Ideas in this flowchart

• Bitcoin security involves irreversible payments, loss risks, and protective measures.
• Bitcoin functions like cash: sent payments cannot be reversed, and stolen coins normally cannot be recovered.
• Bitcoin can be lost through several failures involving keys, wallets, or access credentials.
• Exposing a private key can result in the loss of bitcoin.
• Hackers can access an Internet-connected hot wallet.
• A person can lose access by forgetting a password or losing the key to an offline cold wallet.
• Several measures can reduce bitcoin security risks.
• Strong passwords and two-factor authentication improve account security.
• Cold storage can protect bitcoin held for the long term.
• Multisignature wallets can reduce the risk of unauthorized access.
• Custodial services can reduce individual security responsibilities.
• Custodial services reintroduce costs and dependence on trusted third parties.