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What happens when it breaks, gets lost, etc? A paper wallet (copied to several secure locations) seems safer, if less convenient: https://en.bitcoin.it/wiki/Pa
by miles 13y ago
What happens when it breaks, gets lost, etc?
A paper wallet (copied to several secure locations) seems safer, if less convenient: https://en.bitcoin.it/wiki/Paper_wallet https://en.bitcoin.it/wiki/Paper_wallet
EDIT: Thanks to rplnt[1] for the Bitcointalk forum post link[2]. According to one of the apparent Trezor creators, "No need for periodic backups, writing down the seed to paper during the device initialization will be enough forever"
[1] https://news.ycombinator.com/item?id=5880849 https://news.ycombinator.com/item?id=5880849
[2] https://bitcointalk.org/index.php?topic=122438.0 https://bitcointalk.org/index.php?topic=122438.0
- mrb 13y agoGenerally speaking, most hardware wallets let the end-user re-initialize the device based on a seed (a random number). So as long as you save this seed securely (eg. printed on paper and stored in a safe) you can clone the wallet and recover your coins if you lose it. I don't know if Trezor has this feature or not.
- miles 13y agoThanks for your reply, mrb. When you say that the wallet can be cloned, would it require another physical Trezor unit? If so, that would seem to be a potential downside vs. a regular paper wallet.
- mrb 13y agoIt would not require another physical wallet. The algorithm creating the Bitcoin addresses from the seed does not need to be made secret, and could be run on a computer, for example, then you could re-import the Bitcoin addresses and the coins into a software wallet.