BTC wallet disadvantages

[decodx]

In future, when I have a high amount of Bitcoins in it, then I would use more advanced wallet type but for now, I think a software wallet is enough for me to secure my bitcoins.

But, besides keeping your Bitcoins safe in a hardware or software wallet, you must keep your wallet's backup key and password at a secure place. The backup key is the most important part of your wallet, it can be used to restore your wallet when something goes wrong and if you lose your wallet. You must keep this backup key in a secure place like a safe so that no one can access it except you.

[Doan9269]

But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.
Since their is no way you can stair up a forgotten password option in the wallet app

Why should anyone be responsible for the way you handled your wallet keys, don't you think this does not applies to bitcoin alone, just try to mishandled your money in other currencies and smell the taste of loosing them and the fact is that in most cases it is so difficult to regain any lost fund, introducing password or any means to secure your keys from the wallet being used is as if you're making a whole complications of it all because there's no guarantee that you can not forget or mishandled your password since you can take your keys with feeble hands, also savings the password with online storage services is more of a compilation of dangers to the whole thing, it's better not to constitute more problem when trying to solve one.

[Woodie]

I know for security and safety reasons thats why Bitcoin wallet have been set to have the seed phrase security.

For all i know, the seed phrase has more to do with the recovery process of a wallet than it does for security. If anything, in terms of security this could actually be a weak point of a btc wallet as you can not restrict access to a wallet as this is more like a master key.

Which is supposed to be ones wallet security pin,but you know as humans forgetting and carelessness is a must in our nature.

They say to human is to error, and this is true and a weakness to such circumstances of owning crypto.
And with all these possibilities against us, I think the best option is to share with our loved ones such secrets to avoid carrying such responsibilities alone.

But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.
Since their is no way you can stair up a forgotten password option in the wallet app

This is one part about crypto that sucks, and the thing with crypto is its either you have the private key or not and if key isn't there... then access is entirely lost, which is why extra care is needed to keep keys well secured to return access to one's coins.
Sometimes I think crypto isn't for everyone as it requires a little extra to use it but with time we shall get it right.

[libert19]

If human forgets, it's human's fault and if wallets were to give such option, it would no longer be non-custodial wallet, basically against Bitcoin's ethios.

[decodx]

If human forgets, it's human's fault and if wallets were to give such option, it would no longer be non-custodial wallet, basically against Bitcoin's ethios.

That's right! While it's true that hardware wallets are the most secure way to store your cryptocurrency, they aren't without their drawbacks. It's certainly possible to make a mistake when using a hardware wallet, and remember, there is no customer service to call if you forget an important step or misplace a critical piece of information.

With that in mind, it's clearly important that you understand how to use a hardware wallet properly. At the end of the day, your money is on the line and you owe it to yourself to do things the right way.

[Adbitco]

At first place you are liable for your security and should protect your seed phrase, which is why it's clearly stated that you should copy down and save your phrase in a secret place where only you could have access to it or can be able to view in time to come.
Anyone who lost access to his wallet doesn't have any control to his assets, but what I does most at times is to store my assets on cex by then you don't have anything to worry about seed phrase, if password is forgotten you can reset and get back your account.

[DaNNy001]

But the disadvantage is that this has led to many people loosing their Bitcoin in their wallet or should I say stuck with access to it.

If they will eliminate this security protocol you will make more disadvantages of the wallet.

I think this a good point because it would be a lot whole lot easier for hacker and scammer in the web to toil with  your wallets and eventually your BTC

[Lucius]

That's right! While it's true that hardware wallets are the most secure way to store your cryptocurrency, they aren't without their drawbacks. It's certainly possible to make a mistake when using a hardware wallet, and remember, there is no customer service to call if you forget an important step or misplace a critical piece of information.

In some cases, someone who uses a desktop hot wallet may even be more secure than someone who uses HW, because they will not relax and think that they are completely protected just because they use HW. The biggest enemy that stalks crypto users is clipboard malware and fake wallets that try to convince the user to enter their seed for some false security reasons.

The advantage provided by HW is that the seed is generated on the device itself and the user is forced to check every piece of information before confirming it. However, many people take it lightly because they think that they will not be the ones who will have clipboard malware or something bad will happen to them with the backup. Every crypto user should always be on guard, regardless of the storage method they use.

[DaNNy001]

But, besides keeping your Bitcoins safe in a hardware or software wallet, you must keep your wallet's backup key and password at a secure place. The backup key is the most important part of your wallet, it can be used to restore your wallet when something goes wrong and if you lose your wallet. You must keep this backup key in a secure place like a safe so that no one can access it except you.

I don't know about this backup key. Is it an option they add in creating your wallet in a software wallet ..
I think I skipped or missed to add up a back up key to wallet

[decodx]

But, besides keeping your Bitcoins safe in a hardware or software wallet, you must keep your wallet's backup key and password at a secure place. The backup key is the most important part of your wallet, it can be used to restore your wallet when something goes wrong and if you lose your wallet. You must keep this backup key in a secure place like a safe so that no one can access it except you.

I don't know about this backup key. Is it an option they add in creating your wallet in a software wallet ..
I think I skipped or missed to add up a back up key to wallet

Then I suggest you create a new wallet, save the backup seed and simply move all your funds out of your old wallet and into the new one. This will prevent loss of funds and you can always restore your wallet later if you need to. It's a good practice to backup your wallet seed every time you make a new wallet.