I had an electrum seed and wrote it on piece of paper.
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So i only have the seed written on paper and put it in the house. But of course things could happen like fire, floods etc. So what is the best way to store your seed to prevent this?
The best way to back up your seed or private key (depends on which wallet you use) is creating multiple backups and in some different formats: in harddrives, USBs, piece of paper, metal sheet, in vault, etc.
Important note: you must store your backup offline. More precisely, when you create your wallet, you should also create it offline.
Wallet creation (offline) -- Backup storages (offline).To further avoid risks of potential physical damages (fire, water, flood, etc.), if you can you should store backups in multiple locations.
Never store your wallet backup or passwords of your accounts online. Never should do that! There are always risks of data breaches on any services, not exclude Dropbox, Google Drive, etc.
I then decided to write it on a password program like lastpass/keepass. So in order to get into the lastpass, you need a password. And i put the lastpass in dropbox/google drive and store it there. My thought was if someone somehow hacked into my gmail/dropbox, well they still need the password to my lastpass in order to get into my electrum seed. I put the electrum seed in there as i type it out a long with my other bank account and everything whether its online site or anything
But isn't the issue if someone finds it, well its pretty easy to see oh why is there a bunch of long words and some ppl might even figure out its the seed to a wallet?
Now if you write the seed in a notebook with a ton of stuff there, well that would be hard for someone to find.
Basically, the device you use to store your backup should also be kept as much offline as posisble (almost like a cold-backup-storage device).
Also i hear ppl say break your seed into two or three parts. That makes sense but do you leave all the parts in the same house/apartment? You hear about how you give one half to someone else you trust, you keep other half. Well what if you no longer see the other person anymore or something happens, then what? Obviously you would need to immediately send your coins to a temporary wallet in the meantime.
It is one of the way to complicate things. I would not go to such thing for a single wallet with a single seed/ private key. The biggest disadvantage of this method is sometimes people forgot how they mixed things, and can not recover wallet later. It sucks when you self-create troubles this way.
An alternative for you is multi-signature wallet. You can easily create it with Electrum wallet. You will have to choose how many co-signers who will sign signatures and unlock funds in that wallet. It is safer.
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