Enter the characters you see below Sorry, we just need to make sure you’re not a robot. After following Bitcoin and Cryptocurrencies for a few years, one metal bitcoin became very obvious to me.
It’s so incredibly easy to lose access to your private keys. The hacking risk is still to be taken seriously and the measures describe here help mitigate that risk as well. This page is meant to list conventional best practices on hold to hold crypto-currency in an secure manner. Full disclaimer: I have an affiliate link for Trezor below.
Someone could impersonate you and steal your funds within minutes, while you are sleeping. You will not get your coins back if that happens. Get yourself a Trezor or Nano Ledger S. A hardware wallet allows you securely receive and perform crypto-currency transactions even on a malware-infested computer. Make sure to buy your hardware wallet from an official source.
Do not use the hardwaret wallet if it comes with a scratch-off card! Properly securing that passphrase is the most important step of the setup. This is the passphrase that you will stamp onto a plate of metal to preserve it for decades to come. Losing or destroying your hardware wallet would not affect you in any way, as long as you safeguard that recovery seed, you will still have access to your funds. You must be the only person to see your recovery seed.
Do not ask someone else to stamp it into metal for you. NEVER enter your recovery seed into any electronic device, file, website, or even a password manager. The recovery seed will be shown to you ONCE on the screen of your hardware wallet, but never leaves its memory. You may write it down on paper temporarily in a private location, until you have a chance to secure the materials for stamping on metal.
You MUST practice recovery of your hardware wallet. Once you’ve written down, or stamped the recovery seed, wipe out your hardware wallet, then restore it to ensure you’ve copied the recovery seed correctly. Do this before you send large amounts of funds to the hardware wallet. And repeat this every time you duplicate your recovery seed onto a new medium. On the Trezor, there is an option to have an additional password, but I didn’t enable this option.
I don’t trust myself to remember this password 10 years down the line. This means keeping your recovery seed plates out of sight is extremely important. This means it can survive even a sustained, severe house fire. Properly securing and storing your recovery seed is much more important than securing your hardware wallet.