Cryptocurrency users often lose access to their funds, not because of hacker attacks, but due to their lack of technical literacy, said crypto-enthusiast Andreas Antonopoulos.

Simplicity worse than theft

Andreas Antonopoulos, well-known bitcoin enthusiast and author of the legendary book Mastering Bitcoin, discussed one of the hottest topics in the crypto industry, that is the gold standard for storing cryptocurrencies. Answering questions during a Q&A session on Youtube, Antonopoulos commented on the statement another crypto enthusiast, Trace Meyer, who said that bitcoin users need Bitcoin Core for network validation, Armory for managing private keys, the Glacier Protocol for standard operating procedures and the Purism laptop for hardware.

According to Antonopoulos, different user groups have different degrees of risk and different levels of technical skills. A user will always be at a higher risk of losing his cryptocurrency if the technical complexity of storing or sending cryptos is above his skills level.

“This applies to every level of technical expertise. There is always a higher level of security to achieve, by adding a bit more complexity,” said Antonopoulos, adding that “there is no gold standard” that applies for everyone.

Main principles of safety

Antonopoulos offered his own vision of relatively secure cryptocurrency storage, which is also suitable for non-technical investors. According to him, a user can reduce the risks if every time he thinks how, when, and who can get access to his cryptocurrency assets.

“Whatever else the risk model might include, then you must balance that against your technical skills. Find which of these risks you can eliminate, in a way that you and anyone designated to help your loved ones... recover your crypto if something happens to you, can execute flawlessly.”

Antonopoulos concluded that when using security instruments that overtop user's technical skills and knowledge, there is even greater risk of losing crypto assets. And this danger is much more real than the theft of cryptocurrency by hackers.

Antonopoulos urged users of hardware wallets to back up their keys.