Nostr Web Client

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 🥚

Fuchs 2y ago

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.

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Discussion

Noerms 2y ago

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? 🤔

Fuchs 2y ago

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:

https://seedsigner.com

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):

https://youtu.be/LPqvdQ2gSzs

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. 🧡

Noerms 2y ago

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?

Fuchs 2y ago

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 🤙🏻

Noerms 2y ago

Ok that sounds pretty reasonable 🤔🙏

Noerms 2y ago

And thanks for the advice about banks 🙏

Had that thought also myself 😅

charisma_ni_zandro 2y ago

Does Satoshi/Patoshi needs these seed phrases?