Your Bitcoin is NOT inside your wallet app (and why that saves you)

[Call_Me_Guru]

The initial interest of people in Bitcoin was simply to own Bitcoin. So I think it is only natural that they are not interested in learning more about the use of Bitcoin and wallets. But I am convinced that the longer they invest in Bitcoin, that awareness will eventually continue to grow, making users ultimately more concerned about the Bitcoin they own.

You know this is the biggest concern for Bitcoin investment? A lot of investors ended up hacking wallets or getting scammed. Owning Bitcoin and investing in Bitcoin won't be the same, and we have to understand the difference between owning Bitcoin and investing in Bitcoin. You can invest in Bitcoin on Binance, purchase there, and trade.

But when the question comes to owning Bitcoin, then you have to own your Bitcoin by a wallet that you have full control of. In a single word, a true noncustodial wallet is either a Bitcoin Core wallet or any other software hardware wallet. Although Bitcoin exists on the blockchain, but control by the wallet seed or private keys.

Thanks for adding that crucial layer of clarity, security precision is everything. I support your response as is an essential distinction to make clear for any beginner reading this. While the underlying coins technically exist on the shared distributed ledger, your software or hardware wallet acts as the absolute custody gatekeeper. If an attacker gains physical control of an unlocked device or extracts the operational keys, they control the destination of those funds on-chain.

[Don Saga]

I have come to understand that when it comes to wallet many newbies are not even interested to learn the basic to have the understanding and this is why newbies normally have challenges that has to do with wallet. Their are a lot of persons that are doing a major investment hodling and it is in an exchange wallet,  and this is not good for investment because it is not safe but newbies and beginners are unbothered about it. People are very interested of making some profits frok their bitcoin investment and they haven't come to think it if they are securing their bitcoin investment in right way.

Most people do not understand that securing their assets should come first before thinking about accumulation, because what's the essence of an investment with poor security measures? Some newbies are comfortable with the basic knowledge about wallet security and that's very bad, there is no need to wait for the occurrence of a compromised wallet before taking wallet security serious.

Bitcoin should be for long term holding and during that period, because there would be advanced cases of potential scam schemes and lack of that knowledge would definitely put the holders of the assets at the risk of losing their asset.

[Pikiboy]

I have come to understand that when it comes to wallet many newbies are not even interested to learn the basic to have the understanding and this is why newbies normally have challenges that has to do with wallet. Their are a lot of persons that are doing a major investment hodling and it is in an exchange wallet,  and this is not good for investment because it is not safe but newbies and beginners are unbothered about it. People are very interested of making some profits frok their bitcoin investment and they haven't come to think it if they are securing their bitcoin investment in right way.

Most people do not understand that securing their assets should come first before thinking about accumulation, because what's the essence of an investment with poor security measures? Some newbies are comfortable with the basic knowledge about wallet security and that's very bad, there is no need to wait for the occurrence of a compromised wallet before taking wallet security serious.

Bitcoin should be for long term holding and during that period, because there would be advanced cases of potential scam schemes and lack of that knowledge would definitely put the holders of the assets at the risk of losing their asset.

When a trader understand the reason of security you would see that they would learn everything possible just to Make that everything remains normal, again, for those who are holding if they also neglect the power of security then hacking could be inevitably from them because they have disregarded the security aspect of Bitcoin and that is what they should be putting their mind at all time so that they could be too hard to be penetrated.

[Hazink]

When a trader understand the reason of security you would see that they would learn everything possible just to Make that everything remains normal, again, for those who are holding if they also neglect the power of security then hacking could be inevitably from them because they have disregarded the security aspect of Bitcoin and that is what they should be putting their mind at all time so that they could be too hard to be penetrated.

Some investors will feel like they will do the security thing later. They are more concerned about buying and trying to accumulate wealth, while some don't trust themselves that they can protect their wallet well, which is why they leave the security task with a third party by trusting ETF or centralized exchange but the price they pay for such decision is that they don't hold total control of their investment.

[hd49728]

Some investors will feel like they will do the security thing later. They are more concerned about buying and trying to accumulate wealth, while some don't trust themselves that they can protect their wallet well, which is why they leave the security task with a third party by trusting ETF or centralized exchange but the price they pay for such decision is that they don't hold total control of their investment.

Security is the most important thing to do, together with privacy. Security and privacy mutually interact and support or damage each other, so if we want to have good security, we also must take proper care of our privacy practice.

Security if is compromised will result in wallet hack, fund loss and with Bitcoin blockchain, when a transaction was made, and confirmed, we lost our bitcoins forever. It's realistic to assume we lost our bitcoins forever because chance of getting support from police, arrest the hackers, get our coins back is very small, almost impossible.

Security is important for all of us, no matter we are investors or traders.

Bitcoin security and resources.
Securing your Bitcoin wallet.
How to keep your bitcoin secure?
How to manage Bitcoin like a whale.