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Whenever I see these huge disasters I get really scared for people's self custody setups.
Another example of why paper seed backups are almost completely useless.
Seed plates do better during a fire, assuming you can find it before anyone else does.
Multiple backups across multiple geographies are really important.
Stay safe out there frens 🙏🧡
utxo the webmaster 🧑💻
I hope our Florida nostriches are gonna be ok with another hurricane about to hit
Maybe not appropriate time but paper seed backups are useless vs a hurricane
Even a seed plate doesn't help much if your house floats away in a flood
Redundant backups, encryption on cloud, and multisig help mitigate this
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Replies (13)
I think metal backups in a bank safety deposit box provides the most reliable security. But you've got to pay the monthly rent expense, so it may not be financially feasible for everyone. If you're holding more than $50k worth of Bitcoin, I think it makes sense as you wouldn't need a large box.
Otherwise, two metal devices would be sufficient, I think. One kept locally in your possession, and another held by a trusted family member in another state or geographic area.
If you're worried about your seed being in someone else's possession, you could get one of those Graphene plate systems that uses two plates that can't be read with only one plate.
I wonder if we will eventually reach a point where self custody doesn't require extreme paranoia and vigilance
Being a bank requires a lot of security, even if it's your own little bank
Sadly that probably means self custody will remain mostly for the hardcore self sovereign types
I wonder about this a lot. I see many push no KYC and self custody but that is currently too much work for 99% of people and I’m not sure how one makes it easier. Never had any desire to keep all my cash at home, you know?
Maybe banks will act more like Casa, or issue devices like BitKey.
I think so. We will probably have bitcoin banks for most people, I just hope there are ways for those using them to go on chain or at least move funds so wallets with less surveillance / more freedom
The whole point of Bitcoin is to Self-Custody.
You have ultimate control over your money, and I agree 99% of the population is not ready for this responsibility, or freedom but when they are hopefully we will have built top notch tools that balance easy of use, and sovereignty for most users.
Not necessarily. Even those that don't self custody can benefit from bitcoin being a replacement for central banks. It's missing out on a lot of the freedom aspect though.
Personally, I disagree but if people can find solutions to store their crypto more easily without seed phrase like Satochips, Bitkeys, or whatever solutions exist out there then more power to them.
Me personally I'm used to seed phrases by now.
What about memorizing 12 words?
Human memory isn't reliable enough to store your entire life savings.
Screenshot the seed, zip it with a with a password and put it inside your email. Done & done.
Metal plates are dumb.
Even better: multisig spread across geographies. that way if one of your "geographies" is compromised (including trustworthy Uncle Jim forgets about that metal thing you gave him when he throws out his old sock drawer) you're still okay.
