The safest way to store Bitcoin is in your memory

Lucius

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I can not agree with OP that his way is safest way to store BTC,it is too risky,only one forgotten word from seed and game is over for your BTC.As Soros Shorts say you may also experience an accident and lost your memory.

If you want to protect your seed there is some better ways.For example write your seed on paper and divide it in few parts,let's say 3 papers each contains 8 words.Then be imaginative and store each paper on different but secure places.To remember order of words write note with each first word and give them numbers from 1-3.So even is somebody find part of seed it will not mean anything and your BTC will be safe,unless you lose your memory and forget that you even have BTC

Soros Shorts

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

This is how you do it:

1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)

Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.

4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.

Your savings are safer than ever now.

While your bitcoins may be secure from hackers and thieves you never took into account operational security. You might get amnesia and all your coins will be lost. To me that is not very secure.

nagatraju

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yes, we must be very careful and vigilant...I would like the system be more protected.. is it really impossible?

TheGodFather

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

This is how you do it:

1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)

Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.

4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.

Your savings are safer than ever now.

Well I give you some points on this as this can be truly helpful if utilized properly. However I still pount out that even if we secure iyt a tjousand times better we must always be alert and vigilant on this. Especially that we are having a lot of havking nowadays.

joblessminer

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Some people like the method I recommended, some people don't.

Anyway, for those that doubt that they could memorize 24 words with a mnemonic story, after you try it the first time you'll realize it's actually very easy. We often underrate our own memories, simply because of not using proper learning and mnemonic techniques. We especially underrate the memories of older persons.

If 24 words seems to much, just do a story with 16 words, it will still be secure enough.

lzby2000

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Activity: 379

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In the news I saw, there was a statistic that 30% of the bitcoins were permanently forgotten by people and were permanently discarded in the network. This has led to the scarcity of bitcoins.
I think the memory of people is limited, no one can keep so good memory for a long time, especially the number of passwords. Or in the simplest way, pick up your paper and pen and write it down with your hand.

BitCoinKeeper

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

This is how you do it:

1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)

Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.

4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.

Your savings are safer than ever now.

Hardware Wallet, I agree but memory is a tricky thing, I realize you may be in your 20’s or at an earlier stage in life, but there are those of us, whom may not be so fortunate, and crypto is a relative new investment opportunity with that said, I’m trying to remember where I left my shoes.

Spendulus

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

This is how you do it:

1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)

Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.

4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.

Your savings are safer than ever now.

Having had people very close to me who I had the pain of watching them, through unrelated medical issues, lose their mental abilities bit by bit, I cannot agree with your conclusions.

You have a method that might be described as "hoping for the best."

Better is to hope for the best, but plan for the worst.

European Central Bank

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Quote from: NewBet on December 03, 2017, 05:59:56 PM

HAHAHA this is the dumbes tthing I have heard, brain wallets are the dumbest thing ever and if you think you are going to remember forever you must be really stupid. You are going to forget your keys 100% and imagine if you get amnesia or alzeimers and then you are the only one who remembers the keys but you forget them, then say goodbye forever to your Bitcoins!

this isn't a brain wallet.

it's still a ridiculous idea.

there's no way in hell i could remember a story word for word. there's no way i could remember 24 words perfectly unless i practiced an hour every day and i have better things to be doing with my time. i can't even remember my most regular passwords after a month or two.

there's a whole planet out there. there's got to be a few places where you can divide up and safely store a few words written down.

entrepmind23

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Quote from: woas4 on December 03, 2017, 04:42:39 PM

24 words is VERY easy to forget. I wouldnt recommend anyone doing this. I constantly forget my 4 digit pin on the bank and i use it all the time... sometimes your mind just bugs out and you lose important information (maybe you can remember it later, but would you gamble your entire portfolio on this?). Just get a hardware wallet and keep your seed secured and in a safe place, much easier and less stressful.

Yeah right! It is easy to forget the 24 words even if you memorize it for one straight month. Doing this might be the safest way to protect your portfolio but there is a possibility that you will lock out yourself in case you forgot the seeds. The best way for me would be to print the seeds and store it in a safe place like a vault because no one can access it except you unless you give others the key to your vault.

You also have to consider the cons in just using your memory like being in an accident where you lose your memory (I hope it will not happen) then you will have no access in your portfolio. What if you will be busy and then forget some of the words because there are so many things cluttered in your mind so you lock out yourself..

jseverson

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I don't know about this. I mean, I'm sure it could work for a handful of people. People with photographic memory exist after all. Using this method, your coins would be pretty much invulnerable to external attacks, but it only takes one forgotten word for you to lose your coins forever. If you were assessing the risk of losing your coins via theft by storing your seed in a secure place vs you being able to adeptly remember your seeds, I'd say you're more at risk by trying to remember your seeds.

I honestly have no idea why people are so paranoid about writing down their seeds. There are plenty of ways to secure it. Personally, the way I would go about it is storing it in a personal bank vault. If you don't have access to that then there is always the concept of hiding it in plain sight. Scatter some old books and notebooks around and some random thief, which is already unlikely to know about your coins, will take hours upon hours to stumble upon it.

asayoyaasa

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Activity: 648

Merit: 159

Quote from: thatboy on December 03, 2017, 07:42:16 PM

First post.

Do people think a burglar will break into your house, find a piece of paper with 24 words on it, assume it's for BTC and steal it? Cheesy

except that thief really looking for it. But seriously never ever try to remember it by your self i mean have a backup would be really great, you never now what will going to happend though.

thatboy

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First post.

Do people think a burglar will break into your house, find a piece of paper with 24 words on it, assume it's for BTC and steal it? Cheesy

Ch1bi

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

This is how you do it:

1. Buy a hardware wallet
2. On it, generate a wallet from a 24-word seed (or fewer words)

Extra steps for the ultra paranoid:
-. Format (reset) the hardware wallet, then restore it from the 24-word seed.
-. Test with a small sum that you can receive and send Bitcoins from your new wallet.

4. Create a story which can help you remember all the seed words in order (this is a mnemonic technique, http://www.vocabulink.com/article/how-to-write-a-memorable-mnemonic-story)
5. Memorize said story, test yourself that you know it after 4 hours, 1 day, 4 days, and after that weekly.
6. After one month, format (reset) the hardware wallet, then restore it from the 24-word seed that lays in your memory.
7. If you've been successful until now, move your funds to the hardware wallet, then format it again and throw any recording of the seed words that you might have laying around the house.

Your savings are safer than ever now.

I don't agree with this method of keeping it in your mind. If you're on symbol off all your coins are gone, unless you have perfect recall I wouldn't recommend doing this. It's probably best to just to keep your keys in a hardware wallet or put away on paper in a safe place.

salihno71

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Activity: 420

Merit: 250

This idea is also not bulletproof. What happens if you forget a word? Not in one month but maybe in couple of months, one year or more? What happens if you are unlucky and suffer the amnesia? I don't trust my memory to that extent that i would consider this way of storing the coins safe.

LTU_btc

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Your idea sounds interesting, but I don't agree that's safest way to store Bitcoin. 24 words phrase it's too easy to forget, especially if you won't use it for a long time. If you will forget even single word, you change it to another, or you change word order, your Bitcoins will be lost.
Nowadays we have to remember so many passwords for different websites, PIN codes, phone numbers and people often forget these things. Personally, 24 words phrase is too long to remember, especially because my memory isn't perfect.

GreatOrchid

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OF COURSE, that is why i told to the OP that the best thing that he could do is just buy a hardwallet and forget about it, just wrote the 24 words on the paper and that is it.

Quote from: woas4 on December 03, 2017, 04:42:39 PM

24 words is VERY easy to forget. I wouldnt recommend anyone doing this. I constantly forget my 4 digit pin on the bank and i use it all the time...

And probably he would not be holding more than one million dollars in that wallet, so why should he worry too much about that?

I think that you are suffering a huge paranoia about getting your bitcoins stoled, and that is the reason of why you are creating a whole setup like if you were planning something from the fbi-interpol.

Just buying a hardware wallet or a paper wallet is okay.

NewBet

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HAHAHA this is the dumbes tthing I have heard, brain wallets are the dumbest thing ever and if you think you are going to remember forever you must be really stupid. You are going to forget your keys 100% and imagine if you get amnesia or alzeimers and then you are the only one who remembers the keys but you forget them, then say goodbye forever to your Bitcoins!

HeRetiK

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Quote from: joblessminer on December 03, 2017, 03:10:47 PM

[...]

Your savings are safer than ever now.

If you actually manage to successfully memorize your seed phrase, you are now susceptible to the $5 wrench attack.

https://xkcd.com/538/

I'd rather not have the ability to get snatched off the street and extorted into releasing wallet seed phrases, thank you very much. Also it apparently is getting more common to get asked for social media and email credentials when crossing international borders. Sooner or later they might do the same with wallet seed phrases.

xBitHodler

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"The safest way to store Bitcoin is in your memory" - wrong
"The safest way to store Bitcoin is in your hard drive" - wrong

Your bitcoins never leave the network. Information about each address is stored on nodes which synchronize with each other. To move your bitcoins around you have to broadcast a transaction which has to be signed with the correct private key. You can either try to remember your private key or 12/24 seed which will be used later to regenerate your keys. I prefer using hardware wallets but some people recommend using a separate, offline computer to sign transactions.

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