Ana Maria Braga quotes US $ 140 billion in lost bitcoins

Charlie Taylor

In Tuesday's edition of the Mais Você program, presenter Ana Maria Braga cited the $ 140 billion in bitcoin lost in the matter of choosing secure passwords. However, the presenter ended up not mentioning what the best practices are in relation to passwords and backups of bitcoin wallets.

According to Ana Maria, the coin “became a fever” because of its facilities. “It exists in a digital world. It is not controlled by a financial entity like a central bank, for example. And her movement happens directly between people, without bureaucracy. ”
However, the lack of a central controller also comes with its disadvantages. If you lose your bank account password, the bank will be ready to assist you and help you recover your balance. With bitcoin, Ana Maria explains that “there is no password recovery service. In other words, lost the password, lost the money ”.
Satoshi Nakamoto, the creator of Bitcoin, brought numerous advantages by removing the need for a trusted third party in digital transactions. But with great powers comes great responsibilities, when only you have access to your balance, it is important that you know what are the best security practices in order not to lose your coins.Alter - Cryptoback
But even with millions of bitcoins lost, the digital currency network as a whole is not negatively affected. Even with the limit of 21 million units, which seems little, each bitcoin is very divisible up to 8 decimal places, leaving a little bit for everyone. In June 2010, Satoshi came to define the loss of bitcoins as a donation to the rest of the users:
“The lost coins just make everyone else's coins worth a little more. Think of it as a donation for everyone. ”
See also: How to create money at home, an understandable tutorial

How not to lose your digital currencies

Despite getting it right about how Bitcoin works, the Mais Você program fails to give real security tips. After all, how can you not lose access to your bitcoins?Alter - Cryptoback
First, it is important to keep all data encrypted. Virtually all bitcoin wallets allow a backup (a backup) with a password.
The ideal is to leave the copy in a safe place, without direct access to the internet and with redundancy, that is, in multiple locations. This way you guarantee the availability of access even in the event of a disaster.
And bitcoin backups are extremely varied and depend on your creativity and security level. There are basically two types of backups:
Physically written Digitally written To keep access to your digital assets, you only need to control 12 or 24 keywords, also known as “seeds”. Some people write these words on paper and leave them in a physically safe place, while others create paper wallets with encryption, like the ones used below:Alter - Cryptoback

Some even use metal bars to protect words from water and fire:
The digital backup is also valid, although more risky when left online. Therefore, bitcoiners go to the extreme of encrypting Hds and wallets and burying them so that in extreme cases there is always a way out.

Ana Maria Braga and passwords in a spreadsheet

Never, and I repeat NEVER leave your passwords in a spreadsheet or text document without good protection. To do password management there are specific programs for this.
Onepassword, LastPass and Bitwarden offer services that allow you to store your encrypted passwords in the cloud or on your own server (in the case of Bitwarden). For the more paranoid, KeePass programs and their evolution KeePassX allow you to record passwords offline, with military-grade encryption. Alter - Cryptoback
The programs above generate and store all your passwords, so you only need to remember a long password to keep yourself safe. They also have a second authentication factor. In addition to the password, a type of token generated on your cell phone can be programmed for even greater security, as with most banks.
Forget the spreadsheet or notepad, use a password manager and store it securely. In particular, I protect myself by layers. I have password generators online, offline and several backups to never lose even a bitcoin.
See more tips on the security of your currencies at: After all, how to guarantee the security of bitcoins?
* Material written in collaboration with Gustavo Marinho.Alter - Cryptoback


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