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I mean, I could see myself using this as a way to store a string somewhere for later.

But someone else can just overwrite it anytime without you realising?

use an unguessable string as your key. make it as safe as a password and it might as well be one.

It depends.

Unless the author took preventive measures to prevent this, key lookups tend to be vulnerable to timing attacks, for example.

Correct.

I use a plain text file for this.