Keeping Your Bitcoin Safe
Security Is Your Responsibility
With Bitcoin, you become your own bank. This means amazing freedom, but also serious responsibility. Let's make sure your hongbao and future Bitcoin stays safe!
The Golden Rules of Bitcoin Security
🔑 Rule #1: Your Keys, Your Bitcoin
"Not your keys, not your coins"
If you don't control the private keys, you don't really own the Bitcoin.
🤐 Rule #2: Never Share Private Keys
Your private keys or seed phrase should NEVER be shared with:
❌ "Support" staff
❌ Friends or family
❌ Online forms
❌ Anyone, ever!
📝 Rule #3: Backup Everything
No backup = No Bitcoin if something goes wrong
🧠 Rule #4: Stay Paranoid
In Bitcoin security, healthy paranoia keeps funds safe
Threats to Your Bitcoin
1. Physical Threats 🏠
Device theft
House fires
Natural disasters
Physical attacks
2. Digital Threats 💻
Malware/viruses
Phishing websites
Hacked exchanges
Compromised apps
3. Human Threats 👤
Social engineering
Wrench attacks
Inside jobs
Carelessness
4. You 🙋
Forgetting passwords
Losing backups
Sending to wrong address
Poor security practices
Essential Security Practices
For Your Wallet
1. Choose the Right Wallet
✅ Non-custodial (you control keys)
✅ Open source
✅ Well-reviewed
✅ Actively maintained
2. Secure Your Device
Keep OS updated
Use antivirus software
Avoid public WiFi
Don't root/jailbreak
3. Use Strong Authentication
Complex PIN/password
Biometric locks
2FA where available
Different from other passwords
For Your Seed Phrase
The Right Way:
Write on paper with pencil
Store in multiple locations:
Home safe
Bank deposit box
Trusted family member
Consider steel backup for fire/water resistance
Never digitize:
❌ No photos
❌ No cloud storage
❌ No password managers
❌ No emails
Advanced: Seed Splitting
Split your 24 words into parts:
Part A: Words 1-16
Part B: Words 9-24
Need both parts to restore
For Daily Use
Hot Wallet Rules
For spending money:
Small amounts only
What you can afford to lose
Like cash in pocket
Convenience-focused
Cold Storage Rules
For savings:
Large amounts
Rarely accessed
Maximum security
Hardware wallet or paper
Security Levels by Amount
🟢 Hongbao Level ($10-$100)
Mobile wallet is fine
Basic security sufficient
Focus on learning
🟡 Starter Level ($100-$1,000)
Backup seed phrase properly
Enable all security features
Consider hardware wallet
🟠 Serious Level ($1,000-$10,000)
Hardware wallet required
Multiple backups
Steel seed storage
Separate hot/cold wallets
🔴 Significant Level ($10,000+)
Multi-signature setup
Geographic distribution
Professional security audit
Consider custody solutions
Common Security Mistakes
1. Screenshot Syndrome 📱
Never screenshot:
Private keys
Seed phrases
QR codes with funds
Wallet balances
2. Oversharing 🗣️
Don't publicly share:
How much Bitcoin you own
Which wallets you use
When you buy/sell
Your addresses
3. Phishing Victims 🎣
Red flags:
Urgent action required
Too good to be true
Asking for private keys
Suspicious URLs
4. Update Neglect 🔄
Always:
Update wallet apps
Update device OS
Check for security alerts
Verify update sources
Advanced Security Measures
Multi-Signature Wallets
Require multiple keys to spend:
2-of-3: Need 2 keys out of 3
Protects against single point of failure
Good for family/business funds
Time Locks
Bitcoin that can't be spent until future date:
Protects against impulse
Estate planning
HODLing enforcement
Privacy Best Practices
Use new addresses for each transaction
Consider CoinJoin for privacy
Run your own node
Use VPN/Tor
Emergency Procedures
If Your Device Is Stolen:
Don't panic - They need your PIN
Create new wallet on different device
Restore from seed phrase
Send funds to new wallet
Never use old wallet again
If You Suspect Compromise:
Move funds immediately
Create entirely new wallet
Check all devices for malware
Change all passwords
Learn from experience
If You Lose Your Seed:
With wallet access: Create new wallet, transfer funds
Without access: Funds are likely lost forever
This is why backups matter!
Security Checklist
Daily:
Weekly:
Monthly:
Yearly:
Social Engineering Defense
Common Scammer Tactics:
"Tech Support" Scams:
Claim wallet has problems
Ask for seed phrase to "help"
Reality: No support needs your keys
"Giveaway" Scams:
"Send 1 BTC, get 2 back!"
Fake celebrity endorsements
Reality: Nobody gives away free money
"Update Required" Scams:
Urgent wallet update needed
Click link to update
Reality: Always update through official app stores
The Psychology of Security
Stay Calm:
Scammers create urgency
Take time to verify
When in doubt, don't
Trust No One:
Verify everything
Question everyone
Protect yourself
Learn Continuously:
Security evolves
Scammers adapt
Stay informed
Quick Security Wins
Enable all security features in your wallet
Write down seed phrase properly
Set up 2FA where possible
Use unique passwords
Keep software updated
Start small while learning
Resources for Ongoing Security
🔑 Understanding Private Keys
🚫 Common Scams
💾 Backup Strategies
🛡️ Remember: The best security is layered security. No single measure is perfect, but combined they create a robust defense. Start with basics and improve over time!
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