How to organise your Bitcoin wealth for a lifetime? - page 2.

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Quote from: Welsh on January 19, 2023, 01:28:32 PM

Paper wallets can suffice, but it entirely depends on your threat model. If you're concerned about them getting damaged or destroyed via fire, water or anything that could potentially come in contact with them, a metal wallet tends to have higher security based on that. However, the major concern would probably be physical security such as theft. If it's safe from theft, then the other outcomes are relatively low.

The chances of the other outcomes (fire, water etc) leading to losses are much lower considering that OP has dual backups in different locations. The possibility of both backups simultaneously getting damaged is infinitesimal.
With the risk of theft; paper is far more inconspicuous than a metal backup.

Quote from: Vampobit on January 19, 2023, 01:39:36 PM

The only thing that really makes me feel unsafe with paper backups, is the fact that the ink could fade after 20-30 years.

You would check up on your backed up seed phrases more frequently than a couple of decades and would identify any wear in the ink or paper before it becomes unreadable.

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Quote from: Dunamisx on January 19, 2023, 01:45:11 PM

Quote from: Baofeng on January 19, 2023, 01:33:29 PM

Quote from: Vampobit on January 19, 2023, 01:26:37 PM

Quote from: Dunamisx on January 19, 2023, 01:05:49 PM

so the best is to go for the metallic sheet and got it encrypted

Hello! what exactly do you mean by that ?

Perhaps he was referring to stainless seed plate, you can read it here: Stainless steel Bitcoin Recovery Seed Plate.

Yeah, I think paper wallet is suffice, but as @Welsh mentioned you have consider several factors, might be good to have a safety storage box for your safekeeping in a bank if you can have that option as well.

Just remember though that it's not 100% guarantee, this kind of setup has it's drawback and you really have to prepare for the worst situation.

In addition to what has been said, OP i expect you to read through the lines and got the idea, i was referring to how you can get your seep phrase secured using a metallic sheet by getting your seeds encrypted on it, in case you're not still clear about the point we've both given you, this is another additional one to what Baofeng has given, https://bitcointalksearch.org/topic/m.59506339 it's all about how you can secure your seed phrase with washers.

Brilliant idea! I will definetely do it this way

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Quote from: Baofeng on January 19, 2023, 01:33:29 PM

Quote from: Vampobit on January 19, 2023, 01:26:37 PM

Quote from: Dunamisx on January 19, 2023, 01:05:49 PM

so the best is to go for the metallic sheet and got it encrypted

Hello! what exactly do you mean by that ?

Perhaps he was referring to stainless seed plate, you can read it here: Stainless steel Bitcoin Recovery Seed Plate.

Yeah, I think paper wallet is suffice, but as @Welsh mentioned you have consider several factors, might be good to have a safety storage box for your safekeeping in a bank if you can have that option as well.

Just remember though that it's not 100% guarantee, this kind of setup has it's drawback and you really have to prepare for the worst situation.

In addition to what has been said, OP i expect you to read through the lines and got the idea, i was referring to how you can get your seed phrase secured using a metallic sheet by getting your seeds encrypted on it instead of using a paper wallet, in case you're not still clear about the point we've both given you, this is another additional one to what Baofeng has given, https://bitcointalksearch.org/topic/m.59506339 it's all about how you can secure your seed phrase with washers.

Vampobit

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Quote from: Welsh on January 19, 2023, 01:28:32 PM

Paper wallets can suffice, but it entirely depends on your threat model. If you're concerned about them getting damaged or destroyed via fire, water or anything that could potentially come in contact with them, a metal wallet tends to have higher security based on that. However, the major concern would probably be physical security such as theft. If it's safe from theft, then the other outcomes are relatively low.

However, this depends on your current arrangement, and whether you're storing them in a house that's prone to flooding or has old questionable electrics. Only you can really determine that, otherwise you risk compromising your security. If you're storing your paper wallets outside of your house, then look at the environment you're storing them in, and decide from there.

The only thing that really makes me feel unsafe with paper backups, is the fact that the ink could fade after 20-30 years.

Quote from: Baofeng on January 19, 2023, 01:33:29 PM

Quote from: Vampobit on January 19, 2023, 01:26:37 PM

Quote from: Dunamisx on January 19, 2023, 01:05:49 PM

so the best is to go for the metallic sheet and got it encrypted

Hello! what exactly do you mean by that ?

Perhaps he was referring to stainless seed plate, you can read it here: Stainless steel Bitcoin Recovery Seed Plate.

Yeah, I think paper wallet is suffice, but as @Welsh mentioned you have consider several factors, might be good to have a safety storage box for your safekeeping in a bank if you can have that option as well.

Just remember though that it's not 100% guarantee, this kind of setup has it's drawback and you really have to prepare for the worst situation.

Absolutely! have you got any ideas that about a better setup? It seems to me that it was the only option I had.

Baofeng

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Quote from: Vampobit on January 19, 2023, 01:26:37 PM

Quote from: Dunamisx on January 19, 2023, 01:05:49 PM

so the best is to go for the metallic sheet and got it encrypted

Hello! what exactly do you mean by that ?

Perhaps he was referring to stainless seed plate, you can read it here: Stainless steel Bitcoin Recovery Seed Plate.

Yeah, I think paper wallet is suffice, but as @Welsh mentioned you have consider several factors, might be good to have a safety storage box for your safekeeping in a bank if you can have that option as well.

Just remember though that it's not 100% guarantee, this kind of setup has it's drawback and you really have to prepare for the worst situation.

Welsh

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Paper wallets can suffice, but it entirely depends on your threat model. If you're concerned about them getting damaged or destroyed via fire, water or anything that could potentially come in contact with them, a metal wallet tends to have higher security based on that. However, the major concern would probably be physical security such as theft. If it's safe from theft, then the other outcomes are relatively low.

However, this depends on your current arrangement, and whether you're storing them in a house that's prone to flooding or has old questionable electrics. Only you can really determine that, otherwise you risk compromising your security. If you're storing your paper wallets outside of your house, then look at the environment you're storing them in, and decide from there.

Vampobit

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Quote from: Dunamisx on January 19, 2023, 01:05:49 PM

so the best is to go for the metallic sheet and got it encrypted

Hello! what exactly do you mean by that ?

Dunamisx

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Quote from: Vampobit on January 19, 2023, 11:24:11 AM

1. What do you think about my plan in general?

Your plan is a good idea but what i will only like to adjust about the whole thing is the need to only maintain two portfolios to your bitcoin, having up to 3 wallets or means you adopt in storing your wallet could pose a little way for vulnerability because of the numbers in consideration so that you don't mix things up and easily make mistake others cab take advantage of, have either hardware wallet or use a bitcoincore client to run a full node and additionally use a centralized exchange with hot wallet to perform your exchange.

Quote from: Vampobit on January 19, 2023, 11:24:11 AM

2. I currently have paper backups and I plan to change my backups from paper to metal, especially for my hardware wallets. Do you agree with that?

Good idea as well, it's a good recommendation to take and follow, back up your seeds in a more secured ways than just on an ordinary paper which can easily got damaged by water except if laminated, but the safety storage to keep it is another challenge, so the best is to go for the metallic sheet and got it encrypted

Quote from: Vampobit on January 19, 2023, 11:24:11 AM

3. Would you want to share what you do and how you organise your Bitcoin?

I make use of electrum wallet on an air gapped device and i ensure that i don't use my device for other internet browsing purpose than handling my bitcoin wallet.

Vampobit

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Quote from: mk4 on January 19, 2023, 12:37:00 PM

Quote from: Vampobit on January 19, 2023, 11:24:11 AM

Non-circulating BTC: ~60% of my BTC in a cold storage air gapped device

What is your air-gapped device's setup? Because mostly, hardware wallets are enough, and that definitely not everyone is capable of properly creating a proper air-gapped device.

Well I have my keys in Blockstream Jade and I only use it to sign transactions using QR codes. I basically do this: https://help.blockstream.com/hc/en-us/articles/11664909888537-How-do-I-use-Jade-QR-Scan-with-BlueWallet-

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Quote from: Vampobit on January 19, 2023, 11:24:11 AM

Non-circulating BTC: ~60% of my BTC in a cold storage air gapped device

What is your air-gapped device's setup? Because mostly, hardware wallets are enough, and that definitely not everyone is capable of properly creating a proper air-gapped device.

Vampobit

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Hello! Bitcoin is a big part of my life, in both qualitative and quantitative terms.

I have been struggling with identifying how I should organise my Bitcoin. I guess we are all familiar with organising our FIAT money in several bank accounts etc.

I currently have:

First layer wallet: 10% - 15% of my BTC in my mobile hot wallet (I love BlueWallet)
Second layer wallet: ~30% of my BTC in a hardware wallet that connects to the internet via USB
Non-circulating BTC: ~60% of my BTC in a cold storage air gapped device

I use my second layer wallet when I need to fund my first layer wallet, which I use for payments. I plan to leave my non-circulating BTC to my children or perhaps I will use some of it once I am retired.

I have dual backups for my wallets, stored in different places.

I want your opinion on the following:
1. What do you think about my plan in general?
2. I currently have paper backups and I plan to change my backups from paper to metal, especially for my hardware wallets. Do you agree with that?
3. Would you want to share what you do and how you organise your Bitcoin? In fact, I might be able to get some ideas from clever people in here! So please, shoot me with your thoughts!

Topic: How to organise your Bitcoin wealth for a lifetime? - page 2. (Read 250 times)