Most underrated tip to avoid losing Bitcoin: stop being lazy!

[Onset]

If you're like a normal human being, you'll get into a lot of situations where you feel too comfortable and lazy to do everything properly. This'll one day come haunt you back and have an incredibly large cost. And unfortunately, the cost will for some of us be part of the Bitcoins we own or, worst case, all of it.

I'll ask you some questions.

• When you're registering on a centralized exchange, are you reading their Terms and Conditions? What about their Privacy Policy?
• When your favorite centralized exchange sends you an e-mail about updated Terms and Conditions, do you take your time to read the update?
• When you're downloading software like Electrum or Trust Wallet, are you verifying the downloads before executing files or installing?
• Did you ever thoroughly, properly plan a way of storing your seed safely and backups for it?
• Are you storing your Bitcoin on a device specifically used for this purpose only, be it a hardware wallet or an old laptop?
• Do you store the majority of your balance on a safely created, properly stored Bitcoin wallet that only YOU own (a seed generated by you)?

If your answer is No to any of the questions above, you need to reconsider your attitude regarding the way you're storing and using Bitcoin. Never take security as a joke or you'll end up being one of the many, many, many thousands of victims of one's theft, a business's decision to seize your coins or the universe's decision to make your improperly stored seed indecipherable and lost forever in vain.


For every question above, there's a reason I asked.

When you're registering on a centralized exchange, are you reading their Terms and Conditions? What about their Privacy Policy?

• Exchanges may have KYC policies you don't know about. For what's worth, you may deposit your life savings on a popular exchange and next thing you know is they steal it from you out of what they call suspicion. But it doesn't end at exchanges. Not downloading the proper wallet can lead to this too, even if the wallet is very popular on the app store with many downloads. FreeWallet is the perfect example. They scammed their users out of probably dozens or hundreds of millions of USD. They do mention KYC policies in their Terms. Their wallet isn't even a wallet anyway, it's more like a custodial service. But who reads their long-ass Terms, right?

When your favorite centralized exchange sends you an e-mail about updated Terms and Conditions, do you take your time to read the update?

• Years ago, Bittrex users found their exchange wallets frozen due to an update of the Terms which they missed or were too lazy to read. The updated Terms forced the submission of personally identifiable documents to Bittrex in order to continue using their exchange or even WITHDRAW your coins from them! In consequence, users found their funds frozen and many of them never got their funds back because they didn't want to send mugshots and IDs to the exchange.

When you're downloading software like Electrum or Trust Wallet, are you verifying the downloads before executing files or installing?

• By not verifying your downloads, you're doing a HUGE mistake. It's a great idea to verify and never trust just your gut. There's a chance Electrum's website is compromised and you're downloading a malicious executable off the official links. For extra security, ask even on Bitcointalk whether your executable's hashes are legitimate. Better safe than sorry!

Did you ever thoroughly, properly plan a way of storing your seed safely and backups for it?

• If you're not storing your seed safely, there are so many possible ways things can go wrong. Are you storing your keys on a piece of paper? Ever thought the text may fade away? Ever thought what you'd do if a fire started in your house while you're away? What if your dog eats your paper? What if your little kid finds it and decides to rip it into multiple pieces or even throw it away without your knowledge? Think of all the possibilities and find a solution to cover most of them. The solution can be as simple as using some washers, a screw and a nut.

Are you storing your Bitcoin on a device specifically used for this purpose only, be it a hardware wallet or an old laptop?

• If you're using Bitcoin on your main device, you're doing it wrong. A wrong click can easily lead to a big costly mistake. You may not even notice it until you send your Bitcoin.. to the wrong address!

Do you store the majority of your balance on a safely created, properly stored Bitcoin wallet that only YOU own (a seed generated by you)?

• Never store your coins on a centralized exchange. Exchanges have been hacked before and you don't want to be a victim of it. Just.. keep your coins safe under your own custody. Never allow a stranger to take part in your wallet's security because you never know what could go wrong. Not your keys, not your coins. Never forget this.

Stop being comfortable. Stop being lazy! Stop underestimating what could go wrong due to your silly laziness. Protect your coins now, before it's too late!

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[Onset]

Reserved. I’m thinking of adding here some links to tutorials or something for users, I hope my OP is comprehensible, I took some inspiration from the other guys here who are always structuring their essays and threads so beautifully.

Please take care of your wallets, never take it as a joke!

[SeriouslyGiveaway]

When you're registering on a centralized exchange, are you reading their Terms and Conditions?

I did not read all of their Terms and Conditions. Never because I will waste my time to read it. I only search for information I want to know. If they have FAQs, I will look at FAQs first before searching in Terms and Conditions.

What about their Privacy Policy?

It is not my consideration if I use a centralized exchange but I know Why KYC is extremely dangerous – and useless. If you don't want to break your privacy with KYC, use decentralized exchanges.

When your favorite centralized exchange sends you an e-mail about updated Terms and Conditions, do you take your time to read the update?

I surely will check their update in Terms and Conditions if I get their notifications in email or on their social media channels.

Not all platforms will keep you notified with their changes in Terms and Conditions.

When you're downloading software like Electrum or Trust Wallet, are you verifying the downloads before executing files or installing?

I did not verify wallet softwares in the past but I am learning to do this.

Did you ever thoroughly, properly plan a way of storing your seed safely and backups for it?

Make backups. Store backups offline. Avoid third-party storage services for your backups.

If you're using Bitcoin on your main device, you're doing it wrong. A wrong click can easily lead to a big costly mistake. You may not even notice it until you send your Bitcoin.. to the wrong address!

How to lose your Bitcoins with CTRL-C CTRL-V
Check address carefully before you withdraw your coins from centralized exchange or broadcast a transaction from your wallet.

[Onset]

Lots of red flags in your answer, buddy! FAQs don’t contain all the information and it often doesn’t even contain KYC information! It’s called Frequently Asked Questions for a reason. Also, verifying software is a must and trust me, if you do it once, the second time it’s easy-peasy.

You’re storing your seed/wallet as a digitally-stored backup? What if your hardware decides to give up and fail on you?

[SeriouslyGiveaway]

Lots of red flags in your answer, buddy! FAQs don’t contain all the information and it often doesn’t even contain KYC information! It’s called Frequently Asked Questions for a reason.

I read FAQs first, Terms and Conditions later.

When you're registering on a centralized exchange, are you reading their Terms and Conditions?

I did not read all of their Terms and Conditions. Never because I will waste my time to read it. I only search for information I want to know. If they have FAQs, I will look at FAQs first before searching in Terms and Conditions.

Also, verifying software is a must and trust me, if you do it once, the second time it’s easy-peasy.

I know but never did it.

You’re storing your seed/wallet as a backup?

If you don't store wallet seed, private key or wallet file as backups, what do you back up?

[Zaguru12]

I did not read all of their Terms and Conditions. Never because I will waste my time to read it. I only search for information I want to know. If they have FAQs, I will look at FAQs first before searching in Terms and Conditions.change sends you an e-mail about updated Terms and Conditions, do you take your time to read the update?

FAQs actually give you an insight sometimes of what challenges the users usually encounter from the questions usually asked but not also checking the terms and conditions is not right also. You need to know the terms because most of the existing users might be comfortable with some terms which would actually not sit well with you and without reading the T&C there is not way you would find out.

I surely will check their update in Terms and Conditions if I get their notifications in email or on their social media channels.
Not all platforms will keep you notified with their changes in Terms and Conditions.

Do not trust any update notification you receive via email. There have been series of phishing scam attacks through this method in the past. Just go straight through the app or in build site on the app after thorough verification of the site before you proceed. Emails could be sent my scammers and the link there wound lead you to entirely a different site.

You’re storing your seed/wallet as a digitally-stored backup? What if your hardware decides to give up and fail on you?

Cold storage of seeds or keys in either hardwares or USBs are also good storage options too like the paper method or washers. Just like the washers can be stolen and papers could also be destroyed, the hardwares or usb can also get damaged by wears. Although the usb should just be a secondary source of storage since it poises more lost risk than the other two it is much portable to move around than the washers

[Lida93]

Did you ever thoroughly, properly plan a way of storing your seed safely and backups for it?

• If you're not storing your seed safely, there are so many possible ways things can go wrong. Are you storing your keys on a piece of paper? Ever thought the text may fade away? Ever thought what you'd do if a fire started in your house while you're away? What if your dog eats your paper? What if your little kid finds it and decides to rip it into multiple pieces or even throw it away without your knowledge? Think of all the possibilities and find a solution to cover most of them. The solution can be as simple as using some washers, a screw and a nut.

Storing your seed in a paper can be a costly risk to take, knowing how fragile paper could be wether laminated or not and apart from an accident of arson it's possible ink used could carefully fade away when expired. A secure way to store your seeds is with the use of metal storage which is almost indestructible and last for decades. https://jlopp.github.io/metal-bitcoin-storage-reviews/

Do you store the majority of your balance on a safely created, properly stored Bitcoin wallet that only YOU own (a seed generated by you)?

• Never store your coins on a centralized exchange. Exchanges have been hacked before and you don't want to be a victim of it. Just.. keep your coins safe under your own custody. Never allow a stranger to take part in your wallet's security because you never know what could go wrong. Not your keys, not your coins. Never forget this.

One of the wrong ways to start on with bitcoin is having you coins stored in any centralized exchange as you can go to bed as a millionaire and wake up poor the next morning hearing the news that such exchange has been hacked or for any reason concerning your data's your account has been frozen as simple as that. Having you coins stored in a non-custodial wallet where you're completely in charge of your seeds with no proxy knowledge about it from any individual on earth is something everyone should take serious about.

Having a friend have knowledge about your wallet security could be dangerous. For a friend today can be an enemy tomorrow because the future is not known and personal interests may change with time. Having someone else have knowledge about your wallet security apart from just you is no different from storing your coins in a centralized exchange.

[o_e_l_e_o]

When you're registering on a centralized exchange, are you reading their Terms and Conditions? What about their Privacy Policy?

I would point out that although you should obviously read Terms of Use and Privacy Policies, an exchange having good ones of these does not make you safe. Even the largest and most reputable centralized exchanges have been hacked or actively scammed their users. The only way to be truly safe is not to use centralized exchanges at all, and instead trade in a decentralized manner where you keep control of your own coins and you do not need to hand over your personal data at all.

When you're downloading software like Electrum or Trust Wallet, are you verifying the downloads before executing files or installing?

Trust wallet is closed source, Binance owned, trash. In addition to properly verifying your wallet software, you need to make sure you are picking a reputable, open source wallet to begin with.

[Husires]

What is happening with people? This is the second topic that I read about the terms of use. It is good that I read the expiration date of food products before eating them, let alone reading more than 10,000 words, conditions and regulations, even lawyers do not read them.

I has to divide your questions into two parts, part A related to user privacy and a small percentage of his coins, which is represented in reading the terms of use, and part B that may mean that you will lose your money, such as checking downloads before executing files or storing your seed safely and backups for it.

A:

I'll ask you some questions.

• When you're registering on a centralized exchange, are you reading their Terms and Conditions? What about their Privacy Policy?
• When your favorite centralized exchange sends you an e-mail about updated Terms and Conditions, do you take your time to read the update?

The behavior is not supposed to be the same in both matters, and a person can act negligently in reading the terms of use, but he must be careful in seed backups, because in the end it is only 12 words.

B:

I'll ask you some questions.

• When you're downloading software like Electrum or Trust Wallet, are you verifying the downloads before executing files or installing?
• Did you ever thoroughly, properly plan a way of storing your seed safely and backups for it?

[348Judah]

It's high time to wake up and stop being lazy and too vulnerable for an attack, if we are to consider most of the scam taken place, the ones we are the major cause of it are many and we are found responsible for them to have taken place because of how we carelessly handle things, i believe that it's not everyone that is good at keeping things safe but when it comes to your financial asset, it's a must for you to learn how to secure yourself and maintain a good and standard security practice, there are hunters looking for prey to feast their teeth through your mistakes or carelessness.

[lovesmayfamilis]

It's high time to wake up and stop being lazy and too vulnerable for an attack, if we are to consider most of the scam taken place, the ones we are the major cause of it are many and we are found responsible for them to have taken place because of how we carelessly handle things, i believe that it's not everyone that is good at keeping things safe but when it comes to your financial asset, it's a must for you to learn how to secure yourself and maintain a good and standard security practice, there are hunters looking for prey to feast their teeth through your mistakes or carelessness.

I remembered a recent story that happened in Russia. The official was given a bribe in bitcoins in the amount of 1032.1 BTC.
The funny thing is that he kept all his wealth, that is, the keys to the Bitcoin wallet, on his work laptop, in the most ordinary folder.
Just like that, sometimes people who commit a crime, through their own stupidity, lose what it would seem difficult for others to find.

https://www.gamingdeputy.com/the-head-of-the-tfr-received-a-bribe-in-bitcoins-and-hid-it-in-the-pension-folder/

Sometimes people are lazy, thinking that all warnings are nonsense, and nothing bad can happen to them. But one who listens to others and knows how to secure his funds will never fall into the trap.
It's trite, but true: our security primarily depends on us.

[Stepstowealth]

No[/b] to any of the questions above, you need to reconsider your attitude regarding the way you're storing and using Bitcoin. Never take security as a joke or you'll end up being one of the many, many, many thousands of victims of one's theft, a business's decision to seize your coins or the universe's decision to make your improperly stored seed indecipherable and lost forever in vain.

Out of ten persons, only like three persons will have a yes answer to all the questions. Some of these questions and the proper action to take are easily overlooked by a person that has never experienced loss of their Bitcoins through theft. Some people never do these things but they are still okay, you may not be like them and your situation may be different, that is you may loss your Bitcoins to laziness if you decide to follow the habit of a lazy person who has never lost their Bitcoins luckily.