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Author Topic: If you get misleaded it's your fault  (Read 630 times)
r_victory
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July 23, 2026, 09:29:59 PM
 #61

Nobody wants to be deceived, but some people choose to deceive themselves. If you warned him that it's unwise to store that type of backup in the cloud and he chose not to believe you and to go another way, that's his problem...

I keep my backups locally. I once made the mistake of saving to Google Drive, but I quickly realized it was a bad idea. Fortunately, nothing serious happened to me, like my information being stolen, but what I see daily is services like that being compromised by password theft. The problem is that, nowadays, everything is in the cloud; companies practically manage their information and that of their clients in services like Google Workspace. So, in a way, everyone is doing it wrong!

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GeorgeJohn
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July 23, 2026, 10:04:00 PM
 #62

I was sitting with a neighbour who is also into digital assets and he made mention about how good Robinhood platform as gotten.
He said he wanted to invest through them even though he has some Bitcoin.

I just advice him to not invest more than he can actually afford to lose,
Sometimes most people doesn't welcome advice from people who acquire more experience than them..it's obvious that every investment requires to be invested with what we are capable of losing..

But some people doesn't like to adhere with some people's opinion..why most of us lose in bitcoin investment today, it's because of lack of research, because if an investor make a research for embarking on investment, it will found out if the investment will be profitable or not...

I will say from my perspective, that the reason why people lose sometime via investment, it's because of over excitement or been curious and desperate to invest into something they know nothing about...

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henmark
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Today at 05:45:44 PM
 #63

Nobody wants to be deceived, but some people choose to deceive themselves. If you warned him that it's unwise to store that type of backup in the cloud and he chose not to believe you and to go another way, that's his problem...

I keep my backups locally. I once made the mistake of saving to Google Drive, but I quickly realized it was a bad idea. Fortunately, nothing serious happened to me, like my information being stolen, but what I see daily is services like that being compromised by password theft. The problem is that, nowadays, everything is in the cloud; companies practically manage their information and that of their clients in services like Google Workspace. So, in a way, everyone is doing it wrong!
I think other information being kept in clouds is not a problem, because clouds are generally a good way to keep your data and stuff because you can easily access them from anywhere and with any device as long as you can log into your account.

However, when it comes to sensitive information such as your wallet details like seed phrase or private keys, your bank account information that you can use to log in, or anything else that is related to finances and your financial holdings that can potential put your assets under risk should not be kept in online clouds because even if the company itself is trusted and trustworthy, your account could get compromised and then it can become a problem for you.

Even when you are doing it locally, like saving it in your phone or somewhere, that can also be risky because devices are also getting compromised these days through malware and other ways scammers are using to gain access to people's devices. So it's probably better if we keep these things out of the devices we use or the online clouds and stuff, we should write them and keep them physically somewhere where we know they won't be accessed by anyone else other than us, and we should try keeping multiple copies at different places if possible, for better safety.

Felicity_Tide
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Today at 08:11:50 PM
 #64



Robinhood is now allowing recovery seed backup into their cloud he said, and when I checked I got angry 💢.
It's not even Robinhood owns cloud service.


He was willing to take the risk simply because it is Robinhood, they are big he said again, but there is no such thing as been big when it comes to your recovery seed I told him, I think this will probably safe one or two beginners on here too.

I hope I'm mistaken, and I'm not exactly sure of what the encrypted backup is all about, but I don't think it's the same as backing up a recovery phrase. But I might have to do a research to know what exactly they're encrypting and suggesting as a backup option to Google Drive.

But regardless, cloud backup options are never advisable. I first came across that feature on Trust wallet, and it even specifically recommended backing up recovery phrase to Google Drive. When it comes to financial security, every individual needs to be accountable for their own funds. The fact that so many people place too much trust in third party services, makes me wonder when they'll finally learn how to safeguard their own money.

Franklyn-wood
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Today at 08:48:54 PM
 #65

Cloud storage is a wrong place for your recovery seed, do not be misleaded by centralised crypto companies who are acting like they know what's best for everyone.



It's silly if you store everything online. It's better to store it using Trezor software and others. Another simple option is, for example, writing it on paper or a durable metal medium, and keeping it in a safe place. Some crypto companies offer cloud backup features or recovery services. These features might make things easier for some users, but they also add parties you need to trust and can increase the risk exposure. So, make sure you understand exactly how the system works before using it.



I wonder how some people even up till now would take the chances of exposing there investment with option of saving there password and phrases on cloud. Among the types of storage available I prefer the cold storage system than the hot storage. I know the hot storage is easy to access at any time and place compared with the cold system of storage where one have to wait to access the information where it was kept before getting access. But it is still the best and safest way of savings phrase for me.

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