My Question to Crypto users about its security

[taufik123]

There have been many threads that discuss about what if the owner of bitcoin dies and who will manage it. Bitcoin can be inherited to anyone you trust or to your family by providing access to a private key in the form of paper, hardware wallet or in the form of notes that you make yourself. the idea of ​​inheritance can be read on the link provided by @cryptomaniac_xxx.
on the link you will find a more detailed discussion about the legacy of bitcoin.

You can read this thread to give you an idea regarding bitcoin's inheritance

• Bitcoin Inheritance Planning
• Leaving Bitcoin as inheritance
• How bitcoin inheritance can be achieved.

• When Bitcoin Must Be Inherited

For security problems you compare with banks. Certainly will be very different. The bank is fully regulated by the government so that it will be easier to conduct an investigation when the money in your account is stolen. While Bitcoin is a digital currency that is not regulated by anyone and transaction history on bitcoin will also never be deleted. The security of digital currency is entirely in its users, Bitcoin has many advantages but also has a weakness. Just like a bank. There is no perfect system.

[1714985481]

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[Sadlife]

There are escrow services for that similar to leaving a last will if you die or if you dont trust escrow services you can just pay for services like mailshake or zoho to send an email to your family or someone significant to you and schedule that email.
Surely, this is better than having to through a lawyer and pay him millions.

About stolen crypto money that you can't trace is entirely incorrect, you can also file a complaint because Bitcoin is pseudonymous you can file a case and trace those BTC.

[kezinaur14]

CryptoBitcoin being potentially the currency of the future doesn't automatically mean that it's 100% perfect because it's definitely not, and nobody in the right mind is saying that it is.

With that said, your 2 points are definitely obvious flaws, and people are yet to figure out a good more-feasible solutions for them(than the typical write down instructions on a piece of paper etc). Having true ownership and having self custody really also has it's drawbacks. People are calling bitcoin the currency of the future due to the mistrust in central banks or with banks in general, not specifically because of it's user-friendliness.

I don't think he meant to say that bitcoin is perfect, bitcoin is flawed in many ways, but just like bitcoin right now is much better than it was a few years ago. This process will continue to make bitcoin better down the line.

Though I agree that OP is wrong specially in certain scenarios, like say: quantum tech goes mainstream, that's a inmediate bitcoin killer, we'd need to switch to a quantum resistant blockchain, there are many more but this one particularly came to mind.

[maxreish]

Of course it was discussed many times in this forum community.
 First off, we are very aware about the risks of choosing cryptocurrency. Crypto exchanges vs BANKS. But I supposed you also know about that centralized and decentralized platform.  We can't also deny the fact that there are pros and cons of each specific fields.
 Digital payments are already been adopted by many that is why most are very convinced that cryptocurrency is the future. But that doesn't literally means we can disregard centralized institutions likr banks.

[MCobian]

Therefore it must be known by our close family that we have Bitcoin, like parents, life partners or children. So if we die someone will
inherit the Bitcoin that we have. I think our immediate family must know how to access our Bitcoin repository.Then related to the problem
of theft of Bitcoin that occurs because of our own mistakes usually, and therefore be careful in maintaining the Bitcoin that we have.
Don't compare banks to Bitcoin, because Bitcoin cannot be controlled by anyone. So the security of Bitcoin depends on us in maintaining it.

[cheezcarls]

I have no question regarding the security level of Bitcoin for now, except if you handed over the private keys or mnemonic phrases carelessly to someone else or a third-party source. But BTC isn't perfect yet due to the quantum threat. There must be some sort of ways for Bitcoin to switch into quantum resistant blockchain or something like that. But who knows? We will see that outcome in the future though.

[erikoy]

I have no question regarding the security level of Bitcoin for now, except if you handed over the private keys or mnemonic phrases carelessly to someone else or a third-party source. But BTC isn't perfect yet due to the quantum threat. There must be some sort of ways for Bitcoin to switch into quantum resistant blockchain or something like that. But who knows? We will see that outcome in the future though.

Two factor has already been introduce accessing online wallets need a confirmation on a device or to email before it can proceed to transaction. However,  private keys may drect to the wallet so this is one of thr crucial way to open a digital wallet. If it will be disclose to anyone or just being skim by a fake website then pretty sure it will be the end of crypto holdings. So, one must careful on fake sites that even their sites had the same as with the original web address so one must be keen on every letter or symbols in web address. Better to bookmark a site instead to direct the site once wanted to access.

[Wexnident]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

As long as you know how it works and what to avoid, it's pretty secure tbh. Using hardware wallets and learning to identify scams from legit ones are pretty much the simplest ones that could help you from losing your crypto. If people were scammed of their coins, it isn't the coins' fault for being faulty, it's the persons' fault for being ignorant, stop blaming a medium for your mistakes, it makes your mistakes more blatant imo.

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

Your definition of secured is kind of skewed to the identity of authorities. Secured transactions of Crypto basically means every transaction is recorded on the blockchain, and can't basically be removed. That's the "secure" part, and in the case you described, it's mostly the judgment of the owner on how they would take action. Bitcoin isn't called decentralized for nothing after all.

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

Stolen in what way? Most issues about cryptos relating to theft were related to either scam, which is mostly attributed to the person themselves' ignorance, can't really blame crypto for that. As for hacks of exchanges, it was your choice to store it in there, not really crypto's fault. A lot of people have already been saying that storing your coins in a hardware wallet is the go to when holding after all.

[btc78]

I have no question regarding the security level of Bitcoin for now, except if you handed over the private keys or mnemonic phrases carelessly to someone else or a third-party source. But BTC isn't perfect yet due to the quantum threat. There must be some sort of ways for Bitcoin to switch into quantum resistant blockchain or something like that. But who knows? We will see that outcome in the future though.

Have been reading about that quantum computer threat but does it really a warning for Bitcoin?or just another FUD to make this community shaken?
for couple of threads i have read about this but the claims seems to be not that serious in regards to Bitcoin security,but correct me if i'm wrong.
but as far as i am believing?cryptocurrency are safe for now and the next years to come and those claims that coming out are just a strategy of fudders here to make market fall.

[thesmallgod]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

This is how regulated bank suppose to be but it is not always the case. It has been recorded in the past where bank authorities through their staff siphon money from dormant accounts of individuals. Through crypto, you are in full control of your asset and you are required to plan how to provide the way to pass your funds to your love one in case of death

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

So how is this a currency of future, did anyone asked these question before?

cryptos are for intellectuals. You are suppose to protect your coin the way you protect your properties. This also include not giving out informations that can lead to your account being hacked and not to fall for fake giveaway. Money can only be recovered if it has not been successfully withdrawn by the third party so it is always a 50:50 chances. It is not in all cases that money being stole are recovered back by the bank

[wozzek23]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

Hmmm I don’t know who came up with the idea that cryptocurrency is 100% secure. No, cryptocurrency is not 100% secure, there are lots of risks involved in making use of cryptocurrency, and yes all the risks you have mentioned here are part of it. The thing with cryptocurrency is that it provides you with privacy, but it is not every cryptocurrency that really gives you privacy, in fact majority of them don’t give you complete privacy. Bitcoin doesn’t give you that complete privacy, because anyone that wants to trace you will still trace you.

[Rengga Jati]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

Well, yeah cryptocurrency is a secure way of investment. However, I don't think it may be the safest one because this is included in the technology and it may be hacked. but aside from this, cryptocurrency has great ideas and benefits.
They are easy for transactions around the world, quick transactions without waiting for days to make the certain transfer, not regulated by the government so that we can control our assets very well as we like. The crypto is also a worthy thing to invest and also trade. It has high volatility so that it can be utilized for trading, daily trader will really love this. And the increase of crypto price sometimes is very significant. We can hold the trusted and valuable cryptos for long-term investment. It wil be very worthy for us.

It may be what different to the stocks or even the currency on banks. However, it may also has certain disadvantages such as being lost because of hackers and others. And about the condition, if we die and nobody can claim our assets, we can manage it .
Personally, I save all data in my computer and also drive that can be accessed. In this case, I have no secret to my family so that if I die, there is another trusted family that can manage and take the crypto asset. Probably in the cyrpto world, we should have better other people that we really believe and this should be the intimate family, sibling, wife, husband, children, or parents. Although they may not know about this, after we die, they may aks the other trusted people to take care or to withdraw our assets.

[crustycrab666]

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but as far as i am believing?cryptocurrency are safe for now and the next years to come and those claims that coming out are just a strategy of fudders here to make market fall.

One of the most important things that I learned from this ecosystem is that we have to really update information, not be easily affected by FUD, it could be just confrontation and issue, with a specific purpose, as you explained. The most important thing is that we learn safe ways to store assets, the risks of our choices, so that we are prepared and not trapped in losses. Most people still ignore this security, remember hackers target you. Nothing is really safe on the internet, prepare the best possible preventive measures so you don't regret it. As long as we realize the risk, we will definitely choose the best security.

[philipma1957]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

So how is this a currency of future, did anyone asked these question before?

As others mentioned you are looking at one or two angles of security.

1)If I die my wife knows what to do.
2) I use multiple wallets but if you put a gun to my head it is no more secure than money under the mattress.

3) I can access my money in any country. If the country i live in turns bad I only have to go to another country and I will have some money.(crypto)

no 3 is really big for me. just in case.

[Vaskiy]

What's been questioned is good and the same might have stricken in the minds of each and every cryptocurrency user. We prefer the cryptocurrenciea to eliminate the intermediary, but when the funds needs to be settled to a nominee or to the family members a third-party firm is a must.

Maybe if the person has go a technology wise skilled person as nominee it isn't hard to recover the funds. It can be done just by having the recovery phrase saved and provided to the nominee on death of the user who holds the fund.

[fiulpro]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

So how is this a currency of future, did anyone asked these question before?

I do know that many people have already replied to this topic but I do think I can help with a straight forward explanation.

1. I will attach a photograph of something that my wallet sent me on email. It did ask me to actually add some nominee which upon my demise would be the one holding my coins.


This is an option with many other wallets therefore you can just hold your coins there.

2. Cryptocurrencies are not actually something out of a dark web , the cryptocurrencies are actually something that is semi transparent. Infact at places it's even better than bank accounts and such, if you do know cryptocurrencies , if you do know Bitcoins , you know how to track down a person plus wallets are now a days being provided with KYC which is not an option but is actually mandatory.

[CryptopreneurBrainboss]

"I strongly agree with you that there is no guarantee for the future with cryptocurrency. Because you are doing all those investments for your children or family, but you die there is no policy to contact them and let them decide whether to withdraw all the bitcoins or continue investing.

Again, with the current technology it's difficult to know the person who stole your crypto and that becomes even hard to trace it. So you could end up losing everything. "

But so can be the case with fiat, thousands of fiat have been lost yet it was untraceable. Uncountable individuals have lots their life savings without having the opportunity to will it to their estate. Bitcoin can to make finance more easily and personal. You can simply teach your potential beneficiary about bitcoin and how to access your wallet when you're no more and input your login details in your will which will be passed in to your love ones when you pass away.

In regards to keeping your funds safe, that's all on you. Bitcoin has come to teach us more about securing our assets. If you do the right thing, stay updated with latest information, you'll hardly fall prey to scammers exploring ways to steal individuals funds. Having fiat isn't any safer than owning bitcoin as both can be stolen yet you don't recover them.

[Bitcoinislife09]

Crypto is praised as currency of future, 100% secured way of transaction. my question is how?

-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.

-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.

So how is this a currency of future, did anyone asked these question before?

We can't deny that cryptocurrency is a great technology but it is still a bit different when it comes to fiat or banking system. There already some cryptocurrency wallet that is able to support this kind of issue when the crypto holder is already dead by it is still not optimized at this point. It's true that somehow you cant recover cryptocurrency when you already send it to the receiver but could still depend on your wallet that you are using if it's supported or if it is possible or not. For me, digital payment is still not comparable when it comes to fiat money or something like a banking system.

[shamimal93]

There is enough logic in your words.  If the bank loses money, there is a chance to get it back, but once the cryptocurrency goes into someone else's account, it is impossible to get it back if he does not want to pay.  Again, if someone dies, what will happen to his accumulated cryptocurrency?  One of my suggestions here is that you can keep your password or private key in a safe place.  So that your next generation can take your money using this private key.

[shoreno]

There is enough logic in your words.  If the bank loses money, there is a chance to get it back, but once the cryptocurrency goes into someone else's account, it is impossible to get it back if he does not want to pay. 

bank itself or bank costumers ? because if bank losses money they can print it back or they cant print unless if its declared that they wanted too but if bank costumers losses money , itl be back depending on the situation like if they got scammed or hacked . on cryptos this is mostly mostly not possible if done on a small transactions but possible if the amount stolen was huge because on the past there are miners that didnt process  those transaction as what have been order by an exchange that was hacked and also the exchange wont allow the suspected funds to entered on them .