I have a question:
Is it better to store your btc all on one cold wallet or better have different ones?
I am talking not about different accounts but different seed phrases.
I think it is nice to have everything in walket wallet if you can remember you 12 or 24 words. But it’s also all eggs in one basket 🥚
Can i butt-in with probably related questions..Is it possible to have multiple wallets on mobile phones?And how would one knows if he/she/they own bitcoin utxos?
Don’t “remember” your seed phrase. Find a better way of recording it and keeping it secure.
Good to have 1 main HODL in cold storage, and smaller amounts in software or mobile wallets for spending/accumulating.
Thanks mate 🙏 really appreciate your detailed answer 💜
Would you consider a steel plate as a better way? Stored in a safe location?
What cold/ hotwallets would you recommend?
Trezor with Bitcoin only software is good. Also some steel plate or tube is better than paper
Thanks 🙏
I am not sure about a lot of steel plates. Some are to engrave the seeds and i feel that oxidation especially related to a fire or water could make them unreadable.
Tubes are only to put a paper in, right? So its still the paper risk.
Then there are some steel wallet where you can put the metal letters one by one or tubes that store metal rings … with ghose i would be afraid that the order of letters / words might be destructed some day …
No, it’s fully steel. Here’s a good one IMO: https://cryptosteel.com/product/cryptosteel-capsule-solo/
It’s not really possible to change the letters, because there is a safety pin/clip. Even if you want to do a backup, you don’t take the pin off.
Ah here is the answer 🙏😅
But what about force? Say an explosion 💥
I have used a ledger nano. It’s super simple and works.
My seed phrase is hammered into steel and in a secure place.
Otherwise I have some bitcoin and lightning in software wallets.
That sounds doable for now. I will get into multisig when my btc amount grows, but for now i think i might settle with something like that.
Do you think it is enough to have only one steel plate? Or better to have two copies of the seed phrase in different lications? 🤔
Always better to have back ups, but the amount of backups is limited to the number that you can keep “secured”. Keep in mind that if someone finds you were seed phrase, you have lost your bitcoin.
Yeah have to consider that…
What about just storing 23 words at 2 sage locations and the last word somewhere else?
I don't really do phrases only keys but yeah, good luck remembering all your keys throughout the years. I've got two fire resistant cold storage metal cards and outside of that I just use 3 pen-drives duplicating each other, encrypted, stored in different locations. It's the only form of key storing I'll ever need tbh.
I saw your YouTube video in saving keys 🙏💜
Why you don’t use seed phrases? Isn’t it more simple?
A phrase will recover the address from one particular wallet but over the years there has been many of those and back in the days we didn't really have phrases, just keys. So you could say I grew up with keys.
Also, if you store individual keys instead of phrases you can import any key to any wallet of that respective chain at any time. Or use the same key across multiple devices, up to you. Phrases, I don't know, they aren't for me.
Depends. After a certain amount, I do think it is convenient to divide it into several different wallets.
Thanks mate🙏
Good thoughts 💭
What would you consider that amount?
In the end, it depends on several factors, like what stack we are talking about and how comfortable you feel with it.
But generally speaking, I would chose one super cold wallet with the main holdings. If it is set up right (air-gapped, self created entropy) and the seed secured right (indestructible and safe) and ideally stored on your brain, I can’t really think of why multiple wallets would be better. Chose a 24 word seed and the entropy is so huge, that there is not a real difference whether you chose one or two seeds. Backup needs to be solid though. Steel backup put in a safe or somewhere hidden REALLY good should keep you safe.
Thank you for the great answer 🙏
I don’t really know what air-gapped and self created entropy means?🤔😅
Also would you consider a safe deposit box at a bank as a „safe“ location? 🤔
Ok, let me explain. Easiest way I know is to use a seedsigner to create an airgapped wallet. How to build your own one is documented here:
After assembling your seed signer, you have multiple options to generate a seed. Note: as soon as an algorithm is involved, it’s loses safety because an algorithm can be cracked. So creating entropy by yourself means that you create your seed by your own, with a coin or a dice and pen and paper. Good way to do this is documented here:
https://estudiobitcoin.com/do-you-trust-your-seed-dont-generate-it-yourself/
When you got your seed and the seedsigner ready, you ideally set up your own node and use smth. like specter, because specter and seedsigner work together well. Find a tutorial here (there are a lot of other options available though):
Last thing would be to stamp your seed on a plate, there are different possibilities listed here or just google for available options:
https://jlopp.github.io/metal-bitcoin-storage-reviews/
And a final note: never trust the bank! Rather you should get your own safe!
There are tons of related information available. You can start with the info above and find your way to bulletproof custody. 🧡
Wow 🤯
That is completely new for me 😅
So the ready to use harware wallets i can buy are not safe enough? Like ledger or trezor?
I wouldn’t deem them insecure, but consider the following:
1) Who assures you that companies like ledger/trezor haven’t built in a backdoor?
2) As soon as machines create a “random” output, it is not totally random anymore. They are working with algorithms and if their patterns can be detected, guessing seeds becomes way easier.
Just food for thought 🤙🏻
Ok that sounds pretty reasonable 🤔🙏
And thanks for the advice about banks 🙏
Had that thought also myself 😅
Does Satoshi/Patoshi needs these seed phrases?
Depends on your usecase and imagination of future spends/ transfers and your threat model.
🙏💜
With really significant amounts I’d go with a multisig. You can then back up each signature separately, so that even if you can’t get a hold of 1 of them you’re still good.
This also ensures no one can rob you by getting a hold of any 1 signing device.
Thank you. Have to educate myself on that. I have a little time i guess as my amount is not that considerable yet 😅
