For the last year (2022) crypto investors had lost over $3.8 billion due to hacked private keys. See [1-2]. Those private keys were stored in some encrypted files on some computers. When hackers are able to get access to private keys they can transfer crypto from investors accounts to their own accounts.
To reduce chances of private keys being hacked some investors use hardware wallets or paper wallets. These wallets are more secure than online wallets, but still store private keys in some places (encrypted files or paper). The more secure option is to not store private keys in any place and instead generate them on demand when they are needed to make transactions. Outside of the time interval, when private keys are generated and used, they do not exist in our physical world. Therefore, they can not be hacked, damaged, stolen, broken, confiscated, etc. as private keys stored in some places.
In this post we consider a simple method to generate such private bitcoin keys.
First of all, we need to download a zip file with a free version of software from https://dynpass.online/dpp/files/btcgodw.zip
Secondly, we need to check the file on viruses using virus scanners available on our computers.
Thirdly, we need to choose a suitable for our processor and operating system version from 10 available choices.
Fourthly, we need to check that our computer is connected to internet.
When we start the program, it asks us to enter a key and a date (day, month,year).
After all data will be entered the program will generate private keys and public keys (addresses on blockchains) for BTC and LTC as shown on the picture below.
We need to verify that these addresses are not used by other people (see [3]).
Now we can use these keys to make transactions on blockchains using software, hardware or online wallets. After the transactions completed we need to delete all files where the private keys may be stored by web browsers, software programs or computers. Now, our private keys are not stored in any place. They do not exist in the real world (outside time intervals when we create and use them), therefore they can not be hacked, damaged, stolen, broken, confiscated, etc. If investors need more secure bitcoin wallets they should use generated on demand offline bitcoin wallets (see [3]).
If an investor keeps private keys in generated on demand wallets, not on crypto exchanges or encrypted files then her/his investments can not be stolen when hackers hack crypto exchanges or her/his computer/phone.
References
[1] Over $3 Billion Stolen In Crypto Heists: Here Are The Eight Biggest
[2] Crypto investors lost nearly $4 billion to hackers in 2022
[3] A simple way to create generated on demand (GOD) offline bitcoin wallets
[4] A simple way to rank crypto wallets by risks levels
