How to keep safe the mnemonic phrase - Whats Your method? - page 3.

Lucius

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Quote from: coinfunda on September 24, 2023, 07:04:41 AM

~snip~
->Writing and keeping it with you/your place: What if someone got the access in your absence of theft or any disaster?

If you want to protect yourself from thieves, then you need to further complicate the situation in case such a theft happens, and I would suggest that you do two things.

The first is that the seed is hidden in an unusual place, which means that it will not be in a drawer on a sheet of paper, in a box with Christmas decorations or in a safe (if you have one at all). So turn on your imagination and think outside the box.

If you don't like the first proposal, you can additionally protect seed by setting a passphrase, and you will keep it separate from the seed, of course even better without any indication that it is about something related to cryptocurrencies. Even if thieves steal your seed, without a passphrase they will not be able to generate your coin addresses, and you will be able to safely transfer your coins to a new wallet.

As for natural disasters, there's no point in writing about it again, you got a link to a thread where we discussed it.

Wend

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Quote from: Jawhead999 on September 25, 2023, 08:44:30 AM

Quote from: Wend on September 25, 2023, 07:53:31 AM

Each person has their own method, but I also really like the traditional way, writing them down on paper and then backing up many copies to store in many places and sharing with the closest people is indispensable.

Keep in mind when you're share your seed phrase to closest people, you're taking a risk they will make a silly mistake to keep/save the seed phrase because their knowledge might be less than you.

Of course, I thought about that and I also had a solution for that. But they don't necessarily need as much knowledge as we do, as long as you let them know the importance of the seed phrase, they will store it like or better than you.

Quote from: Jawhead999 on September 25, 2023, 08:44:30 AM

Quote from: retreat on September 25, 2023, 08:06:30 AM

What I did was simply encrypt it in a secure box and save it on a laptop that I no longer use and as a backup I saved it in a secure file on Box.com. I think that this is quite safe, considering that it is encrypted, and I also put some of my assets on the exchange, so that even if I lose access to my wallet I still have backup funds on the exchange.

You're trusting your seed phrase over third party, I don't think it can be said as safe regardless it's encrypted or having password.

The chance you lose your funds is higher in online e.g. centralized exchange than in offline.

It seems like he's trying to diversify where his seed phrases are stored, but using centralized platforms is unwise. The risks of storing our seed phrase or bitcoins on a centralized platform have been discussed a lot on the forum. I don't think he missed it, he should change things as soon as possible.

retreat

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Quote from: Asiska02 on September 25, 2023, 08:15:35 AM

While putting some in that exchange, hope you put only the one which you can afford to lose. I’m sure you did that because no person will save more money in exchange than a decentralised wallet where they have complete ownership of the funds. Only a novice that have no knowledge of crypto will do that or the ones that are negligence in events like this.

I already know that. I don't fully believe in centralized exchanges and therefore I only put my money on the most reputable exchanges and the value of my assets is also not much.

Quote from: Jawhead999 on September 25, 2023, 08:44:30 AM

You're trusting your seed phrase over third party, I don't think it can be said as safe regardless it's encrypted or having password.

The chance you lose your funds is higher in online e.g. centralized exchange than in offline.

Well, I know that risk too. However, the exchange that I believe has been operating for a long time and has the largest valuation currently. So if you think it's more risky, I don't think so. And also the seed phrase that I put on Box.com was pre-encrypted in text form, so if someone could crack it I think he would need a quantum computer for that.

Quote from: kro55 on September 25, 2023, 09:55:07 AM

Both of his methods place trust in a third party, which is worse than trusting a bank. If I have to trust centralized exchanges or online storage services, I'd rather trust bank. How can our bitcoins be safer in the hands of others? @retreat?

My answer is clear enough. So I don't need to explain any more.

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Quote from: famososMuertos on September 25, 2023, 07:17:15 AM

There is a diversity of methods in itself that each one is like a zoo, it is if from earthquake in its protection method. (metaphor)

And! generally what works best is the individual, his everyday skills in that aspect, such as answering openly in this post what would be his preferred ways to protect some phrases.

#TBT Topic

However, it's not about people preferring a way that's important but using the most secure way to safely keep the mnemonic phrase and the best way will always be offline. Write the phrase down on a piece of paper using a pen (have multiple copies of it), and keep it in a protected location, such as a safe deposit or a lockbox which also protects it from potential possible hazards, theft, etc.

Casdinyard

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To me, the safest method of securing your seed phrase is anything that doesn't involve saving it in your email or facebook or any social media account for that matter. Securing your seed phrase involves making sure that there's no risk of you ever sending it accidentally to someone else, or even the prospect of getting hacked and risking giving access to other people.

So do whatever you think is safe. keep it to your person through a paper wallet you keep in your pocket, use a trezor, make a hardware wallet using your hard disk, whatever really works for you as long as the premise is that it's shut off from the internet, and only you could gain access to it.

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Quote from: coinfunda on September 24, 2023, 07:04:41 AM

fellow members,

As we all know keeping mnemonic phrase in a secure place is the first step of bitcoin journey. But there are few thing that comes in my mind:

->Writing and keeping it with you/your place: What if someone got the access in your absence of theft or any disaster?
-> Obviously keep it online in email of any other way is risking your funds.

What can be the best possible way, My favorite method is to using a metal keycard where I marked the phrase buy again it can be stolen Sad

What your way?

I think that, in general, mnemonic phrase should be stored in a place where you can easily find it if you need it. There are many cases of lost seed phrases due to the fact that people couldn't remember where it was (really, its not a joke, though sounds funny)... So, any way of storing is ok if you always keep in mind where seed phrase is located. Unfortunately, there is no backup if mnemonic phrase is lost...

kro55

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Quote from: Jawhead999 on September 25, 2023, 08:44:30 AM

Quote from: Wend on September 25, 2023, 07:53:31 AM

Each person has their own method, but I also really like the traditional way, writing them down on paper and then backing up many copies to store in many places and sharing with the closest people is indispensable.

Keep in mind when you're share your seed phrase to closest people, you're taking a risk they will make a silly mistake to keep/save the seed phrase because their knowledge might be less than you.

Maybe their knowledge about bitcoin is worse than ours, but in protecting valuable assets, we are not really better than them. When sharing the secret of the seed phrase, we need to emphasize its importance, I believe they will understand its importance and will protect it with their lives. I even trust my wife more than myself because she is very good at preserving precious things in my family.

Quote from: Jawhead999 on September 25, 2023, 08:44:30 AM

Quote from: retreat on September 25, 2023, 08:06:30 AM

What I did was simply encrypt it in a secure box and save it on a laptop that I no longer use and as a backup I saved it in a secure file on Box.com. I think that this is quite safe, considering that it is encrypted, and I also put some of my assets on the exchange, so that even if I lose access to my wallet I still have backup funds on the exchange.

You're trusting your seed phrase over third party, I don't think it can be said as safe regardless it's encrypted or having password.

The chance you lose your funds is higher in online e.g. centralized exchange than in offline.

Both of his methods place trust in a third party, which is worse than trusting a bank. If I have to trust centralized exchanges or online storage services, I'd rather trust bank. How can our bitcoins be safer in the hands of others? @retreat?

mvdheuvel1983

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Quote from: coinfunda on September 24, 2023, 07:04:41 AM

fellow members,

As we all know keeping mnemonic phrase in a secure place is the first step of bitcoin journey. But there are few thing that comes in my mind:

->Writing and keeping it with you/your place: What if someone got the access in your absence of theft or any disaster?

I use hardware wallets to store my keys and sign transactions because it gives me the highest level of security. Another benefit of it is that it allows me to make paper backups of my key phrases in order to achieve resilience and continuity incase something happens to me.
My desktop isn't secure at all just like every other desktop out there. My assumption is that both my computer and mobile phone have been compromised. Therefore, any information stored in there vulnerable to being accessed by bad actors.

Z-tight

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Quote from: Jegileman on September 25, 2023, 07:28:08 AM

What is this backup passphrase? Is it another pass phrase that can be used to unlock the original mnemonic seed phrase for your wallets? If not, what does it serves as in wallet security?

A passphrase is an extra layer of security for your wallet, it is an extra 'word' added to your seed phrase which creates another wallet and keys for you, take note that your passphrase does not have to be a 'word', you can use and add whatever you want, even characters to make it stronger and hard to brute force. So whenever you use your seed phrase without adding that passphrase you get the base wallet, but when you use your seed phrase + passphrase you get your second wallet, this set up is great for plausible deniability.

So with a passphrase set, if an attacker compromises your seed phrase, they will still need the passphrase to access your funds. Take note that if you use a seed phrase + passphrase set up, you will have more backups and you have to keep them in separate locations to avoid the possibility of a single point of failure.

Jawhead999

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Quote from: Wend on September 25, 2023, 07:53:31 AM

Each person has their own method, but I also really like the traditional way, writing them down on paper and then backing up many copies to store in many places and sharing with the closest people is indispensable.

Keep in mind when you're share your seed phrase to closest people, you're taking a risk they will make a silly mistake to keep/save the seed phrase because their knowledge might be less than you.

Quote from: retreat on September 25, 2023, 08:06:30 AM

What I did was simply encrypt it in a secure box and save it on a laptop that I no longer use and as a backup I saved it in a secure file on Box.com. I think that this is quite safe, considering that it is encrypted, and I also put some of my assets on the exchange, so that even if I lose access to my wallet I still have backup funds on the exchange.

You're trusting your seed phrase over third party, I don't think it can be said as safe regardless it's encrypted or having password.

The chance you lose your funds is higher in online e.g. centralized exchange than in offline.

Asiska02

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Quote from: KiaKia on September 25, 2023, 08:05:05 AM

It's wrong to memorize your recovery words, anything can happen to you and you won't remember the words anymore, it's a lot safer to have a hardware wallet or keep your recovery phrase written in a safe location.

There’s a popular belief that the human brain can store more information and data than the computer can do, but in this case, I disagree with that. It is better you write it down and save elsewhere or in an hardware wallet rather than trying to memorize it. The seed phrase is very sophisticated and hence, they can’t be easily assimilated into the brain to stay for a long time, not when we have so many things going up in our brains all the time.

Quote from: retreat on September 25, 2023, 08:06:30 AM

What I did was simply encrypt it in a secure box and save it on a laptop that I no longer use and as a backup I saved it in a secure file on Box.com. I think that this is quite safe, considering that it is encrypted, and I also put some of my assets on the exchange, so that even if I lose access to my wallet I still have backup funds on the exchange.

While putting some in that exchange, hope you put only the one which you can afford to lose. I’m sure you did that because no person will save more money in exchange than a decentralised wallet where they have complete ownership of the funds. Only a novice that have no knowledge of crypto will do that or the ones that are negligence in events like this.

retreat

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What I did was simply encrypt it in a secure box and save it on a laptop that I no longer use and as a backup I saved it in a secure file on Box.com. I think that this is quite safe, considering that it is encrypted, and I also put some of my assets on the exchange, so that even if I lose access to my wallet I still have backup funds on the exchange.

KiaKia

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I am someone who likes being alone, I don't have visitors and I live with my spouse only, my room is private to me only, so I don't have a problem writing down my recovery seed into a ledger book and also carving on a stainless steel in locked away in my safe, I've been doing this for a few years now and I don't have any problem about losing funds.

Let's try not to forget that its not about keeping your recovery seed safe only, some people are very good with this but they still lose their assets to scammers, what we interact our wallets with exposes us to more danger than keeping our recovery seed safe.

Most funds are lost due to connecting crypto wallets to unofficial links and websites, some links give access to the hacker, exposing your recovery seed, while some are because of our own greed, we are sent tokens that we don't buy with money, yet we want to claim and sell them.

It's wrong to memorize your recovery words, anything can happen to you and you won't remember the words anymore, it's a lot safer to have a hardware wallet or keep your recovery phrase written in a safe location.

Wend

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Quote from: Jawhead999 on September 25, 2023, 06:37:34 AM

Quote from: Spaceman1000$ on September 25, 2023, 06:04:01 AM

so saving it in your head and memorizing it whenever the need arises is the best way to save your mnemonic phrase and to keep your wallet safe.

Hell no, there's a chance someone can suffer brain injury especially when they get older, if you're really depends to memorizing, you has a chance can't access your wallet when you're old enough.

Quote from: https://www.biausa.org/public-affairs/public-awareness/brain-injury-awareness

Brain Injury Awareness Month is a major event in the public health space. There are more than 5.3 million individuals in the United States who are living with a permanent brain injury-related disability. That’s one in every 60 people.

The best is always write down your seed phrases and place it in 2-3 different locations, if you're married you can teach your kids in order to reduce the chance your family will lose your wealth forever.

Each method has its pros and cons, but memorizing seed phrases is the worst idea I've ever seen. You don't have to think about getting older or getting a head injury, with today's stressful life and busy work. That alone is enough to make our brains explode, let alone the hundreds of other things we have to deal with every day. That's why today there are many tools and applications created to help us remember and make appointments for a long day of work.

Each person has their own method, but I also really like the traditional way, writing them down on paper and then backing up many copies to store in many places and sharing with the closest people is indispensable.

Peter3493

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To secure a mnemonic phrase for cryptocurrency wallets, employ these steps:

Physical Storage: Write it on paper and keep in a secure, fireproof location.

Divide and Store: Split it and store parts separately for added security.

Hinted Mnemonic: Create cryptic hints for the mnemonic, enhancing security.

Password Encryption: Encrypt with a strong password and store digitally in a secure location.

Partial Memorization: Memorize key words, enabling access without revealing the full phrase.

Secure Environment: Use trusted devices and networks to access the mnemonic.

Regular Verification: Periodically check the mnemonic's accessibility and integrity.

Jegileman

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Quote from: coinfunda on September 24, 2023, 07:04:41 AM

->Writing and keeping it with you/your place: What if someone got the access in your absence of theft or any disaster?
-> Obviously keep it online in email of any other way is risking your funds.

Keeping the mnemonic seed phrase safe should be one of the easiest thing to do to help keep your coins safe. They’re several ways that you can use to do that, diversifying and using different methods should be the best way for you to keep it safe. Every method has their own advantages and disadvantages, but just know that all the method can’t be compromised at the same time. When you can’t access one because it’s been compromised (lost or forgotten), the other ones you used another method to save could come as back up for it.

Quote from: Charles-Tim on September 24, 2023, 07:16:57 AM

If you are living in an unsafe place, use a passphrase. If you lose your passphrase backups, you will lose your coins, just as if you lose your seed phrase backups. Do not backup passphrase together with your seed phrase.

What is this backup passphrase? Is it another pass phrase that can be used to unlock the original mnemonic seed phrase for your wallets? If not, what does it serves as in wallet security?

famososMuertos

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There is a diversity of methods in itself that each one is like a zoo, it is if from earthquake in its protection method. (metaphor)

And! generally what works best is the individual, his everyday skills in that aspect, such as answering openly in this post what would be his preferred ways to protect some phrases.

#TBT Topic

Jawhead999

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Quote from: Spaceman1000$ on September 25, 2023, 06:04:01 AM

so saving it in your head and memorizing it whenever the need arises is the best way to save your mnemonic phrase and to keep your wallet safe.

Hell no, there's a chance someone can suffer brain injury especially when they get older, if you're really depends to memorizing, you has a chance can't access your wallet when you're old enough.

Quote from: https://www.biausa.org/public-affairs/public-awareness/brain-injury-awareness

Brain Injury Awareness Month is a major event in the public health space. There are more than 5.3 million individuals in the United States who are living with a permanent brain injury-related disability. That’s one in every 60 people.

The best is always write down your seed phrases and place it in 2-3 different locations, if you're married you can teach your kids in order to reduce the chance your family will lose your wealth forever.

Spaceman1000$

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Quote from: coinfunda on September 24, 2023, 07:04:41 AM

fellow members,

As we all know keeping mnemonic phrase in a secure place is the first step of bitcoin journey. But there are few thing that comes in my mind:

->Writing and keeping it with you/your place: What if someone got the access in your absence of theft or any disaster?
-> Obviously keep it online in email of any other way is risking your funds.

What can be the best possible way, My favorite method is to using a metal keycard where I marked the phrase buy again it can be stolen Sad

What your way?

Your mnemonic phrase is usually from 12 words and about, so for me I think the best place to back it up is in your head, maybe after you must as well written it down somewhere you know it can be safe. Keep it safe away from Intruders, let it be one of your topmost secret
So always learn how to memorize it just like your phone number, and let it stick there in your head.

If you save it on your device, your device can easily get stolen or misplaced, or even if you you've written it down, it can as well get missing, so saving it in your head and memorizing it whenever the need arises is the best way to save your mnemonic phrase and to keep your wallet safe.

Z-tight

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Quote from: 2Pizza410000BTC on September 25, 2023, 02:59:38 AM

I wrote down the seed phrase of my wallet in the notebook. I have it set to my Google Drive for extra security. I know that even if my notebook somehow gets corrupted, the wallet seed phrase stored in my Google Drive won't. Because as long as I have Gmail I think I can safely recover my wallet passphrase. This method seems to be the best method to me.

Writing your seed phrase down or engraving it in steel and providing backups of it in more than one location is probably the best way to store your seed phrase, but to store it in Google drive, cloud services or anywhere that is online is not recommended, take note that whatever is stored online is prone to hacking and you can lose your seed phrase in this way. If you are afraid of a single point of failure, extend your seed phrase with a passphrase or set up a multisig wallet.

Topic: How to keep safe the mnemonic phrase - Whats Your method? - page 3. (Read 668 times)