Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#1

Answer the questions below:

  1. Why is it important to encrypt your wallet?
  2. What is the risk of not having a password if an attacker gets access to your file system?
11 Likes
#2

1:so that others cant spend funds on my wallet
2. if they get access to my file system and my wallet.dat isnt encrypted tehy can sped funds immediatly

1 Like
#3
  1. It’s impt. to incrypt my wallet so noone can access it except me.
  2. My passphrase will incrypt and decrypt my wallet… If i dont have one, my wallet will be easily accessable.
#4
  1. Makes it harder if not impossible to steal your private keys 2. They can access your private keys
#5
  1. Why is it important to encrypt your wallet? If the wallet is encrypted even if am attacker gains access to the device they could not access your funds.
  2. What is the risk of not having a password if an attacker gets access to your file system? The attacker could gain access to my key file and then spend my Bitcoin.
#6

  1. If the wallet.dat is taken it will at least take time to access it. Don’t use weak passwords.

  2. They could steal all your funds.

#7

1. Why is it important to encrypt your wallet?
So other people cannot access your wallet.dat file

2. What is the risk of not having a password if an attacker gets access to your file system?
he can open your wallet file and spend the coins

#8

1.So no one but you can access it on your computer

  1. Your bitcoin can easily be taken.
#9
  1. It is important to encrypt your wallet so hackers cannot access you coins.
  2. If you have no password and a hacker gets in then your assets are likely to be stolen.
    Please correct me if these answers are not correct.
#10

  1. It is important to encrypt your wallet, because it´s safer. Even when someone gets your wallet.dat, they need also the password to send the funds.

  2. The risk of not having a password if an attacker gets access to your file system, is that they can transfer all your funds and you´ll lose all your balance.

#11

  1. It is important to encrypt your wallet for minimizing the chance of someone getting your private key. After encrypting your wallet, the only way someone can get your funds is if they find your passphrase or master password.

  2. If you do not have a password on your wallet, an attacker (in person, or as malware) can easily steal your private key and in turn, steal your funds.

#12

Why is it important to encrypt your wallet?
Anyone who’d gain access to your hardware would have the ability to spend your crypto without the need to go through any protection. Encrypting the wallet will require a password to unencrypt, which provides a difficulty hurdle for a malicious actor.

What is the risk of not having a password if an attacker gets access to your file system?
They could transfer coins from your wallet immediately after gaining access to your wallet.dat file.

#13

So attacker/hackers cannot access your wallet
They could steal all your crypto

#14

1
so nobody else can access it than me

2
the attacker can access my wallet and spend my funds

1 Like
#15

1./2. To protect it in case someone else gets access to the wallet, they’ll need the password/pin to decrypt and spend funds.

#16
  1. Otherwise you make it easy for others to steal your funds.
  2. The attacker can read your wallet.dat.
#17
  1. Otherwise other can open your wallet.dat file after steeling it from your device in one way or an other
  2. Attacker can open or copy your wallet.dat file and read your privatekey.
#18

  • Why is it important to encrypt your wallet?
    When your wallet.dat file will be stolen, hacker still can’t acces your file without your password

  • What is the risk of not having a password if an attacker gets access to your file system?
    You have to telll your famly we are poor again.

#19

1 It is very important to that your wallet is encrypted because if not someone can spend your bitcoin by taking your bitcoin files from your laptop due to the wallet.dat , or get access with a malware and obtain all information key wallet.

2 they can spend your btc, get all information then you get REKT lol

#20

  1. Why is it important to encrypt your wallet?
    A1: so that the privatekeys stored in the wallet (keyholder/storage) are not stored as plain readable or usable format by other persons/bitcoin-sw.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    A2. if someone gets a copy of the file wallet.dat with no password protecting, the attacker could use and spend any value stored in that wallet.

1 Like