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Suppose that I use a hardware wallet. Where do I hide the seed? If people store monies at home, robberies will grow. There are even bank armed robberies, home
by aborsy 4y ago
Suppose that I use a hardware wallet. Where do I hide the seed?
If people store monies at home, robberies will grow. There are even bank armed robberies, home break-ins are a walk in the park for thieves.
If you have multiple wallets, you have multiple keys to manage.
You need banks. Hardware wallets and seeds phrases don’t work for most people.
- tosh 4y agohttps://en.wikipedia.org/wiki/Shamir's_Secret_Sharing https://en.wikipedia.org/wiki/Shamir's_Secret_Sharing
- deleted 4y ago[deleted]
- jackstraw14 4y ago> Suppose that I use a hardware wallet. Where do I hide the seed? Split and distribute geographically, if it's worth the effort.
- tomputer 4y agoIt is not recommended to split up your seed words[1]. Do not try to build your own scheme. If you want to store your keys geographically it is recommended to use multisig. You can also use a passphrase (13th/25th word) that can be stored separately from the 12/24 seed words[2]. [1] https://bitcoin.stackexchange.com/a/98423 https://bitcoin.stackexchange.com/a/98423 [2] https://en.bitcoin.it/wiki/Seed_phrase#Two-factor_seed_phrases https://en.bitcoin.it/wiki/Seed_phrase#Two-factor_seed_phras...
- jtsiskin 4y agoIt’s a lot easier to hide a piece of paper than it is to hide stacks of cash or gold. Unscrew and hide behind a doorknob or a light switch, the inside of a clock, the bottom of a dresser, inside the wall trim, the leg of a couch, etc. Then add controls on the wallet itself - only x can be withdrawn every 24 hours, and m out of n recovery methods (your trusted friends and family, a service which validated your email/ phone number, a pass phrase, an in-person office which validates your id and passport for a fee, etc), and you can be as secure as any bank.