possible ways to make bitcoin's usage safe

[minerpumpkin]

Dedicated devices that can't be tempered with. Regular mobile phones can be manipulated rather easily, thus we need more devices like the Trezor. Bitcoin will have a very difficult time overcoming the stupidity of its users, if I may say so...

[BurtW]

yeah, a cloud. maybe the apple cloud   ?

I wouldn't trust the "cloud" with pictures of my cat.  Why would I trust the "cloud" with my cash.

[Impros88]

Ok I am rather new to bitcoin so I don't know many things. If you lose your wallet (in pc or smartphone) and you don't have a backup (people can forget to do it) you have lost your money right? this should be overcome.
How? you should have an app with automatic backup. An app you only are allowed to use. You don't even need password, in the near future each smartphone will have fingerprints recognition. They already have and will. Then, iphone are hacking proof. Android devices would be if people did not install apk files from outside the Google play store. There are antivirus in the Google play too. So security is much less a problem in smartphones rather than in common Windows pc. So if you make good apps user friendly where you can store all your btc and backup when necessary, on my opinion it would burst bitcoin security a lot. No more problems of where to put bitcoin. You put them in the thing  you carry everywhere which is smartphone. This would push people to use btc when in markets accepting btc. The usage of btc would widespread. A lot.
On my opinion one of the problems of bitcoin is that most people leave it in pc at home, or in some exchangers, while since it is like cash, it should be carried like cash.
BUT with the added security that if you lose it, Noone can steal it. And you can backup it again.
Sorry for my English and my spelling guys. Greetings from. Italy.

Ok I have just had an idea. You don't need a cloud backup. You only need an automatic backup on your pc. With something telling you "now connect the USB cable to pc" and it will make an automatic backup inside a folder well protected and encrypted. Most important thing  on my opinion is that the new user is told Exactely what to do. I am rather new user and I find myself very uncomfortable many times with people telling what to do, because they consider as easy things which are not easy to me.

[jbreher]

As the security of fingerprint scanners becomes pervasive, expect common 'stickup' scenarios to include the amputation of the victim's forefinger.

[Impros88]

As the security of fingerprint scanners becomes pervasive, expect common 'stickup' scenarios to include the amputation of the victim's forefinger.

Well kidnapping and mutilation exists even nowadays in extreme cases. Wallets would have a password too so thieves should even torture you to know the password. This is possible even nowadays, when people enter rich houses and kidnap people to know where money is. Difference is that bad guys would steal all your money.
But in the future you could put limits on btc daily transactions so to overcome this hypothesis.

[BurtW]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

[Impros88]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.

[BurtW]

As the security of fingerprint scanners becomes pervasive, expect common 'stickup' scenarios to include the amputation of the victim's forefinger.

Well kidnapping and mutilation exists even nowadays in extreme cases. Wallets would have a password too so thieves should even torture you to know the password. This is possible even nowadays, when people enter rich houses and kidnap people to know where money is. Difference is that bad guys would steal all your money.
But in the future you could put limits on btc daily transactions so to overcome this hypothesis.

There is even a solution for this using the Trezor or another deterministic wallet:  one password accesses a "reasonable" amount of BTC, they torture you and you give them that first password, they take the BTC and leave you, hopefully alive.  But unknown to them you have secured an even larger amount in the same wallet using password #2 !

[BurtW]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.

If your BTC are at an exchange then you do not even own or posses your BTC.

I want that to sink in.  All of your BTC have been loaned out!  What you currently "own" is a promise that someone you have never met, probably in a country far away from you, will give you the BTC you have loaned to them when/if you ever actually want it.

You are way more trusting with your hard earned money than I.  I no longer loan my money to anyone - not even a, or especially not even a bank.

[Bitcoinpro]

Terrible idea with the cloud. Plus, a hardware wallet already exists, its called Trezor.

here is a vid of it,

http://www.youtube.com/watch?v=ggVKVmcmflk

and a thread on it

https://bitcointalk.org/index.php?topic=122438.0

[BurtW]

Terrible idea with the cloud. Plus, a hardware wallet already exists, its called Trezor.

here is a vid of it

http://www.youtube.com/watch?v=ggVKVmcmflk

The Trezor is $119.  It is very easy to use and the instructions tell you step by step how to set it up.  You can put your BTC in it and they will be safe.

If you do not want to shell out the $119 for the Trezor you can go with less security but more conveniences by using your phone.  Download Wallet32, write down the seed words and keep them safe, remember your PIN number (password) and you can use that.

There are other wallets for your phone however most of them must be backed up periodically.  Wallet32 never needs to be backed up.

Whatever you do, since you are a noob, get a deterministic wallet to avoid the hassle of backing up you private keys.

[leannemckim46]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.

Having all your bitcoin on an exchange is probably the best way to have he greatest chances of having your coins stolen/lost. You are not only risking that the site owners run away with your money but you are also risking that your account gets hacked and your bitcoin withdrawn from your account.

[BurtW]

Having all your bitcoin on an exchange is probably the best way to have he greatest chances of having your coins stolen/lost. You are not only risking that the site owners run away with your money but you are also risking that your account gets hacked and your bitcoin withdrawn from your account.

Technically I would have a hard time even calling it "his money" or "his coins" since he has loaned them out to the exchange to do with them whatever they please.

What he owns is a bunch of (hopefully not empty) promises, not Bitcoins.

[25hashcoin]

ok i am reading about trezor right now. It is not exactly what I mean. I meant a device which makes the same things those apps for smartphone do now, which is store bitcoin, read qr codes and do transactions easily... but in an extreme secure and easy way. And for what I read trezor does need that you make your own backup... this is more than what common Joe can do.  
We need a device which connects to Internet and do a backup on its own in your personal account. There are several ways to make a account super secure, like 2 steps authentication or maybe even more.
We need a device you carry in your pocket, take out when you have to pay. A device which you only can use.
Maybe iphone 6 with fingerprint recognition and virus proof could serve the purpose? I don't have an iPhone so I don't know.

For what I see, now there are several devices, each one with a different purposes, pro and cons. We need One, good, which fits all roles. Cold storage but even easy and secure payments in the streets, at the supermarket. A thing where you can put all your bitcoin, feeling safe, even if you lose it, cause Noone but you will be able to use it. A password + fingerprint I think will be enough. Maybe add 2 steps authentication to restore the account if you lose it. But you need another device with authenticator. anyeay you should not think about creating backups or other things because it should do everything. When you buy it you will have to create an account where it will put backup of your bitcoin, in a very secure server. Is possible in 2014 to make a super secure cloud?

Only store a small usable amount on a phone wallet. They are already as secure as you say, except you want a cloud that is 100% secure, which doesn't exist. They can only be as safe as the user. Keep the rest of your coin on paper wallets with encryption or not. /thread

[Impros88]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.

Having all your bitcoin on an exchange is probably the best way to have he greatest chances of having your coins stolen/lost. You are not only risking that the site owners run away with your money but you are also risking that your account gets hacked and your bitcoin withdrawn from your account.

I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.

[Moneyunmaker]

Would you put naked pics of you in a cloud? then you wouldnt put the money there as well

[mercistheman]

I'm looking at naked pics of Kate Upton that were "securely stored" on a cloud.

[BurtW]

I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.

Just because Bitstamp has not been hacked or gone out of business taking all of the Bitcoins that have been loaned to it and running does not mean they will never be hacked or take all of the loaned BTC and run.

Mt.Gox was a fixture in the Bitcoin community for years before it crashed and burned - taking a huge boatload of BTC with it.  Besides Mt.Gox there have been many, many cases where businesses have failed due to either incompetence or malice and taken all of the BTC with them.

You are way more trusting of people you do not know with your hard earned capital than I.  But then again I was burned to the tune of 10,000 BTC early on by someone I did know and met in person and thought I could trust with my BTC so I have scar tissue you do not have (yet).

[Impros88]

I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.

Just because Bitstamp has not been hacked or gone out of business taking all of the Bitcoins that have been loaned to it and running does not mean they will never be hacked or take all of the loaned BTC and run.

Mt.Gox was a fixture in the Bitcoin community for years before it crashed and burned - taking a huge boatload of BTC with it.  Besides Mt.Gox there have been many, many cases where businesses have failed due to either incompetence or malice and taken all of the BTC with them.

You are way more trusting of people you do not know with your hard earned capital than I.  But then again I was burned to the tune of 10,000 BTC early on by someone I did know and met in person and thought I could trust with my BTC so I have scar tissue you do not have (yet).

10000 btc you could be a millionaire right now.. how does that feel? I would be depressed.

[dankkk]

I use a deterministic wallet on my phone.  I use Wallet32 but there are other deterministic wallets.  I wrote down the 24 seed words on a piece of paper and keep the paper in a very safe secure secret place.

Now, I have a password on my phone to access my wallet.  The wallet has cash in it.  But, better than a normal cash in wallet scenario if I lose my phone then all I have to do is buy another phone, install the Wallet32 application, enter the 24 words from my backup and every Bitcoin address I have every used, every change address I have ever used, every transaction I have ever done is recovered "from the cloud" and "put back" into my new phone.

So a deterministic Bitcoin wallet on your phone is better than carrying cash in your wallet!

Also, you never have to back it up.  All you have to do is keep a list of 24 words safe, secure and secret.

I think that is easy enough for just about anyone that is smart enough to own a smart phone.

yes this is interesting I am new and did not even know this was possible. All btc I have are on exchangers to avoid these problems. I am not a tech guy, only investor. So I understand the problems of common people with btc.

Having all your bitcoin on an exchange is probably the best way to have he greatest chances of having your coins stolen/lost. You are not only risking that the site owners run away with your money but you are also risking that your account gets hacked and your bitcoin withdrawn from your account.

I know but the exchanger is bitstamp, I set 2 steps authentication and control my account. Coins are still there. I am not a tech guy so I have fear to make some errors in keeping my btc by myself and lose. I asked help here in this forum but none explained my each step in detail.. they simply said "save in your hard drive" but I don't know how. Bitstamp seems quite professional to me. I have used it for long and always satisfied.

If you kept your bitcoin on an exchange then you would have the risk that the exchange were to run away with your bitcoin. 2FA is not going to protect you from this. Also the exchange's customer service may have lax policies for disabling 2FA and/or resetting passwords, potentially making it easy for an attacker to gain access to your account.