Security is important in Bitcoin

[Mr.right85]

upon creating a wallet the app will remind the user how important the seed phrase is afaik. i think your friend knows how important it was so he wrote it. it however just flew out of his mind how to keep it out of someone else sight. when it comes to money, it shouldn't be left alone on top of his desk.

Negligence and ignorance could lead you down a hole you wouldn’t get out of very easily and not without some scares to tell your story.
The process of wallet creation does put these warnings to you but, without someone to fully emphasis on what is and what could be the case in various scenarios that could lead to the need of that seed phrase or private key and what it is capable of archiving in the wrong hands, it might as well be taken lightly as in OP.

The “not your key, not your coin” phrase isn’t always enough but, one needs to realize that, your capable of loosing everything without any chance of recovery of you ain’t got the keys.

Bitcoin is open source and verifiable by just anyone. Anyone could easily scan your wallet and know what it contains and for a fact, you’ve got to secure the key of that wallet in such a way that, it is of zero existence to everyone else except you!

[taufik123]

-snip-

Bitcoin is open source and verifiable by just anyone. Anyone could easily scan your wallet and know what it contains and for a fact, you’ve got to secure the key of that wallet in such a way that, it is of zero existence to everyone else except you!

So to reduce vulnerabilities and other malicious actions, do not publicize about your Bitcoin or crypto asset holdings to the public,
because it will be very dangerous and become a source where people start stalking you.

Many influencers implement good security, and even they are very skeptical of the security of their wallets.
But in the end they experienced a hack on wallets that had many assets with estimates of thousands to hundreds of thousands of dollars.

It's not enough to just secure the keys to your wallet, it's also important not to be too arrogant about publishing what you have because it will be a lure for criminals who will stalk and attack you at any time.

[GreatArkansas]

(....)

Negligence and ignorance could lead you down a hole you wouldn’t get out of very easily and not without some scares to tell your story.
The process of wallet creation does put these warnings to you but, without someone to fully emphasis on what is and what could be the case in various scenarios that could lead to the need of that seed phrase or private key and what it is capable of archiving in the wrong hands, it might as well be taken lightly as in OP.

The “not your key, not your coin” phrase isn’t always enough but, one needs to realize that, your capable of loosing everything without any chance of recovery of you ain’t got the keys.

Bitcoin is open source and verifiable by just anyone. Anyone could easily scan your wallet and know what it contains and for a fact, you’ve got to secure the key of that wallet in such a way that, it is of zero existence to everyone else except you!

Sometimes, too much you are worried about these centralized exchanges will screw your Bitcoin on their exchanges, the more risk your Bitcoin became.  I'm not telling that using own wallets is bad, but we just really need to be cautious and be aware of what we are doing because it will really screw us and will give us a problem.

[armanda90]

Still confused with your story how possibility bitcoin not found in your friend trustwallet although have input with right seed phrase, I think beside save seed phrase don't forget to save your bitcoin address and tracking there easily if have any transaction. I doubt with wrong seed phrase and there are not found yet with bitcoin fund in trustwallet account. Regarding your friend secure seed phrase is very good technique and I doubt with bitcoin not fund yet in trustwallet but you need input carefully with seed phrase when have one words wrong will potential change the trustwallet account. To make it coherence you need the save with bitcoin address and check it the same with your friend bitcoin address or not.

In trustwallet not any security added like save bitcoin in the exchange account need to input 2FA code until email verification, actually if some one have access with your friend wallet and loss worth $2,000 better check bitcoin address explore are there have transaction of bitcoin or not?

[Fundamentals Of]

The number one problem with your friend is that he invested in something right away even if he doesn't understand it yet. That's not uncommon especially when it comes to Bitcoin or crypto. There are so many newbies who are just attracted by the price growth that they immediately buy without even understanding the basics. This is the only reason I see. Otherwise, how can somebody who really knows Bitcoin doesn't know that a seed phrase is to be kept in secret? That's very basic. Those who are too eager to buy Bitcoin shouldn't miss it.

[Onyeeze]

There two things that could have happened to your friend, first is his wallet might have been compromised through phishing attacks or any attacker, this is achievable without the hacker having access to the offline seed phrase. If it is then the physical seed phrase that was used to get access to the wallet then I wouldn’t call your friend’s case a case of lack of knowledge but carelessness because when creating a wallet every wallet even trustwallet will tell you the importance of seed phrase and that you shouldn’t let anyone have access to it.

Is off no use by achieving it because I know quite well that achieving such is not important again because what we are looking at for the achievement is the two thousand dollars worth of bitcoin in the wallet, so it's very clear and very understanding that the bitcoin in that particular wallet has being used or transferred to another wallet and as the bitcoin is being transferred to another wallet they will swap it so that it will not be find anyway, so I think we have to understand that properly, actually what op said concerning security is very important mostly the new people in bitcoin doesn't know that seed phrase is very important

[Apocollapse]

That's not about security, your friend is just fucking dumb since he publicize his own password.

Do you think it's clever to write your Bitcointalk username and password, then throw it away to everywhere you want?

This is why before try something, one should understand and learn what he do to prevent about this case may happen due to carelesss.

[tranthidung]

That's not about security, your friend is just fucking dumb since he publicize his own password.

Do you think it's clever to write your Bitcointalk username and password, then throw it away to everywhere you want?

This is why before try something, one should understand and learn what he do to prevent about this case may happen due to carelesss.

Careless
Dumb
Lucky

but it starts with his carelessness first.

How do you safely keep your recovery phrase written on paper?

That careless person was lucky because his Mom found this, not a bad person not a stranger. It is one of worse practices to lose bitcoins.

Yesterday, my mom did a general cleaning on my room and when she's done, I saw the recovery phrase of my Trezor hardware wallet on the garbage can which I placed on my computer table

Avoid these mistakes or lose your bitcoin

• The laptop flew away
• The not-so-secret phrase
• The unlucky hard drive
• The fake give away
• The coffee shop arbitrage

If you are careful, read those common mistakes and avoid them. I made some mistakes too, such as storing my passwords online, in my Dropbox accounts, but after a few years in cryptocurrency, read many warnings and advice, I stopped doing this years ago too.

Online accounts on third party platforms should never be safe places to store a wallet, wallet seed phrase, private keys or passwords.

Do all of it offline!

[samuraijin]

It's not enough to just secure the keys to your wallet, it's also important not to be too arrogant about publishing what you have because it will be a lure for criminals who will stalk and attack you at any time.

I agree with you that publishing your bitcoins to everyone will provoke criminals to try to hack your wallet, that's the thing that most people avoid, at least keep it quiet and safe without anyone having to know, except for family, another thing is using 2FA security.  That's the most important thing, for example email, your cell phone, laptop and anything related to your assets on digital devices.

[EarnOnVictor]

This is another example of those who learned in the bitter way, I wonder how we have to be careless about our money, particularly if the money is big enough like this in context. Your friend is to be blamed here, it's not the wallet, and it's not hacking, I guess he must have carelessly left the paper in a place where others with Bitcoin experience got to see it and make the sharp move against him. To make matters worse, he might have written the wallet (Trustwallet) that the seed phrases are meant for, which I will never advise anyone to do but to code it for people not to know what they are actually meant for.

Even the seedphrase, it's better that we code it well so that it will not be useful for anyone using it without our permission. This story is actually painful to me because money is not easy to come by, your friend should have been smarter than that. This is why I advise anyone trying to do something that involves money to know all it takes to be safe in it, and not rely on their usual understanding or belief. By this, it could be carelessly handled just like the other patterns of their lives in most cases.

[Litzki1990]

Safety is important in every case. If you keep money in a bank, you will look for adequate security there, if you invest, look for an investment platform with more security, if you go somewhere, look for a good and safe hotel, that is, everywhere our security is given the most importance. If we are apathetic about security when it comes to investing in bitcoins, then we need to take maximum security then invest in bitcoins and try to hold on to that investment. Hardware wallets are considered as the most secure wallets and investors prefer to use such wallets. Exchange wallet is not safe now because this exchange has cheated us and money laundering cases are going on in the name of some exchange ie if for some reason exchanges cheat people again then the loss will be ours. Considering all these things we must be careful and take safety measures.

[bluebit25]

Although I have mentioned this story many times before, it seems that it will continue to be repeated as a misconception about investing for many people. It will be quite similar to a child learning to ride a bicycle, he must learn the most basic things to be proficient, and it will take a lot of time for him to be able to control the bike as he wants, and with the right tools. Smart people will make things happen faster.

Back to the problem, security is like a way to equip the owner with safety, but it does not mean safety is guaranteed. For newbies, they encounter many problems with asset management, and make more wrong judgments about investing. They are easily informed about opportunities to start without foreseeing the consequences, and the element of luck is attached when people refuse to accept learning. If it's just keeping the private key, seed phrase, etc., there are thousands of different ways, even if people intend to bury it with death. But remember, it's important to re-understand how it works and reconsider what you're looking for with what you have.

[taufik123]

-snip-
I agree with you that publishing your bitcoins to everyone will provoke criminals to try to hack your wallet, that's the thing that most people avoid, at least keep it quiet and safe without anyone having to know, except for family, another thing is using 2FA security. 
-snip-

2FA will not help completely, even the security can be hacked easily by the Xenomorph Malware that was splashed a few months ago.
The most secure ones now use hardware wallets that are not connected to the internet.
https://www.threatfabric.com/blogs/xenomorph

The use of mobile wallets will be quite vulnerable because they are always connected to the internet, therefore do not use the main wallet on your mobile,
just store it in a hardware wallet and it will avoid malware and other dangers.

[Hispo]

I don't know about you, but I have gotten the slight impression this thread as started by some kind of artificial intelligence or something.
Anyways, keeping that aside...
I believe that saying Bitcoin is about security or that security is important when comes to Bitcoin and Bitcoin holding is a huge understatement. This whole ecosystem is built on the fact people is supposed to take their personal and financial security on their own hands, and so, one is the sole responsible for their money.

If Security was not as important within this ecosystem, people would not even bother to invest money in buying hardware wallets or an additional Computer to be able to sign transactions in an airgspped environment, among other measures. Now even mention that one is not supposed to disclose one's holding to people one does not trust. The whole experience of holding Bitcoin could be taking as a lesson on financial, electronic and personal security/preservation.

[Blitzboy]

Like many of us in the crypto world, your story hits close to home. People should always be very careful with their own safety in the world of Bitcoin. Now, as we move towards decentralised banking, we also move away from traditional safety netts. What if something goes wrong? There's no bank to call, right? In light of this, it is very important to understand the significance of a seed sentence. You might lose your wealth if you lose the key to your digital vault.

A friend of mine lost access to their Ethereum wallet because they forgot their seed phrase. Unfortunately, it was very sad, but it taught us a lot. Like the keys to our house, we need to be very careful with our computer keys. People who are new to crypto should think of it as their introduction: they will learn how to put security first. The duty that comes with being financially independent is more than just keeping your assets safe.

[KiaKia]

You both need to learn a lot about Bitcoin, I believe you are also lacking, because you should know that recovery seed is always available in the wallet even after you wrote it down, its not gone until he uninstalled the crypto wallet from his phone or PC.

If the phone is stolen or lost and he can't find where he wrote down the recovery seed then there is a big problem, tell him to go into trust wallet and find his recovery seed in there.

Tell him to go to settings inside trust wallet and click on wallets, there will be three dots by the right side of his smartphone and tell him to click on that he will get option to manually backup his recovery seed again, viola , he got his key back.

[Manny@11111]

Security is key as regards crypto account for guide against theft but your friend was only negligent for losing paper he wrote his details on though I understand where you are coming from trying to emphasize more of securing crypto details for teaming newbies but newbies should first understand fundamentals of cryptocurrency before dabbling into it.

[oktana]

Did you bring your friend into Bitcoin or someone else? Unfortunately this is from where your friend learnt. I am sure that he/she wasn’t able to purchase the bitcoin all by themselves so that means someone helped them, and whoever it is has most of the blame to take because I think they didn’t emphasize well enough for him/her that private key and mnemonic phrase is the access to one’s wallet. Also, your friend is careless because your wrote it down, dropped it on the table (can even keep it carefully even if not with the fact he didn’t keep it secretly), and when it was time to login, he has to start looking for the paper. That’s sad. I hope you’ve taught your friend as much as you know. They can join this forum to learn even more from people with more experience.

[ancafe]

The reason why i outline that security is one the most  important thing or objective that a beginner in cryptocurrency journey should know as one of the major key is that , my friend who bought a Bitcoin with the savings does not know that trust wallet seed phrase which some people called "private key" is very important, he bought a Bitcoin that worth two thousand dollars and he never knew that his seed phrase have to keep in secret and he wrote his seed phrase on paper and drop it on his table after two months he started looking for the paper were he wrote his seed phrase where he login his trust wallet and two thousand worth of Bitcoin in his wallet is  not to be found, its there i noticed that security is highly important in Bitcoin and right now im of very observant and careful with any that concerns security mostly cryptocurrencies.i am a newbie and i will like to tell my fellow newbies to be security conscious of things that relates with Bitcoin because its a decentralized currency.

Is there no one who reminds him of security and where he knows Bitcoin so that he can be this carelessly. That is why beginners are not recommended first to invest before he understands the basic things that need to be learned in Bitcoin, two thousand is not small money in my country and it is big enough for beginners to take the approach in Bitcoin. Personal seed/key phrase is important enough to be kept secret and stored because people can access our wallets if they know.

Hopefully it will be an important lesson for anyone at the beginning of entering the investment because carelessness or ignorance can have a negative impact on people who are negligent and anyone who is involved in Bitcoin must have knowledge and not force themselves as your friends do. No one can describe whether or not your whole story is true, but that is an important lesson that must be watched out by everyone.

[yhiaali3]

In my early days when my bitcoin wasn't worth a lot of money I used to keep my private keys in renamed txt files hidden somewhere on my computer. I'd take a normal text file, change the extension into something like "infinity.dll" and hide it somewhere. That's not proper security, but still many times better than some people, who store these on gmail accounts, cloud servers, or password managers.

A good way to keep the private key is through a text file and change the extension, but it is not the best way of course. In any case, it is not wise to talk about this method in public forums because you will draw the attention of hackers to try to find such files and examine them to obtain the private key.

It is also better to use an encryption program to encrypt the file so that hackers cannot open it even if they find it, or to use a Word file instead of a text file and encrypt it with a strong password and change the extension so that the file type is not known.