@Quinby
As someone with a couple stacks of non-KYC crypto, it doesn’t really matter. You still need to use an off-ramp like Coinbase eventually.
Hello There. I am King from Nigeria …
That’s the best way to HODL.
I’d suggest getting a new recovery phrase just in case you aren’t sure how that sheet ended up in your notebook. It’s unlikely, but possible that someone with access to you copied it down and returned it to a different spot. They might be watching to see if the balance grows before trying to take it. A bit paranoid? Maybe, but better safe than sorry.
A good idea is to get a safe deposit box and keep a copy there, sealed in an envelope and inside a closed plastic Ziploc bag. It would be tough for anyone else to access it, but you’ll always know where it is. And if something happens to you, your family will be able to recover it. There are definitely more advanced ways to manage this, but this method will keep you safe in most situations and your phrase is unlikely to be stolen.
Doesn’t anyone else create a story using their seed phrase? The words are all nouns, just add some verbs and other words. For example, I drove my CAR to the DIAMOND PATH which allowed me to eat STEAK… you know the idea. Just use the key phrase words as the main nouns in your story. Or am I the only one paying attention in English class?
A fireproof safe and steel plates with the seed etched is a good start. You can also find waterproof pen and paper; you could store those in your fireproof space or on the scratch plates.
Well, don’t leave us hanging… what is it?
From my experience, diversification is key.
If we’re talking about serious amounts of money:
Don’t keep everything in one wallet. Use multiple wallets for different seed phrases. If you have a hardware wallet, load the seed phrase into a second wallet and store it somewhere else. Do this for every unique seed phrase.
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Store it here from now on: 25° N, 71° W
Memorize it.
Nothing can replace that. Writing it down is just a temporary measure to help with memorization. Use mnemonics as they are intended and you will never lose it.
You better get two hardware wallets and set them both up with the same seed phrase for a backup device!
Harlan said:
You better get two hardware wallets and set them both up with the same seed phrase for a backup device!
Why? Just make multiple backups of the seed phrase, which is the important part. Not the device.
Harlan said:
You better get two hardware wallets and set them both up with the same seed phrase for a backup device!
Are there any hardware wallets that allow you to manually set a specific seed phrase and are not paper or metal based?
@ASHT
So you had a paper wallet seed for BTC? I’m using ledger devices, and when not setting it up as a new wallet, you can input your seed words 12 or 24. I’m not sure if it works with a paper wallet seed phrase, but it could potentially work if it uses the same generation method… but I don’t know…
@Harlan
Which hardware wallet did you have?
Yeah we remember the post from three months ago where someone lost their seed phrase - it’s not like we see those all the time or anything. Still, congrats and you should probably turn your DMs off.
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(1) Make three copies of your seed on steel plates.
(2) Hide those plates in different places your family knows about.
(3) Set a passphrase for the seed to create a new wallet.
(4) Transfer 95 to 98% of your funds to this new wallet.
(5) If someone tries to rob you, just give them the basic wallet without a passphrase and let them take those fake funds.
(6) You’ll have your other seed plates and should use a passphrase you’ve memorized.
(7) If something happens to you, set up a dead man’s switch to send a clue to your heirs for a treasure map.
(8) They need to work to get the passphrase, combining it with one of the seed plates, to access the real wallet.
(9) Profit?