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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 6492 times)
zcxvbs
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March 18, 2015, 01:46:15 AM
 #21

The security is the major issues of Bitcoin usage, just heard coinapult hot wallet got hacked and lost 150BTC, so if you own a great amount of Bicoin, you'd better hiring professional Bitcoiner to manage your private key.
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March 18, 2015, 01:46:59 AM
 #22

I go back and forth.  I use paper wallets but always get nervous that everything worked.  And I can't test the private key without defeating the purpose of cold storage.  But let's say coinbase gets hacked and you loose all your coins.  On the other hand at this point in the game if a exchange like that goes down the price is going to plummet and your coins will be near worthless anyway.

It isn't that hard to properly secure your keys with paperwallets or hardware wallets but you do bring up a good point concerning doubt. The average user won't feel confident enough to secure their bitcoins themselves unless we improve the usability experience a bit.

The security is the major issues of Bitcoin usage, just heard coinapult hot wallet got hacked and lost 150BTC, so if you own a great amount of Bicoin, you'd better hiring professional Bitcoiner to manage your private key.

No, you should hire a security expert to help you secure your private keys yourself. I have one of these coming in the mail  -
https://mycelium.com/entropy

As of which I plan to have monthly meetings where I allow anyone in the public free of charge to print off a multi-sig paper wallet on a dumb printer with wifi disabled and without me viewing their private keys. I will continue to give out free advice and consult people on best security practices for the good of the ecosystem.


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March 18, 2015, 07:29:19 AM
 #23

I think this is one of the reasons why I started using Bitcoin. The freedom to control your own money and not having to rely on any centralized organization to do it for you.

You bring up a valid argument, because there are people who are not savy enough to do this, but they do have the option to use these online wallet providers, with full control over your keys.

I just cannot see why people cannot just print out a paper wallet and laminate and store it in a safe place? This takes 10 minutes.  Shocked

I still choose to have this freedom and control over my own financial destiny.  Grin 

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March 18, 2015, 07:33:35 AM
 #24

Well, bitcoin online wallets and bank are not same - btc wallets are not a real bank and they don't get an audit like a bank.

So, I'd prefer and trust myself to store my private key by myself. That's why I started using bitcoin!
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March 18, 2015, 07:47:48 AM
 #25

Op, don't take power of choice from peoples hands. They have right to choose their wallets. So You like to have your coins stored online, it is your way of doing things that is fine. I personally never trust anything cloud related to keep my stuff. I prefer local wallets. And I am sure that this is the most safe way of keeping your bitcoins.


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March 18, 2015, 07:55:52 AM
 #26

Quote
if you don't own your private keys, you don't actually own your bitcoin. On the contrary, if your cash is in a traditional bank, you don't really own your cash either.
Bitcoin, in my opinion, already act like bank, so I wouldn't need another "bank" for bitcoin.
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March 18, 2015, 08:05:31 AM
 #27

Keeping your private key at third party, especially the third party won't give you your private key is the stupidest thing to do
Bitcoin bank is totally bad idea, it will destroy bitcoin goal to become decentralized currency

And keeping fiat bank is bad idea too, something bad will happen if the the country got financial crisis

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March 18, 2015, 09:44:39 AM
 #28

I don't manage my private keys. I let electrum take care of those and I manage my own secret seed. Only 12 words to remember or to keep safe. An easy task for most bitcoiners.

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March 18, 2015, 10:10:43 AM
 #29

yes i trust my self more then the site!

for example i hate coinbase because they wont give me my private key and there is no way to get it

but i love blockchain.info because from them i can get easy my private key!!


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March 18, 2015, 10:22:41 AM
 #30

I only trust myself  to control my private key. you can't give your coins to others to save it. The regular is not maturity at this moment.
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March 18, 2015, 10:37:04 AM
 #31

I just cannot see why people cannot just print out a paper wallet and laminate and store it in a safe place? This takes 10 minutes.

It takes you 10 minutes, but ask my mother set up a paper wallet, and she will be lost. Truth is, paper wallets are not as easy to use for the common people.

An economy based on endless growth is unsustainable.
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March 18, 2015, 10:59:25 AM
 #32

IF you can't trust yourself to keep a hold of your own money safely then maybe bitcoin isn't for you. I'd also be very weary of what external sites you use because when you do you are putting your faith and trust in them 100%. If you're not willing to do this I would suggest not using these sites and look for other or decentralized options.
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March 18, 2015, 11:07:08 AM
 #33

I do trust myself to manage my own private keys, but I'm aware that I could get hacked or make a fatal mistake and that's why I keep 40% of my Bitcoins in managed wallets by different companies.

If you're managing all your bitcoins on your own you have a single point of failure.
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March 18, 2015, 11:08:39 AM
 #34

IF you can't trust yourself to keep a hold of your own money safely then maybe bitcoin isn't for you.

Right now. But if we plan Bitcoin to be a world currency, we need to have apps and services that are easy and secure to use for everyone. (and yes, some of them will need trust)

An economy based on endless growth is unsustainable.
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March 18, 2015, 11:10:38 AM
 #35

I currently have a Ledger Wallet, and I'm storing all my bitcoins there (not many, but yes). If they are to be trusted, then my private keys are unhackable, and if I ever lose it or forget my PIN, then I have my recovery 24-word seed.

An economy based on endless growth is unsustainable.
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March 18, 2015, 11:17:27 AM
 #36

I do trust myself to manage my own private keys, but I'm aware that I could get hacked or make a fatal mistake and that's why I keep 40% of my Bitcoins in managed wallets by different companies.

Well as long as your nickname is not related to your wallet.dat I guess you're safe... Grin

Seriously, I think it's safer not to put all eggs in one basket indeed, but current 'companies' don't offer security levels anywhere near commercial banks, except *maybe* for companies like Fidor Bank AG, but there are so few aiming at that level...

In the meantime I feel safer owning *all* of my private keys. At this (early) stage, If I die, they'll die with me, and I'm ok with that. I only have a few coins right now so it's no big deal, when I had much more one year ago, I used to keep most of them in a cold (paper) wallet, and the only copy of the private key was kept in a separate physical location by a friend that I could trust 100%.
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March 18, 2015, 11:27:38 AM
 #37

Yes, I trust myself. I suggest that those who don't wear diapers. You never know what may happen.
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March 18, 2015, 11:28:52 AM
 #38

Of course I do , I mean .. who wouldn't ?
I prefer managing my own private keys then giving them to an Online wallet providers to control them . and .. at least least if I lose them I will be responsable for my actions and my mistakes . but if those online Wallet providers gets hacked .. well you can't blame anyone but them .

~ Madness

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March 18, 2015, 11:30:07 AM
 #39

of course i am trust myself
private key will always safe by me, because i never share it to anyone else
if i can't trust myself, then nobody will trust me
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March 18, 2015, 11:31:55 AM
 #40

I do not trust myself when I have had a few beers ^Hic^
There are a few scenario's where I would rather have someone else have my private keys ^Smile^
For the people with [Alzheimer light] like my Grandmother ^Heh^

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