Topic: Where to store your keys? - page 9. (Read 1763 times)

If am having that amount of bitcoin I won't advise anybody to store it in thier hart, I believe if you store it in your heart is the safest place which you can store it but what if you die all your bitcoin is waste non of your family member will be able to access your wallet again not even your wife of your children which is very bad if is me I will definitely prefer a vault which I will be paying for.

Right now I just use the nano ledger and save the seed phrase on a piece of paper and store it in a safe. Of course i would do different security if i had 2000 bitcoins. but I think it's too much to rent a Nuclear sheltered safe vaults. maybe i will use double..triple security in some safe place where i keep my private key

If you have your coins on hardware wallet, they are relatively safe, but you still have a seed or password that you have to remember and store somewhere. Accordingly, there is also a risk that the password is stolen or you even lose it. I think the safest method at the moment is to have your seed engraved in steel and bury this piece of steel safely somewhere in the garden

I honestly don't know. I don't have much in BTC, so I don't feel like I need to work on securing my funds. There can be good vaults to safeguard the keys, but this is also not very convenient (you have to open it every time), and attracts attention (if there's a vault, there's definitely something of value there). I don't trust myself to memorize the keys, and I know that if I place them on a piece of paper somewhere, there's a good chance I'll forget where I put it or will accidentally throw it away.
If I had so much money, I'd probably try to diversify my holdings, so that there's no single point of weakness and I can't lose it all at once. Also, I'd probably spend most of it because there's no reason to wait for the value to increase because it's already so much. I'd work on opening my own private university in my country, establishing a scholarship fund, buy myself an apartment, help out my relatives, donate some money to charities.

BIP32 is not a protocol but a standard or set of instructions that describes one of the ways of how to generate many and many private keys deterministically from a single random number. BIP39 describes how to write down this single random number in a human-readable format. The random number you generated (in most cases it will be a set of 12 or 24 English words) and then put in a safe place is the only thing that gets you full access to your funds. Even if we abandon these standards of deterministic generation (derivation), which I highly doubt by the way, you won't lose access to your funds in case you have your seed phrase. Even if all wallets stop supporting these standards, there will always be other means to generate private keys from your seed phrase. For instance, https://iancoleman.io/bip39/


It will be difficult for you to hack your wallet if you lose one of the pieces or forget the correct order.

like the first answer above , Why would i spend big amount and let others that i am hiding something very important in that vault when i can do it myself.

I know some basic skills in building things , i also have my own tools to use making my own safeties .

i will also Buried my keys in some place where people won't think that I will put my keys .

I am willing to buy a Land outside the city and put my keys like a Hidden treasure of General Tomoyuki Yamashita lol.

Took a quick look into the swiss vault and you don't store your keys with them but instead, store your cryptocurrencies in their keys. It would be impossible to withdraw without their platform/help...

From: 8. Custody and Bank Guarantee (To access their TOS: https://www.bitcoinsuisse.com/legal > General Terms and Conditions)


It's like storing your funds in a centralized exchange/wallet long term which is greatly discouraged cause it's inconvenient and very risky. The difference is they're claiming your money is "insured" but it probably won't be seamless and has a maximum claimable amount. They have limited info about this...

I will work out some way to break up the 2000 bitcoins into smaller chunks, for example 10 bitcoins per Bitcoin address. I will then create several paper wallets and I will laminate the paper wallets to protect them. (Make 3 copies)

You then store those bitcoins at 3 different geographical locations to protect it from natural disasters. ( I removed my favorite number from the private keys so that nobody that discovers them, will be able to sweep them without going through a lot of guess work )

You can also engrave the paper wallets on aluminum cards, if you think the paper and lamination will not protect it.  

One hundred and thirty two millions of dollars that will worth more every year? Unless you're a freak who acts like you're demanded to spend them within a certain time period, you can't. How can you change your daily basis so excessively? Alright, you'll buy bunch of yachts. Houses? Cars? Hookers? Stadiums? Hotels?

What the hell do you want as a bachelor or a family guy who you don't consider that money enough for the rest of your life?

That's why I said a stainless steel.

Technically speaking, that's passive income;

It is better not to trust the keys to someone. The best thing is if you know your keys by heart, but actually, it is not very secure as you might forget and if you are the only person who knows the keys and something happens to you, all your coins will be lost. Personally I put down all my keys just on paper. I don't store the full seed phrase, there are some mistakes, so it is really difficult to hack my wallet even if you get this sheet of paper.

I don't want to think any harder for a while because I don't have that many yet. If one day mine achieves that, my instincts will find a better privkey storage solution than what this thread suggests. If you need my inspiration, take a look at Mr. Krabs is trying hard to keep the Krabby Patty recipe a secret. lol

To be clear, I'm not going to put 2000 bitcoins in one place and I'm not going to just leave them all alone without using some to manage and enjoy the results.

If I have that large amount of Bitcoin funds, I would surely not choose only a single way to store my keys. I will make sure it will be divided into smaller amounts and kept differently with the keys hidden separately. Keeping only a single storage and therefore a single private key for the entire 2,000 Bitcoin is too risky. I don't think it is advisable to just put all those eggs in a single basket. It only takes a single accident or incident for everything to perish. 

It depends on the amount you have. If you just started buying Bitcoin and you have $100 in its equivalent in sats, it's okay to have it in Coinbase or another similar company. If instead you have 2,000 Bitcoins, as mentioned, to me what is crazy is to have them only in one place, as a single hardware wallet. In that case for me it is even OK to have a small percentage in a third party, like 300 Bitcoins, whether they give you interest or not, which is not as important as diversifying the risk of losing them or that an armed gang comes into your house and forces you to transfer them the Bitcoins you have in your hardware wallet.

Another option that I usually see for people who have large amounts is to have them in a multisig wallet, that way you can not transfer the Bitcoins to the criminals even if they force you because you need 2 signatures and at home you have only one.

So my distribution of 2,000 Bitcoins could be something like this:

-300 Bitcoins in a third party giving me interest.
-100 Bitcoins in a hardware wallet at home. I assume that if you have 2,000 Bitcoins you are going to have great security at home, and in the scenario that an armed gang breaks into you, losing 100 bitcoins is only 5% of what you have. Plus if they know you are a multi-millionaire and they can't steal anything from you, they can give you a pretty hard time. Better to give them 100 Bitcoins and let them go.
-100 bitcoins on a second home.
-1500 bitcoins in several multisig wallets.

How to store the seeds in this case for me would not be as important as diversifying the risk and not having all the Bitcoins in the same place.

On the other hand, I would like to qualify something:





Technically speaking, Bitcoin does not give you passive income, what it gives you is capital appreciation. Passive income is provided by a stock that pays dividends, but not by a stock like Tesla, even if the return in recent years has been extraordinary. In this case, Bitcoin's return is through appreciation, like Tesla's stock, although you have ways to get income with that appreciation, such as borrow against it or regularly sell small parts.

I have one related question on seed phrases. We know that seed phrases can be used to access wallets compatible with BIP32 protocol. What if in the long distant future there will be no wallet supporting BIP32? Does it mean all my coins will be lost?

Woww.. if I have that much bitcoin the first thing I do is do most of it for me to invest for my new life after death, I mean.. I will share to those in need, build a mosque or church and do good to others so that useful in the afterlife, because we will die and live in this world only temporarily so we must have good provisions while there and this has been my desire or intention for a long time.
and the rest i will use for my living and family needs and keep it on paper and keep it in a mediocre place which i think people will think no way i will keep it in that place, because if i keep it in a vault or whatever if criminals find it if they know i have a lot of bitcoins and keep it in them, they can still retrieve it even if it can't be opened.

But how do you exactly store them though because if you bury them written in paper, you will probably have years if not decades left for the piece of paper to rot and if it's stored in something digital, it's going to be a bad thing if you put it in something where you don't have a control over the elements like the walls or six feet under. For me though, if it's in a paper, I make sure that it's placed in a notebook like a ledger and put away in a safe or in a bookshelf.

It generates a passive income in dollars if you consider the increasements in bitcoin price, but your bitcoin balance will be drained along the time if you don't invest your coins anyway. And even though you believe 2000 bitcoins are enough for you to live your entire life, the scenario completely changes if it were actually true, because when life standards improve, the person feels the necessity of spending more money in a daily basis.

I still think the risk of losing money is lower than earning from investments in third party platforms, since you invest in sites which offer realistic interest rates and have decent reputation backgrounds. In the case of a hypothetical scam, investors can also file a lawsuit against the company.

Well, if you use it as a medium of exchange, it is already serving its holders in a way, that was what I mean.

I'm not yet onto that point that I'll engrave it to stainless steel but I know that I'll get there someday. I'm still keeping it the usual way of how we're keeping the notes. But the best thing to do to protect yourself is to remain the lowest that you can, you know being lowkey.
There's no worry, threat, and anything to think about negatively if you don't tell someone that you're owning bitcoin. Physical attempts might come for those who are happily, proud and boasting their crypto gains and profits and holdings.

That's the most what you've said.

Hardcopy is probably the best idea if you're going to store a large sum of bitcoin at a particular address.
It's also much better to divide and store your bitcoins into multiple addresses and keep the hard copy of the private keys of those addresses.

Yeah, it's an old article, but still, I find it relevant especially when bitcoin price is surging to new Highs and no one knows when it's gonna top. Bitcoin is now a proven asset that is here to stay. Besides, given that many people believe it is still undervalued, having total security when storing wallet keys is of the utmost importance. I thought it was interesting to know that whales can recur to this sort of military-grade safe option. In any case, you can follow more about this vault in:

https://www.bitcoinsuisse.com/blog