Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#61

  • Why is it important to encrypt your wallet?
    so if someone has taken control of the device where the wallet is installed, is still not gonna be able to spend your funds, since to do it is needed the password, without it the wallet is going to be restricted to spectator mode.

  • What is the risk of not having a password if an attacker gets access to your file system?
    giving full access to the attaker to spend/transfer the coins with ease.

#62
  1. it is important to encrypt your wallet because in an event of something happening, your wallet.dat file can be compromised and they would be able to access your funds.
  2. If the attacker gets into your system and you donā€™t have a password, they would be able to take your funds.
#63

  1. Unencrypted wallets can leak your private key, making you vulnerable to hackers.

  2. If a hacker gets access to your file system, and your information is not password protected, the hacker will have full access to your files. In the case of Bitcoin, they have access to your bitcoin funds.

#64
  1. So your money is protected from vunerabilities
  2. Your wallet is unencrypted if it doesnt have password, therefore is very vunerable to theft if they have control of file system.
#65

  1. Encrypting your wallet adds another security layer to your wallet. In case someone gets control of your computer either trough a malicious program or by physically having access to your device, a passphrase will be needed to access all functions of the wallet. Without the passphrase the coins can not be spent.

  2. If you donĀ“t have a password for you wallet, and an attacker gets access to your file system, he can simply search for the wallet.dat file and use your private key to spend your bitcoin.

#66

1.So its more difficult to steal your keys

2.So its more difficult to steal your keys

#67

  1. You encrypt it so that an attack canā€™t read, and therefore copy, your private key.

  2. He can see you private key and steal it.

#68
  1. By encrypting your wallet you protect your private key from attackers.
  2. If an attacker gets access to my file system and I have not encrypted my wallet, then the attacker has complete access to my funds and can make any transaction he/she wants with my funds.
#69
  1. Because otherwise malicious attackers can gain access to the wallet.dat file that holds the private keys.
  2. same reason as answer 1
1 Like
#70
  • Why is it important to encrypt your wallet?
    So your coins can be secure and no hackers can access.
  • What is the risk of not having a password if an attacker gets access to your file system?
    If no password, anyone will get your assets and everything will be stolen
1 Like
#71

  1. It is very import because this way nobody can access your private key and they can access your wallet.dat file.

  2. The risk is that the attacker can take all of your money out of that wallet.

1 Like
#72

Glenn_CostaRica

1. Why is it important to encrypt your wallet?
A Bitcoin wallet is a client software that stores the almighty and super secret ā€œprivate keysā€ that provide full access and control over oneā€™s Bitcoin funds on the Blockchain. The wallet stores private keys in one particular file called ā€œwallet.datā€. This is a very simple and weak type of text file. Any malicious hacker could steal this file easily, just by gaining access to oneā€™s computer through some software with infiltration capacity. Encrypting oneā€™s wallet consists of setting a password that restricts the access to the wallet and to oneā€™s funds.

2. What is the risk of not having a password if an attacker gets access to your file system?
By encrypting the wallet, one is actually locking the wallet.dat file and making the access to this file near to impossible without the correct password. When one does not use this valuable protection means, oneā€™s wallet is a lot more exposed to theft. If someone has direct access to oneā€™s computer, or if oneā€™s computer is penetrated remotely by a hacker, and the wallet.dat file is stolen, without a password that encrypts and protects oneā€™s wallet, it would be very easy to gain total access and control over oneā€™s value.

2 Likes
#73

1.-
This way is not quite possible to loss bitcoin by a compromised wallet.
Since the keys are encrypted with the password, the attacker can not access the wallet content.

2.-
The risk is to loss all the bitcoin of the wallet. If an attacker get access to the file system he only needs one file which contains the private keys to be able to spend and transfer all the money to other account(s) and the owner will not be able to get back nothing at all.

1 Like
#74
  1. A wallet (wallet.dat file) contains the private keys that gives access to your bitcoin. By encryting this file/wallet, password protection is added (with the wallet is no longer stored as plain text). The password is then required (as well as access to the wallet) in order to move the bitcoin.
  2. If this wallet.dat file is encrypted (without a password) then if an attacker/hacker gains access to your file system, theyā€™ll be able to freely access the wallet.dat file (holding your private keys) and take/spend your bitcoin.
1 Like
#75

  1. Itā€™s important to encrypt your wallet to protect your private keys from malicious hackers.

  2. With access to your unencrypted wallet, hackers or thieves can quickly and easily transfer your funds anywhere they want.

1 Like
#76
  1. So nobody can access my funds or transactions history. Ones the wallet is encrypted my wallet.dat file can only be opened with my wallet password.
  2. They will have access to my password and therefore have access to my funds.
2 Likes
#77

  1. in the event that someone gains access to your wallet they will be in spectator mode and unable to spend your funds.

  2. they will be able to spend your funds.

2 Likes
#78
  1. Why is it important to encrypt your wallet?

So others cant steal our funds.

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

Attackers can access your funds and do with them as they please.

2 Likes
#79

1.Why is it important to encrypt your wallet?

Upon downloading the bitcoin client, your private key is stored in a file known as the wallet.dat file. This file is initially not encrypted, which puts you at risk if a malicious party gains access to your file systems.

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

The attacker will have access to all the bitcoin on that particular wallet.

1 Like
#80

  1. Why is it important to encrypt your wallet?
    Because the file wallet.dat where itā€™s stored isnā€™t encrypted by default.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    Private keys can easily be stolen.

1 Like