Crypto Tips Unplugged: Dangerous Trend in Bitcoin

in bitcoin •  2 months ago

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As has been my typical experience with creating videos, my time spent researching a topic for one idea for a video leads me to another. Case in point, initially I was planning on making a video that would go over what to expect if you were interested in creating your own homemade hardware storage device. (Don’t worry, that video is still coming) but as I was searching for the best ways to do this, I was met with a disappointingly large amount of bad advice regarding cryptocurrency wallets and best practices. So much so that I’ve decided to go over the type of bad advice I’d found and explain to you how it’s skewed in the hopes that you’ll be able to better identify good and bad advice in this space.

I understand that trying to water down the technical cryptocurrency lingo to make it palatable for the average person can be tricky and often times details are not included. But some of the examples I’m going to talk about today are great examples of websites that just miss the mark completely.

Here’s all of the bad advice I’ve found on the internet regarding bitcoin wallets:

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Heidi
Would you be down to do a podcast with me ?

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Do you often post them here on Steemit? or is there somewhere I can check out your podcast channel?

Sweet
Gonna rock this video now👍
I know all about this topic
And wanna hear your thoughts

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Let me know what you think.

Crypto 101: Not your private key, not your crypto. And as for using hardware wallets from a third party that you carry in your pocket...
I'm off to check my pockets for "Private Wallets". Anyone know what I'm looking for?

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I always thought that HARDWARE wallets was bs, since you then are trusting a 3th party, which was what we was trying to avoid in the first place with cryptos... plus you have to pay for the device...

the best advice I ever heard was:

  • buy an old printer with NO wifi connect to a computer with NO wifi, create a wallet and print it... then your crypto are safe... but then again, who does this anymore??.. lol

you can also type your key by hand, then you should also know that no software is sniffing your print...

and so on and so on...

STEEM is very safe, there is a decentralized recovery.

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I consider a hardware wallet more secure than a key that you print, unless you print from a PC that will never be connected to the internet ever again.

Trusting the securing of your funds is not the same as trusting someone with wealth creation and distribution. I have no issue with using a good hardware wallet, they are very valuable tools. The caveat is that you must buy directly from the OEM, and you must ensure that it has not yet been initialised when you receive it. Otherwise you risk getting a compromised device.

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Naaa, paper backup is better, then any hardware device...

This is a very important point to continue to make and I'm glad you're hammering it home for all the newbs that get caught up in majority beliefs.

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Gotta repeat the good advice to drown out the bad sometimes :)

I follow you, please follow me, sir. I'm totally new to Steemit. Hope you will follow me and help me get filled up by Upvoting. Thank you so much.

Awesome your photography

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You've lost weight since I started watching

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Lovely and useful tips, that will for sure help many people out there! Thank you so much!

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Glad I can help :)

Approved! Everything you said there was right!

It's funny how bloggers with no freaking clue of what they're talking about gets authority on crypto stuff. Glad you made this video so I can share it!

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I think it's good to exercise a skeptical view and when armed with the right tools, it's much easier to sift through the bad advice.

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Naa its a provable fair lottery... credit for that... but I am not into lotteries in general... check out P3D much more interesting.. you get dividends and it sparked 10x PLUS dividends last month... it can happen again in the future... I am not into p3d anymore.. but I do think it will make a lot of people rich with some kind of weird passive income in an ETH contract... but yes there are risk, mostly for the impatient, LIKE ME!...

"good luck" )..

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Yeah I see, the idea is a one shot chance to gather big ETH price. Thank u for your positive feedback ♡

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The problem of telling other people how you secure your crypto is, that then they know how to steal your crypto :0)...

In general the best is to get experience with Bitcoin by using it. Use the original wallet and others to get an idea of what you trust.

Steem is the most secure coin to hold, since there is a recovery system for Steem, if you can prove that you have the original key, even your steem wallet gets hacket. Something similar exist for EOS as fare as I know.

I use Coinomi on my android phone for bitcoin and then exchanges back and fourth to steem. Very secure.

Thanks for the video.

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There's still too many people storing their crypto on exchanges and saving private/seed keys in documents on their computer. So it's good when more people share their methods of storing their crypto securely. It's still a immature market, lots of knowledge to be provided and consumed.

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Sure I agree... most people don't know how to store their keys securely... I am just pointing out that if I told people what I do, then they would know how to steal from me, right?... thats the dilemma..

Anyway, there are many ways to store the keys.. so I think the best people can do, is to educate themselves through experience with small amounts, to get comfortable with the different ways... and I bet Heidi is right that there are a lot of bad advise out there, so everyone needs to think for themselves and get real experience.

As for a steem wallet, I recommend printing on paper and store it in a safe place.

Great idea to realign the thoughts proposed and reset our mental paradigm for a healthy crypto-wallet! As always, much appreciated information worth passing on @heiditravels, namaste :)

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Always good to have a healthy reminder :)

Some people say crypto is so full of jargon that It's hard to understand, and in some ways they are right, but Private Keys, well guess what; keep them private right?!
I guess we should call them Private Keys That You Must Not Lose and then it would be really clear, until someone makes an acronym PKTYMNL just to show how, you know, smart and cool they are.
So let's just leave it at Private Keys, and hope that just like the keys to your house, its pretty obvious that losing them or giving them to someone else is a bad idea.

for a moment i thought you where talking about TA trends and i was like " w00t ? "