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Bitcoin’s Rise Constrained by Heists and Lost Fortunes

24 pointsby ibsathishover 11 years ago

4 comments

gonvaledover 11 years ago
I guess the problem is the same as with real wallets: you need two!<p>One for convenient, day-to-day use: you do not worry too much if this gets lost or stolen.<p>And another to keep your millions. You can bury it, put it in a safe, or keep it in a secure storage in a safe. Not for daily use.<p>Whenever you need funds, or you want to put away some savings, you open the safe, access your wallet and make a transfer. After that, you put the big wallet in the safe again.<p>Do not keep you millions in the open, do not walk around with them, do not trust them to somebody else (online wallets), do not handle them carelessly, do not throw them to the trash!<p>One thing that does not get mentioned very often in this context is: you can make as many copies of your wallet as you want to! You can even encrypt your wallet-copies with whatever mechanism you want to. Send your wallet encryption-key to your aunt, in case you happen to lose it. You will be able to decrypt any of the dozen copies of your wallet that you are keeping in different places.<p>Encrypting your wallet gives you extra security that it won&#x27;t be stolen, and having multiple copies ensures that you will not lose it.<p>Bitcoin can be <i>a lot of things</i>, that is what makes it so special. But with choice comes responsibility!
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olalondeover 11 years ago
Which reminds me I lost about 30 BTC in total after Tradehill and CryptoXchange closed a while back. Kind of ironic that Tradehill&#x27;s founder is giving security advice in this article.
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analog31over 11 years ago
Heists and lost fortunes never stopped people from owning, trading, and speculating in gold.
Aqueousover 11 years ago
The ability to be stolen is a feature, not a bug.
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