From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
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Key management
From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
Key management
- [Instructor] Despite all the smart technology deployed with cryptocurrency, private keys represent one of the largest security vulnerabilities. If not handled well, they present a weak link in the chain, so to speak. There are many tragic tales of people who experimented with Bitcoin in its early days. Not anticipating the immense value that Bitcoin would eventually reach, they didn't pay sufficient attention to diligently storing their private keys. Later, when Bitcoin exploded in value, they began a frantic search for their private keys. In one instance, an individual apparently considered searching a landfill in order to locate an old hard drive that he had discarded some years earlier. He believed his private keys were stored on that computer. I understand he's yet to be successful. It's heartbreaking. He may have had access to millions of dollars. The important lesson here is that without the private keys that are associated with crypto, there's no recourse to access it. No one…
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