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Speculate on this topic. Let's gather the knowledge of the legends here.
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Seems to me the best way to store a seed phrase with a hardware wallet would be write your seed phrase down twice and break it into 2 parts. Also make sure you have a passphrase for the hardware wallet. Now you open 4 safe deposit boxes at 4 different banks. But do so in a way where the banks are a bit far from each other... like make sure it isn't 1 mile within each other at least but preferably a lot farther away like 5 miles.
Now you put 2 copies of the 1st part of the seed phrase at 2 different safe deposit boxes at different banks. You then put the other 2 copies of the 2nd part of the seed phrase at 2 other safe deposit boxes at 2 different banks. You then write down your seed phrase in a piece of paper in your apartment or house. You also enter it in a password manager that you save to a usb and the cloud.
OR
Do the same thing with putting 2 copies of the 1st part of the seed phrase at 2 different safe deposit boxes at different banks. You then do the same with putting the other 2 copies of the 2nd part of the seed phrase at 2 other safe deposit boxes at 2 other different banks. You also then make 1 copy of the 1st part and 2nd part of the seed phrase for you to store at your apartment in different locations. This time however, you only enter the passphrase to a password manager that you save to a usb and the cloud but make sure you don't write the passphrase on a piece of paper in your apartment or house. You could also make a 2nd usb flash drive and give it to someone close to you and tell them to hold it as a backup in case something happens to your usb flash drive or something happens to your password manager in the cloud accessing it.
You could put another usb in one of those safe deposit boxes you are using but if you do that... well you are increasing your risk since if someone got access to one part of the seed phrase and has that usb... if they somehow get into your password manager... then they have 2 out of the 3 parts of it. So say imagine the government was to seize your safe deposit boxes, well then they have access to your seed phrase and your usb with the passphrase in your password manager in the flash drive. Now could they always hack into it if they have your flash drive? Or the only way would be to tell you to reveal what your usb passports is and/or the password manager password?
Would you say the 1st option is ideal? What about the 2nd option minus the putting another usb drive in one of your safe deposit boxes?
Well, you can also use ELLIPAL mnemonic device too... 88g of metal and pocket fitting, you can check it up for more details. It's also fire, water and mold proof. And yes if you're using paper, it should be laminated and put in safes at different locations far from each other and duplicated in case of any situations. If you're splitting the seed into parts. Remember the sequence. However, do not take screenshots of your seed phrase. Do not type it on nom default keyboards, Do not save it to Google drive or any cloud storage, I'm telling you. Try the advanced phrase feature on Trezor wallet if you want. Not every wallet itself is safe. |
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What's your take on this? Given the period we're in is it buy time or sell time?
I want to believe that you are referring to bitcoin. Therefore, if you think long term, you are in the buy and hold period. If you think short term you are in the panic and sell period. This is the best way I can think of it. Yes, Bitcoin is the context. 😂😂 Everybody on here relates selling off Bitcoin with panicking. |
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This is the problem people have. They will not not want to buy when the price is low but later want to buy when the price is high. The safest coin to buy right now is bitcoin. If you buy it, it is better not to be checking your wallet balance in dollars. Just leave the coin and be expecting bitcoin to get to $100000. Because the price is falling, some people will panic and sell just like what happened yesterday. Do not do that. Do not sell if you buy even now.
Okay, relatable. So it's buy and hold then. |
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Ive been hearing about situations where someone buys a coin for a certain rate and not quite long after, the said coin drops in value, or someone sells his coin for a certain rate and then it appreciates just after.
What's your take on this? Given the period we're in is it buy time or sell time?
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Before starting this topic so many things have been on my mind because I know how it pains for someone to criticise a write up or a post.
In a forum like this where so many intellects are contributing to a particular discussion there is always a room for criticism and the ability for you as newbie to absorb it as a learning process makes you unique and smart . For me Criticism is a process of learning because when ever I am been criticised I usually seize the opportunity to add more knowledge because I often see it as a corrective measures to widen my horizon .
Additionally, I will sincerely advice all the newbies who are quick to anger or discouraged when their post are been criticised to see it as a means of learning and not to react rudely because mistake brings correction .
True. But this applies if the criticism is constructive. You can almost tell when it's not. Well, I got your point and it's helpful |
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More Do's:
Diversifying your portfolio can be more profitable in the short term, but HODLing has proven to be the safest long-term investment strategy so far.
Don't start too big before you have gained knowledge and confidence on what you're doing, but don't wait for too long to enter either, because a good way to learn is by managing a small personal portfolio.
Learn coin control.
More Dont's:
Don't be too greedy and plan ahead your exit strategy, but hodl a part "forever", just in case.
Don't invest what you can't afford to lose.
Don't believe in gurus online: fancy words, intonation, clothes, accessories, gadgets... hide the real truth: that nobody has a crystal ball. NOBODY.
For the same reason, don't believe in TA pseudoscience.
This is very useful information, much appreciated |
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Being new to the world of digital finance, I think a great way to start and excel is by gathering information from the experienced here, on the biggest mistakes you have made, and things to do and avoid. I really think that'd be a big plus for an upcoming investor like myself.
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Hello
So, for a bit, I thought of sharing my knowledge here (even if I'm new here) so as to carry the beginners along. This might come in handy for most of us.
So, I'll be going down to the very BASIC.
What's cryptocurrency?
It's a decentralized encrypted exchange unit.
Right.
It's transactions are visible through a decentralized ledger (Blockchain)
How can you tell which cryptocurrency will go up ?
Truth is, there's no clear cut out way. But there are laws that if followed, you can make predictions. Good ones.
The law of demand and supply can help you understand how the prices of crypto changes.
Demand: The higher the demand, the higher the price. Quite simple, crypto platforms releasing better utilities to attract users leads to value rise.
Supply: The more the units of crypto, the less valuable they are in units. If a cryptocurrency is readily available in bulk to the public, the value drops.
Scarcity is value😅
Look at it this way; bywhen supply grows faster than demand, the currency falls, and when demand grows faster than supply the value appreciates.
So, I'll talk later on about ways to make predictions on cryptocurrency rise. Apply the rules and make accurate predictions.
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