Beirut explosion - Lesson to learn from this.

[Lorence.xD]

That is a really bad analogy in my opinion. The thing about the Beirut explosion is that there was a mismanagement, and with regards to wallet, why would you become complacent when it involves finances. The tragedy was a result of lack of proper containment and mismanagement and I hope that these things won't happen again. If your house gets in the way of disaster then that would mean that you already know what to do, you know that finances and important papers should be placed altogether and I think most of the household knows that this is their priority.

[jademaxsuy]

Yes even the online wallets could also been wipe out by that explosion. It gets worst when money is really needed and one can't access into it for emergency purposes. I had been a replying posts like this of how could cryptocurrency be accessible especially in case of emergency. It is very difficult and I think there should be another way to make an ease on accessong crypto funds for emergency. I just wonder how could it be done but I need to read more replies here to get enlighten.

[LoyceV]

Have you ever considered purchasing several hardware wallets (e.g. a Ledger S), initializing them with the same seed and storing them in different places (parents, a bank safe deposit box, ...)?

No.

I would have no problem if the ledger should fall into the hands of someone else, I think it is impossible to guess the pin.

I would prefer a BIP38 encrypted paper wallet if I have to store it in different locations. I don't really dare do it (and certainly won't recommend it), but even if you post the encrypted private key, it's quite safe with a decent password.

[Janation]

Despite the care you have, if you're dead it doesn't matter.

I know that we also wanted to take care of our Bitcoins; to protect it from the hackers and prove that it is ours with private keys on our side. But the problem here is that this huge explosion is an accident, or the carelessness of the people with that tons of amonia stored there.

We can protect our Bitcoins and other altcoins from hackers, from scammers, but we can't always protect ourselves from what will happen.

[tbct_mt2]

Furthermore, share the backups and ways to retrieve coins from backups to at least one person who you love and trust the most is key. Accidents (maybe death) can happen to everyone so don't keep all things for yourself alone, then if something bad happens, your coins will be lost forever.

I have a feeling that the chances of the person you "trust' to steal those keys from you are growing proportionally with the value of your coins, and I've heard of enough family dramas to think that there are higher chances for a friend to rob you than for all your house to go up in flames.
Having multiple back-ups is clearly a solution but I wouldn't really deal with riddles when "encrypting" it, one baseball ball in the head and none of your riddles won't make sense anymore.

I don't mention about friends. If I have my wife and my children, I should disclose it to my wife. Even now she does not interests in and have knowledge on bitcoin, I would tell her what to do if I suddenly pass away. My children is too young now so I skip it but if they are older enough to remember what I say, I would say them what to do too.

I agree with you about unnecessary of encryption, that is a way to over complicate everything. Key is enough, just store them secretly and safely.

[aprilnot]

currently the cloud storage system is safe enough and also easily accessible. So I think everyone is taking precautionary measures, by saving all their wallet backup data to the cloud. so even if their house is destroyed with nothing left they won't lose their data.
maybe only stupid people who only store their wallet data in one place.

[The cure]

It would be really good for us to secure our private keys or any important documents in a place where we think it's going to be safe. Because no one knows what will happen or what kind of tragedy can strikes us, but let us still think that human life is the most important and must come first in this world.

[VanityWallets2015]

Indeed, I agree that this should be a wake up call to everyone. Disasters come without notice and we'll be surely surprise for the damage and loss it will costs us.
We must safe keep every important files and properties of ours, in that case our money, on more secure place than a physical safe.
Although, crypto users and diligent people would think of this, I think that most people are fond of having their money beside them if not putting it into the bank.

[Insanerman]

plosion should be a wake-up call to all of us, to store your Paper wallets and cold wallets in more than one geographical location.

Then wouldn't it be better if we wouldn't store it in paper wallets at all? Cold wallets are much better than paperwallets of course. But still, using cloud as your storage for your crypto-holdings and private keys must be the better alternative and not such data being scattered in many geographical location. What if the user/holder only has one place to live? Would he dig the soil and plant his wallets to the garden nearby him just for the sake of 'safety'?

Still, wake up call here is that you must learn to be secured online. Use cloud as you storage or even any online wallets. Then that would be enough.

[kryptqnick]

People can quickly become complacent to think that their single location storage of their Bitcoin hoard would be enough. We all saw how 300 000 people have lost their houses in as little as a few seconds.

The Beirut explosion should be a wake-up call to all of us, to store your Paper wallets and cold wallets in more than one geographical location. A national disaster or a accident like this might wipe out your house and if you used that as your primary hiding place, you would lose more than your house.

Well, the probability of such an event is probably low. Perhaps lower than someone finding a passphrase which is stored in more than one location. So while making these decisions, it's important to take everything into consideration. I, for one, store my stuff essentially online. I know it's not safe and everything, but I don't trust myself with not forgetting where I put something or not accidentally throwing away the piece of paper with crucial data on it. What IS good is at least to store money digitally rather than have cash/gold/diamonds at home. And the Beirut tragedy is a good reminder of that.

[cryptoperkele]

So, as i am keeping half of my bitcoin in exchanges, i should be good. Naturally they can be hacked but apparently there is a possibility of a huge explosion as well so i rather trust experts to keep my coins safe. Not to mention that i think they (big exchanges) have insurance to cover an attack.

[Bill Gates]

People can quickly become complacent to think that their single location storage of their Bitcoin hoard would be enough. We all saw how 300 000 people have lost their houses in as little as a few seconds.

The Beirut explosion should be a wake-up call to all of us, to store your Paper wallets and cold wallets in more than one geographical location. A national disaster or a accident like this might wipe out your house and if you used that as your primary hiding place, you would lose more than your house.

After a disaster like this, bulldozers are brought in and only the foundations might be left after they are done. (So hiding it in a safe or a wall or the roof is a bad idea.)

Make sure you have several copies of your Paper wallets/Private keys and store them in separate locations. You might not even be at home when a disaster like this happens and when you return, the authorities might stop you from entering the devastated area. (due to instability of structures or chemical/gas leaks.) So you will not have a opportunity to retrieve your stash. 

Wake up and act now... before it is too late. 

I'd like to know how glacier protocol performs in such cases.

[pixie85]

So, as i am keeping half of my bitcoin in exchanges, i should be good. Naturally they can be hacked but apparently there is a possibility of a huge explosion as well so i rather trust experts to keep my coins safe. Not to mention that i think they (big exchanges) have insurance to cover an attack.

The probability that one of the exchanges that you keep your money on gets hacked is far greater than the probability of your house blowing up, you can trust me on that.

You aren't safer holding money on centralized exchanges! It's the other way round.

[MCobian]

Beirut explosion is a warning for all of us, bad things can happen anytime and anywhere. Therefore cloud storage or online wallets
are a good choice to save our assets from disaster such as in Beirut. Imagine if we kept all valuable assets at home was lost by the
tragedy that occurred in Beirut. Then the distribution of our wealth must be partly online to anticipate if a disaster like the one
in Beirut happened.

[Sadlife]

Im sure one of those 300,000 houses the owner uses private keys or paper wallet, that's why its best practice to not store it physically but digtally but with in a safe place that no one knows.
There are instances that disaster like this could take place and even governments wants to confiscate your Crypto's due to regulations. So its better to be prepared than to regret it in the future.

[Oceat]

Beirut explosion is a warning for all of us, bad things can happen anytime and anywhere. Therefore cloud storage or online wallets
are a good choice to save our assets from disaster such as in Beirut. Imagine if we kept all valuable assets at home was lost by the
tragedy that occurred in Beirut. Then the distribution of our wealth must be partly online to anticipate if a disaster like the one
in Beirut happened.

Storing your assets online is acceptable but storing any sensitive information such as private keys is not recommendable in any cloud storage. If you haven't read what are the risk of storing something in a cloud storage you better do your own research first.

Beirut explosion might be a wake-up call but it just happened that the city has been storing ammonium nitrate near the port used for fertilizer for over 6 years as what I have read in the news. Anything can happen in this world there's no 100% safety in this world no matter how safe you think you hide something. It's better to keep the private keys from you and from your trusted friend(s) around the globe.

[LogitechMouse]

What I did already is that I've wrote my private keys in a notepad and created 3 copies each and then scattered it. I also sent all my private keys to my couple for emergency purposes. Yes this isn't the best idea to make as there is no perfect strategy to hide your private keys but I trust her so I gave it to her so that when accidents like this will happen (hope it will not happen) then she can still access it and get the Bitcoins.

My best strategy so far that helped me to hide my private keys is that I'm not telling it to anybody crypto-related. What I mean is that in my place, I'm the only one who knows anything related to crypto so they have no idea what this words are and take note that it will not work for everybody . It only works for me

[GDragon]

Despite the care you have, if you're dead it doesn't matter.

I know that we also wanted to take care of our Bitcoins; to protect it from the hackers and prove that it is ours with private keys on our side. But the problem here is that this huge explosion is an accident, or the carelessness of the people with that tons of amonia stored there.

We can protect our Bitcoins and other altcoins from hackers, from scammers, but we can't always protect ourselves from what will happen.

Agree, I don't really agree with the OP saying we have to store our paper wallets and cold wallets from different locations. Isn't it dangerous too? Especially if you don't regularly visit the places you keep it. And I also agree that this is an accident. We are all surprise by it. But well if this strat works for him, then its good. However, it is still not safe from other circumstances too.

I think there's really no safe strat for us, all we need to do is do everything we can to safely store it, whether to our most trusted people, or to our most secured accounts in the internet. Find the best strat that will work for you.

[jademaxsuy]

So, as i am keeping half of my bitcoin in exchanges, i should be good. Naturally they can be hacked but apparently there is a possibility of a huge explosion as well so i rather trust experts to keep my coins safe. Not to mention that i think they (big exchanges) have insurance to cover an attack.

No, storing crypto in exchanges is not really a good idea even if it is a reputable exchanges because these exchanges are subject for hacking for this is where crypto exchange will going to happen and it can be the best place for the hackers to get more bitcoins and other crypto.

There are many ways to secured crypto funds and its crypto wallets and that involve using back up copiesnof private keys and walley address of your wallet. One can use USB, MICRSO SD and other small saving device. Offline wallets also may do? Maybe..

[Kakmakr]

Despite the care you have, if you're dead it doesn't matter.

I know that we also wanted to take care of our Bitcoins; to protect it from the hackers and prove that it is ours with private keys on our side. But the problem here is that this huge explosion is an accident, or the carelessness of the people with that tons of amonia stored there.

We can protect our Bitcoins and other altcoins from hackers, from scammers, but we can't always protect ourselves from what will happen.

Agree, I don't really agree with the OP saying we have to store our paper wallets and cold wallets from different locations. Isn't it dangerous too? Especially if you don't regularly visit the places you keep it. And I also agree that this is an accident. We are all surprise by it. But well if this strat works for him, then its good. However, it is still not safe from other circumstances too.

I think there's really no safe strat for us, all we need to do is do everything we can to safely store it, whether to our most trusted people, or to our most secured accounts in the internet. Find the best strat that will work for you.

Guys and Gals, you are too focused on a scenario where you are at the primary location where this accident happened. Let's take this accident as a example.. They report that over 250 000 people lost their homes, but just over 100+ lost their lives. (4000+ injured)

What if you are one of the injured people or if you were not at home when it happened. If this happened at night, there would have been more people at home and probably a lot more people might have lost their lives. The facts are that 250 000+ did not die and their houses are gone... How many of them had bitcoins/Private keys stored in their houses?

Also, let's say this is your Private key : L4hVMF5PXJ pyy9w2r3k NvyPiDhaPcbd P5uh2Bp G63cmgp647PZnL   - You can store the section in Bold in different locations without people having access to the sections that are not in Bold, so they can do nothing with those sections. (Only you know how to put the puzzle together when all sections are together)

Keep one copy with the whole thing somewhere safe, if you are paranoid that you would forget how to put it together or if you lose one location.