446 sats \ 16 replies \ @orthwyrm 20 Sep 2023 \ on: Lost $1000+ worth of BTC - not your key, not your wallet, true as hell bitcoin
The easiest thing for someone new who is just experimenting is to pick a reputable software wallet. Mobile environments tend to be more secure than desktop, so I'd go with those. There's a vast selection of mobile wallets to choose from, but I recommend something like BlueWallet to get you started.
When you create your first wallet, you'll be prompted to write down a 12 / 24 word seed phrase. That's your backup. Keep it written down on paper and never store it digitally.
Even if you loose your phone, you can restore access to your funds so long as you have the seed phrase. It's very important you keep that seed phrase hidden away, because anyone who has it can steal your funds.
That's step #1. If you end up dealing with larger sums you really cannot afford to lose, you'll need to step up your security. When you get more confident, you can look into hardware wallets / cold storage systems, passphrases, multi-sig, etc. There's an entire industry based around keeping your private keys secure, and it takes time to learn and explore. Don't rush!
For further info I recommend checking out the r/bitcoinbeginners sub-reddit and BTC Sessions on Youtube (@BTCsessions)
Thanks a lot, I will do some research on this stuff before jumping into something again. Post my plan here, see how well it is taken by community and then go on with implementing the plan. Atleast that's my plan for now.
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Sounds like a good idea!
I'm sure you know this already, but it's also good to keep these discussions public. Plenty of scammers try to target newcomers via PMs.
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When we add DMs, scammers will at least have to pay you and you can set how much you want to be paid for a DM
Or just disable DMs
Which could be the same as just making it very expensive, lol
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I really like the minimal, no bullshit interface for stackernews. I don't know, what it will become and look like when it is full of users and features (maybe like reddit). I might then quit the platform. New features attract new scams.
STACKER NEWS == TRANSPARENT (that's what I love about it)
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Hmmm, my thought is have a separate phone with no apps on it other than the Bitcoin wallet (and signal to send addresses to yourself). Do not ever unlock this phone in the presence of another person.
Have the hot wallet on the other phone (the one that doesn't have a large amount of Bitcoin) with a lightning wallet such as blixt.
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That would be better if possible. I was assuming OP only had the one phone.
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This is a great idea. I can have another phone but still I would not trust a device as a single point of failure. Can my seed (passphrase) help me recover my funds to new device/ new app if that device is bricked ??
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Yes. For example, suppose you generate a seedphrase in BlueWallet, then lose your phone.
So long as you have the seed, you are good. The seed allows you to restore funds in most other wallets, so even if BlueWallet somehow ceased to exist you'd still be OK.
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Lovely, is it that simple as it sounds ! Thanks buddy :)
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Pretty much. Sorry you lost those funds a few years back. I'm glad it didn't scare you away from Bitcoin for good. : )
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I want to add to this the 12/24 words are not just your backup. They ARE your wallet. Anyone who has access to them, has access to your BTC.
Also, you may not have access to a Hardware wallet. But you can technically turn an old phone to a cold wallet, by ensuring it remains offline and you never connect it to anything. But of course these are as secure, but slightly more secure than a hot wallet.
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