How is the safest of the 'safest ways' to store Bitcoin?

[pakpahan]

greetings to all, when I read an online news I was surprised by this news

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.
 
Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

[Dhaniii]

greetings to all, when I read an online news I was surprised by this news

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.
 
Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

almost everyone uses a smartphone to transact bitcoin and 90% of users access their assets using a smartphone. So one alternative to keep their assets safe when their smartphone is robbed or robbed by someone, it is necessary to store the spare wallet key address in another place, so that they can re-access and reset quickly to change the address of the existing key.

[Peanutswar]

In the first place im using the bitcoin wallet called Electrum also I add an exodus wallet those wallets are on my computer of course still computer cannot be safe in some instances so I use the mobile application of that platform and then after getting a budget I tried to buy a hardware wallet because it's more secure you have the keys or the seed phrase and no one can get your funds unless you give your hardware wallet. Also, there's a layer of security too like the passwords and authentication.

[GreatArkansas]

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

[mk4]

This wasn't much of a security problem, rather a lot more of a privacy problem. You can have the most secure device in the entire universe but if you get mugged like this, it wouldn't really matter.

Take a quick read: https://cryptosec.info/wrench-attack/

[DapanasFruit]

This is just like hiding your money underground where nobody can easily access without your permission, of course. And that is where the rub is...your permission can be forcibly taken from you when you are under a knife or a gun is pointing at you or a family member. The only safe way here is not allowing anyone to know that you have Bitcoin or any digital asset. Having a wallet in our smartphone can be risky if there will be someone who will dare to do the unthinkable. Maybe there should be an app that will be hiding our digital wallets and will only show up if there is a command or a password that we can only use when we are doing some transactions. Hope someone will be exploring this option.

[Jawhead999]

Surprisingly the victim hold his Bitcoin worth of IDR 5.8M in centralized exchanges (Binance) and not using a non custodial wallet. Well it will depends on the victim privacy, did he clicked random sites? Publishing/tell anyone about his coins? did he using public WIFI to access Binance? did Binance information breached? we all don't know about it.

IMO the solution you should have separate cellphones, the regularly you use and the one used to hold Bitcoin (air gapped wallet). Gave him some portions of your Bitcoins on your regular cellphones, while you still hold most of your coins on the other cellphone.

[worle1bm]

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

Exactly if you are forced to give out keys then there is no way you can get it back.Those who have access to the keys will automatically be the owner of funds.There are many ways to safely backup your seed phrase on metal plates and hardware wallets or some other ways but if you give it yourself to someone other this could not be resolved at all.As suggested no need to show off and live low and enjoy it other ways.

[Juse14]

This is just like hiding your money underground where nobody can easily access without your permission, of course. And that is where the rub is...your permission can be forcibly taken from you when you are under a knife or a gun is pointing at you or a family member. The only safe way here is not allowing anyone to know that you have Bitcoin or any digital asset. Having a wallet in our smartphone can be risky if there will be someone who will dare to do the unthinkable. Maybe there should be an app that will be hiding our digital wallets and will only show up if there is a command or a password that we can only use when we are doing some transactions. Hope someone will be exploring this option.

True, how can people know that we have bitcoins, if we tell them ourselves. That's the point. I agree with you. We'd better keep our mouths shut, even to our own families. It's not that we don't trust the family, it's that we don't know what they think. In some cases, it is the people closest to them who become the worst threat.

[Poker Player]

The safest way is to not tell anyone that you have Bitcoin, also make sure that when you send or receive bitcoin, no one knows that you are the owner of those addresses.

The easiest and safest way to store them is a hardware wallet, but we go back to what we said before, if some gangsters know that you have a couple of Bitcoins, it is of little use to have stored them safely, they can torture you until you give them the keys.

To avoid this, you could also use a multisig, so that 2 of 3 signatures are needed to move the Bitcoins, and you only have 1 where you are. This will prevent them from taking the Bitcoin, but it may not stop them from killing you or at least beating you so badly that you have to be hospitalized.

[levyashin]

The answer never changed from day one. You need to store your bitcoin a wallet you hold private keys of. (and adding 2fa is always a good thing to do)

And yes, you shouldn't tell everyone that you have bitcoin.

[pakpahan]

The answer never changed from day one. You need to store your bitcoin a wallet you hold private keys of. (and adding 2fa is always a good thing to do)

And yes, you shouldn't tell everyone that you have bitcoin.

Thank you for all the positive answers given. the conclusion that can be obtained is to remain anonymous in bitcoin ownership, the closest people may turn into a devil when they know you have bitcoin stored on your smartphone

[mk4]

Thank you for all the positive answers given. the conclusion that can be obtained is to remain anonymous in bitcoin ownership, the closest people may turn into a devil when they know you have bitcoin stored on your smartphone

You don't necessarily need to be 100% secretive, but you need to make absolutely damn sure only the right people know that you have bitcoin. Sometimes things can go south even with your blood relatives/family, so you need to choose the closest people that you don't think would screw you over 100%. I mean, you wouldn't want your bitcoin to just disappear if it's the case that you accidentally die or something.

[pooya87]

There is nothing anyone can do to stop a physical attack! I mean you could hire bodyguards but that's about it. You could also reduce the amount you would lose in such a scenario by not carrying around all your money in your pocket! That means store your bitcoins in a cold storage stored at home instead of in your phone or even in a hardware wallet that you carry around.
Additionally you should keep your financial situation private and never broadcast it. If the thieves don't know how much money you have, you won't be targeted.

[michellee]

You have your own choice where you must save your money on smartphones. You do not have to store your digital money like crypto on your smartphones because you have another option to store your crypto in the hardware wallets and keep it in a safe place. If you still want to store your crypto in your smartphones, you should not store it in a big-money because that can prevent criminals rob all of your funds.

People should realize this to prevent criminals from robing our money in our smartphones. We need to think wise and smart to avoid the bad things that can happen to us.

[qory]

Storage on offline wallets such as paper wallet is one of the safest way to store it and probably writhing the recovery phrase and remove one word or two and remember it for yourself so if people also get that copy they will not be able to access the wallet but of course you should make a lot of copies of it so if someone rob your recovery phrase you have other copy as well.

[Pmalek]

When the lives of your family members are at risk, it doesn't really matter how you store your coins. What are you going to do? Are you going to tell the robbers I am not giving you my coins, feel free to torture my wife and child?!

If a robber knows about Bitcoin, gets access to your phone, and finds a crypto wallet, he will try to get you to give it to him. The only way you can protect yourself is by not storing all your coins in the same wallet. Diversification is the key. Keep just a portion in a hot wallet (such as a phone), while the rest is safely stored and inaccessible. If you have to give it up, you only give the robbers the keys to your hot wallet. They can't possibly know about the rest if there is no info about it on your phone and if you haven't told someone about it. 

[leea-1334]

This is the main reason I never tell anybody offline that I have Bitcoin or even a Bitcoin wallet. And I would only tell a person from online if I knew and trusted them really well,,, in fact only forum people here I trust even more than anywhere else but I would never expect them to ask me for a wallet in real life. I guess these things spill over anyway and if you had fiat it would be worse.

[so98nn]

That was just merely threat and theft case I see. It's nothing related to the security of funds. Ideally the victims money is still safe in the form of bitcoin as long as they are not disclosing the wallet private keys or pass phrases. These kinda cases are happening all the time throughout the world.

One with the Australian couple was the biggest one where they also called in police and courts to claim back what was their's. However, the case got closed as there were no digital footprints left behind and they were not able to prove that its their money.

The point here is, you just earn, invest, trade or do whatever you like with bitcoin just never disclose to anyone that you are in the possession of Bitcoin. Rest is assured by bitcoin's pseudo-anonymous nature.

[goldkingcoiner]

I think the safety and security of someone's wallet really depends on the person. Some people are just not careful. They could have a physical wallet with all the security measures and they would still give away sensitive information to third parties. My advise is, whether you use a software wallet, web wallet or physical wallet, or however you wish to store your coin, you should keep it as secret as possible. Make sure that no info about that wallet is ever connected to the outside world.