The very premise of blockchain and crypto technology is that it is inclusive, accessible and safe for all and although that is definitely how the inventor of Bitcoin envisioned this technology to progress, rookies may find a hard time navigating around this ever growing and complex world without the needed technical expertise.
According to renowned Bitcoin advocate, Andreas Antonopoulos the main reason most new users lose their crypto is due to a lack of understanding of how security works in the crypto verse as he discussed in a recent Q&A session on YouTube. He talked about a topic that has become increasingly important nowadays; how to keep your cryptos safe!
In the live session, he explained that as with any discipline, different users of crypto will have a different perspective on risk management when it comes to their investment. Alternatively, Antonopoulos added that not every user can have the same capacity for understanding the process of securing their assets due to complex technicalities. He rationalized his argument by stating that if a user will try to take on more than they can handle, it increases the risk of them losing their valuable tokens.
In the video, he states that the issue is, “Not because it’s stolen, but because your ambition for technical excellence exceeded your skill level for technical execution and you, frankly, messed it up.”
Host of the Bitcoin Knowledge Podcast, Trace Meyer’s recent discussion of the various tools users need to ensure that they are on top of their game sparked a lot of debate around the idea of a Gold Standard for cryptos. Meyers states that to be the best of the best, you need the right sort of “equipment” for the job, i.e. a state of the art Purism laptop, access to Bitcoin core for network validation and even excellent security services such as the Armoury to manage their private keys.
This led to a follower questioning Antonopoulos about what a gold standard is? To which he replied, that there is “no gold standard” that is applicable across the board.
But he had reassuring words to offer nonetheless when he said, “Whatever else the risk model might be, you balance that against your technical skill and you find which of these risks you can eliminate in a way that both 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.”