Say I wanted to set away 1BTC for my daughter (when she's born), and then give it to her years later.
What's the best way to store the wallet securely for long periods of time? Was thinking something like encrypted cloud backups + hard copy somewhere, with the encryption secret off in a couple of safety deposit boxes, but all of that's probably overkill for a small balance.
What's the best way to store the wallet securely for long periods of time? Was thinking something like encrypted cloud backups + hard copy somewhere, with the encryption secret off in a couple of safety deposit boxes, but all of that's probably overkill for a small balance.
It's difficult to say what 1 BTC will be worth in a few decades. You might not think it's overkill if the exchange rate gets to $100,000 per BTC someday.
Hardcopy is probably the safest option. I'd suggest multiple hard copies stored in multiple locations that you know will be secure.
Perhaps keep one hard copy with the birth certificate (since you are likely to be able to keep track of that for a few decades), then another copy in a safety deposit box somewhere (if you already have one).
As long as you are confident that you'll be able to retrieve the hardcopy, there isn't much need for cloud backups for long term storage.
Ah, excellent idea keeping it with the birth certificate.
As for a safety deposit box, I don't have one, but probably need one anyway. I'll see what our bank has.
