Why Twitter Thinks Storing Bitcoin On Cloud Storage is a Terrible Idea and We Do Too

We pretty much store everything on our drives. Photos, password, ATM pins even… nudes. So you might think that storing your Bitcoin wallet pin might be a safe idea too. The convenience is what drags you into this because everything stored in one place is so damn easy, am I right?

While you ponder on this possibility, we have a way to make it real for you. Unexpectedly, this brilliant idea came from the world’s leading cryptocurrency exchange desks. Coinbase is making it possible for you.

The exchange is planning to roll out a new backup service that encourages users to keep an encrypted copy of their private keys to their personal cloud storage accounts, like Google Drive and iCloud.

However, this idea was met with a lot of ridicule with on Twitter.

“When you update your Coinbase Wallet app to the latest version in the next few days, you will start to receive notifications to backup your private key to the cloud,” the company wrote in the announcement.

The Fappening

Does anyone remember the series of celebrity nude pic leaks? Hackers got hold of the photos by breaching their iCloud accounts. And, the same scenario could be applied to private keys and this is FARRR more riskier.

Though, Coinbase’s backup feature will require protecting your private keys with an additional password but we all know people tend to use similar passwords more often than they should. Yeap, PEOPLE do that. People is me. I am the people.

Even IT professionals tend to engage in bad security practices so who am I to blame?

It can get worse

Not something that you want to say but hey, pessimists like us like to look out for everything because everything could always get WORSE instead of getting better.

And being honest, most people who store things on private keys on the cloud rarely bother to encrypt them. I know I won’t and there are a dozen others who wouldn’t either. From a technical point of view, cryptocurrency holder advise against it too. For now there are way too many arguments stacked against the usage of cloud storage so Coinbase just might be a slightly wrong in this aspect.

Still, you always want to your private keys in a more secure way and cloud storage services aren’t that. And though how much you like the ease and the convenience bit, your money is at RISK.


Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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