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Recovering currency stored on a hardware wallet after losing both the PIN and the seed is a whole thing. Emin Gun Sirer, a distributed systems and cryptography researcher at Cornell University, goes so far as to suggest that you should "keep a backup of the seed key in a fireproof safe.
Your setup also doesn't have to be fancy; you can store backups of your coins on any external storage device, like a portable hard drive. Just make sure to encrypt the data in case the device is lost or stolen. You might even consider making a backup to leave in a safe deposit box. The downside to a hardware wallet is that it makes approving transactions a bit cumbersome. If you want more fluid access to your cryptocurrency, experts suggest storing a small amount in a wallet app to facilitate low-value transactions.
The key here: Only keep an amount you would be willing to lose in the app, and never give anyone your private key. Apps like Mycelium Wallet that are interoperable with popular hardware wallets can make your setup more seamless.
And some app-based options like Samourai Wallet are working to prioritize robust encryption and privacy features. Still, don't trust any app with too much cryptocash right now. Additionally, consider where you store your private keys, the secret part of the public-private key set that lets you authorize revisions to a blockchain.
Always keep them encrypted, and try to avoid leaving them lying around on devices that you use all the time for a lot of different tasks, like your personal PC. Also consider your transactions carefully. There are tons of established, reliable institutions, but gimmicky new cryptocurrencies crop up all the time, as well as questionable Initial Coin Offerings that could have nothing behind them but scammers on the move. And people are even being scammed during legitimate ICOs when attackers launch phishing attacks around the events, or trick would-be investors into sending money to fake wallets.
The Securities and Exchange Commission is poking hard on this. It's also important to remember that all the small things you're already doing right? All of these suggestions bolster your general digital security hygiene, but they are particularly helpful for reducing your exposure to the most simple sometimes impressively so cryptocurrency scams that can take advantage of small things, like a reused password and no second authentication requirement, to walk in the front door of one of your accounts.
Take that CryptoShuffler trojan, which originally emerged more than a year ago and has been making the rounds again this week.
It shows just how basic cryptocurrency scams can be. When it sees a string of numbers that looks right, CryptoShuffler simply starts swapping the wallet ID the victim copied for its own malicious wallet address in payment fields. The best way to defend against an attack like that if your malware scanner doesn't detect the intrusion is simply watching all transactions carefully, and taking steps to safeguard your assets so you know your data hasn't been exposed.
And once you have the basics in place, make sure your friends adopt the same mindset. The more secure the ecosystem, the less attractive a target it is to bad actors. The answer is yes no matter where it comes from and why would you trust your bank to hold your funds, your social security card, and especially your keys??? Does that answer your nonsensical question of existenialism.
Have a good day sir! May the crypto get with you and hopefully run stronger on day then the thumb up your ass. Store them. In a safe place where absolutely no person, or thing now that we have A. It is called a safe. Have I proved my point yet. Let the crypto community decide. I tried to answer your question in your post. They make fire safes for your closet. Buy a safe from third party company and store that stuff inside with a back up at your disinters hoise so she has the keys with very little know how and a note in technicolor explaining how to turn on your tv I also mean this in no way to be mean or malicious but possibly an eye opening.
The banks are the biggest problem in this world besides the people that control them. What are you asking for? Hard coins with a binary code or something that only you hold is one thing. Safety deposit box is a whole different monster to deal with. The irs and govt running scared atm. Not everyone who is adopting bitcoin believes that the Fed is inherently evil or that banks should be dissolved. Some of us believe they full bitcoin adoption will include integration of the currency into the current financial system.
It's hardly ironic. Despite the frequent claim, cryptocurrencies were not created to eliminate banks. They were created to eliminate the requirement of transacting through a "trusted" third party. This is how blockchain is going to impact banks, their invention is going to create a new demand for trusted custody solutions.
Security is a very serious matter, and most people neglect to consider all the angles. If you want to keep the keys to yourself and have the ability to move millions of dollars in a reasonably immediate period of time, that is understandable, but also entails certain risks and vulnerabilities.
If someone else knows that you and you alone possess the means of sending large sums of money, that is a vulnerability that can be exploited by force. Backups to your seed should first, always be encrypted. If you are leaving a backup in a safe deposit box, you have to assume that the bank both can open it without your key, and cannot open it without your key in the event that you lose it. I think the train of thought here is that may have been the case before, but nowadays what's the point?
Nowadays it is hard to protect your seed in a secure way although we see a x improvement from gold for sure. But it is still the case. Plus, when you die, ay least your bitcoin can be inherited by your next of kin. Not sure about that, when I die nobody will pay for the safe deposit box, so the bank would probably just drill it out and steal anything inside.
They wouldn't care about my potted plants to, but whoever does deserves to inherit my portfolio. In the future there will hopefully be safer methods of storing bitcoin. But you also don't need a bank to pass on inheritance. Putting all that to one side. What do you recommend as an alternative? Or do you just bury it somewhere and hope no one finds it? Who says you can't decentralize it? Hide it in your house and in other peoples homes too.
Hide it in books, memorize which books and which page the word is on. If your password is weaker or shorter than your seed phrase, then you have weakened your wallet down to the strength of the password. You have to assume the "how" of your methods has zero security value or else your are indulging in self delusion.
This isn't really an issue if your seed is encrypted. Or split amongst multiple locations. Or simply jumbled up in some easy way that only your will explains. Who holds a copy of your will? Why are they more trustworthy than a bank? Usually family lawyers hold the will. But as an extra layer of protection they can hold the password to your encrypted seed and you give the encrypted one to your family. For example, get a book and circle each letter of your seed, in order.
Put a fake signature on the cover of the book and put it in a plastic preservation case to make it look like it's a collectible. Chances are no one will open it. I would do every other letter two off from where it started and start your own Harry Potter trip down a puzzle of the unfortunate events of limity smicketts. Or how ever that mess is spelled.
That's how you lock yourself out of your own private keys. Or, in the event of your death, your family gets nothing. Somebody breaks into your house, they will take the first thing that looks like a collectible. You have to hide it in something mundane. Winklevii used a series of safe deposit boxes to hide their keys. It's a slim chance, but if someone found out which banks they used and hit the right 3 simultaneously, that could be bad for the twins. To prevent a bank screwup from destroying you the key should be a 3 of 5 or something similar.
Meaning five safety deposit boxes have pieces and you only need any 3 to make a valid key. That way if the bank catches fire or gets hit by an earthquake you're not screwed because there's redundancy.
And this way if someone wants to steal the key they have to break into three separate banks which is quite the undertaking. I thought in English to change a noun from singular to plural you just add an s or es at the end of the word. So why is the plural of this particular word Winklevoss is Winklevii and not Windlevosses? Well this is an interesting turn of events.
Next we'll be finding out they're not really boxes either. Theft and extortion are becoming a real issue for holders coming years.. Coming years a criminal could think: that guy is rich, could be Bitcoin, and those Bitcoin are probably with him. Beat up his wife than collect the Bitcoin.
Here's another link for anyone who doesn't want to have to open an account with nytimes. My bank offers an optional third party insurance for the boxes in multiple tiers up to 1M EUR. Bank screws up, insurance pays. Do your research before using deposit boxes in particular for huge values. There are private high sec storage facilities offering the same as banks but with better sec and service as they are obviously not involved in the fractional reserve banking scheme. Modern day banking do not want or need safe boxes as they profit from your so called money not being there.
If box, dake one from outside the banking system. I store half my recovery seed 12 of 24 words in a safety deposit box and a hardware wallet with a 9 digit pin. I have another hardware wallet at home with the same seed so I can check my memory of the seed and add and spend.
You should also have a passphrase since seed words can be easily extracted—at least from the Trezor. Many banks have sold their branches under a lease back agreement to get an immediate cash windfall to pay their grasping shareholders and of course senior executives bonuses. I keep my backup seed phrase at the bank.