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Poll
Question: Do you trust yourself to manage your own private keys?
Yes, 100%, and I always will. - 129 (82.2%)
Yes, only because I don't yet trust bitcoin banks. - 19 (12.1%)
Not at all, I lose everything, or am not technical enough. - 2 (1.3%)
No, but someday I'd like to manage my own bitcoin and private keys. - 7 (4.5%)
Total Voters: 157

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Author Topic: Do you trust yourself to manage your own private keys?  (Read 6580 times)
nambich
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March 30, 2015, 05:42:23 PM
 #141

Criticism often comes to online wallet providers (Xapo, Coinbase, etc) saying, if you don't own your private keys, you don't actually own your bitcoin. On the other hand, if your cash is in a traditional bank, you don't really own your cash either. The only possible difference, traditional banks have been around longer, and more people trust them. Many bitcoin users who criticize bitcoin vaults, store their cash in a traditional bank. Hypothetically, if Bank of America, or Barclay, or DeustcheBank announced they've invested millions into a highly protected, advanced, security architecture, would you trust someone to store it then? I personally don't trust myself to store my own bitcoin, for now. That could change in the future, but right now, I'm not a fan of the options, as the technology depends too much on my ability to maintain hardware, or, not lose something. I think about pictures, movies, files, documents, I had on my computer 10 years ago (and I always backed up), and I probably couldn't retrieve a single one without relying on a cloud-based service (Facebook, Google Drive, Dropbox, etc.). I have no idea where the original photos of my trip to Indonesia in 2008 are, but I know that album is still easily accessible on Facebook. Are critics right to say, don't use an online wallet provider, it's not safe?

No, I have never believed in myself in case of management my own private keys
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March 30, 2015, 06:14:04 PM
 #142

It can't be that difficult to be your own bank. Make backups and uploaded them in several places online as well (encrypted obviously) and that should be it, impossible that you lose ALL wallet copies.

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April 05, 2015, 03:47:39 PM
 #143

Came here from another thread... Damn, if you don't have 100% trust in yourself to keep Bitcoins, that's pretty risky, in my opinion. Don't take me wrong, but if one can't store his own Bitcoins, he loses something that is, in my opinion, one of the biggest advantages of Bitcoin when we compare it to fiat: you can safely store the funds yourself without the fear of getting robbed, if you know how to do it.

If someone hasn't got the will to search for methods to protect his funds, and to find time to implement these methods... Maybe he should just have fiat.
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April 05, 2015, 05:27:18 PM
 #144

Came here from another thread... Damn, if you don't have 100% trust in yourself to keep Bitcoins, that's pretty risky, in my opinion. Don't take me wrong, but if one can't store his own Bitcoins, he loses something that is, in my opinion, one of the biggest advantages of Bitcoin when we compare it to fiat: you can safely store the funds yourself without the fear of getting robbed, if you know how to do it.

If someone hasn't got the will to search for methods to protect his funds, and to find time to implement these methods... Maybe he should just have fiat.
Well people aren't simple and it comes down to the individual. I've stored mine in a secret place that I only know of. I can't lose them, unless I get a disease or something that makes me forget things.
It's not that hard to be your own bank.
I guess one of the best options would be to get it carved in stone or something. After all, paper can get easily destroyed.


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April 05, 2015, 07:13:51 PM
 #145

I like to manage my finance and keep it in hand. With fiat it`s difficult today as you need to trust bank, but this is different as I can have many of confirmations and informations how my bank works and how stable is. Therefore I trust my judgement. With Bitcoins it`s different. I am not in position to trust any of online "bank" yet. Only for limited amounts which I need to have ready for urgent transactions. Majority of my Bitcoins are kept with my complete control of private keys.
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April 05, 2015, 11:02:25 PM
 #146

Xapo, do you think that all people are idiots unable to administer their own belongings? And your mission is to help poor, undecided people and store their private keys in your online vault? Because there - in you hands people's keys are forever safe. And no hackers, nor any other calamity could ever take out these keys... Right...


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April 06, 2015, 03:48:42 AM
 #147

Xapo, do you think that all people are idiots unable to administer their own belongings? And your mission is to help poor, undecided people and store their private keys in your online vault? Because there - in you hands people's keys are forever safe. And no hackers, nor any other calamity could ever take out these keys... Right...

Maybe you can do it, but the vast majority (99%+) of the world population has no idea how to protect their computers - even people who worked as "IT security experts" for years occasionally fail to keep Bitcoins secure (e.g. Antonopolous).
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April 06, 2015, 04:29:53 AM
 #148

What's the point of having a "Bank" of any kind if we are trying to use bitcoin instead of cash. So, yes, I'm responsible for my own keys. No way I am keeping my keys on a bank.

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April 06, 2015, 01:06:49 PM
 #149

trusting yourself shouldn't be a problem. bitcoin is about being your own bank. we don't need services to store value as we can do it ourself. there are so many secure options to store your coins offline in a safe place.
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April 06, 2015, 02:57:25 PM
 #150

I voted for first option because I am confident of myself and always manage personally my important things from private keys to every little data about my financial and everyday used things.

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April 06, 2015, 03:06:11 PM
 #151

More than anybody else thats for sure its a easy skill to learn and you get to brush up on security
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April 06, 2015, 04:48:12 PM
 #152

Xapo, do you think that all people are idiots unable to administer their own belongings? And your mission is to help poor, undecided people and store their private keys in your online vault? Because there - in you hands people's keys are forever safe. And no hackers, nor any other calamity could ever take out these keys... Right...

Maybe you can do it, but the vast majority (99%+) of the world population has no idea how to protect their computers - even people who worked as "IT security experts" for years occasionally fail to keep Bitcoins secure (e.g. Antonopolous).
A lot of those "IT security experts" or just "IT experts" are in general unskilled. I've seen examples of this throughout they years (no I'm not saying Antonopolous is).
We should work on educating people on proper security methods for both their wallets and computers at the same time. Both are connected. We should also recommend keeping funds in their own wallets instead of online services/wallets.


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April 06, 2015, 08:31:07 PM
 #153

I trust myself to manage my own keys, but I acknowledge that I am a VERY exceptional case. 

Unless the security of desktop operating systems (*cough* windows *cough*) gets a hell of a lot better, I don't think most people can.

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April 07, 2015, 02:59:34 PM
 #154

I trust myself to manage my own keys, but I acknowledge that I am a VERY exceptional case. 

Unless the security of desktop operating systems (*cough* windows *cough*) gets a hell of a lot better, I don't think most people can.


I think that's my point. You have 85% of people who are saying that they will never trust a third party for storing their bitcoins. Naturally, 10 years from now, a percentage of these people will have lost some or all of their bitcoin (whether it be losing paper wallets, hacked computers, system failure, house fire, etc, it's inevitable, and undeniable). We've all lost cash in the past couple years, yet I doubt anyone here has lost cash FROM a bank (Of course, there may be some exceptions for our European friends in Iceland, or Cyprus, but I don't think they're present Wink I understand people don't want to use a third party, trust me, if it was practical to store my fiat cash myself, I would, but I don't believe it is.

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April 07, 2015, 03:01:21 PM
 #155

in a fair just society like Crypto i won't be so worried about losing a bit of coin

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April 07, 2015, 03:04:34 PM
 #156

I trust myself to manage them but I am also a security conscious person.

I doubt I would trust an average user or nontechnical user to safely manage their own keys.
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April 07, 2015, 03:19:21 PM
 #157

I can't really see the point to this question since it will depend on how well people trust the security of an app on a particular device,

Phones are going to be trusted straight out of the box being secure, some will eventually have preloaded apps the phone manufacturers

and developers would stand to lose Billions if their company was shamed with an insecure device or app, the whole stream would be

so tainted its unlikely any insecure devices will be made from any main brand companies,

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April 07, 2015, 06:14:38 PM
 #158

I trust myself to manage them but I am also a security conscious person.

I doubt I would trust an average user or nontechnical user to safely manage their own keys.
There are lots of people I would trust more than myself, but I understand it's a personality trait. I'm paranoid of losing things, my keys, my wallet, my cell phone, etc. While I lose those things far less often than the average person (which I attribute to my paranoia), there is something that inherently makes me questions my ability to not lose stuff, and since I have a fair amount of bitcoin, I'm putting it in the hands of someone I trust more than myself. I understand working on the inside of Xapo, knowing the security team, and seeing the security architecture internally first hand, makes me more trusting, but I trusted Coinbase (and probably still would) even before I started working at Xapo.

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