Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#402

  1. To protect them

  2. Is a vulnerability

#403

the bigger problem we need to remind ourselves are: not your keys, not your coins

#404
  1. Default state is unencrypted wallet.dat file.
    if wallet.dat is encrypted the private key is protected,
    2.Without password it is easy for attackers to get access to my wallet if he/she has access to my filesystem. Attackers can spend my funds.
#405

1.) Without an encrypted wallet, an attacker (or even anyone) could access the wallet and spend the coins.
2.) An attacker could steal the file, which stores the private key, and extract it from the file. This would mean that he can spend the coins.

#406
  1. It is important to encrypt your wallet so that someone else that potentially gets a hold of your device or wallet.dat file is unable to spend your funds.
  2. The risk of not having a password would result in someone else being able to take over your funds and spend it freely.
#407

1. Why is it important to encrypt your wallet?
To keep your assets safe in your wallet. If you have multiple security features such as a password and multifactor authentication, it adds extra layers of protection on top of encrypting the wallet which prevents data to be seen in readable format from the outside.

2. What is the risk of not having a password if an attacker gets access to your file system?
Because once the attacker has access to your system or wallet, they can just transfer or spend the assets as soon as they want. Having a password will assist with either preventing access from an attacker or possibly prevent a transaction if the attacker happens to gain access to your system.

#408
  1. Why is it important to encrypt your wallet?

To keep your private key from being stolen.

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

They can steal your private key

#409
  1. Why is it important to encrypt your wallet?

A// It is important to encrypt your wallet because even if the attacker have aceso to the device where the wallet is running if he dont have the passphrase he cannot spent anything.

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

A// The risk is that if we dont have a password and a the attacker gets access to our file system he can spent our coins.

#410
  1. It is important to encrypt a wallet in order to safeguard yourself from any unauthorized access on the computer it is stored on
  2. The risk of not having a password if an attacker gets access to your file system is that the wallet can be can be drained of any funds from the wallet.
#411

Answer the questions below:

  1. Why is it important to encrypt your wallet?
    Encrypting the wallet will prevent unauthorized people who managed to get hold of the device, to not be able to do any transaction.

  2. 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 the attacker can transact the contents of the wallet according to what he desires, hence a high possibility of loss for the owner.

#412
  1. Why is it important to encrypt your wallet?

An unencrypted wallet can be access and funds easily stolen.

  1. What is the risk of not having a password if an attacker gets access to your file system?
    The attacker could access the wallet.dat file and drain the funds. A passphrase provides an added layer of security
#413

  1. to protect your wallet , and even if they get through they cant spend

  2. they can steal your private key

#414

1.) So hackers can’t easily steal your coins/money.

2.) They take over your account and drain your currency to their wallet.

#415

  1. Why is it important to encrypt your wallet?
    To protect it from anyone else gaining access to your wallet and funds.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    An attacker could access your funds and spend / transfer all your bitcoin.

#416

Why is it important to encrypt your wallet?

Sensitive bitcoin information is stored in a file called wallet.dat, which is unencrypted by default. It’s important to encrypt your wallet with a passphrase to “lock” your coins from being spent.

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

An attacker could steal your private keys and spend all of your coins if your wallet is not encrypted with a passphrase.

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#417
  1. Adds an extra layer of security to a wallet
  2. Risk is that attacker can view your private key
#418
  1. In case anybody getting ecces to my computer or deciphering my PK can gain acces.
  2. Can spend my funds ASAP after gaining the acces due to lack of additional security metrics.
#419

  1. Why is it important to encrypt your wallet?
    so you do not allow everyone access to your keys

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

#420

  1. Why is it important to encrypt your wallet?
    Prevent attacker having access to your bitcoin wallet funds using 12 word pass phrase

  2. What is the risk of not having a password if an attacker gets access to your file system?
    Able to access funds and other sensitive bitcoin information. Even if the attacker had access to the device. The attacker would not be able to spend your funds because of encrypted pass phrases.

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#421

  1. Why is it important to encrypt your wallet?
    Stop wallet.dat from being stolen along with your BTC password.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    Access to your wallet and the balance of your BTC.

1 Like