arno/bitcoinbook
1
0
Fork 0
mirror of https://github.com/bitcoinbook/bitcoinbook synced 2024-11-25 09:28:25 +00:00
Code Issues Releases Wiki Activity

Addressing errata 151333

Browse Source
This commit is contained in:
Andreas M. Antonopoulos 2015-02-23 19:58:03 -05:00
parent 486519ade6
commit 2260062d0d
1 changed files with 1 additions and 1 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

2
ch10.asciidoc
View File

@ -57,7 +57,7 @@ Over the past three years, as a direct result of bitcoin adoption, we have seen
==== Balancing Risk
((("risk, security")))((("user security","risk, balancing")))Although most users are rightly concerned about bitcoin theft, there is an even bigger risk. Data files get lost all the time. If they contain bitcoin, the loss is much more painful. In the effort to secure their bitcoin wallets, users must be very careful not to go too far and end up losing the bitcoin. In the summer of 2010, a well-known bitcoin awareness and education project lost almost 7,000 bitcoins. In their effort to prevent theft, the owners had implemented a complex series of encrypted backups. In the end they accidentally lost the encryption keys, making the backups worthless and losing a fortune. Like hiding money by burying it in the desert, if you secure your bitcoin too well you might not be able to find it again.
((("risk, security")))((("user security","risk, balancing")))Although most users are rightly concerned about bitcoin theft, there is an even bigger risk. Data files get lost all the time. If they contain bitcoin, the loss is much more painful. In the effort to secure their bitcoin wallets, users must be very careful not to go too far and end up losing the bitcoin. In July of 2011, a well-known bitcoin awareness and education project lost almost 7,000 bitcoins. In their effort to prevent theft, the owners had implemented a complex series of encrypted backups. In the end they accidentally lost the encryption keys, making the backups worthless and losing a fortune. Like hiding money by burying it in the desert, if you secure your bitcoin too well you might not be able to find it again.
==== Diversifying Risk