Lack Of Technical Knowledge Can Make Bitcoin Riskier
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The well-known Bitcoin proponent and author of Mastering Bitcoin, Andreas Antonopoulos had spoken about one of the most important issues that the space has today, secure storage of Bitcoin and other cryptocurrencies during a Q&A session on YouTube, early this year.
During the Q&A session, “the author elucidated Trace Mayer’s statement that a user required Bitcoin Core for network validation, Armory for managing the private keys, the Glacier Protocol for standard operating procedures and a Purism laptop for hardware” In addition to this, he also spoke about the gold standard for the storing cryptocurrency, which would apply for non-technical investors too.
On Trace Mayor’s prerequisites, Antonopoulos explained that different groups have their own risk models and tolerance for technical complexity. On top of this, he said that the key factor is that the technical complexity is a part of the risk model. He also said that a user would be at “serious” risk of losing their cryptocurrency as the technical complexity is above their skill level. The author then went on to explain this further saying:
“Not because it is stolen, but because your ambition for technical excellence exceeds your current skill level, and you messed up [on the execution]. This applies to every level of technical expertise. There is always a ‘higher level’ of security to achieve, by adding a bit more complexity. Security is not an on / off thing, “it is secure” vs. “it is not secure”.”
Following on from this, he said that the “no gold standard” applies to everyone but a user is able to reduce the risks faced by identifying and understanding who could be after their crypto and in what kind of situation they would be able to access it, saying:
“Whatever else the risk model might [include], then you must balance that against your technical skills. Find which of these risks you can eliminate, in a way that you and anyone designated to help your loved ones… recover your crypto if something happens to you, can execute flawlessly. That is the sweet spot.”
As reported by AMBCrypto, Antonopoulos said that a user’s lack of knowledge is the technical side of things and a big head could result in them losing their cryptocurrency instead of losing them to “some nefarious hacker”.
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