Andreas Antonopoulos: users lose more crypto to lack of technical expertise

03 Feb, 2019 | Updated: 03 Feb, 2019
by Richard Allen
Andreas Antonopoulos: users lose more crypto to lack of technical expertise

During a recent Q&A session on YouTube, well-known Bitcoin advocate Andreas Antonopoulos talked about one of the hottest topics in cryptocurrency lately: how to properly secure your cryptocurrency.

Trace Meyer recently made a statement that users need Bitcoin core for network validation, Armoury for managing private key, a Glacier Protocol for standard operating procedures and a Purism laptop for hardware. Regarding Meyer’s statement, a user asked what the gold standard for storing crypto is for non-technical users.

Read more: Andreas M. Antonopoulos addresses the barriers to crypto adoption in Q&A

Antonopoulos explained that different crypto users will have different risk models and different tolerance for technical complexity. He goes on to say that technical complexity is part of the risk model, and if what users are trying to do with security is more technically complex than their level of skill, a “very serious risk” of losing their crypto is introduced.

“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.”

He adds that there is “no gold standard” that can apply to everyone. There is, however, a sweet spot that can be found by understanding who would be targeting their crypto and how they would access it.

“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.”

Read more: Andreas Antonopoulos: Bitcoin will go beyond gold, reserve currencies old news

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