Encrypting Bitcoin Wallets - Reading Assignment

Bitcoin Attacks
#141

  1. Why is it important to encrypt your wallet?
    You must protect your private keys

  2. What is the risk of not having a password if an attacker gets access to your file system?
    they will steal all my funds.

#142
  1. nobody should ever get access to my private key, therefore needs to be encrypted
  2. worst case: steal all BTC-assets, if the wallet is stored on the laptopā€¦ Better use a safe external device like Ledger, Trezor, BitBox2.0 and others
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#143

  1. Why is it important to encrypt your wallet?
    So nobody steals the little funds I do have.

  2. What is the risk of not having a password if an attacker gets access to your file system?
    The password would be able to get into my wallet and steal my private keys.

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#144

*It is important to encrypt your wallet so to protect from possible attackers being able to gain access to your wallet, your funds and privet keys
*Possible risk of not having password is that someone can access the sensitive (ex.BTC) information data file that holds the digital ownership of your (ex.BTC) digital information of your wallet funds or privet keys, this information is not encrypted by default.

#145

Q1- Why is it important to encrypt your wallet?

Without encryption, your wallet is accessible to anyone who gains physical or remote access to your computer.

Q2- What is the risk of not having a password if an attacker gets access to your file system?

Your funds are all spendable and will likely be stolen.

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#146

1.Why is it important to encrypt your wallet?
So that only you has access to your private keys and your funds.

2.What is the risk of not having a password if an attacker gets access to your file system?
The risk is that an attacker could get access to your private keys and recreate the wallet or simply move your funds if you are not protected by a password or phrase.

#147

  1. So that my BTC will be save and not vulnerable to hacking/stealing.

  2. The hacking can steal and spend all my BTC and since BTC is 100% decentralized, I cannot complain to the authority or bank to retrieve my loss.

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#148
  1. So you donā€™t get a ticket to 'rekt city.
  2. That you go to reckt city.
#149

1-to protect funds
2-the risk its see the balance to zero lol

better than encrypting is to use steganography to basically store information in a photo among thousands of photos and encrypt all the photos, or make it invisible in a specific directory, even if it is on a flash drive, and it is good to encrypt and hide it even better, because it reduces the possibilities of theft or the hack, I think people are more concerned with encryption and little about the location of the encrypted file, if the encrypted file is also hidden, before trying to encrypt the hacker has to find, or know where the hidden file is, and even if you know the location or find out you have to pass 2 encryptions, the steganography encryption and the photo encryption

#150
  1. Why is it important to encrypt your wallet?
    So the hacker canā€™t get access to your private key.
  2. What is the risk of not having a password if an attacker gets access to your file system?
    The wallet.dat leacking your private key if the hacker is inside your system.
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#151
  1. To make my coins safer and so if there is an attack it is harder to access to my coims amd steal them.
  2. He has my coins easily and can steal them all directly.
#152
  1. Why is it important to encrypt your wallet?

So even if attackers get access to the walletā€™s wallet.dat file that contains your private keys the file would be encrypted.

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

Your private keys would be at risk as they are unencrypted.

#153

1.) so that no one can try to get into it and spend all your money instantly. it should be encrypted because if it is on a file-sharing site for any reason you would be the only person to access it.

2.) The attacker would be able to spend all your money and do whatever he likes with it

#154

  1. Because if itā€™s not encrypted and someone finds a way to access your device data, they can do whatever they want with your funds.

  2. As mentioned above - they can take your coins.

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#155

Why is it important to encrypt your wallet?
To prevent coins from being spent by an unauthorized party. By using a passphrase, an attacker with access to your device containing the running bitcoin wallet isnā€™t able to steal anything without the passphrase.
What is the risk of not having a password if an attacker gets access to your file system?
My bitcoin information on the bitcoin client would be exposed, since the file containing the digital ownership of my BTC (wallet.dat) isnā€™t encrypted by default. Basically, if someone had access to my computer and I didnā€™t have a passphrase, they could also access my coins and spend them immediately.

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#156
  1. Why is it important to encrypt your wallet?

Your wallet contains your private keys which are the gateway to accessing your crypto asset. In this era when hacking is so prevalent on the internet, it is essential to insert another layer of protection before your private keys are visible and this is done by encrypting your wallet. It also keeps your private keys hidden in the event of inadvertent access to your wallet file for example during remote access during computer maintenance.

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

An attacker would have direct and immediate access to your private keys thereby making it very easy to steal your crypto assets. A wallet password provides an additional layer of security and the attacker will need more time and effort to figure out access to your encrypted wallet file. Also, if your laptop gets stolen, you get extra time to change your private keys so that even if the attacker cracks your encrypted wallet, you would have already reset your private keys and the information in your wallet is no longer of any utility to the attacker.

#157

1.It is important to encrypt your wallet so people can not steal your private keys
2. they can spend your coins

#158

Response:

  1. If you leave your wallet unencrypted, anyone who gains access to your private keys because of this will have control of your BTC.
  2. Having a password on your wallet provides an extra step of security to keep your funds safe. It will be needed to gain access to the account and make any transactions. Funds can not be moved without it.
#159

  1. It important to encrypt your wallet because if a black hat with malicious intent gains access into your computer, he could use your Wallet.dat with ease and take all your coins - kinda like braking into someoneā€™s house when they are gone and sealing all of the money that they have in their house, while encrypting their wallet would be like putting the money in a safe(the analogy is rough, but workable?).

  2. The risk of not having a password if an attacker gets access to your file system is similar to the answer from the first question; If a dude wearing a black hat get into your house and your safe isnā€™t locked, he just hit the jackpot(assuming that you have stacks of cash in the safe :smile: ).

#160
  1. It is important to encrypt our wallet to well protect it.
  2. The risk of not having a password if an attacker gets access to our file system is to have let him serve himself from the wallet
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