coolcoinz
Legendary
Offline
Activity: 2842
Merit: 1195
|
|
October 11, 2020, 10:20:22 AM |
|
Make a mnemonic word seed and then store 1/2 or 1/3 of the 12 word or 24 word phrase in different locations. Most thieves wouldn't even bother with 4 or 6 random words. Those who obtain said words would need to know the location of other seed sites. If you spread them out online and in real world environments it would become a daunting task for most thieves. Storing them around the world also allows for redundancy in case one site burns down.
This would be so troublesome to store around the world. First you'd have to own secure locations in different countries which is already an enormous problem for most people. For instance, I don't know anyone outside the and don't own any properties EU. Even relatively rich people don't own properties on different continents. Imagine that you're out of money and need to move your coins and you have to spend a couple days travelling to the locations of all your phrases. This is an example of how you can go too far with security. If you're afraid of a fire, just use a metal plate or a fireproof safe.
|
|
|
|
buwaytress
Legendary
Offline
Activity: 3024
Merit: 3727
Join the world-leading crypto sportsbook NOW!
|
|
October 11, 2020, 12:55:28 PM |
|
Question that I try to revisit every now and then myself... I can't really see any as perfect because I am the point of failure for my seeds. Great because it's all mine now but I have been in serious discussions now with next of kin trying to find a way that works.
Memorising one portion with a mnemonic song and rhyme. Physical copy hidden amongst a set of other phrases. One set in my pw mgmt vault. It's not all perfect. But it will have to do for now.
|
|
|
|
bob123
Legendary
Offline
Activity: 1624
Merit: 2504
|
|
October 11, 2020, 01:52:04 PM |
|
Make a mnemonic word seed and then store 1/2 or 1/3 of the 12 word or 24 word phrase in different locations.
That's actually a bad idea. If you want to spread the mnemonic, use some secret sharing scheme. These allow you to create redundant backups of data/information which does not leak any information about the actual data if less than the required amount of shares (N-1) are obtained. A 5 out of 6 scheme would then leak no information about the mnemonic. If you compare it to your approach, 5 from 6 shares would be enough to bruteforce the remaining words.
|
|
|
|
dificanovi
Full Member
Offline
Activity: 840
Merit: 106
Buzz App - Spin wheel, farm rewards
|
|
October 11, 2020, 03:28:14 PM |
|
wherever we store the most important seeds do not be easily accessible by other people to keep it safe. I save it in a flash disk, which is allowed only myself to use the flash, besides that I also save it on Google Drive because only I know the password so I think it's quite safe.
|
|
|
|
Assface16678
Full Member
Offline
Activity: 1484
Merit: 136
★Bitvest.io★ Play Plinko or Invest!
|
|
October 11, 2020, 03:40:01 PM |
|
I think the best thing to store your seed is on the tangible things like in notebooks or any kind of thing you can write on it because today there are no safe on the internet all of them can easily access your information and even your computer so if you want to keep it safe its better if you do this.
Also most of the time the cryptocurrency wallet we are using is giving a note regarding the storing of your seed phrase.
AFAIK when you are trying to create a default wallet on your electrum with the use of their app or .exe they give you a note to store your seed not through online.
|
|
|
|
Marina5
Jr. Member
Offline
Activity: 439
Merit: 3
|
|
October 11, 2020, 05:15:09 PM |
|
It is very important to store our seed in safe place if we want safety of our valuable asset. Generally I write down my seed on paper and lock it on my locker.
|
══════════════☛MEGATRON☚═════════════ THE RISE OF BLOCKCHAIN REVOLUTION
|
|
|
DrG
Legendary
Offline
Activity: 2086
Merit: 1035
|
|
October 12, 2020, 05:17:18 AM |
|
Make a mnemonic word seed and then store 1/2 or 1/3 of the 12 word or 24 word phrase in different locations. Most thieves wouldn't even bother with 4 or 6 random words. Those who obtain said words would need to know the location of other seed sites. If you spread them out online and in real world environments it would become a daunting task for most thieves. Storing them around the world also allows for redundancy in case one site burns down.
This would be so troublesome to store around the world. First you'd have to own secure locations in different countries which is already an enormous problem for most people. For instance, I don't know anyone outside the and don't own any properties EU. Even relatively rich people don't own properties on different continents. Imagine that you're out of money and need to move your coins and you have to spend a couple days travelling to the locations of all your phrases. This is an example of how you can go too far with security. If you're afraid of a fire, just use a metal plate or a fireproof safe. Obviously the intercontinental approach is for those who have the assets to actually "flee" their current country. There's no point of doing such theatrics for $128 USD worth of crypto. I was referring to a scaled approach. If you have a small nestegg, save a fourth of the seed with a couple of friends and then the rest with family members. They don't need to be spread any further than across town. There are even x of n wallets that do this for you. The level of paranoia should be commensurate with the risk one is faced with and the value of possible loss. Some people need armored cars and bodyguards. Some people just need to make sure they lock their doors and windows at night.
|
|
|
|
DrG
Legendary
Offline
Activity: 2086
Merit: 1035
|
|
October 12, 2020, 05:25:44 AM |
|
Make a mnemonic word seed and then store 1/2 or 1/3 of the 12 word or 24 word phrase in different locations.
That's actually a bad idea. If you want to spread the mnemonic, use some secret sharing scheme. These allow you to create redundant backups of data/information which does not leak any information about the actual data if less than the required amount of shares (N-1) are obtained. A 5 out of 6 scheme would then leak no information about the mnemonic. If you compare it to your approach, 5 from 6 shares would be enough to bruteforce the remaining words. There were a couple of good seed wallets that used x of n for recovery like Armory which I used in the past. Unfortunately it looks like that wallet is no longer maintained. It seems you're more versed with current wallets - do you know of any wallet that does this well? If somebody acquires 5/6ths of my mneumonic that means they're probably torturing me inside some basement in a foreign country at which point I don't really care about money. For somebody living in a town of 100 people perhaps this is a bad idea, but for myself living in Southern California it works well.
|
|
|
|
Chikito
Legendary
Offline
Activity: 2604
Merit: 2090
Top-tier crypto casino and sportsbook
|
|
October 12, 2020, 05:40:48 AM |
|
do you know of any wallet that does this well?
as I know Trezor model T available for Shamir secret sharing scheme https://wiki.trezor.io/Shamir_Backupyou also can check and test using a tool like https://iancoleman.io/shamir/
|
BETFURY ..... | ██████▄██▄███████████▄█▄ █████▄██████▄████▄▄▄█████ ██████████████████████████ ████▐█████████████████████ ███████████▀▀█▄▄▄▄█████████ ██▄███████▄▀███▀█▀▀█▄▄█▄█▄██ █▀██████████▄█████▄▄█████▀███ ██████████▄████▀██▄▀▀█▀█████▄ ███████████████▐█▄█▀▄███▀█▀██▄ ███████▄▄▄███▌▌██▄▀█▀█████████▄ ▀▀▀███████████▌██▀▀▀▀▀█▄▄▄████▀ ███████▀▀██████▄▄██▄▄▄█▄███▀▀ ████████████▀▀▀██████████▀
| ..... UP TO 60% APR BTC STAKING ..... | │ │ |
Exclusive 200% APR in USDT & Extra Bonus ▬▬▬▬▬▬▬▬▬▬ ◤◤ | | | █▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄ | | ▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄█ |
|
|
|
3meek
|
|
October 12, 2020, 06:53:25 AM |
|
The level of paranoia should be commensurate with the risk one is faced with and the value of possible loss. Some people need armored cars and bodyguards. Some people just need to make sure they lock their doors and windows at night.
I agree about the level of paranoia! I think it's enough to behave carefully on the Internet, check the authenticity of sites and don't download unknown software! And then nothing bad will happen with your funds!
|
|
|
|
bob123
Legendary
Offline
Activity: 1624
Merit: 2504
|
|
October 12, 2020, 03:12:17 PM |
|
There were a couple of good seed wallets that used x of n for recovery like Armory which I used in the past. Unfortunately it looks like that wallet is no longer maintained. It seems you're more versed with current wallets - do you know of any wallet that does this well?
Armory is still maintained and actively being developed. Unfortunately i am not aware of a good wallet which does offer that option. But there are other tools available to actually split the mnemonic code like that. Especially Shamir's secret sharing scheme is pretty popular. You basically just need to enter the secret you want to split (in this case the mnemonic code) -> and you get M shares where N out of M are required to gain access to the mnemonic code.
|
|
|
|
Traderbtcc
Full Member
Offline
Activity: 1190
Merit: 123
★Bitvest.io★ Play Plinko or Invest!
|
|
October 13, 2020, 02:39:24 AM |
|
I write all my seeds in my notebook physically, not in mobile notpad or in laptop.I think this is safe way for safety of assets.
If that's convenient for you then its good, but also remember to do a photocopy of that page where your seeds are written and keep it some where else apart from your house, just incase a fire incident occur you might lose the notepad, but atleast you will a have back up so no need to worry, although theres no 100% proven method on how to keep our seeds, because everywhere we keep it is at our own risk, even if you save it in the google drive, the gmail might get hacked someday and someone will have access to your seed, so we should just try out best to keep them safe. Well what about putting the seed in keepass then? So someone hack your gmail, they still need your keepass master password? Have never thought of that, but I think it's a really nice idea,much better than writing it down LOL , anyway I will try to do just that,although I don't think my Gmail can get hijacked either, if you have noticed the security system on Gmail has been upgraded, each time you try to log into your email in any new device, you will need either the previous device which the Gmail account was already logged in or a code will be sent to you in form of text that's if your phone number is linked to the Gmail account,without those two, there's no way anyone can be able to hijack your Gmail account.
|
|
|
|
vania vin
Member
Offline
Activity: 481
Merit: 10
|
|
October 13, 2020, 03:26:00 AM |
|
there is a way for each of them to save their seeds, some are stored on paper and some are stored on a flash disk, it is very brilliant I agree because on paper and flash disk the same is off line and cannot be reached by others.
|
|
|
|
xSkylarx
|
|
October 13, 2020, 05:30:57 AM |
|
I put mine on word file then zip it (password protected) then create copies on the device I use. If it's on pc I make it hidden so it can't be found easily. I also have a copy on my flash drive as well.
|
|
|
|
Darkelf11
Member
Offline
Activity: 515
Merit: 44
|
|
October 15, 2020, 04:48:01 PM |
|
It is very important to store our seed in safe place if we want safety of our valuable asset. Generally I write down my seed on paper and lock it on my locker.
I also write down my seed on a piece of paper and kept it in a cabinet. Keeping your seed on an electronic mail may not be a good idea as well as keeping it in a flash drive or on personal computers because both are prone to having virus and pc's can be hacked or attacked by some malwares, we will never know when but I will prefer writing it on a piece of paper or memorizing it and leave clues that only I, can understand it. wherever we store the most important seeds do not be easily accessible by other people to keep it safe. I save it in a flash disk, which is allowed only myself to use the flash, besides that I also save it on Google Drive because only I know the password so I think it's quite safe.
Keeping it a file that is a password-protected is still not recommended. Also saving your seed on Google Drive is not safe because Google have access to it.
|
|
|
|
Hasan986
|
|
October 15, 2020, 07:24:45 PM |
|
I print my Seed or keys and I keep these papers in a safe place. Even i make a few copies and save them in a few places. I give one copy to my most trusted person.
|
|
|
|
Hamphser
Sr. Member
Offline
Activity: 2604
Merit: 339
Vave.com - Crypto Casino
|
|
October 15, 2020, 07:47:07 PM |
|
I print my Seed or keys and I keep these papers in a safe place. Even i make a few copies and save them in a few places. I give one copy to my most trusted person.
I give one copy to my most trusted person.This is the mistake you had done yet you know that you are saving up some money on here via crypto but i dont really like the idea on sharing it up or letting other people do give some copy of your keys and just because he's a trusted person doesnt mean that he wont make any intention on getting those coin.Think again because worst case scenario would happen into that certain person you do trust. Storing up seed on paper on several copies is great but the method on storing them isnt really that recommendable.If i were you then its better to go for full hardware.
|
|
|
|
Hasan986
|
|
October 18, 2020, 12:05:55 AM |
|
I print my Seed or keys and I keep these papers in a safe place. Even i make a few copies and save them in a few places. I give one copy to my most trusted person.
I give one copy to my most trusted person.This is the mistake you had done yet you know that you are saving up some money on here via crypto but i dont really like the idea on sharing it up or letting other people do give some copy of your keys and just because he's a trusted person doesnt mean that he wont make any intention on getting those coin.Think again because worst case scenario would happen into that certain person you do trust. Storing up seed on paper on several copies is great but the method on storing them isnt really that recommendable.If i were you then its better to go for full hardware. Yes you are right. But I didn't let anyone do anything bad to me. He has no idea about crypto or crypto asset. It is impossible to say when someone's danger comes to me. That's why I keep these to him in my absence, so that he can show these to someone else who understand it and my saved money can be given to my family. God bless us all always.
|
|
|
|
Mr.sprin
Full Member
Offline
Activity: 1554
Merit: 135
Buzz App - Spin wheel, farm rewards
|
|
October 18, 2020, 04:18:08 AM |
|
each has their own way of storing seeds. safer on paper and keep it out of reach of others such as a safe. Don't save seeds on Android, they can be hacked by others, be extra careful about storing seeds because they are a valuable asset.
|
|
|
|
Darooghe
|
|
October 18, 2020, 05:39:06 AM |
|
Seeds are safe when you keep them offline that's why I prefer storing mine in papers and lock them away until I need them, storing on mobile phones and windows PC is very dangerous. I am not storing them on a PC which I use to access the wallets when I need to access the wallet I just copy them directly to the access area.
|
|
|
|
|