The Security Of Your Bitcoin Goes Beyond Owning Secured Wallet Alone.

[Jubilee58]

Securing your bitcoin wallet is very important if one really want to engage in bitcoin investing. This entails using self custodial wallet, generate your key, and seed phrase, and as well keeping them safe. But their are other habits that some investors do that still compromise the security of their Bitcoin.
Some investors are eager to make quick money, and can use their Bitcoin to join ponzi scheme, this act compromise your bitcoin security because you are likely to loose your bitcoin in such investment.

There are situations where some bitcoin investors convert the Bitcoin in their wallet to other altcoins because of hype, or social media influence, and we know such coin will dump, and never rise again. So when you invest in such coin after converting your bitcoin, you will loose your coin, and is a way of compromising your bitcoin security.

Some impatient investors, can transfer bitcoin from their wallet to their trading account, and we all know even as a professional you can Make losses in trading, so they eventually loose their bitcoin to trading instead of keeping it in their secured wallet, and wait for maturity.

These are some of the ways some investors  looses their bitcoin, but to further protect your Bitcoin even with your secured wallet, these points given above should be highly prohibited.

What is your take on this?

[PostQuantumBTC]

The one that you mentioned that I against the most is trading, they will think they can multiply their money but they will be losing at the ending. The money that they supposed to use the hold bitcoin will be lost. I prefer earning little amount of money from bitcoin than trading because trading is very risky.

[Ishicryptic]

The safest place to keep your Bitcoin as an investor is in a none custodial wallet and the security of your wallet is totally under your care, it is your basic responsibility as a Bitcoin investor, other ways to protect your coins and avoid being scammed and your wallet hacked are secondary measures which are also important. If you leave your Bitcoin in your none custodial wallet and focus on the primary responsibility of securing your seed phrase you will not have any problems about secondary securities which are where you might give room for criminals to steal from you.

Only send Bitcoin to an exchange account if you want to trade your coins or do p2p, holding is safer than trading, don't join Bitcoin investment platforms because you can do it by yourself, Bitcoin is not the same with altcoins, don't think that they all have the potentials to reach ATH, for large amount of Bitcoin priotize cold wallet over hot wallet. Try as much as possible to be private about your Bitcoin so you don't get attacked physically by robbers or be targeted by scammers who will be plotting how to get your personal details to hack into your device to steal from you.

[Bitcoin-Forever]

These are some of the ways some investors  looses their bitcoin, but to further protect your Bitcoin even with your secured wallet

If you have a non-custodial wallet and still don't maintain privacy and security measures, you are not safe and could by any form of vulnerability lose your assets, we need to always get information and be security-alerted; most of the way you discover about Bitcoin holders losing their assets is by their way of negligence towards handling their wallet sensitive information that should prevent any third party from having access to their asset, but due to lack of exposure, this same decision that should be a guide for them will serve as a route to being scammed.

[Livingleged]

Securing your bitcoin wallet is very important if one really want to engage in bitcoin investing. This entails using self custodial wallet, generate your key, and seed phrase, and as well keeping them safe. But their are other habits that some investors do that still compromise the security of their Bitcoin.
Some investors are eager to make quick money, and can use their Bitcoin to join ponzi scheme, this act compromise your bitcoin security because you are likely to loose your bitcoin in such investment.

In trying to keep your bitcoin safe just like you’ve said that it’s actually better to have your coin held in a non custodial wallet that only you have it keys is very much accurate, but then not just a non custodial wallet but the one in which it source code are open to the public is more secured and highly recommended.

There are situations where some bitcoin investors convert the Bitcoin in their wallet to other altcoins because of hype, or social media influence, and we know such coin will dump, and never rise again. So when you invest in such coin after converting your bitcoin, you will loose your coin, and is a way of compromising your bitcoin security.

I think this scenario has more to do with trading of funds management than security threat or compromise as you have put it, why I said so it that immediately  you swap bitcoin to another alternative coin it seized to be bitcoin and it’s expected to behave differently from bitcoin.

Some impatient investors, can transfer bitcoin from their wallet to their trading account, and we all know even as a professional you can Make losses in trading, so they eventually loose their bitcoin to trading instead of keeping it in their secured wallet, and wait for maturity.

For specific reasons, I might just want to trade bitcoin to earn profit in short time because I can’t wait that long for the next bull market. that doesn’t make me a bad investor either, it all depends on how you balance your portfolio. There are people making money from the trading on a daily based, I am sure you know about that, and I think its worth risking if you have the knowledge. Most time we are only pointing at the negative side let’s balance things at least.

[Marvelockg]

These are some of the ways some investors  looses their bitcoin, but to further protect your Bitcoin even with your secured wallet, these points given above should be highly prohibited.

The discipline that is expected of an investor goes beyond some major areas that is mostly talked about by an average bitcoin person. it include every and any aspect of staying invested in bitcoin that if ignored is capable of ruining things for the investor. for instance, if you focus only on security and yet you are following after trend, you will get tempted to sell just because others are doing so and with that, it only means that you are not going to fully benefit from having a portfolio that is robust enough. it is just like you own a piece of land and you are in a hurry to sell just because others are doing so even when you have decided that you are going to keep your land for a period of ten to twenty years for it to yield better returns. while you secure the long for the short time you held it, selling it to early takes out all the value you are supposed to get from investing in your coin.

security is important just like proper emotional maturity is because they are all vital in the overall stay of your asset.

[Dreadboost]

When investors use their money to join ponzi scheme, trade, and invest, then, in the process, lose their money, it is not the same thing as Bitcoin security. Both involve risk that can lead to losing their Bitcoin, but they are not the same thing.

The difference is the intention. Ponzi schemes, trading, and investment are carried out willingly by the owner. Evidently, the choice was made by them. But in Bitcoin's security, it is about being careful so that someone with ill intention wont have access to your Bitcoins. It is about not losing the wallet seed phrase, or exposing your private keys to the public, and more.

[Frankolala]

There are also other ways which investors can lose their bitcoin in addition to what is in the OP.
Address poisoning can make you lose your bitcoin when a dust transaction is sent to your wallet and you don't know about it. You will spend it along side when making a transaction to their own address if you don't recross check the address you are sending the funds to. This is why it's good that before sending funds to any wallet address make sure that you check it over and over again.

Phishing link is also another way scammers can steal your coins from your wallet. They send you a link that was you click on it, it expose your wallet to them for easy access to steal your coins. Clipboard malware is another one. Just be careful and vigilant.

[IceLincoln]

Securing your bitcoin wallet is very important if one really want to engage in bitcoin investing. This entails using self custodial wallet, generate your key, and seed phrase, and as well keeping them safe. But their are other habits that some investors do that still compromise the security of their Bitcoin.
Some investors are eager to make quick money, and can use their Bitcoin to join ponzi scheme, this act compromise your bitcoin security because you are likely to loose your bitcoin in such investment.

There are situations where some bitcoin investors convert the Bitcoin in their wallet to other altcoins because of hype, or social media influence, and we know such coin will dump, and never rise again. So when you invest in such coin after converting your bitcoin, you will loose your coin, and is a way of compromising your bitcoin security.

Some impatient investors, can transfer bitcoin from their wallet to their trading account, and we all know even as a professional you can Make losses in trading, so they eventually loose their bitcoin to trading instead of keeping it in their secured wallet, and wait for maturity.

These are some of the ways some investors  looses their bitcoin, but to further protect your Bitcoin even with your secured wallet, these points given above should be highly prohibited.

What is your take on this?

OP majority of what you talked about have nothing to do with security of bitcoin itself but rather bad practices that can affect our investments.
People don’t use their bitcoin to join Ponzi schemes but maybe their wallet addresses where they store bitcoin and converting bitcoin to Altcoin for whatever reason is not a good idea at all, anyone who does that obviously don’t know what they’re doing.
Trading is a risky game and people lose money in it so it’s not necessarily a bitcoin security problem.

I think your thread title should be changed to suit your content…

[Sammye3]

~snip

This context of this post is a bit sketchy because it's difficult to understand the relevance of the topic with its context. But for clarity sake, using bitcoin for ponzi scheme ( if there is any) does not compromise the security of your bitcoin because the scammers have no access to your bitcoin unless you provide your seed phrase in the event of the scheme which seems stupid.

Your point was majored on how bitcoin could be lost and not bitcoin security. It would be nice to make your points clearer for better understanding.

[Creeper0]

Choosing and managing a secure wallet is technical knowledge, while managing investments is strategic knowledge. We need both types of knowledge to successfully sustain investments in the long term. Just as strategic knowledge is essential in investing, so is technical knowledge.

It is not enough to store Bitcoin in an investment wallet, but you also need to have knowledge of how you are storing and managing Bitcoin. How to HODL Bitcoin for a long time and how to take advantage of the market and how to reach your goals quickly are important in investing. It is also important to have knowledge of how to diversify your funds and how much money to keep in which asset. Investing is not just about buying and leaving, it is also not advisable to be indifferent in coin selection. You need to evaluate both technical and strategic knowledge equally.

[Dogedegen]

What is your take on this?

To have a secure Bitcoin wallet is one of the most important things if you want to invest in Bitcoin in the long run, this is also why big holders offload this activity to specialized firms whose main business is custody of big wealth. It can get more difficult and complicated and risky the more money you want to secure, even if the same wallet can hold any number of Bitcoin. But the more value you have, the better security you need. Still, the wallet security does not guarantee that your Bitcoin will be safe. You need to consider that the biggest threat to the Bitcoin is usually the person who is using the wallet, and not the security level of the wallet.

If you have someone with a lot of knowledge and discipline using a basic wallet they will make fewer mistakes than someone who has the most secure hardware wallet but lacks good security judgement. Someone with a browser extension wallet can have better security than someone with a ledger wallet, and we have confirmed this with data from practice. We have see many times people who have a ledger or other hardware wallet input their seed phrase in some website on the internet, completely defeating the high security that the wallet brings. This is why education and learning proper decision making are even more important than choosing the wallet. If you make bad decisions, no wallet can protect you but if you make good decisions then you can have a good amount of security even with basic wallets.

[Itz-prisigold]

A lot of investors tend to put their concentration mostly on private keys and seed phrases, but then start making decisions that end up putting the Bitcoin itself at risk. In this kind of situation, the wallet has performed its function but the owner has not.

With my little understanding, I believe that emotions can cause more mistakes than lacking of knowledge. Fear of missing out, greed, impatience, etc. have most likely led to more losses of bitcoins than wallet hacks have. The quest for the next big coin or the desire to double your investment in a short period of time can sometime go wrong. The most secure action is to simply hold on to your Bitcoins, always ignore all these social media noise and just stick to your original plan. Good security is not just about the technology, it's also about the discipline to not take risks that are unnecessary.

[Byebyebtc]

If your Using your bitcoin for such activities, it can not be regarded as investment anymore. what was the use of trading your fiat to bitcoin if you know you will use it for such activities later on, you should have as well better just kept the money as fiat.

The purpose for bitcoin investment is to invest and accumulate more bitcoins with a set term goal. Using your bitcoin for any other thing was never the plan. As a matter of fact you are supposed to keep money aside in fiat as emergency fund, so your investment can be protected, and that alone is for emergency, that clearly shows you how valuable your bitcoin investment is, so i do not see any reason why one will use his or her bitcoin for shitty things like ponzi sachems or what so ever. its an investment not a bank.

[Mhizlove]

Actually scuring your Bitcoin is not just about hiding your private keys or your seed phrase most of the time, most faults come from the person who owns it because of the kind of decisions they take. And a lot of people have lost their Bitcoin due to greed and rushing to make quick profit rather than holding it patiently, they normally go after investments that promise huge profit which is too good to be true. Personally for me I will say that Bitcoin security is not about securing your wallet alone, but also about self-discipline and control.

You see, if you know that you don't understand investment well enough, don't risk your Bitcoin or your money. Sometimes we put the blame on hackers meanwhile, it's not them, but the wrong decisions we take that make us lose our coin.

[Cryptomultiplier]

Owning secured wallet alone doesn't make your Bitcoin safe in the least, because there's the need to know and apply risk management practices to the best effect and that entails your emotional and psychological discipline and patience and a lot more because the market is brutal and any mistakes from any direction can lead to loss irrespective of your secured wallet.

[Felicity_Tide]

There are situations where some bitcoin investors convert the Bitcoin in their wallet to other altcoins because of hype, or social media influence, and we know such coin will dump, and never rise again. So when you invest in such coin after converting your bitcoin, you will loose your coin, and is a way of compromising your bitcoin security.

Really?, but that sounds more like someone who's trying to mess around with random projects, rather than sticking to Bitcoin which is the main deal. Someone who decides to invest in shitcoin has nothing to do with compromising the security of their bitcoin. It's more of a bad choice rather than an issue of security flaws/loopholes. Investing in terrible projects like that makes you lose your money.

Some impatient investors, can transfer bitcoin from their wallet to their trading account, and we all know even as a professional you can Make losses in trading, so they eventually loose their bitcoin to trading instead of keeping it in their secured wallet, and wait for maturity.

Well, this other one also doesn't have anything to do with security.
Moving your funds to a trading account is always a choice, and it's done cautiously by those who think they're good enough to trade with their money. It's a personal choice. I think when we talk about security, we're literally identifying those little flaws that can compromise our holdings. Connecting your wallet to random project online is one of those flaws... Exposing your seedphrase is also another... Using wallets that are closed source is also one of them, and so many others.

[MainIbem]

The one that you mentioned that I against the most is trading, they will think they can multiply their money but they will be losing at the ending. The money that they supposed to use the hold bitcoin will be lost. I prefer earning little amount of money from bitcoin than trading because trading is very risky.

There are two options in Bitcoin, trade with it or investment, although trading is very risky like you said and only few percent of traders are successful in it. However i won't encourage people towards it, neither would I discourage people against it like I do before now cause I've realised that everyone has a choice to what they want to do with their money but the ones who want to give real value and security to what they put into Bitcoin would choose investment over trading cause investment require storing in a wallet where there's no third-party while trading is done in exchanges which doesn't give self-custody.

[Btcdeybodi]

Some investors are eager to make quick money, and can use their Bitcoin to join ponzi scheme, this act compromise your bitcoin security because you are likely to loose your bitcoin in such investment.

How does using bitcoin to join ponzi scheme a way to compromise one's bitcoin security? i want to know because am still trying to understand how bitcoin security can be affected by joining a ponzi scheme with it. You can only lose your bitcoins when you use it to invest in scam projects but it doesn't affect the security of your wallet except you connect it to their app but they can't still have access to your coins unless you enter your secret keys or password.

There are situations where some bitcoin investors convert the Bitcoin in their wallet to other altcoins because of hype, or social media influence, and we know such coin will dump, and never rise again. So when you invest in such coin after converting your bitcoin, you will loose your coin, and is a way of compromising your bitcoin security.

Here you go again, how does converting bitcoins to altcoins become a security threat to your bitcoin?

Sorry to say but you ain't making any sense