Security is important in Bitcoin

[Iranus]

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.

It's funny when you lose money because of your carelessness and negligence and you try to blame the person who introduced you to bitcoin. If you are truly passionate and responsible with your assets, then after being introduced to bitcoin you can learn more about bitcoin yourself right on the internet. Why don't you do that and just wait for others to remind you when it's your own money?
If they don't introduce bitcoin to you then you blame them for being selfish and greedy, and if you lose money or lose money because of your ignorance then you blame them for introducing bitcoin to you. We are all adults so we have to be responsible for what we do, don't blame others when we fail.

[tread93]

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.

Not only secure storage in that sense but also online security. People are careless in what they do online, they click on links sent in phishy emails and don't have good data hygene when it comes to things like that. Most people don't really do much research also sadly which results in these lost funds etc. It is a shame, sorry for your friend but this is his own doing from sheer neglect.

[AnonBitCoiner]

It means that your friend are unfamiliar with the knowledge about bitcoin and he just buy it without realising that what is important for it to continue bitcoin investment. Just buying bitcoin does not mean that you become wealthy but if you keep it save longer then you can do what you want and without security one cannot keep his bitcoin save.
Another thing is your friend write private keys on a paper and leave it on a table which means that he was not serious about his money and one cannot get profit until he become serious about his money.

In such situations there is no fault of hacker but your friend is totally faulty because one who invest in bitcoin learn all the things about hackers, stealing of money and issue about forgetting keys but after learning such things if he did this then it is his big blunder.

[cryptoWODL]

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.

After reading your post it seems like what your friend did was completely stupid as he did not protect the privacy of the wallet where he kept his invested bitcoins.I don't understand why he would write down his wallet key on paper when he could have it on his phone or PC or computer as a PDF.
There is a saying in cryptocurrency language that, Not your keys, Not your coins
Visit the link:
How to Back Up a Seed Phrase visit this link

[Bitcoin_people]

Security is the most important thing of all things, if security is not applied then the thing will never be secure. In order to keep your bitcoins safe when you invest bitcoins, you must use a secure wallet. When you invest bitcoins and keep them in a wallet you must collect keys to keep that wallet safe. As long as you can keep those keys in a safe place then your money will be saved otherwise there will be fear and risk of losing money. The first thing you need to do is save the keys to your Bitcoin investment wallet and keep them in a safe place. If you lose this key, you will definitely risk money and the possibility of losing it, and if you lose your wallet, you will not be able to recover it later. That's why security is the most important thing before you invest, so keep your wallet keys in a safe place before you invest Bitcoin.

[Humblevirus]

Yes, security is very important, and that is what everyone has to take so seriously first, especially in the cryptocurrency industry. I believe security is the first thing everyone should learn when it comes to the cryptocurrency industry. I will just say that Bitcoin is all about security because it really talks about someone's privacy, so I don't know why someone will just invest in Bitcoin without knowing much about security, but just after the profits,the person has gotten it wrong. Someone can be lucky to make thousands of dollars in profits, but if the person refuses to provide the fund with proper security, it will likely easily lose everything. So newbies like me should know that security should be the first thing they should not play with in the crypto industry.

[Assface16678]

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.

Text file? Even if you change its extension, anyone could change it. It's very easy, not to brag, but if you work in IT or information technology, changing the extension of the text file or any file will not help because if someone gets that file, they can easily convert it and access it.

But using an encryption programme is the best option, as it's not easily hacked if they don't have the encryption key, and it will also encrypt not just the password but the content as well, so even if they can decode the password, they still can't read and use the contents. The best way to secure private keys is by memorising them if you can, because nothing can remain inside your mind. Well, it's impossible always because there's a limit for human minds, so I guess the safety of private keys will depend on how much we can secure them; it depends on us, the owners.

[JunaidAzizi]

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.

Well, whenever we talk about any valuable things we directly mention the security of that thing because we know that this is valuable and someone will try to steal this and for that, we make a safe in our house to keep it safe. The same is the case with Bitcoin, even if a child knows about the worth of Bitcoin then how you can be so careless about Bitcoin security? Security is not to save the thing from others but instead, security is to keep that thing under your observation. Writing the private key on a page and leaving it on a table What kind of security is this? I called this a big stupidity and careless person who even did not care about his assets. This is a lesson for him and the next time he will be more serious about the security.

[taufik123]

-snip-
Writing the private key on a page and leaving it on a table What kind of security is this? I called this a big stupidity and careless person who even did not care about his assets. This is a lesson for him and the next time he will be more serious about the security.

Even people who are too skeptical about security prefer all security, but in the end they get stuck and suddenly all the security is useless and the wallet can be broken into by hackers.

Moreover, just writing on paper and ignoring it.
Maybe it's a simple offline method, but it will be easily damaged and won't last long.

There are many backup seeds made of stainless metal that can be purchased at a fairly affordable price.
Just need to choose which one is more suitable and safer.


https://thebitcoinhole.com/seed-backup

[Promocodeudo]

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.

OP, I advise you to give your story a good narration and direction, it has been said severally that before some could think of investing in Bitcoin or crypto currency in general, such person should know the basics, which only you should be aware of your private keys or seed phrase as name may be, so if this is real, your friend failed to maintain the basics, he was reluctant, yes, Bitcoin is for everyone but mainly for careful minded people, Bitcoin is very sensitive, those wallet was created for the users to safeguard their coin which every user is aware of, in the case of your friend he has failed to abide by the rules, I know that mistake occurs no doubt but this is very expensive one.

[boty]

It's funny when you lose money because of your carelessness and negligence and you try to blame the person who introduced you to bitcoin. If you are truly passionate and responsible with your assets, then after being introduced to bitcoin you can learn more about bitcoin yourself right on the internet. Why don't you do that and just wait for others to remind you when it's your own money?
If they don't introduce bitcoin to you then you blame them for being selfish and greedy, and if you lose money or lose money because of your ignorance then you blame them for introducing bitcoin to you. We are all adults so we have to be responsible for what we do, don't blame others when we fail.

We cannot blame other people for the mistakes we have made and we also have to be responsible for the assets we have and have to look after them well. It is important for everyone who invests to really study it well to be able to look after the assets they invest in and Don't let them blame other people when they experience failure in the investments they make.
I agree with what you say, we must be responsible about the investments we have made and if we don't really understand it, it would be better for us to learn about it first so that we don't experience failure in the investments we make.

[yhiaali3]

Text file? Even if you change its extension, anyone could change it. It's very easy, not to brag, but if you work in IT or information technology, changing the extension of the text file or any file will not help because if someone gets that file, they can easily convert it and access it.

Of course anyone can change the file extension, but the idea of changing the file extension is just to make it unattractive. Hackers usually look for text files, Word files, or files with the .dat extension, so you give the file an unattractive extension like (.dll, .sys) Or any extension for system files. Of course, there are thousands of these files in the computer, and the hacker will not try to convert the extension of all these files because it will take a very long time.

It is better, of course, as I mentioned, to change the extension and encrypt the file. Thus, until it is found, it will be difficult to open it. In any case, this method is not completely safe, but it may be useful temporarily until the seed or private key is saved correctly on a metal plate or something Similar.

[Baki202]

Yes, security is very important, and that is what everyone has to take so seriously first, especially in the cryptocurrency industry. I believe security is the first thing everyone should learn when it comes to the cryptocurrency industry. I will just say that Bitcoin is all about security because it really talks about someone's privacy, so I don't know why someone will just invest in Bitcoin without knowing much about security, but just after the profits,the person has gotten it wrong. Someone can be lucky to make thousands of dollars in profits, but if the person refuses to provide the fund with proper security, it will likely easily lose everything. So newbies like me should know that security should be the first thing they should not play with in the crypto industry.

The same way that someone will take all reasonable precautions to protect their assets, particularly physical ones, you should prioritize the security of your assets, especially if you have made significant investments. If additional security training is required, you should do so because if someone should find out that you own anything, they will target you. This is a very good lesson to learn if you are just starting out and need to add security and privacy to your classes. Even if anyone is after the profits then security should not be a problem then because no one will want to joke with their business.

People will continue to fall for these scams despite any advise you give, and if they learn from their testimony, others will too. Individuals who don't take security seriously are likened to someone who opens a gate to a robber.

[Wakate]

It's funny when you lose money because of your carelessness and negligence and you try to blame the person who introduced you to bitcoin. If you are truly passionate and responsible with your assets, then after being introduced to bitcoin you can learn more about bitcoin yourself right on the internet. Why don't you do that and just wait for others to remind you when it's your own money?
If they don't introduce bitcoin to you then you blame them for being selfish and greedy, and if you lose money or lose money because of your ignorance then you blame them for introducing bitcoin to you. We are all adults so we have to be responsible for what we do, don't blame others when we fail.

We cannot blame other people for the mistakes we have made and we also have to be responsible for the assets we have and have to look after them well. It is important for everyone who invests to really study it well to be able to look after the assets they invest in and Don't let them blame other people when they experience failure in the investments they make.
I agree with what you say, we must be responsible about the investments we have made and if we don't really understand it, it would be better for us to learn about it first so that we don't experience failure in the investments we make.

We need to blame our own self for our mistakes. This is one of the reasons why we need to learn about the security of Bitcoin and how to keep our Bitcoin asset safe from getting mishandle which can make our loses everything if we are unfortunate. Cryptocurrency has both advantages and disadvantages but we must be ready to understand what could  lead to the disadvantages and the level of the gravity. There are many investors that had lost there Bitcoin because of carelessness in handling their coins. Learning safety precautions as an investor is important because this will safe us from carelessness that could result in a big lose.

[Z-tight]

I don't understand why he would write down his wallet key on paper when he could have it on his phone or PC or computer as a PDF.

It is not recommended to store your seed phrase in your phone or as a pdf, that is such as unsafe method of backing up your seed phrase and it is very easy for an attacker to compromise it and steal your funds. You should back up your seed phrase on paper, but you must also have good opsec to store it in a place where nobody can find it. You can also add extra layers of security like a passphrase or setting up a multisig wallet, this will give you better security of your funds.

[CryptopreneurBrainboss]

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.

Well, your friend had the right Ideas but wasn't security careful. After writing out your sensitive information like private key, seed phrase, the next step would be to secure that information very well so it doesn't get into a third party hands. Another thing you friend did wrong was using a closed source wallet. Alot of users are getting introduced to the industry wrongly because of the huge presence of centralized service providers like Exchange, and wallet owned by this CEX.

Trust wallet although it's comfortably to used, isn't the most recommended wallet to use as the affair of the wallet isn't fully decentralized. Bitcoin gives the power of your finances into your hands and not having an intermediate as we do with our local fiats so you're responsible for your money. With this responsibility you should take the security of your money very serious. We have to ensure there are multiple security measures to the protection of our Bitcoin and one of the ways of ensuring hackers don't get access to them is to use a non constodial wallet and store our information off the net.

Using a hardware wallet is the most recommended way of storing Bitcoin but that doesn't mean you can't use a good recommended online wallets on an air gapped device. What matters most is how good you store your seed phrase and keep your device clean off viruses and malwares.

[Ryu_Ar1]

Actually, the discussion about wallet security has been discussed very often and indeed in the end we always come to the same point by saying that this is something very important.
For me, this is the basic thing or if this is compared to a building then this is the basic foundation in order to strengthen the building that we will occupy.
Security keys are very important and we should not mess with this, because indeed if in the end the foundation we build is not strong then do not expect the building to stand well as well as here when we are negligent and underestimate your security key or seed then indeed do not expect more with the portopolio that you store in your wallet.

[Silberman]

Actually, the discussion about wallet security has been discussed very often and indeed in the end we always come to the same point by saying that this is something very important.
For me, this is the basic thing or if this is compared to a building then this is the basic foundation in order to strengthen the building that we will occupy.
Security keys are very important and we should not mess with this, because indeed if in the end the foundation we build is not strong then do not expect the building to stand well as well as here when we are negligent and underestimate your security key or seed then indeed do not expect more with the portopolio that you store in your wallet.

What is difficult to understand is why people keep treating their coins in this way? Why it is so difficult for so many people to just write their seed words and keep them safe? After all it is not as if this is something they have never done, as there are many documents, money and other valuables that we have to secure and we can do it without a problem, so why when it comes to their seed words people fail so miserably when they know very well that without those seed words they could lose access to whatever money is in that wallet.

[terrific]

He bought on an exchange and there's no private keys in exchanges because that's normal as they are custodial wallets as well.
But not having the idea of having a private key while creating a wallet is such a negligence on that person's end.
You invest money, the hard earned you have made and you never did any research what these are for. It is understandable but a mistake that's going to teach an expensive lesson for everyone who miss it out.

[TimeTeller]

He bought on an exchange and there's no private keys in exchanges because that's normal as they are custodial wallets as well.
But not having the idea of having a private key while creating a wallet is such a negligence on that person's end.
You invest money, the hard earned you have made and you never did any research what these are for. It is understandable but a mistake that's going to teach an expensive lesson for everyone who miss it out.

He can just charge it as an expensive lesson that he will always remember by.
Sometimes we all need to experience something awful in life just to stick a life lesson that you will keep to yourself in a lifetime.
And do note that in this market, even if we did our part, research and all, we still can't guarantee that we won't suffer any kind of loss.
This is the risk part of going into any market, you can only diminish its impact if you will use your extra funds.