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It seems to me the gold analogy is more applicable when storing BTC than the cash one. I might be OK storing my gold with some institutions, especially ones wit
by gnerd 13y ago
It seems to me the gold analogy is more applicable when storing BTC than the cash one. I might be OK storing my gold with some institutions, especially ones with a proven track record and insurance policy, but other than those few institutions, I'd probably opt for a fire proof safe (a safe rated to protect the amount of money stored).
If one were to use BTC to store vast sums of money, you can store your BTC with a traditional bank. Simply generate a wallet offline on new hardware with a relatively secure USB bootable OS, write the keys down on a piece of old fashioned paper (use carbon paper and store the copy, destroying the original) and cover with some sort of tamper proof seal. Lock inside a lead box and then put it in a safety deposit box.
- davidsong 13y agoPlease excuse my ignorance, but why would you use carbon paper and store the copy rather than the original?
- gnerd 13y agoParanoid overkill really. Suppose you didn't have access to a locked lead box and stored your extremely large sum in an envelope, you would feel silly in 10 years when you realized someone was able to steam the envelope and use the raised letters from the pressure when writing to reveal the key without removing the tamper proof seal. There are better, more modern methods of applying a seal or printing but it increases the attack surface so for the truly paranoid, they should probably be avoided (unless using something like Shamirs Secret Sharing Algorithm).