Much like gold, bitcoin is a bearer asset that enables individuals to hold it directly. If you decide to take true ownership of your bitcoin in this way, thinking through all of the potential attack vectors becomes an important part of prudent security.

Over the past decade, there have been several reports of cryptocurrency owners being confronted with threats of duress and extortion. Among some bitcoin holders, this has led to concerns and questions about what can be done to guard oneself against such an experience. This article seeks to shed light on this subject and address these questions. We will assess the reality of the concern, discuss preventative measures, and think through strategies that can help you feel more comfortable with holding bitcoin.

• How common are wrench attacks, really?
  • Prioritize protecting yourself from more common risks first
  • Wrench attacks are very improbable, but not impossible
• 3 ways to prevent wrench attacks
  • Limit the number of people who know you own bitcoin
    • Be selective in how you connect yourself to bitcoin
    • Exercise caution with your social circles
  • Obfuscate bitcoin balances and paths to access
    • Shield your bitcoin balances
    • Set up difficult and unclear paths to access
  • Build deterrents with security and privacy best practices
    • Opportunities to enhance security
    • Opportunities to enhance privacy
• Emergency plans
• Getting serious means using multisig

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