Topic: Try to evaluate your way of securing your bitcoin. (Read 699 times)
it is quite sad to see how the assets that you have worked so hard to hold but in the end cannot be accessed just because you mistakenly thought that when you wrote down the private key on paper and kept it at your home it was the safest. however, writing down the private key on a stainless steel plate is one of the best ways to secure the private key from such things, because stainless is durable, rustproof, fireproof, and various other advantages. a person can use this stainless plate to write down their private key and secure it at their home or other place.
Wow, that's a shame, not only did they lose their whole property and personal items, but also their coins. This goes a long way to show us that there's no fool-proof solution in securing our wallets. To be honest, it doesn't cross your mind that your house will be set on fire during a wildfire and you'll lose your hardware wallet or your stored seed phrase. This is an important point to reconsider the safety of our coins and think of alternative ways to backup our money.
All options have both benefits and drawbacks, a combination of several methods is perhaps the safest option. Unfortunately, our phones and our computer devices have vulnerabilities that render them a risk.
All options have both benefits and drawbacks, a combination of several methods is perhaps the safest option. Unfortunately, our phones and our computer devices have vulnerabilities that render them a risk.
Multiple iron plates with your private keys are more like it, if we go for the options that would involve risks like that.
They are rare, but they are still there.
This incident makes me want to take disaster proofing my crypto seriously. Aside from physical backups, I think it's worth looking into hardware wallets with passphrase protection. That would give me peace of mind knowing my investments are safe even if my home isn't.
Wow, that's a shame, not only did they lose their whole property and personal items, but also their coins. This goes a long way to show us that there's no fool-proof solution in securing our wallets. To be honest, it doesn't cross your mind that your house will be set on fire during a wildfire and you'll lose your hardware wallet or your stored seed phrase. This is an important point to reconsider the safety of our coins and think of alternative ways to backup our money.
All options have both benefits and drawbacks, a combination of several methods is perhaps the safest option. Unfortunately, our phones and our computer devices have vulnerabilities that render them a risk.
All options have both benefits and drawbacks, a combination of several methods is perhaps the safest option. Unfortunately, our phones and our computer devices have vulnerabilities that render them a risk.
I’m sure most people are aware of the ongoing wildfires in LA, which still seem to be relentless, we have a topic in connection bitcoin.
Poor grandma. This is exactly why we should always have a backup location for our hard wallets. Even if we don’t anticipate these things, they can still happen. It was not only her house that was lose but she also lost her Bitcoin investment. It’s a tough situation, but it’s a strong reminder of how important it is to have proper backups, and things should be planned ahead.
https://www.cryptopolitan.com/70-year-old-woman-loses-crypto-in-la-fire/
Quote
A 70-year-old LA woman reportedly lost her home and Bitcoin savings in wildfires after her private key, stored on paper, was destroyed.
Wildfires have burned over 15,000 acres in Southern California, displacing residents and affecting businesses, including crypto firms.
Crypto firms like Swan Bitcoin and BlockDaemon have reported significant losses as wildfires devastate Southern California businesses.
Wildfires have burned over 15,000 acres in Southern California, displacing residents and affecting businesses, including crypto firms.
Crypto firms like Swan Bitcoin and BlockDaemon have reported significant losses as wildfires devastate Southern California businesses.
Poor grandma. This is exactly why we should always have a backup location for our hard wallets. Even if we don’t anticipate these things, they can still happen. It was not only her house that was lose but she also lost her Bitcoin investment. It’s a tough situation, but it’s a strong reminder of how important it is to have proper backups, and things should be planned ahead.
I find this story very strange, because I think that she could have stored part of the phrase in a cell of one bank, and part of the phrase in a cell of another bank. Thus ensuring the complete safety of funds. Well, I understand that maintaining cells in a bank costs a lot of money, but it really makes sense. And if such a grandmother did not have much in the account, then I think it makes no sense to grieve over the lost funds in Cryptocurrency, because it is not comparable with the house
If you document your seed phrase on paper, the only thing that can make you to lost your bitcoin after you have or saved your private key manually is fire outbreak, but in norms its good to have your private stored or saved manually instead of email kind of storage
I know that people don't know how to keep document manually except that they're informed on how to store document manually, see all my important documents is been stored in a iron cage, you called it a box, but it's in iron form, for more hundred years whatever I kept in that box will be intact without destruction, because it's only me that know how important those document is to me,
So in this scenario I would not advice anyone to save he or her seed phrase through email, it can be easily be hacked by people, most when you lost your device, house documentation is the best.
I know that people don't know how to keep document manually except that they're informed on how to store document manually, see all my important documents is been stored in a iron cage, you called it a box, but it's in iron form, for more hundred years whatever I kept in that box will be intact without destruction, because it's only me that know how important those document is to me,
So in this scenario I would not advice anyone to save he or her seed phrase through email, it can be easily be hacked by people, most when you lost your device, house documentation is the best.
Do you mean that you store your seed phrase in a metal safe? Physical storage of the private key certainly saves your Bitcoins from attack by hackers (who operate in virtual space). The safe will be difficult for an unprofessional burglar to crack.
However, a professional burglar will certainly cope with this task. A physical safe also has one serious drawback - it itself, by its existence, indicates that you have valuables that may be of interest to a thief.
Also, a metal safe can melt in a fire, or it can end up deep under the rubble of a house, from where it will be very difficult to get it.
Nevertheless, this method of storing the seed phrase deserves attention. But in any case, when creating your own system for storing the seed phrase, in my opinion, it is better to use diversification.
Well separating this information is valid and how sure is the substance carrying the details save meaning how long will this last for years is also important honestly the paper kind of work is the least due to the soft texture anything can happen.
there are plenty ways to store valuable information written down like for example it can be carved into a stone or whatever kind of metal so that it does not fade or anything like that when stored for a very long time there are also good quality paper that you can laminate so that the writing of the pen or any printed ink does not fade and that the paper if got wet by some water won't turn soft and rip
Would laminated paper withstand fire or things like it?
That would be the answer to what to choose, however, it's only as to make the biggest precautions of what can happen to the info you want to store in any situation.
Well separating this information is valid and how sure is the substance carrying the details save meaning how long will this last for years is also important honestly the paper kind of work is the least due to the soft texture anything can happen.
there are plenty ways to store valuable information written down like for example it can be carved into a stone or whatever kind of metal so that it does not fade or anything like that when stored for a very long time there are also good quality paper that you can laminate so that the writing of the pen or any printed ink does not fade and that the paper if got wet by some water won't turn soft and rip
It's painful reminder that we need a contingency plan for everything including our digital assets. Personally, I'll explore using a metal recovery plate for storing my private key since they're more resistant to fire or water damage. I wouldn't want to be caught unprepared.
Would you get only one or multiple pieces to store them somewhere?
It's painful reminder that we need a contingency plan for everything including our digital assets. Personally, I'll explore using a metal recovery plate for storing my private key since they're more resistant to fire or water damage. I wouldn't want to be caught unprepared.
If you document your seed phrase on paper, the only thing that can make you to lost your bitcoin after you have or saved your private key manually is fire outbreak, but in norms its good to have your private stored or saved manually instead of email kind of storage
I know that people don't know how to keep document manually except that they're informed on how to store document manually, see all my important documents is been stored in a iron cage, you called it a box, but it's in iron form, for more hundred years whatever I kept in that box will be intact without destruction, because it's only me that know how important those document is to me,
So in this scenario I would not advice anyone to save he or her seed phrase through email, it can be easily be hacked by people, most when you lost your device, house documentation is the best.
I know that people don't know how to keep document manually except that they're informed on how to store document manually, see all my important documents is been stored in a iron cage, you called it a box, but it's in iron form, for more hundred years whatever I kept in that box will be intact without destruction, because it's only me that know how important those document is to me,
So in this scenario I would not advice anyone to save he or her seed phrase through email, it can be easily be hacked by people, most when you lost your device, house documentation is the best.
It's a disaster that can't be predicted beforehand but that doesn't mean we have to feel anxious about it because even though there is a possibility of unexpected events happening but we just hope that something like that never happens to us.
To be honest, that's what everyone is feeling right now.Being anxious of unexpected events that we'll never know that's coming. So being prepared is what we have to do and that's right with OP, we have to evaluate on how we keep our Bitcoins secured.
The passphrases or private keys, how we keep them relies on how wise we are. The suggestions are all over the place and we have to pick what will work best for us.
Prudence is important but it does not mean that we should also feel too worried about situations that are only based on things that are not certain or even not happening to us because after all, a disaster like what happened some time ago cannot be predicted.
We do have to be more observant and more protective in protecting the assets we have so that we are more comfortable and do not feel haunted by anxiety that seems to be actually an excessive thing.
but it’s a strong reminder of how important it is to have proper backups, and things should be planned ahead.
To make myself safe at such violent scenarios resulted from the natural calamity I have dispersed by SEED over the world sending it to my relatives and close friends. My way of keeping SEED on digital media allowed me to do it and at the same time not to be bothered about SEED security. Anyone can made the most from my way.
When such happens the first thing I think of is creating an alternative, like the victim should be able to provide another environment that contains the private key. Even when considering an alternative people still intend to place this information in a different area and same building meanwhile If anything happens to the building like op example everything is gone, no one will love to experience any kind of bad situation as such even relatives. Well separating this information is valid and how sure is the substance carrying the details save meaning how long will this last for years is also important honestly the paper kind of work is the least due to the soft texture anything can happen.
Paper is temporary.
Good metal is almost eternal.
I understand now how vital it is to diversify how and where we store important data. I'll consider splitting my private key into multiple parts, sorting them in different secure locations. That way even if one is lost, I'd still have access to my funds.
This is why I secured my wallet on metal plate and not just store it in one place, also always having a backup for the hardware wallet also good. most of hardware provider always have a bundle for this, since there's high demand for backups. some even offer cloud backup which in my opinion isn't secure.
but tbh, I think since self custody is kinda difficult and need proper technical knowledge, sometime I think that some people are better off having their BTC in custodial service or just BTC ETF for this kind of thing.
but tbh, I think since self custody is kinda difficult and need proper technical knowledge, sometime I think that some people are better off having their BTC in custodial service or just BTC ETF for this kind of thing.
Those who are in need would learn things up and do things differently.
Those who are not - would be using custodials and or even ETFs.. which, in my opinion, is even a bit worse than buying actual Bitcoins.
This is why I secured my wallet on metal plate and not just store it in one place, also always having a backup for the hardware wallet also good. most of hardware provider always have a bundle for this, since there's high demand for backups. some even offer cloud backup which in my opinion isn't secure.
but tbh, I think since self custody is kinda difficult and need proper technical knowledge, sometime I think that some people are better off having their BTC in custodial service or just BTC ETF for this kind of thing.
but tbh, I think since self custody is kinda difficult and need proper technical knowledge, sometime I think that some people are better off having their BTC in custodial service or just BTC ETF for this kind of thing.
When such happens the first thing I think of is creating an alternative, like the victim should be able to provide another environment that contains the private key. Even when considering an alternative people still intend to place this information in a different area and same building meanwhile If anything happens to the building like op example everything is gone, no one will love to experience any kind of bad situation as such even relatives. Well separating this information is valid and how sure is the substance carrying the details save meaning how long will this last for years is also important honestly the paper kind of work is the least due to the soft texture anything can happen.
I’m sure most people are aware of the ongoing wildfires in LA, which still seem to be relentless, we have a topic in connection bitcoin.
Poor grandma. This is exactly why we should always have a backup location for our hard wallets. Even if we don’t anticipate these things, they can still happen. It was not only her house that was lose but she also lost her Bitcoin investment. It’s a tough situation, but it’s a strong reminder of how important it is to have proper backups, and things should be planned ahead.
https://www.cryptopolitan.com/70-year-old-woman-loses-crypto-in-la-fire/
Quote
A 70-year-old LA woman reportedly lost her home and Bitcoin savings in wildfires after her private key, stored on paper, was destroyed.
Wildfires have burned over 15,000 acres in Southern California, displacing residents and affecting businesses, including crypto firms.
Crypto firms like Swan Bitcoin and BlockDaemon have reported significant losses as wildfires devastate Southern California businesses.
Wildfires have burned over 15,000 acres in Southern California, displacing residents and affecting businesses, including crypto firms.
Crypto firms like Swan Bitcoin and BlockDaemon have reported significant losses as wildfires devastate Southern California businesses.
Poor grandma. This is exactly why we should always have a backup location for our hard wallets. Even if we don’t anticipate these things, they can still happen. It was not only her house that was lose but she also lost her Bitcoin investment. It’s a tough situation, but it’s a strong reminder of how important it is to have proper backups, and things should be planned ahead.
Well, most people do not anticipate such unforeseen incidents like fire, earthquake, floods or another natural disasters when storing private keys. If we take these things into account, then for sure the paper backup needs to be backed up too in different places. Usually, people will store two backups of the paper in the same home, so if the house catches fire, both of the backups will likely be burnt.
Also, it is not easy to store it elsewhere, away from home, as then you have to trust someone else to safeguard your seed phrases. Due to this reason some people may store the keys online, which is even more wrong step.
I have come across some thread on this forum that talked about ways to secure your wallet seed phrase in case of situations like wildfire out break, earthquake, flood and any natural disasters that could cause a big damage. This kind of situations are predicted to happen and people living in region with these kinds of natural disasters should always be prepared to keep their phrase safe against this kind of situations.
People who live in areas that are affected by natural disasters should prepare. How about people who don’t expect or experience such incidents, like the one that happened in LA, which no one was expecting that tohappen? It’s just safer irrespective of where you live or base or what method you use to secure your bitcoin to make multiple backups so that if access to one is blocked or lost, the other will come in as plan B and C. Anything that has to do with money, we should always consider every possible option. Jump to: