Author Topic: To everybody getting into BTC  (Read 26713 times)

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Offline robertsmarkTopic starter

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To everybody getting into BTC
« on: February 05, 2021, 07:30:07 AM »

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To everybody getting into BTC (and also experienced holders): DO NOT SHARE THE SEED OF YOUR WALLET!After recently reading a multitude of similar posts, I would like to state two things that I would consider as essential when getting into BTC:
  • Do not leave substantial sums of cryptocurrencies on an exchange! As most of you have probably already read, "Not your keys, not your Bitcoin!". Even though you might be tired of hearing this (or in case you have never heard it), the statement is 100% accurate. When your BTC is stored on an exchange, they are in control of it, and even though the occurrence of exchanges being hacked has gone down, human errors or theft from employees of the exchanges still take place. Hence, if you own a a substantial amount of BTC, get a hardware wallet, and transfer your crypto onto it.
  • NEVER, under no circumstances share the seed (recovery phrase) of your wallet! Even though the packaging of most hardware wallets states this multiple times and during the installation process you are reminded again, there are still posts talking about scams, from both experienced and inexperienced BTC holders that have been scammed by sharing their seed. Customer service is never going to contact you and ask for your seed or for you to type it in somewhere. The only time you will need your seed is to transfer or recover your wallet. Also don't store your seed on a device that is connected to the internet (smartphone, pc, etc.), as this makes the whole reasoning behind storing the seed on a piece of paper or metal obsolete. Even if the device connects only once to the internet, it could become vulnerable as malware or other software could gain access to the seed of your wallet and hence to the crypto stored in it. Therefore, keep it on a piece of paper or engrave it on a metal plate. Also, don´t take a picture of the seed, this might sound obvious but trust me I have heard about enough stories like these.
So please take the two things I stated into consideration in case you are getting ready to purchase BTC or think whether you followed both tips in case you already own BTC. You will save yourself a lot of headaches in the future and won´t spread the message that it is difficult and unsafe to buy cryptocurrencies and store them. Even if you don´t want to do it for yourself, do it for the crypto community.

Offline mlawson71

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Re: To everybody getting into BTC
« Reply #1 on: February 06, 2021, 05:39:38 PM »
Thank you for the detailed advice, I will keep it in mind.

Offline Dora WalletInvestor

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Re: To everybody getting into BTC
« Reply #2 on: February 09, 2021, 09:21:07 AM »
Thanks for posting this, everybody should take this advice seriously. So many people make the mistake of leaving their money on an exchange or give out crucial information if someone writes them a convincing e-mail.
Another thing that you should never do is keep your private key, well, private - it is not recommended to store it anywhere online.
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