eugenesparrow on Nostr: The self-responsibility involved with #bitcoin is the fundamental shift society ...

The self-responsibility involved with #bitcoin is the fundamental shift society needs. #fullownership #fullselfcustody #fullselfresponsibility

quoting
nevent1q…krfd

Last week I almost had a heart attack due to a lost #Bitcoin seed phrase. 🤮

I onboarded a close friend a while back & they lost their paper backup while travelling. They hit me up & asked what happens from there. 🤦‍♂️

They still had wallet access (which was full-password encrypted) via their wallet app, so I walked them through creating a second wallet, backing up THAT seed & then moving the funds over. I reiterated how important it is that nobody ever have access to their offline backup & they understood the importance/gravity of the situation MUCH better than the initial setup I walked them through; sometimes people really do need to get burned in order to learn the lesson. I then told them to never use the first wallet ever again because they had to assume that someone else was in possession of the seed. 💁‍♂️

This case was SUPER lucky & the #BTC gods were looking down on them, but unfortunately, many such cases will occur in the future. 🤷‍♂️

Remember kids…

…not your keys, not your coins.

Protect your seed phrases AT ALL COSTS & learn to implement multi-sig so that you NEVER have a single point of failure; DO THE FUCKING WORK TO SECURE YOUR SATS. 🫴

Thank you for coming to my TED talk. 🤙