NEWBIES: Balancing security risk.

[jrrsparkles]

Sure thing, balancing the risk when it comes to the crypto wallet is important not just for newbies it's the same for everyone who is holding assets. If they are holding a lump sum as their crypto portfolio then they should consider keeping it in cold storage. This means the device where the wallet is installed never connects to the internet so it mitigates the vulnerabilities of such an attack which can cause you to lose bitcoins.

https://localcryptos.com/

This site is no longer operational since it shut down in October 2022.

[alastantiger]

In July 2011, a well-known bitcoin awareness and education project lost almost 7,000 bitcoin. In their effort to prevent theft, the owners had implemented a complex series of encrypted backups. In the end they accidentally lost the encryption keys, making the backups worthless and losing a fortune.

This is sad. I literally just made a post asking is multi-sig is ideal for individuals to store their bitcoins. And here I am almost getting the reply to it. And worst still this is not even an individual case but it happened to a group. Therefore I think that cooperate bodies as well as individuals should think twice about the pros and cons of whatever security measures they intend to implement to store their bitcoins.

I don't even think that beginners need to be so over zealous and use complex passwords that they would soon forget. They could use unique passwords that only them can understand and has cues if they suffer amnesia and forget it.