Quote from: As-Soon-As on January 11, 2025, 11:49:38 PM

Quote from: EclipseXcrypto on January 11, 2025, 05:09:07 PM

Quote from: btc_angela on January 10, 2025, 10:23:50 PM

I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.

There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke. Cry

And you have been buying in the dip and HODLing it for too long.

Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes. It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.

I don't think this is a smart strategy at all, if you spread your wallet key in different places then it will be more likely to be noticed by different people. For example, I have written my wallet key in a notebook and I keep it in a safe place as it will definitely be safe from fire, water and natural disasters.
Whenever you store your wallet key in multiple places, if one copy of it is lost immediately then your wallet can be hacked but you will not know it. So it is never a smart strategy to store your wallet key in multiple places.

Bitcoin is one of the most popular digital currency and currently the price of Bitcoin is at the highest position beyond all previous records. So if you buy Bitcoin and keep that Bitcoin in a wallet but you don't think carefully about the security of that wallet then Bitcoin can be lost from your wallet at any time.

Fraudsters are always waiting for opportunities and they are always looking for ways to cheat Bitcoin users. If for some reason your account security is weak and fraudsters get that chance, they will attack you in different ways and try to take your account access away from you. There are a few security measures you should take to keep your Bitcoins in your account.

If you keep your Bitcoin in an exchange wallet, then first use some important words as the password of that exchange so that your password is very strong. Second, you'll enable multiple levels of verification, and you'll keep access to each verification to yourself in two ways. If you keep all of your passwords or other verification access on a single device, you'll lose access if your device is damaged or lost. So save your password or important information on another device so that if one is lost or damaged, you can access your account with another.

Quote from: adultcrypto on January 11, 2025, 11:59:28 PM

Quote from: Callido on January 11, 2025, 06:13:37 PM

Quote from: EclipseXcrypto on January 11, 2025, 05:09:07 PM

Quote from: btc_angela on January 10, 2025, 10:23:50 PM

I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.

There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke. Cry

And you have been buying in the dip and HODLing it for too long.

Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes. It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.

I don't do multiple backups with my keys, the more options you keep the easier it is for anyone to intrude once they have access to it, if you can't hide in a closed location that means by chance with multi hideouts anyone lucky one can get hold of your keys and intercept your wallet.

The first tip is storing somewhere outside the internet, not even drafts in our Gmail. I include the bank as a safe hide out, but it should worth the value accumulated inside of portfolio, with large accumulation the bank is helpful but not a large recognizable amount then personal security is better to also enable easy access.

Are you suggesting saving ones secret data with the bank? I don't know how that will work or how possible that will be but I think it might require you filling some documents and indicating what you are saving and the worth for insurance purposes. In my country, if you inform the bank that you are saving the secret phrase to a bitcoin wallet and the value of the bitcoin, they might just signal the authorities who may seize your bitcoin because our government are not bitcoin friendly. So it depends on your country and the stand of the authorities on bitcoin before you go ahead disclosing such sensitive information to a third ear.

In addition, disclosing your bitcoin holding might put in you in some form of risk which can pose security threats to you. Remember we have seen increasing cases of kidnappings and ransom demanded in bitcoin. If one disclose such information, you might be exposing yourself to such security challenge. Instead of that, simply save your bitcoin yourself.

Still, most countries in the world do not want their people to use Bitcoin without keeping money in the bank. We see the biggest reason behind not letting people use Bitcoin is that if the people of their country invest in Bitcoin instead of keeping money in the bank, the economic condition of their country will deteriorate. But I always think it's wiser to convert your money to Bitcoin than keep it in the bank.

I feel that when I deposit money in the bank, the bank does not give me much interest for depositing the money, but if we do the opposite, that is, when we want to borrow money from the bank, the bank demands a much higher interest rate than giving us a loan. That is, the bank will take our money and give us a loan, but they have to pay us interest, but when we keep our money in the bank, they will not pay us interest. If we invest Bitcoin without keeping money in the bank, then if the value of Bitcoin increases, it is based on our money, but we will have certain profit and as we increase the amount of our investment, the amount of profit will increase.
So I personally think it's a good decision to invest all money in bitcoins except some money for expenses without keeping money in the bank.