Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#202

  1. to protect your wallet in case somebody gets access to your computer

  2. The hacker can spend your coins if he/she gets acces to your wallets

#203
  1. It is important to encrypt your wallet to prevent the accessing of your wallet.dat file. Thus protecting your wealth.
  2. If you do not have a password, any form of file accessing malware can steal all of your crypto.
#204

  1. Why is it important to encrypt your wallet?
    To prevent unauthorized persons from gaining access to your wallet and therefore your crypto.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    Without a password your wallet.dat file is not encrypted and therefore can be used by unauthorized persons immediately.

#205

  1. It is critical to create a passphrase or any other way you decide to encript you wallet, so that your funds cannot be easliy accessible by others.

  2. The obvious risk is, if a hack/attacker gets into your file system it can easily locate and engage in your wallets, as by default your keys are exposed in your files unencrypted without any protection.

#206

  1. to prevent your BTC from being spent.

  2. If someone gains access to your computer they can store the wallet.dat file and access to your wallet

#207

Encrypting Bitcoin Wallets :lock_with_ink_pen:

  1. Why is it important to encrypt your wallet?
    Encrypting your wallet turns it into a read only wallet until additional functionality is unlocked with the password. If an attacker were to gain access to your device with an unencrypted wallet this person could transfer the funds immediately. :money_with_wings:

  2. What is the risk of not having a password if an attacker gets access to your file system?
    If the wallet.dat file that contains your private keys is readable to everyone with (remote) access to your file system this information can be stolen without you even noticing. :money_with_wings:

#208
  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?
  1. It is important to encrypt your wallet in order to safeguard its use and prevent unauthorised access.
    2)If there is no password, then a hacker could potentially steal your money.
#209
  1. the wallet is not protected without encryption - encryption provides an additional layer of security beyond your password and “locks” your coins from being accessed
  2. passwords protect from an attacker gaining access to your wallet and then spending your coins
#210
  1. Why is it important to encrypt your wallet?
    For security to protect your private key.
  2. What is the risk of not having a password if an attacker gets access to your file system?
    The bad actor could upload your wallet.dat file and get your unencrypted password.
#211

1- To store my private key, so that others can’t access my wallet
2- If a hacker got a hold of my wallet.dat and if it wasn’t encrypted they could spend my funds

#212
  1. Why is it important to encrypt your wallet?
    To protect against hacker/s or. For privacy so only the owner can view balance and transactions in and out of the a/c.
  2. What is the risk of not having a password if an attacker gets access to your file system?
    Your money can be stolen immediately and your may lost access to your account.
1 Like
#213

  1. You should assure that your coins can not be spent also in case someone gains access to your pc. In order to do that a password phrase can be chosen to assure encryption of your wallet.dat file.

  2. as mentioned above, a direct access to wallet.dat without passprahse equals another happy guy receiving your funds :wink:

1 Like
#214

Encrypting Bitcoin Wallet.

  1. It is important to encrypt your wallet so as to deter unauthorized access to your wallet.

  2. The risk of not having a password if an attacker gets access to your file system is that, he/she will able to do something with your funds ie stealing your coins instantly.

1 Like
#215

  • Why is it important to encrypt your wallet?
    To protect your wallet, which is not encrypted by default.

  • What is the risk of not having a password if an attacker gets access to your file system?
    If they can access my files and I don’t have a password to protect my wallet.dat, they can spend my finds

1 Like
#216

  1. It’s important to encrypt your wallet, because it adds a password to the file that contains your account password. Otherwise, your wallet is exposed if someone gained access to your device and looked through your files.

  2. If you don’t have a password to your computer file containing the account password for your crypto, then the attacker can take your money.

1 Like
#217
  1. To increase security and restrict for coins to be stolen
  2. Attacker will have full access to wallet and will be able to spend all funds
1 Like
#218

  1. To ensure the safety of your coins preventing hackers from easily stealing them. If the wallet does not provide one, important to add a pass phrase asap.

  2. Gaining access to the file system can allow hackers to access an unsecured wallet and steal coins. Saving your password on the computer is also unwise as they can access that as well.

1 Like
#219

1.- It is important because other people can spend your funds if not.

2.- They can easily steal my private key.

1 Like
#220

It’s important to encrypt your wallet in order to lock you funds from a would be attacker.
Well the risk of not having a password, is pretty much leaving your safe open and walking away.

1 Like
#221

  1. Hackers cannot access to my coins

  2. He or she can transfer my whole coins to his or her wallet!

1 Like