Create a wallet and /or address for emergency use
Resilience is about being able to safely traverse difficulties, danger or threats without significant loss.
Bitcoiners have been thinking about ways to make themselves, their families, and their lives more resilient in all sorts of aspects. One of those is typically the security of their bitcoin in their own custody.
Ignoring HOW you choose to custody your bitcoin, it is a common 'escape hatch' that if
Typical example is if one of a set of keys in a multi-sig is lost/stolen/compromised. Another could be the tamper-proof bag holding a seed plate or passphrase being violated - or potentially violated.
So again, IGNORING HOW you choose to custody your bitcoin, you now have a need to move them.
Two things will now simultaneously be in play:
You will have a sense of urgency
You will be in a heightened state of stress
These two things do NOT help thinking coolly and calmly about best practice for creating a new wallet and from that, a new address.
You may also not be in a place, time or environment to do so.
This is the time when you want to grab that pre-prepared wallet/address/xpub from a safe place and *know*: I got this covered.
So pick a quiet time, and go through your routine for creating a new wallet; protect those seed words and the passphrase, and then:
*keep the xpub or the address in an easily accessible place*
Well done - you've increased your resiliency, and hopefully, just like house insurance, you never have to use it! 🤝
