How to Protect Your Bitcoin Before It's Too Late (Essential Security Tips)
Published: 2024-11-19
Status:
Available
|
Analyzed
Published: 2024-11-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Wall Street is predicted to systematically acquire Bitcoin from individual investors through manipulative tactics.
"we're going to see Wall Street systematically take the Bitcoin away from Ordinary People it'll be like a magic trick"
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The practice of selling covered call options on Bitcoin ETFs to collect premiums is becoming common among investors.
"a lot of people have been buying Bitcoin ETFs you can find a bunch of different ones on your favorite brokerage app and I've seen people do what's called covered call options on bitcoin ETFs to collect dividends or premiums as they're called"
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A bet is described where if Bitcoin does not reach $100,000 by next week, a premium is earned.
"I make a bet that Bitcoin will not reach $100,000 by next week and if it doesn't I get to make some money the premium"
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Hardware wallets should be purchased directly from the manufacturer to ensure security.
"make sure you buy them directly from the manufacturer"
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Typing a seed phrase into an internet-connected computer will compromise the wallet, making it a hot wallet.
"never type your seed phrase into a computer that is connected to the internet ever"
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Seed phrases should be stored on durable materials like metal sheets or devices resistant to destruction.
"instead keep it somewhere on a metal sheet or a device that's really hard to to destroy"
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A 'secret wallet' can be set up using a 25th passphrase in addition to the standard 24-word seed phrase.
"set up a secret wallet by way of the 25th passphrase"
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A 25th passphrase acts as an additional security layer, preventing access to the main wallet even if the 24-word seed phrase is compromised, provided the passphrase is not also obtained.
"if someone finds your 24w seed phrase as long as they don't have that 25th pass phrase and your seed phrase together they would not be able to access that wallet"
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Secret wallets allow for the deletion and hiding of accounts within software like Ledger Live, which can be restored later.
"you can delete your accounts and something like The Ledger live for example you can remove them and delete them permanently until you want them back"
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A new PIN code will be assigned to access the secret wallet.
"you're going to be assigned a new PIN code to access your key"
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A passphrase needs to be created for the secret wallet.
"you're going to create a passphrase"
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The secret wallet is a derivative of the main wallet, using the same 24 words but with an added 25th word.
"secret wallet is a derivation or a derivative as your first wallet the main wallet that we've created in other words the private key are the same 24 words except we're going to be adding a 25th word"
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The 25th passphrase word should not be a dictionary word to prevent brute-force attacks.
"you want to make sure that this word is not something that people can just Brute Force meaning it shouldn't be a word that can be found in a dictionary"
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The passphrase should not be easily associated with personal information like a birthday that can be found through online searches.
"it should also not be something that can easily be attached to you like your birthday or whatever it is that people can Google about you and find out"
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Special characters and case sensitivity can be used to enhance the complexity of the passphrase.
"I'm going to add some special characters to it which is something you can do in this case and it's also case sensitive"
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Two-factor authentication should be enabled on all devices.
"add two Factor authentication to all of your devices"
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It is recommended to use authenticator apps like Google Authenticator for two-factor authentication instead of relying solely on phone numbers.
"instead of using your phone number please use other app like Google Authenticator"
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Emailing your phone service provider to require in-person approval for any SIM card changes or recovery attempts is a recommended security measure.
"send in an email don't just call email your phone service provider immediately and let them know that any changes or attempts to recover your sim card must be approved by you in person"
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Ransomware attacks have significantly increased, and individuals, not just corporations, are at risk.
"ransomware attacks have spiked over several 100% in the past few years and while they do tend to Target bigger corporations individual people are not off the hook"
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Physical threats, known as 'wrench attacks,' to obtain seed phrases are a real security concern.
"the lightsaber attack I mentioned aka the wrench attack someone physically threatening you to give up your seed phrase is real"
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A duress PIN code is recommended for plausible deniability in situations involving physical threats.
"that's why you have that duress pin code which gives you that plausible deniability"
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Practicing the recovery process for Bitcoin is crucial.
"it's really important to practice recovering your Bitcoin"
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