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Honest question: We are all the bitcoin multi-millionaires storing their coins? It seems like in an ideal world, you would use https://trezor.io https://trezor

Honest question: We are all the bitcoin multi-millionaires storing their coins? It seems like in an ideal world, you would use https://trezor.io https://trezor.io and put that in a safety deposit box, or maybe use Coinbase Vault, but I am generally curious what is the current consensus on the safest ways to store these piles of digital money.

londons_explore 5y ago
Move all the coins to a new wallet. Make that wallet have a split private key, such that say there are 13 keys, and any 9 are required to access the funds. Distribute those 13 keys, on paper, in sealed envelopes, to 13 different locations. Make each location have at least basic access control - either a door lock, or held by someone you trust with specific instructions about who is allowed to access the paper. Distribute instructions to trusted friends on where to find the 13 things, and what conditions are needed to access them. For example "Hand over to londons_explorer only. If you know he is dead, hand the key to XYZ person. If you cannot contact XYZ for over 5 years, destroy the envelope."
pshc 5y ago
There's no consensus because there's no best answer. Here's an example of what you could do. Generate a new seed phrase on a hardware wallet. Encrypt the seed phrase using https://github.com/FiloSottile/age https://github.com/FiloSottile/age and print out the encrypted seed. Store the paper in a safety deposit box. Keep the hardware wallet at home in a safe. Write down the encryption key and the hardware PIN in an envelope to be opened in the event of your death. All that said, this particular example is vulnerable in that you could be held at gunpoint and lose everything. So next we start talking about cold wallets vs hot wallets...
- Scoundreller 5y ago
  > Generate a new seed phrase on a hardware wallet Now you're depending on the random number generation of a hardware wallet. And (possibly) depending on its method of deriving multiple private keys from a single seed phrase.
  - pshc 5y ago
    This is true! If the hardware can't be trusted, we can generate seed phrases from any secure source of entropy.
csomar 5y ago
Trezor with a semi-gapped laptop. Connect the PC to synchronize your wallet, disconnect, sign the transaction, copy the transaction somehow (ie: QR codes), verify your transaction inputs/outputs, broadcast transaction. You can also go fully air-gapped by manually synchronizing instead of connecting to the internet. Edit: Alternatively, you could upload transactions via images (airgapped laptops) and sign them with your trezor (on the airgapped laptop). That should give the most security.
ur-whale 5y ago
Jameson Lopp has a nice section in his Bitcoin resources site: https://www.lopp.net/bitcoin-information/security.html https://www.lopp.net/bitcoin-information/security.html Look, e.g. at the Cold Storage section, If you are truly paranoid, then follow this protocol: https://glacierprotocol.org/ https://glacierprotocol.org/
- misiti3780 5y ago
  thank you

londons_explore 5y ago

Move all the coins to a new wallet. Make that wallet have a split private key, such that say there are 13 keys, and any 9 are required to access the funds. Distribute those 13 keys, on paper, in sealed envelopes, to 13 different locations. Make each location have at least basic access control - either a door lock, or held by someone you trust with specific instructions about who is allowed to access the paper. Distribute instructions to trusted friends on where to find the 13 things, and what conditions are needed to access them. For example "Hand over to londons_explorer only. If you know he is dead, hand the key to XYZ person. If you cannot contact XYZ for over 5 years, destroy the envelope."

pshc 5y ago

There's no consensus because there's no best answer. Here's an example of what you could do. Generate a new seed phrase on a hardware wallet. Encrypt the seed phrase using https://github.com/FiloSottile/age https://github.com/FiloSottile/age and print out the encrypted seed. Store the paper in a safety deposit box. Keep the hardware wallet at home in a safe. Write down the encryption key and the hardware PIN in an envelope to be opened in the event of your death. All that said, this particular example is vulnerable in that you could be held at gunpoint and lose everything. So next we start talking about cold wallets vs hot wallets...

Scoundreller 5y ago
> Generate a new seed phrase on a hardware wallet Now you're depending on the random number generation of a hardware wallet. And (possibly) depending on its method of deriving multiple private keys from a single seed phrase.
- pshc 5y ago
  This is true! If the hardware can't be trusted, we can generate seed phrases from any secure source of entropy.

csomar 5y ago

Trezor with a semi-gapped laptop. Connect the PC to synchronize your wallet, disconnect, sign the transaction, copy the transaction somehow (ie: QR codes), verify your transaction inputs/outputs, broadcast transaction. You can also go fully air-gapped by manually synchronizing instead of connecting to the internet. Edit: Alternatively, you could upload transactions via images (airgapped laptops) and sign them with your trezor (on the airgapped laptop). That should give the most security.

ur-whale 5y ago

Jameson Lopp has a nice section in his Bitcoin resources site: https://www.lopp.net/bitcoin-information/security.html https://www.lopp.net/bitcoin-information/security.html Look, e.g. at the Cold Storage section, If you are truly paranoid, then follow this protocol: https://glacierprotocol.org/ https://glacierprotocol.org/

misiti3780 5y ago
thank you