I know enough about computers and bitcoin to understand the wild improbability of someone guessing my seed phrase / private key, but in the back of my mind I am always a bit nervous about the random chance that the universe aligns - especially for people using a mass-produced hardware device to generate their keys.
I know that the big companies hold massive amounts in a single wallet and would be catastrophic if someone cracked those - along the same lines, would be catastrophic for me if someone got into my wallet.
Along the same lines, you don't want to have too few satoshis in a single wallet, incase fees are higher in the future, etc.
Mostly curious what you all do / think.
Keep all in 1 wallet, no matter how much30.6%
Split into 2 wallets, no matter how much5.6%
Split into multiple wallets63.9%
36 votes \ poll ended
I'd like to select "Nice try fed!", but it wasn't available.
Damn, I'm slow today. Enjoy it. You earned it.
Were your powers derived from your cowboy hat?
Yes. I have suffered a kryptonite-like attack.
What the heck happened?
Nothing. Ignore my nonsensical babble.
Sounds suspicious. We better guard our hats vigilantly.
Still, I'm taking my hat off, out of respect, for a while...
I think it's what the cool kids are doing.
Something's brewing amongst the superhats. I don't think it concerns the likes of us.
I'm picturing instead of littering the outside of Siggy's home with malicious USBs (as in Mr. Robot) someone strewn Stretsons near his door and once he tried one on the fishing rod guy on his roof lifted his old, unguarded one.
You know what? That is what must have happened.
No wonder he doesn't want to talk about it. Siggy fell for the oldest trick in the book.
You'll get it back up to the big league numbers again.
https://cdn.drawception.com/images/panels/2016/2-20/CANmYmaQGp-6.png
Thanks
Yikes! The new sheriff (who somehow has an older cowboy hat than the last sheriff) has big shoes to fill.
Don't trust anyone around here with cowboy hat claims. It's a cut throat business these hats.
He's a floater
Set a value and split it into several wallets. It's safer for sure.
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A multi-signature wallet is safe, but you have to trust other people a lot. These days many people don't have people they can trust. One of the advantages of having several wallets is that in the event of a robbery or theft you'll only be left without one.
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I've never done a multi-signature wallet, but from what you're saying, in practical terms (number of seeds and passes) it's almost the same. Is the pass smaller than the seed?
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Never put all your eggs in one basket!
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So, if all your eggs are in one basket and you drop or lose that basket, one is left with no eggs. If one uses more than one basket and you lose or drop one, there is no total loss. This principle is one of the most basics in the investment world.
Just diversify with storage for sats, not for 💩coins and the Web 3.0 BS!!!
Why are you even bringing up shitcoins? This is a discussion about storing bitcoin.
There are countless people who start with Bitcoin and diversify to other coins. This has been tied to the traditional means of diversifying that you referred to about not having all you eggs in one basket. I advise against 💩 coins and diversifying to them.
Was proving a point!
Great point! I certainly did not mean to imply diversifying bitcoin with shitcoins, ha ha.
My personal experience (major hurricanes, earthquakes and tornadoes) says have enough fiat, fuel, water, dry food, and ammo to last 2-3 weeks with no grid/cell/internet. During Katrina we had to defend (but also share with neighbors) within 4 days when people's freezers thawed. Grocery stores were emptied before the storm hit.
I know you didn’t. Just want to make sure we teach anyone else reading this.
I use several wallets, depending on where the coins come from. I have of clean, non-KYC coins linked to different "identities". Putting them all in one wallet would make it too easy to track.
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That's awful advice.
One mistake in my entire life and my identity leaks. I know what I'm doing.
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I think its good to have a few hot wallets here and there like mobile LN wallets and coincoin wallets. Cold storage should hold the majority of your funds and be the most difficult to access.
"Very long, wildly complex and random passphrase"
Has entered the Chat; Use me! Abuse me!
Modern hardware wallets often generate new addresses automatically, and each address is derived from the wallet's seed. While these addresses might appear different, they are fundamentally linked to the same seed. When you request an address from your wallet, it provides a new one, enhancing security.
In most cases, relying on a single hardware wallet should suffice. However, if there is a concern about losing the seed, using two or more hardware wallets can add an extra layer of security. Initially, users might send transactions to the first address provided by their hardware wallet, but later on, managing UTXO could help up this process.
@harrr's idea in the comment section is also reasonable, give it a thought.
Please correct me, if I am wrong :)
My concern around a hardware-generated seed is the actual level of randomness. I haven't looked into anything specific, but for most hardware wallets the randomness seems to be computer-generated - as opposed to rolling dice, etc.
So, it's more about how much entropy the generated seed has. In my opinion, some hardware wallets really excel in this.
I recommend checking out this article about the secure layer of the open-source Bitbox02 made in Switzerland. Big credit to these Cypherpunks! :)
Thanks for asking this, I've been wondering what other people's thoughts are on this
I find a 2 of 2 multisig gives me the peace of mind that my main stash won't be "stumbled upon"
Yes, I split in 2 wallets, but it's matter how much :)
In 1 wallet around 75% (~4500 BTC), and in second wallet 25% (~1500 BTC)
The amount was just for fun, of course...I never had this amount of Bitcoin :)
Best place to store your stack is at the bottom of a lake. Boating accident storage plan.
Why not just setup multi-sig?
Thanks for the take.
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