I recently saw a conversation online where someone asked why they needed an extra device to secure Bitcoin but not other investments. Answeres were generally along the lines of explaining various technical aspects of Bitcoin. They weren't bad per say, but they missed the most important point:
You DO need a hardware device for you bank or investment account to be secure. If you aren't using two factor authentication with a dedicated device, YOU ARE NOT SECURE. Even with 2FA, you are still not as secure as Bitcoin. You are still at risk if you give your 2FA secrets to the wrong person. You also have significant third party risk - your bank or broker could go out of business, steal your money or lose your account details.
A properly secured Bitcoin account (with multi-sig) is one of the most secure ways we know of to hold any asset. It is extremely difficult to steal, can survive natural disasters and does not depend on the hoesty or competency of people you don't know or trust. To beat it, you need vaults and armies.
Cpt. Charisma
npub12r…0yztj
2024-07-16 00:42:21
Author Public Key
npub12rc7gcvm4jqk5m8u4asn5t2m2qw5vdw7e640ug0dj97xdcj0dtlst0yztjPublished at
2024-07-16 00:42:21Event JSON
{
"id": "8c07fc794f6bf25e4dbbd70e36b6dc2f43ffa1b722934da2909688fdf1ba571b",
"pubkey": "50f1e4619bac816a6cfcaf613a2d5b501d4635deceaafe21ed917c66e24f6aff",
"created_at": 1721090541,
"kind": 1,
"tags": [],
"content": "I recently saw a conversation online where someone asked why they needed an extra device to secure Bitcoin but not other investments. Answeres were generally along the lines of explaining various technical aspects of Bitcoin. They weren't bad per say, but they missed the most important point:\n\nYou DO need a hardware device for you bank or investment account to be secure. If you aren't using two factor authentication with a dedicated device, YOU ARE NOT SECURE. Even with 2FA, you are still not as secure as Bitcoin. You are still at risk if you give your 2FA secrets to the wrong person. You also have significant third party risk - your bank or broker could go out of business, steal your money or lose your account details.\n\nA properly secured Bitcoin account (with multi-sig) is one of the most secure ways we know of to hold any asset. It is extremely difficult to steal, can survive natural disasters and does not depend on the hoesty or competency of people you don't know or trust. To beat it, you need vaults and armies.\n",
"sig": "f037a175f3a2362eda600c2f6352402429bf1d66bc138294e8325743bfdee4a02c4ff3a5c87b94fd8552662f08ab9e964b0c792812c084fe5bb20d185ff85600"
}