7002 BITCOIN IN LALA LAND

in LeoFinance2 months ago

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When you bring yourself to your wallet and keys and permissions in Hive.blog you get to look around and puzzle about this schema. Clearly it shows the value you get from each set of keys in the blockchain and how to use them.

With the appreciation of Hive lately touching yesterday 400 satoshis there is a need to verify and take note. Leofinance continues to break barriers and the leo token is growing everyday as the space to bring life in the second layer. It is informative and capital to revive the need to secure that freedom of being your own bank.

That story of a programmer in the path of losing more than 7000 bitcoin is hard to decipher. Protecting your own keys is important. The measure put in place can be detrimental when nature forgot its roots. Luckily he has two more tries before the key becomes unusable. I guess he is thinking too much about it. Hope he is not losing sleep about it as well. Hard to think otherwise.
The morale of the story, bitcoin is really safe and important to own. Even a programmer cannot break its own ironkey hard drive to retrieve the private keys for his address.

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Being a crypto holder requires you have access you alone to your private keys. You decide everything inside that address. First time I was involved with this blockchain, it was fascinated to see how the system foresees the need to have multiples keys. If you came from steem, you probably have the same key now in Hive unless you take the time to change.

It makes sense to change keys if you know how to do it and add another degree of difficulty if something went havoc on steem. Good timing to check your recovery account and make sure it has nothing to do with steem. Reminders are what keep us to be a good habit with time. Last thing you want is not able to get to your Hive account.

With the emergence of Hivesigner, Hivekeychain, we have less of a distraction on how to use
our keys. It is always good to know and revisit your plan of action.

Any password or key is more likely to get compromised the more it is used. That's why Hive uses a hierarchical key system to keep you safe. You are issued with four keys which have different permissions. For example, the Posting Key (which is intended to be used frequently) has a limited set of permissions for social actions that require less security. You'll need to be more careful with your Active Key since it has permissions to perform wallet related actions.
Please take note of your Hive Keys listed below. Ideally, use a Password Manager (like 1Password or LastPass) or store an offline copy safely (on a piece of paper or on a file on a USB drive).

It has been a while I visited the FAQ section. It is very informative
Saving your keys in a usb drive or a file alone are not enough.
A piece of paper never hurts. Having a close family member to know your crypto keys can help in moment of despair. The power to be your own bank is freedom with a catch. Life continues when you make the right move at the right time.
We are living the moment of truth when crypto is taking over.
Be part of the financial revolution and safeguard your bank.

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With the emergence of Hivesigner, Hivekeychain, we have less of a distraction on how to use our keys.

Hivesigner adds one more layer of security even, by having an extra password.

Does Hivesigner work well?
I can not log in.

Ya, always works for me.

!BEER


Hey @sanjeevm, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

I think I nearly lost my dtube account worth almost 1000$ and it nearly scared my to death because had I not saved it somewhere, I'd have particularly lost it. In reality I believe crypto is save and the dynamics towards protection using keys is awesome. So bad seeing that guy on the verge of losing such an amount of money, it might haunt him forever. Hell, it'll haunt me too if it was me.

!BEER

If never answers the question.
Hope the last two tries bring him comfort
he will find the password for the ironkey.
Just a good reminder for being your own bank.
It comes with responsibility.

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Yeah, sometimes that responsibility can be somewhat burdening but I'll prefer it any day anytime. I'll move to be even more careful myself.


Hey @josediccus, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

How do we recover our active key if we lost it?

If you lose any key you cannot recover it. Do you have your owner key ?
You can get another one.
I ask of you to read around the blockchain and search how to do it. Easy but delicate as well.

I read about the 22 million in Bitcoin almost lost forever. I hope he can figure it out.

You meant to say he could lose US $200 million worth of bitcoin?

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Yes key management is essential. That is why Hive is the perfect intro to Bitcoin, if someone can keep their Hive keys safe and understand the differing permission levels then they can probably understand rule #1 of BTC, save your key.