Topic: How to safely store big amounts of BTC? - page 6. (Read 12106 times)

I understand that with 3 words.  But 12 words?  24 words?  That would be insane.


Are there ppl that really remember 12 word seed and 24 word seed? 

The whole point of mnemonics is that they are a lot easier to remember than random letters and numbers. Memorizing 1 long mnemonic is a lot easier than you would think. The trick is to practice it and then associate each of the words with pictures in a story. The human mind and memorize impressive amounts of data by relating them to real world objects in a sequence.

A quick example:

seed manager donkey

Using a story:

I asked the manager if I could buy some seeds so that I could feed my donkey.

You can see how it can make things much easier to remember using this method.

You remembered your 12 or 24 phrase by heart?  That is insane.  Even 12 words is too hard.  So you never wrote it down on paper? 



Also where do you all keep your private key seeds for your hardware wallet?  That should be the bigger question here.  Because if you buy the ledger nano s or trezor, you have hardware wallet and protection against hackers/malware.



Do you break the private key of 12 or 24 words into 2 parts?  Do you keep 2 or even 3 copies?  Do you keep them inside house or apartment?  Of course if there are things like fire or etc, then what is your backup?  Its like you need 2 backup places?  Such as maybe keep your private key in your house or apartment and break it down in a few parts?  Then break it into 2 parts and put it into 2 different safety deposit boxes?  That way if a thief got access to one deposit box, well it would be very hard to get to the other one?  I heard of safe deposit boxes getting drilled ... but if you have it in 2 different boxes or even 3... then that should be safe?

I'd use 2 hardwallets storing them in different places. Learn seed phraise by heart and never write it down.

That's rather silly. What destroying? You must never print, scan, take pic, or digital copy (ctrl c) the seed words, ever. As for "USB", if you used a live distro from a dvd, there is no writing anywhere, if you are ultra paranoid. But booting an iso from an usb stick usually won't write to it unless you made the persistence thing or some extra partition.

Keeping the seed words you wrote with your own hands in a piece of paper secure is the most critical part. People should not be handling private keys directly for various reasons, which is why the old concept of paper wallet should be avoided. Just store and protect those seed words, nothing else matters.

The process is identical for 1 satoshi or thousands of bitcoin. Practice with a satoshi and when you are confident do it with your fortune.

Better use non-custodial wallets if you have no opportunity to buy a hardware one.

The best way is a hardwallet like Trezor or Ledger. It's better to buy several such wallets if the amounts are really serious.

I am agree with you. I think this is the best suggestion. I also store my private key in different places in case i lost them by an accident.

Of course, I would not store it in a centralised wallet like Coinbase, Coins.ph, etc., because they can control or freeze your account for that. However, if you do have a Trezor or Ledger Nano S, it would be better storing lots of BTCs.

I'm even considering to buy one of them later on because I have plans to accumulate more while its dipping and seeing some death crosses. It's essential for us to keep and control our crypto assets than letting others control it.

Consider investing into a cold wallet like Trezor and Ledger Nano S. Just sayin' only. 

Yes, only one wallet idea is bad. A wallet is not going to hold many Bitcoins. The hackers will always be watching your wallet. It's better not to put more amount together. Plus, you will get more security offline from the online wallet. Remember, having Bitcoin in offline wallet does not mean you are safe. Unwanted and unnecessary links invite hackers, stay away from them.

1 wallet is not enough for such a big amount. You can use two wallet as one is hacked or you forget your password you can use your other wallet. You can say why not three wallet ? It is no easy to maintain three wallet as remembering the password. So it's better to use 2.

I think I should use cold wallet

Save it in the personal wallet that you hold the private key, don't save it in exchange because it is very dangerous, if the exchange is hacked your money will be lost, but if you save it in your personal wallet all the control is in your hands

Having at least 1 BTC is already scary and hard to be kept. You really need to create a firm decision on what will you do about it. HODLing it in one safe storage or wallet is one solution. Having more than 1BTC will make you a prime target for scammers and people that wants more money. One solution is buying a Ledger where you can keep it personally. 

well, imo the best option is to keep your coins at cold wallet. Really, offline storage is the safest. I recommend to check how your cryptocurrency exchange stores your funds.for example CoinDeal keeps his funds in the cold wallets which is really important to me

The chances of someone finding your key and knowing its a bitcoin wallet key is very rare compared to getting hacked online. Basically if someone has access to your home they can take other things like your cash, SSN, etc.

You can either try and remember the 12 words or you can just take a dictionary and mark those words. Nobody will steal a dictionary and let alone actually open it. Most people wouldn't even know what to do when they saw 12 words typed up. They would assume it maybe some poem of some sorts.

Offline wallet offers the highest level of security. Along with securing the funds in a place not connected to any network, these wallets also offer good protection against computer vulnerabilities.
The hardware wallets are the best type of offline wallet that offers very high security and ease of use. Also, as these wallets allow backup, you can easily recover your funds if you lose this device.
Along with the hardware wallets, you can even store the funds on paper wallets and keep it in a safe place.
Here are two hardware wallet that you can use:
Trezor: This wallet operates as secure cold storage. You can easily transfer bitcoins to the device using the Trezor interface, which is accessible from macOS, Linux, Windows, and Android. Its interface is quite easy to use that lists your coins and recent transactions.
Trezor uses a 12 to 24-word seed for protection and recovery and a user-defined PIN. You can also add an encrypted passphrase to your wallet for an added layer of security.
Ledger Nano S: This wallet can store large amount of BTC securely and as it is an HD wallet, you can control many accounts for all the supported currencies. It means that the cryptos stored will be secure and have the same backup key.
Moreover, this wallet supports ERC token while used with MyEtherWallet. To receive Bitcoin, the wallet doesn’t need to be connected to a computer. One can easily receive bitcoins even if the Ledger is offline. Further, the device is compatible with Mac, Linux, Windows, and Chrome OS. You can even connect it to an Android device using an OTG cable.
 

Using multiple wallets. I do not agree. Can not use multiple Wallets.. Put your security in one file . You can lose your password. In that case I would suggest. You can transcribe a file and using the wallet.

I have to agree here. I don't think you really need all those fancy wallets as long as you know how to keep your stuff properly. The main issue is people forgetting their passwords or seeds. Which is also what makes them use online wallets that let you recover a username/password. And remember, just because things are offline doesn't mean you're safe. You can be ok from hackers but someone could always find out your key if you leave it lying around!

People still keep their BTC in Electrum and Paper Wallets.

There is nothing wrong with a paper wallet as long as you generate it correctly, basically offline. And destory the printer or USB afterwards which showed the private key.

Same with Electrum, you can use it safely as long as you use it as cold storage and keep your keys on an offline computer which is never connected to the internet.