Lessons From the Biggest Bitcoin Losses in History.

[Myleschetty]

Trust is a big word and in Bitcoin, it's everything. If you trust people with knowledge of your keys, then you've given them every right to spend your coins.

Not only that, but they have also given them every right to their life based on the number of Bitcoin holders who are murdered by people close to them. Additionally, we must exercise caution when disclosing ourselves as Bitcoin holders to others in order to prevent being physically attacked by cryptocurrency thieves who abduct or kill their victims.

[Rubuchi]

One thing with great understanding is lessons, lessons at times stands as a stepping stone for the correction of errors especially for those willing to learn from there mistakes.  
After looking at most bitcoin lost in history, I have come to understand that is is very important never to trust anyone with our bitcoin official informations know matter the relationship attached because humans can change at anytime and carefulness also. Is a key in what ever we are going.

you mean we should not trust anybody with our bitcoin private keys because that's the only asset which we should have control over and not any other person else. Regardless of how close you are with the individual, it is best you keep hold of your private keys and seed phrase. Once these two things are tempered with, you are most likely going to lose your money in your wallet. People cannot be trusted these days as our closest friends most of the time are our greatest enemies.

[Localhostspeed]

I always tell people that anything beyond self custody is a no for me. Exchange weren't designed to store your money for long term, even the name says it all, "Exchange " and it should be used for that and not holding our coins, but then anyone who value their security must be willing to pay the price of keeping their seed phrase safe from anyone or anything that can cause disaster including family member whom we can trust with our money. They say what you don't know is bigger than you so immediately anyone gets the ambition to invest in bitcoin they should take out time learn these things early as they begin their journey, so they won't make similar mistakes.

There is nothing that beat Bitcoin custody but if you are going to use Bitcoin custody, try as much as possible to gey a hardware wallet. It's safe to use hot wallet but there are many flaws in it if you make a mistake because as long as you are connected on the internet, there is risk of losing everything you have on it. Like OP said, check history of people that loss their Bitcoin, they did with devices that are connected on the internet, not from hardware wallets.

The worse to try are the centralized exchanges, these companies knows how to do advertisements, convince people to come use their exchange and in return they want to give some benefits of keeping coins on their exchange. They reinvest some of this money into other things and build more ecosystem. If something happen to the exchange, you might not be able to get your money and if there is insurance, you migjt get a little less from that money.

[DubemIfedigbo001]

There is nothing that beat Bitcoin custody but if you are going to use Bitcoin custody, try as much as possible to gey a hardware wallet.

If the amount you're storing is little, then there is no need to use hardware wallet, you can always se an old mobile phone  PC for your cold storage and make it air-gapped. Cold storage is very advisable since you would not be connecting it to the internet for any reason and as such the coins stored in it are not subject to any form of social engineering.

It's safe to use hot wallet but there are many flaws in it if you make a mistake because as long as you are connected on the internet, there is risk of losing everything you have on it. Like OP said, check history of people that loss their Bitcoin, they did with devices that are connected on the internet, not from hardware wallets.

It's not safe to use a hot wallet, unless you're using a watch only wallet of which the Master private key is absent from it. Hot wallets can be vulnerable if your device is attacked, cold storage is always better.

[taufik123]

It's safe to use hot wallet but there are many flaws in it if you make a mistake because as long as you are connected on the internet, there is risk of losing everything you have on it. Like OP said, check history of people that loss their Bitcoin, they did with devices that are connected on the internet, not from hardware wallets.

It's not safe to use a hot wallet, unless you're using a watch only wallet of which the Master private key is absent from it. Hot wallets can be vulnerable if your device is attacked, cold storage is always better.

Yes, you are right about Hot Wallets being insecure because it depends on how secure your device is and how you manage it.
Actually, if it is said whether it will be safe for all including cold wallets, it is also uncertain, but the advanced security that cold wallets have is indeed better compared to hot wallets.

Then are cold wallets always safe? The answer is certainly not because there are several hacks that have occurred related to users who use Cold Wallets
Like Trezor which a few months ago occurred a case of hacking BTC Assets owned by Trezor users with some application manipulations carried out.

https://coinmarketcap.com/academy/article/musician-loses-dollar420k-in-bitcoin-via-fake-ledger-app

This makes Cold wallets also insecure and depends on who uses them, because Cold Wallet hacks usually involve
the invigilance of their own users because the weakest and easiest to manipulate are the users.

[Hazink]

Trust is a big word and in Bitcoin, it's everything. If you trust people with knowledge of your keys, then you've given them every right to spend your coins. The best approach is using a multisignature wallet, give them one of the keys, the second pair with your lawyer and the third to a trusted friend. That way they cannot spend it unless you're no more and your friend and lawyer brings their pairs. I will only trust my nuclear family with the information of those with the keys for easier accessibility on my demise and not trusting a single entity with total access to my major holding.

And when you take this type of approach of spreading the key across different entities, you also have to make sure that nobody among them knows who and who is holding the rest of the key, so as not give them the chance or creating room for collaboration among themselves to access the wallet behind your back while you are still active and spend what ever that's inside without your knowledge.