Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#362
  1. To make it harder for unauthorized users to access your wallet dat file
    2 they would be able to open your wallet and steal your funds
#363
  1. Why is it important to encrypt your wallet? It’s simply a download of the bitcoin client, which leaves your BTC open to vulnerabilities.
  2. What is the risk of not having a password if an attacker gets access to your file system? If an attacker gains access to your file system, they can spend your bitcoins.
#364
  1. The digital ownership of your BTC is stored on a file called wallet.dat and it is not encrypted by default.
    Encrypting a bitcoin wallet restricts it to “spectator” mode, in which you can see the balance and incoming transactions, but nothing else in detail.
  2. The attackers can spend or withdraw funds from your wallet.
#365
  1. Why is it important to encrypt your wallet?

It is important to encrypt your wallet because it protects your private key against falling into the wrong hands.

  1. What is the risk of not having a password if an attacker gets access to your file system?

The risk of not having a password is that anyone with access to your computer can instantly spend your coins.

#366
  1. To prevent a illegal user from access the wallet and spending.
  2. Loss of funds and endangered wallet
#367

  1. Why is it important to encrypt your wallet?
    It secures it in case an attacker gets access to the machine where the wallet is.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    The attacker would be able to access your private key, then steal your funds.

#368

So people which somehow get access to my files can‘t spend my funds.

#369

1.) It’s important to encrypt your wallet because an unencrypted wallet can result in theft of one’s private keys, and ultimately the assets he or she holds.
2.) The risk of not having a password can result in funds being spent immediately. Having a complex passphrase that one can remember “locks” the assets in said wallet from being spent.

1 Like
#370
  1. It’s important to encrypt the wallet because by default ,on a computer, the private key is stored in a free acces file called : wallet.dat that can be access by anyone .
  2. If an attacker has access to the computer he can copy my private key so gaining access to my wallet.
#371

  1. It is important to encrypt your wallet to prevent unauthorized access to your private keys.

  2. If an attacker gets access to your file system and you don’t have a password, they can easy access your private keys and spend your bitcoin!

#372
  • Why is it important to encrypt your wallet?

To make it impossible to anybody to access my wallet except me, to protect my coins of being spent.

  • What is the risk of not having a password if an attacker gets access to your file system?

A hacker can access yout .dat file, get your infos and spend your coins.

#373

1 So an attacker doesn’t get access to your wallet.
2 So they don’t steal your coins/tokens.

#374
  1. Why is it important to encrypt your wallet?
    By encrypting, your wallet is protected, basically lock your wallet to protect your coins from being spent by someone else.
  2. What is the risk of not having a password if an attacker gets access to your file system?
    If attacker get access to your file, he can steal your coins (btc).
#375
  1. it is important to encrypt private keys of a BTC wallet (which are not encrypted by default) and thus prevent others to access to that BTC account & assets
  2. without encryption that wallet is not protected, it is open to everyone whoever gain access to that file
#376
  • Why is it important to encrypt your wallet?
    If you don’t anyone that has access to your wallet has full control of your coins
  • What is the risk of not having a password if an attacker gets access to your file system?
    The attacker has full control of your coins. A long, random password with upper/lower case and special characters is encouraged,
#377
  1. Why is it important to encrypt your wallet?
    To protect it from others accessing it.
  2. What is the risk of not having a password if an attacker gets access to your file system?
    The attacker can steal the file and immediately spend the funds in the wallet.
#378
  1. Why is it important to encrypt your wallet?

If the attacker has access to your device, they can easy gain access to wallet.dat.

  1. What is the risk of not having a password if an attacker gets access to your file system?

The attacker can drain your wallet and perform transactions to access your funds.

#379

  1. Why is it important to encrypt your wallet?
    To avoid attackers or anyone that gains access to your device are restricted to access your wallet because it is has been encrypted.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    This makes your file system vulnerable to attackers which can lead to loss of funds.

#380

Homework on Encrypting Bitcoin Wallets - Reading Assignment:

  1. It’s important to encrypt your wallet because it provides additional security to it despite its stealing.
  2. If an attacker gets access to your file system and you have no password, he will stole your bitcoins.
#381

1:
To stop attackers from using your bitcoin
2:
They can spend your bitcoin.