It is important to protect the master password to a password manager because it is the key to all of the passwords and sensitive information that the password manager stores.
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In 2013, a Bitcoin user named James Howells lost his master password, which resulted in him losing access to over 7,500 Bitcoins, currently worth over $350 million.
The worst internet habit is using the same password for all your accounts. A password manager such as LastPass, Bitwarden, 1Password, Dashlane is a software application that securely stores and manages passwords for various online accounts. The software generates strong random passwords for all your logins, but all you have to do is remember your Master Password.
Password managers, are a smart choice for internet security for several reasons:
Password keepers can generate strong and complex passwords for each of your online accounts, making it harder for hackers to crack them. Many password keepers use a combination of upper and lowercase letters, numbers, and symbols to create highly secure passwords.
Password keepers store your passwords in an encrypted format, making them difficult for hackers to access. This means that even if a hacker gains access to your password keeper, they will not be able to read your passwords without the encryption key.
With a password keeper, you only need to remember one master password to access all of your online accounts. This means you don't have to remember multiple passwords, which can be difficult and can lead to weaker passwords or using the same password for multiple accounts.
Many password keepers support multi-factor authentication, adding an extra layer of security to your accounts. This means that even if someone manages to get your master password, they still need to provide a second form of authentication to access your accounts.
In 2020, a British man named Stefan Thomas lost access to his Bitcoin wallet, which contained over 7,000 Bitcoins, currently worth over $300 million. He had stored the private key to his wallet on a hard drive, which he had lost the master password to.
Steel Passphrase Plates
