safe to use.I use it because its pretty easy for me.
Can anyone tell me if this wallet is good or not...
if not then which wallet..

Block.io is a web wallet and its not the best option to use a web wallet. One should use a desktop wallet like Multibit or Electrum. They offer better security for your bitcoins but is up to you as a user to safeguard them the best way possible. By using these kind of wallets you don't need to enter your data , username and password every time like in block.io minimizing the risk of getting your coins lost.

[Mr.grin]

if you lose it in blockchain, I guess it will never go back, I never lost the address wallet my blockchain, and what, to this day I do not know it, and after it happened, I made a wallet new and secure all the information on it, I think you also have to do my friend, before it happens to you

[Hazir]

Unfortunately you can't help everyone and teach people how to manage their money. They must learn the hard way.
Frequent loss of password or trouble with private keys exporting/importing was a reason HD wallets were born. But it still is not enough for some users.
Even though deterministic wallets  are much easier for users to manage, mishaps are still happening. And always will be.

[ilikepussy]

Have encrypted backups of your file with passwords... write them down using a code that only you know so that if someone gets access to the file they still can't use your passwords... store your backups them at 2 or more cloud backup providers (mega.nz, spideroak, there are many others). If anything happens to your computer you'll be able to restor your wallet (Electrum is a good one) on a new computer.

[Joel_Jantsen]

Its not a one way handshake.Bitcoin is still in its primary stages,it doesn't have the necessity to be utilized by every average mind.The demand arises when you're going shopping for example  and there's a special offer for people paying with bitcoins,in that scenario you can see it needs to have a fancy UI with a mini booklet on how to use bitcoins or back-up your wallets.Most of these wallet key-phrase or access losers are those  who'd wish to get rich in one day by trading/gambling.Due to irresponsibility of not reading the documentation or say FAQ,they tend to lose the coins.What more you accept the software to do ? Like Freeze the computer screen and forcefully give electric shocks to people if they haven't written their private phrase on a paper ? I don't think so.People are over confident and take the system warnings lightly.

[SmartIphone]

Another issue that I see to bitcoin users are that they do not make regular backups.
If you haven't done the latest backup then you can lose all the money if the funds have been moved to another address on that wallet.

[AioFox]

It has come to my attention, that people are starting to lose their passwords/wallets/access to bitcoin more and more often. They are either idiots or careless or just naive, but this really needs to stop.

Just today I see at least 5 reports of people losing their wallets, frequently in the wallet subforum but also on reddit. Of course economically speaking this is good for the rest of us, because the money velocity slows down making our coins more valuable, but it also makes newbie integration very unfriendly.

Really if we want bitcoin to be global, we need to make newbies more comfortable with bitcoin. Many people are irresponsible, so we need to warn them of the consequences, because they never read the fine print.


My suggestion:

1) Everyone should write tutorials for newbies and give them out for free for newbies, that will teach them how to start out in bitcoin, and what risks they need to consider. Highlighting important topics like backing up wallets, and passwords, and also keeping their systems safe from malware.

2) Every wallet software should integrate a warning window warning users to backup their wallets and passwords before creating the wallet. The warning should be in big red letters , so that newbies can see it, and this might make them realize that it is important for example:

WARNING!! BACKUP YOUR WALLET/SEED/PASSWORD OTHERWISE YOU COULD LOSE ACCESS TO YOUR BITCOINS

3) A pinned thread on the Beginners & Help section warning users to backup their wallets & passwords

4) Bitcoin.org and wallet websites should also tell newbies to backup their stuff.







Consequences:

If we don't make bitcoiners more responsible, then they will demand the existance of "bitcoin banks" that will store their bitcoins for them "safely".

If the newbies cannot be responsible, then they will hand over the control over their coins to middleman, centralized wallets, and we will accomplish nothing.

Bitcoin banks will be born,and the same fractional reserve shit will start over again. So it is in our interest to make people responsible, to keep bitcoin decentralized.

I would assume most of them are just ew to the system and others can be just too naive like you said. They want a word printed in red and gigantic size that says "Do no share your personal information to anyone. Do not lose your passpharse. Provide more ways to ensure more security to your account. Use Two-Factor Authentication." Some people say they'll do it later but its best to do it now before its too late.

[Lionidas]

People forgetting passwords is certainly a problem. However I really doubt that any educational campaigns will be able to solve it. There already is a ton of information and tips on data security available, yet people are not paying much attention. Sadly, safekeeping of personal and financial data is a learning process that is triggered by bad experiences. In turn, some people will ask third parties for help, others will adjust their own behavior.

Regardless of user-related problems with the security of funds, I don't think that banks will be able to maintain their dominant position when Bitcoin becomes a major currency. Today's fiat fractional (or zero) reserve system is a legalized process. Quite ironically the same is not true when banks do the same with Bitcoin - it will be considered financial fraud. The simple reason is that Bitcoin is not subjected to state monetary policy. Money creation with Bitcoin happens outside the regime of central banks.

ya.ya.yo!

Recently I saw that when you install adobe flash it installs mcafee antivirus and with it a program from Intel called Truekey. It is a password program that allows to remember you passwords for you.

[PacePay]

Tanks for that suggestions they are really beneficial and will help in awareness in that matter.

But every person who is aware wit the account system anywhere will now well that more strong password have more chances to forget from our mind, so they should have to write them in their diary. I also doing the same I have my diary and i write all the data about any account I open in any wallet or exchange etc.

[BillyBobJoe]

Not sure this is a solvable problem.

With the move away from desktops, to laptops, to tablets, to phones (that are easy to lose, have stolen, break, trade in every 2 years) etc. the average person has no chance. And, what about users who do not even own a computer and must use internet cafe, How are they to keep a secure wallet?

This is one reason why I LOL when others post on these forums that BTC is the simplest, easiest to use, safest, most secure thing going. All that more than credit cards, debit cards, banks, Paypal, etc.

[SmartIphone]

This is one reason why I LOL when others post on these forums that BTC is the simplest, easiest to use, safest, most secure thing going. All that more than credit cards, debit cards, banks, Paypal, etc.

The difference here between credit cards, PayPal and bitcoin are that you have someone upper you that take care of the security (not at all), so if they see something suspicious they lock your cards and contact you, but in bitcoin you are the only owner and you are responsible about your coins so once you lost them you can't get them back.

[ajareselde]

Not sure this is a solvable problem.

With the move away from desktops, to laptops, to tablets, to phones (that are easy to lose, have stolen, break, trade in every 2 years) etc. the average person has no chance. And, what about users who do not even own a computer and must use internet cafe, How are they to keep a secure wallet?

This is one reason why I LOL when others post on these forums that BTC is the simplest, easiest to use, safest, most secure thing going. All that more than credit cards, debit cards, banks, Paypal, etc.

Just use strong password and you have the first step taken care of. If you know how to use bitcoin and stay safe, it really is the best thing, and if you can't,
then that means you wouldnt be better even with cc's and pp anyways.
In regards to people that dont own computers - they prolly have smartphone atleast, and if not, then they are irrelevant to bitcoin world imo.

[Raimonn]

Its not a bitcoin problem or a newbies problem, its a general problem, users don't take care of passwords and backups of important files on its computer too. I had to restore computers from friends with virus or broken operative system, and always the same problem, they didn't made a backup of important files.
Its good to make warnings on wallets, but i think that most users will not take care of it.

[redsn0w]

I think this is always worth mentioning. People seem to forget that there is no bitcoin incorporated or bank to help you do security. If you are doing it correctly, then you are the only one in charge of security.  It's sad to see posts asking for the bitcoin "master key" or to have their account "reset".

If you lose access to your private key then no one on Earth can help. Not the NSA, not Satoshi Nakamoto, nobody.

Exactly, basically you own your bitcoin only if you own the corresponding private key of the address(es)

Its not a bitcoin problem or a newbies problem, its a general problem, users don't take care of passwords and backups of important files on its computer too. I had to restore computers from friends with virus or broken operative system, and always the same problem, they didn't made a backup of important files.
Its good to make warnings on wallets, but i think that most users will not take care of it.

In general:  some people don't care about their security. As you said it's not a problem of the technology itself (Bitcoin) but it's a human problem, they should change their mentality ... remember 'be your own bank'.

[trickshot22]

Another issue that I see to bitcoin users are that they do not make regular backups.
If you haven't done the latest backup then you can lose all the money if the funds have been moved to another address on that wallet.

why you should need to do regular backups? i mean if your money just sits in one wallet theres no need to backup the same private key over and over again

[lolxxxx]

I have made an excel file with all of my passwords/usernames/emails are stored in it.
It has over 100+ passwords from different site.
The best way is create a excel file if you don't have excel then create a new simple document. Whenever you creates a new account just save your info in it. After doing that upload it somewhere else like Dropbox etc or send it to one of your email.
about wallets if you are using blockchain wallet then use your nick as identifier by doing this at least you don't lose your identifier. Note down your password somewhere safe.
My private keys of all addresses (which i use) are stored in my mobile/gmail/dropbox and i have printed my passwords/priv keys on paper and the paper is saved in locker.

[BillyBobJoe]

Wrong, wrong and wrong.
Strong password is of no help when you lose you wallet for whatever reason. The OP is about losing passwords and wallets.

Many people use CC and PP everyday who would not be able to handle bitcoin.

I see you ignored those who want to use BTC but don't own computers of whatever kind. I see talk around here about having every person alive using BTC, ending poverty because of BTC, etc. and you just blew off what half, or more, of the people on earth.



[/quote]

Just use strong password and you have the first step taken care of. If you know how to use bitcoin and stay safe, it really is the best thing, and if you can't,
then that means you wouldnt be better even with cc's and pp anyways.
In regards to people that dont own computers - they prolly have smartphone atleast, and if not, then they are irrelevant to bitcoin world imo.
[/quote]

[European Central Bank]

People forgetting passwords is certainly a problem. However I really doubt that any educational campaigns will be able to solve it. There already is a ton of information and tips on data security available, yet people are not paying much attention.

alot of people ain't too bright and shouldn't be trusted to cross the road unaccompanied, let alone secure their own money. that's how the world is and always will be.

i think many people entrusting coins to services is borderline inevitable but they may not be banks as we know them. most go through their lives looking for others to do the hard work. bitcoin ain't gonna change that in a hurry.

[CrazyCraig]

People forgetting passwords is certainly a problem. However I really doubt that any educational campaigns will be able to solve it. There already is a ton of information and tips on data security available, yet people are not paying much attention.

alot of people ain't too bright and shouldn't be trusted to cross the road unaccompanied, let alone secure their own money. that's how the world is and always will be.

i think many people entrusting coins to services is borderline inevitable but they may not be banks as we know them. most go through their lives looking for others to do the hard work. bitcoin ain't gonna change that in a hurry.

Well, until the underlying technology becomes a little consumer friendly, there will always be the issue of people losing coins. It may not seem like that to the everyday technical user because we are bias in our own ways.

That reason alone is why I keep my mouth shut when users are being bashed for using a web wallet. Why would I try to scare away new users away from bitcoin when they may not fully understand the technology. Until one becomes experienced, its a scare thought. Then you have the stories about hacks etc. If I wasn't around from the yester years and heard some of the stories, id run.

[Sorrowfox]

It has come to my attention, that people are starting to lose their passwords/wallets/access to bitcoin more and more often. They are either idiots or careless or just naive, but this really needs to stop.

Just today I see at least 5 reports of people losing their wallets, frequently in the wallet subforum but also on reddit. Of course economically speaking this is good for the rest of us, because the money velocity slows down making our coins more valuable, but it also makes newbie integration very unfriendly.

Really if we want bitcoin to be global, we need to make newbies more comfortable with bitcoin. Many people are irresponsible, so we need to warn them of the consequences, because they never read the fine print.


My suggestion:

1) Everyone should write tutorials for newbies and give them out for free for newbies, that will teach them how to start out in bitcoin, and what risks they need to consider. Highlighting important topics like backing up wallets, and passwords, and also keeping their systems safe from malware.

2) Every wallet software should integrate a warning window warning users to backup their wallets and passwords before creating the wallet. The warning should be in big red letters , so that newbies can see it, and this might make them realize that it is important for example:

WARNING!! BACKUP YOUR WALLET/SEED/PASSWORD OTHERWISE YOU COULD LOSE ACCESS TO YOUR BITCOINS

3) A pinned thread on the Beginners & Help section warning users to backup their wallets & passwords

4) Bitcoin.org and wallet websites should also tell newbies to backup their stuff.









Consequences:

If we don't make bitcoiners more responsible, then they will demand the existance of "bitcoin banks" that will store their bitcoins for them "safely".

If the newbies cannot be responsible, then they will hand over the control over their coins to middleman, centralized wallets, and we will accomplish nothing.

Bitcoin banks will be born,and the same fractional reserve shit will start over again. So it is in our interest to make people responsible, to keep bitcoin decentralized.

Well the first question is, did they really lose their wallet? Did they really forgot their password or someone hacked their account.. Because for sure, if they have bitcoins in that wallet, they will find ways not to forgot their account since it is their hard earned money that is in their account. But it should serves as a lesson to each and everyone of us. We should do our best to make our bitcoin wallet secured.