Risks behind using Bitcoin wallets?

Daniels
Posts: 8
Joined: Sat Apr 08, 2017 6:38 am

Risks behind using Bitcoin wallets?

Postby Daniels » Thu Apr 20, 2017 10:31 am

What are the hazards/risks of using Bitcoin Wallets?

sam
Posts: 60
Joined: Thu Apr 06, 2017 7:32 am

Re: Risks behind using Bitcoin wallets?

Postby sam » Thu Apr 20, 2017 11:22 am

- If someone has your wallet's private key, they can spend all your coins.
- The disk that stores the wallet can easily be lost
- If not lost, it might crash, causing you to lose all your coins.

That's it, these are some of the major disadvantages of a Bitcoin wallet. But the chances of any of this happening are quite small if you careful enough. Hope this helps.

robert
Posts: 50
Joined: Thu Apr 06, 2017 7:56 am

Re: Risks behind using Bitcoin wallets?

Postby robert » Tue Sep 05, 2017 7:52 am

there are dif kinds of wallets, the hardware wallets risks involve damage to device or losing it etc while software wallets could include online world scams.

roger
Posts: 49
Joined: Thu Apr 06, 2017 12:48 pm

Re: Risks behind using Bitcoin wallets?

Postby roger » Tue Sep 05, 2017 7:52 am

wallet security all lies on private key; this is the strongest and weakest thing of bitcoin wallet!

rooney
Posts: 72
Joined: Thu Apr 06, 2017 8:49 am

Re: Risks behind using Bitcoin wallets?

Postby rooney » Tue Sep 05, 2017 7:53 am

in case of online wallets, It is possible that wallet you are using has less security and is not updated with time. Making it vulnerable to attacks!

sanedelight
Posts: 109
Joined: Wed Apr 26, 2017 8:54 am

Re: Risks behind using Bitcoin wallets?

Postby sanedelight » Tue Sep 05, 2017 7:54 am

some of the online wallets are open to cybercrime attacks while hardware wallets can be stolen or damaged.

truelegend
Posts: 71
Joined: Tue Sep 05, 2017 7:48 am

Re: Risks behind using Bitcoin wallets?

Postby truelegend » Tue Sep 05, 2017 7:54 am

the risk factors depend on the type of wallet being used. But generally, risk of a wallet is losing its private key.

vik
Posts: 149
Joined: Wed Apr 19, 2017 7:20 am

Re: Risks behind using Bitcoin wallets?

Postby vik » Tue Sep 05, 2017 7:54 am

if we talk about hardware wallets there are chances of corrupting of files due to some virus.

zach
Posts: 142
Joined: Wed Apr 19, 2017 7:18 am

Re: Risks behind using Bitcoin wallets?

Postby zach » Tue Sep 05, 2017 7:55 am

it is possible that the bitcoin wallet has very low security measures, in hardware wallets one can may extract all the private key through a chip while in software wallet your private key can be stolen.

wesly
Posts: 46
Joined: Wed Aug 23, 2017 4:37 am

Re: Risks behind using Bitcoin wallets?

Postby wesly » Tue Sep 05, 2017 7:55 am

there are wallet companies that say they have zero access to your bitcoins but the story can be dif.

rumio
Posts: 56
Joined: Wed Aug 23, 2017 4:38 am

Re: Risks behind using Bitcoin wallets?

Postby rumio » Tue Sep 05, 2017 7:56 am

the risk of bitcoin wallet is directly proportional to the risk of losing security key.

aliena
Posts: 51
Joined: Wed Aug 23, 2017 4:39 am

Re: Risks behind using Bitcoin wallets?

Postby aliena » Tue Sep 05, 2017 7:56 am

the software errors and limits can be a risky factor too.

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