The “Tinder Trap” can refer to any number of scams involving meeting someone through Tinder or similar apps. The case we’re discussing involves a person who met someone through Tinder, was subsequently drugged, and had their phone—and by extension, their Bitcoin—stolen.
What I want to address today is your phone. Modern mobile phones are generally secure, but they can be lost, or we can be tricked into revealing sensitive information. It’s not uncommon for people to store virtually their entire life on their mobile phone. While this is convenient for the owner, it also presents a vulnerable point of attack for malicious individuals.
Typical Bitcoin wallets have an essential feature: the backup key. Also known as a Mnemonic Phrase, this key is usually a set of 12-24 words that allows you to restore your wallet if needed. However, this phrase also represents a risk, as someone could access all your Bitcoin in the wallet. Each wallet has its unique key phrase, and it is crucial that you store this phrase safely. Some people simply write the phrase on paper. However, paper is susceptible to destruction or accidental disposal.
One device I’ve used is the Cobo Tablet. This metal device enables you to securely store your key phrase. Although I appreciate its utility, inserting your words into it using small metal tiles can be quite tedious. The creators of the Cobo Vault (Cobo’s hardware wallet) and the Cobo Tablet recently left Cobo to start their own company, Keystone. They produce essentially the same products under this new brand. I’ll delve into other available options when I discuss hardware wallets.
The key takeaway is the importance of handling your key phrase with care. It’s the only way to recover your Bitcoin if something happens to your wallet. Record your key phrase more than once and store it in multiple secure locations. I also recommend having more than one wallet. While this does complicate matters, it also reduces the risk of a thief getting everything.
In our next discussion, we’ll focus on storing your Bitcoin in a wallet. Until then, stay safe out there!
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