If you lost all your Bitcoin today what backups mistakes could be responsible

[HMb1996]

Many discussions focuses on hackers and scammers but i am curious to
Know about the mistakes we could make ourselves. I think discussing about
some failure point would assist beginners in understanding risk
that are not always obvious
 

[PostQuantumBTC]

Some people go for too much security, the security that will later let them lose their bitcoin. An example is someone that split his mnemonic into different parts, but later lost one the the parts. Some people will have many security layers so that the bitcoin wallet can not be accesssed by any other person, but later the person may find it too late and not able to access it or it will be in a way that his family will not be able to access it. Security is good but it should not be complicated.

[SeriouslyGiveaway]

Some people go for too much security, the security that will later let them lose their bitcoin. An example is someone that split his mnemonic into different parts, but later lost one the the parts. Some people will have many security layers so that the bitcoin wallet can not be accesssed by any other person, but later the person may find it too late and not able to access it or it will be in a way that his family will not be able to access it. Security is good but it should not be complicated.

This is  how people try to move away from simple wallet backup schemes that are recommended by many resources to their personal ways that are more complicated and sometimes hard to use practically for their own wallet recovery.

Rather than making better security for their wallet backups and make wallet recovery more easily and accurately, they make it worse and more difficult.

How to back up a seed phrase?
Why is seed splitting a bad idea?

In order to protect their backups from physical attackers, some folks naively split the seed phrase into several parts. This exponentially weakens your seed phrase against brute force attacks, as Andreas explains in depth in the following video.

Don't try to make up your own novel seed phrase scheme; it's nearly guaranteed to be flawed. Even if it's not flawed from a security standpoint, folks often go TOO FAR and make their scheme so complex that they're likely to fail to recover the seed if something goes wrong far in the future.

[Freeveto]

One of the biggest mistakes you can make that could be responsible for losing your bitcoin will be leaving your bitcoin in a centralized exchange if the exchange gets hacked or runs off with your money. Another one will be carelessness with your seed phrase; if you mismanage your seed phrase and someone has access to it, your bitcoin is gone; they will move all your bitcoin. It is not only scammers who hack wallets who are the reason for losing bitcoin and other crypto assets; our error of not properly handling security measures of our wallets is contributing. We don’t have to always blame scammers; we should take responsibility and do our part first.

[ColdLava40]

Many discussions focuses on hackers and scammers but i am curious to
Know about the mistakes we could make ourselves. I think discussing about
some failure point would assist beginners in understanding risk
that are not always obvious
 

Hackers access your storage when you let them to. Though not directly like you giving them your keys.

The point here is when you fail to go through the right process of storing your keys, or you just do way too much than the usual. You leave a loop hole, which can be exploited by hackers or scammers.

Though scammer have to find a way to convince you into believing them and sending funds. Hackers just needs to get into your devices and take over control.

The main point here is as humans we are vulnerable to attacks or mistakes, buy when we do what's right and stick to traditional methods, we might be able to play safe.

[promise444c5]

Inventing your own complicated method for storing seed or backups is one of the most common ways people lose access to their wallets.

Thinking you can cram your seed phrase and passphrase is also part of it.. I’ve seen a lot of thread here about how they can rely on their brain as backup.. it’s one of the worse mistakes you can make and it surely cost a lot at the end.

[aioc]

but i am curious to
Know about the mistakes we could make ourselves. I think discussing about
some failure point would assist beginners in understanding risk
that are not always obvious
 

There are hundreds way to lose your Bitcoin, and it comes down to negligence and ignorance on how to safely keep your seed phrase and your coins.
The first thing that you need to learn before investing or HODLING is how to protect your seed phrase. If you lose them, it's possible that you did not put your seed phrase in a safe place, or someone got access to that seed phrase, remember you are your own bank; you're the one who can secure your seed phrase.

[Zoomic]

Some people go for too much security, the security that will later let them lose their bitcoin. An example is someone that split his mnemonic into different parts, but later lost one the the parts. Some people will have many security layers so that the bitcoin wallet can not be accesssed by any other person, but later the person may find it too late and not able to access it or it will be in a way that his family will not be able to access it. Security is good but it should not be complicated.

You are very correct, some people simply complicate security that they will begin to struggle about it tomorrow.
For example; The splitting of seed phrase without knowing that they are introducing another failure point. That is a good idea if done correctly, but it can easily turn a bad idea if;
it is done for a long term purpose
if it is kept in more than two locations.

About introducing different layers of security. That is not a good security tip. In security, it should be simple but cannot be broken if tried and not so so complex to avoid being tried.

[EarnOnVictor]

Many people have become the victim of their own carelessness while dealing with Bitcoin. The reasons are not limited to:

1. Storing seed phrases digitally in cloud notes (similar thing exchanges/wallets are forcing on us nowadays).
2. Screenshotting the seed phrases, which could expose them to malware theft.
3. Forgetting to test your backup (I almost became a victim of this 3 years ago).
4. Keeping what you wrote down carelessly could lead to theft.
5. Faintly written down the seed phrases or using a bad ink that could fade later.
6. Trusting a single means of storage.

Unfortunately, many have lost their Bitcoin forever!

[Shadiq]

There are many reasons for losing Bitcoin through your own fault, some of which are highlighted below -
1. Creating additional security measures, which leads to losing your own access.
2. Neglecting to store the seed phrase.
3. Storing the seed phrase with too much complexity.
4. Choosing a regularly used device for cold storage.
5. Being wary of fraud.
6. Most importantly, failing to control greed.

There are many more reasons why we lose funds through our own fault. Among them, most of the mistakes mentioned are usually made.

Try reading the post below for some tips on keeping your funds safe. Best advice about cryptocurrency.

[KingsDen]

2. Screenshotting the seed phrases, which could expose them to malware theft.

Some of the wallets if not all do not allow screenshoting their seed phrase. I think this should no longer be a great concern. I have tested it myself, tried screenshoting but I was obviously not allowed to do so.

5. Faintly written down the seed phrases or using a bad ink that could fade later.

I think I am a victim of this. It write down my seed phrase in a doctor-like hand writing. I didn't think it will be a big problem because I'll still recognise and understand the words anytime provided I wrote them down myself. Maybe it is time to reconsider decision and write them down plainly.

[uchegod-21]

Many discussions focuses on hackers and scammers but i am curious to
Know about the mistakes we could make ourselves. I think discussing about
some failure point would assist beginners in understanding risk
that are not always obvious
 

I have seen people talk about memorising their seed phrase. It may be possible to do so, but it is a very big risk. If, for any reason, the owner of the seed phrase loses his memory or dies, his bitcoin goes with it. That is a selfish way to back up a seed phrase.

Another risky practice is failing to back up your seed phrase. If you keep only a single copy of your seed phrase and you happen to misplace it or it gets destroyed, everything is lost.

Overall, no matter how many backups one has, carelessness may still cause them to lose their bitcoins.

[snowpega]

Inventing your own complicated method for storing seed or backups is one of the most common ways people lose access to their wallets.

Thinking you can cram your seed phrase and passphrase is also part of it.. I’ve seen a lot of thread here about how they can rely on their brain as backup.. it’s one of the worse mistakes you can make and it surely cost a lot at the end.

Yes, you are very correct here. Humans don't have the ability to keep every memory alive; some are lost, and some remain. That is why we should always go for such a way where we can make sure that we can stay safe in matters of our assets being in the crypto space. We all know the nuance of this matter and the importance of backing up the seed phrase or security keys. Some days ago, I was reading a user post, and he was telling the community that a know the user who engraved a tattoo of his private keys/seed phrase on his private part.

This is just an insane and crazy thing near me, and not an act of wisdom because of many reasons. Do you agree with this, or do you like that person's idea? As in my point of view, this can lead him to many crazy losses. What if the person who is engraving a tattoo on his private part really knows what he is engraving? Then all his assets can be compromised easily. What do you think?

[promise444c5]

Some days ago, I was reading a user post, and he was telling the community that a know the user who engraved a tattoo of his private keys/seed phrase on his private part.

This is just an insane and crazy thing near me, and not an act of wisdom because of many reasons. Do you agree with this, or do you like that person's idea? As in my point of view, this can lead him to many crazy losses. What if the person who is engraving a tattoo on his private part really knows what he is engraving? Then all his assets can be compromised easily. What do you think?

Private part ! lol..
Ait.. Tatoo needs to be written by someone unless such person can do it by him/herself , he/she risk losing their BTC to the tatoo artist.. that’s  red flag one.

Red flag 2.. when someone learns about that, he risk getting kidnapped himself.. Why stress on attempt robbery to search for seed when you can just kidnap the asset  .

Flag 3.. I’m not really sure how  tatoo inks work but it’s also worth mentioning.

Lastly, he/she can’t show their private part to just anyone, only people they trust, the problem is who can they trust.. what if they happen to reveal it unknowingly or a scenario where doctor needs to perform an operation near the part or displaying in public at beach, spa…

Well I’m not supporting idea of seed .. I don’t like tattoo but passphrase or encryption key can be tattooed somewhere hidden like your laps that will always be covered with shorts and pants, flag3 should be considered though.

[Hazink]

Many discussions focuses on hackers and scammers but i am curious to
Know about the mistakes we could make ourselves. I think discussing about
some failure point would assist beginners in understanding risk
that are not always obvious

One mistake which anyone can ever make that can cost them their coin is trusting your own brain to be your only backup. As someone suggested on this forum as part of the seed backup option. Memorizing your seed phrase without any other form of backup could lead to permanent loss of the coin if your by chance forget any of the words or can't recall the proper arrangement.

[Joy- maker]

A few years ago, i lost the bitcoin a accumulate to hold for long because i did not write down my seed phrase. Although i won't blame myself because i was not aware that there is a backup seed phrase that needed to be written down and store in a in a safe and secured place just in case i lost my device or it become faulty. Therefore, ensure that you backup your seed phrase, because i am pretty sure that there are newbies who do not about it.