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Author Topic: Where to store your keys?  (Read 843 times)
Blawpaw
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November 09, 2021, 04:54:17 PM
 #1

Crypto investors are turning to Military grade vaults to safeguard their Keys. While some prefer to know the Keys by heart, some have their crypto stash in physical dedicated crypto wallets like Trezor and pay big money to have them stored in Nuclear sheltered safe vaults. Take for instance Swiss Crypto Vault who offers Nuclear sheltered vaults to crypto investors. if you had 2000 bitcoins what options would you pick?

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November 09, 2021, 05:08:08 PM
 #2

Assuming no one knew I have 2000 BTC, then I'd buy bunch of stainless steels whose purpose would be to keep my seed phrase safe. I'd probably burry them in the ground as a normal, filthy rich, Heisenberg-looking bitcoiner.

Maybe inside the walls of my cottage. That'd also sound neat.



If, it was known that I hold so much money, I'd have much more to worry besides the safety of my bitcoins.

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November 09, 2021, 05:19:25 PM
 #3

If I’ve done my research correctly , these vaults were owned by Xapo and were sold to Coinbase . I would certainly not trust Coinbase with 1 satoshi of mine !

https://thehustle.co/coinbase-vault-bitcoin-xapo/


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November 09, 2021, 05:20:21 PM
 #4

I'd doubt the safety of something like this though. With normal vaults, you can doubt the strategy of an attacker to disregard a bunch of papers in favour of a precious rock or jewellery - you can't do that if everything in the vault is crypto stored in a presumably similar way.

That being said, storing private keys across several vaults in several countries is probably safer (as long as you have enough redundancy/failover in your plan that you won't lose your keys).

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November 09, 2021, 05:38:26 PM
Merited by Dripstoil (1)
 #5

If I had such amount I wouldn't worry about keys, because these coins would be splitted among different third party platforms to generate passive income. It makes no sense to have so much money like 2000 bitcoins and keep it hidden like a pirate treasure. Bitcoin's purpose, like the purpose of any currency, is to serve its holders in the most effective and profitable possible way. Otherwise, what would be the point?


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November 09, 2021, 05:43:02 PM
 #6

If I’ve done my research correctly , these vaults were owned by Xapo and were sold to Coinbase . I would certainly not trust Coinbase with 1 satoshi of mine !

https://thehustle.co/coinbase-vault-bitcoin-xapo/
What does that mean? Who owns the vault? Who has access? According to the article shared by OP, I can see there's a vault for hiding documents of crypto-asset somewhere in the Swiss Alps. Who will have access? Is it coinbase? I can't see any mention of coinbase there; did I miss anything? This is what I have found from the article-
Quote
A ‘military-grade’ bunker in the Swiss Alps has opened its vaults to wealthy cryptoasset investors, corporations and institutions in search of a secure place to store their digital currencies.

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November 09, 2021, 05:52:05 PM
 #7

Crypto investors are turning to Military grade vaults to safeguard their Keys. While some prefer to know the Keys by heart, some have their crypto stash in physical dedicated crypto wallets like Trezor and pay big money to have them stored in Nuclear sheltered safe vaults. Take for instance Swiss Crypto Vault who offers Nuclear sheltered vaults to crypto investors. if you had 2000 bitcoins what options would you pick?


Any special storage facilities will only cause criminals of all stripes to want to rob such storage facilities. There is hardly a vault now that cannot be hacked, given that the people who guard it can be bought or intimidated.
 I would also not store my wallet private keys on devices connected to the Internet. Any human-made program can be cracked by another program.
I only keep my keys printed on paper. This is one of the most reliable ways to store keys from wallets, however, provided that this printout is also safely hidden. But it is much easier to hide a piece of paper with numbers and symbols than in another form.

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November 09, 2021, 05:56:29 PM
 #8

If I had such amount I wouldn't worry about keys, because these coins would be splitted among different third party platforms to generate passive income. It makes no sense to have so much money like 2000 bitcoins and keep it hidden like a pirate treasure. Bitcoin's purpose, like the purpose of any currency, is to serve its holders in the most effective and profitable possible way. Otherwise, what would be the point?
Bitcoins purpose is to be used as a peer to peer currency and not to be deposited on a third party website which centralizes it, in the hope of earning passive income at a huge risk of losing your stash or getting your identity exposed.
If you wish to use Bitcoin effectively, use it for daily purchases a merchants that accepts it,
For it to be profitable, store it safely and speculate that the price would rise in the future.

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November 09, 2021, 06:03:53 PM
 #9

If I had such amount of btc  I would definitely seek for the most secure and efficient way of storing my keys, for now, hardware storage is enough, I don't need to go the nuclear shelter way even though the sound of it feels a bit like going on a war zone Cheesy

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November 09, 2021, 06:05:50 PM
 #10

Crypto investors are turning to Military grade vaults to safeguard their Keys. While some prefer to know the Keys by heart, some have their crypto stash in physical dedicated crypto wallets like Trezor and pay big money to have them stored in Nuclear sheltered safe vaults. Take for instance Swiss Crypto Vault who offers Nuclear sheltered vaults to crypto investors. if you had 2000 bitcoins what options would you pick?


I would probably avoid any centralized service as there is no guarantee that when a huge economic crisis comes that governments will not appropriate them and get all the valuables that are inside it.

If I had so much bitcoin I will probably create 100 different wallets with each one only holding 20 BTC, then I will engrave the seed words on steel and create backup copies as well, I will keep a set of copies where I live and the backups at a different location just to create redundancy, however if it was known by anyone that I was holding a lot of bitcoin then I will probably only keep one wallet with me to give away in the case I was robbed and the rest at undisclosed locations.

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November 09, 2021, 06:08:15 PM
 #11

If I had such amount I wouldn't worry about keys, because these coins would be splitted among different third party platforms to generate passive income. It makes no sense to have so much money like 2000 bitcoins and keep it hidden like a pirate treasure. Bitcoin's purpose, like the purpose of any currency, is to serve its holders in the most effective and profitable possible way. Otherwise, what would be the point?

You make an excellent point. However, by dividing it into multiple investments, the total amount is still the same 2000 bitcoin, but it has been spread across a number of different investments. The problem with this is that you now have multiple wallets or keys to store on, which raises the question of how to keep it safe and secure. Here in our country, trezor is extremely well-known, and I believe that this is the best method of safeguarding the massive amount of bitcoin that we intend to store in a room that is not particularly large, but which has high levels of security, in my opinion. or a simple one that you can hide somewhere in your house that is fireproof in case of emergency and is also not visible to anyone else.

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November 09, 2021, 06:08:22 PM
 #12

In my opinion you should use a dairy for it and a safe locker . So in that case your key and wallet will be secured .u can also use ur computer etc, but hard copy is the best for it.

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November 09, 2021, 06:11:11 PM
 #13

I think I would have some kind of issue with the company that would keep my keys. I wouldn't be sure if I would want someone to have that kind of access with my key (if they ever violate rights) and they can pretty much get your assets with that. I think if you have that kind of amount, it's almost always safe to have an offline wallet/airgapped/hardware wallet for you to have control.

For the article, it's quite and old one since it's from 2018. Is there any update with that article?

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November 09, 2021, 06:13:00 PM
 #14

Swiss Crypto VaultExternal link is positioning itself as a quasi-private bank...
[...]
Because the vault does not mix client assets with the company’s own balance sheet

So instead of storing the seed somewhere really safe, let's give our money to others to keep them safe... for us or for themselves?
Not your keys, not your coins. Even if I'd own 2000 BTC, I would still not use such a service.

If I’ve done my research correctly , these vaults were owned by Xapo and were sold to Coinbase . I would certainly not trust Coinbase with 1 satoshi of mine !

Well, if you would have been reading the page of text from the link, you would have known that
Quote
Another Swiss-based crypto firm Xapo opened a vault in the Swiss Alps, but Swiss Crypto Vault says its technology is unique.

But the conclusion stands Grin


Edit:
For the article, it's quite and old one since it's from 2018. Is there any update with that article?

Wow, good catch.

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November 09, 2021, 06:15:01 PM
 #15

2000 BTC is roughly equivalent to around 134 million bucks which is why I would prefer the best option available even if meant spending a million bucks to successfully store the remaining 133 million bucks.

If nuclear sheltered vaults are the best option, I would obviously store all my BTC though I would research them thoroughly beforehand.

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November 09, 2021, 06:25:55 PM
 #16

Bitcoins purpose is to be used as a peer to peer currency and not to be deposited on a third party website which centralizes it, in the hope of earning passive income at a huge risk of losing your stash or getting your identity exposed.
If you wish to use Bitcoin effectively, use it for daily purchases a merchants that accepts it,
For it to be profitable, store it safely and speculate that the price would rise in the future.
But by saying bitcoin purpose is this one and not that one you are also centralizing its purpose. Can't bitcoin's purpose be to help each investor on what he most needs in his individuality?
Furthermore there are strategies to decrease the risks when investing, like splitting your coins among different investment programs as I mentioned. And since all kinds of investments are under constant risk, including investment in bitcoin for holding speculative reasons, why should we fear only generating passive income from bitcoin?

You make an excellent point. However, by dividing it into multiple investments, the total amount is still the same 2000 bitcoin, but it has been spread across a number of different investments. The problem with this is that you now have multiple wallets or keys to store on, which raises the question of how to keep it safe and secure. Here in our country, trezor is extremely well-known, and I believe that this is the best method of safeguarding the massive amount of bitcoin that we intend to store in a room that is not particularly large, but which has high levels of security, in my opinion. or a simple one that you can hide somewhere in your house that is fireproof in case of emergency and is also not visible to anyone else.
That is true. Imagine how many passwords, secret recovery phrases, google authenticator codes and disponible time would be needed to manage so many accounts in different sites. Cheesy
Probably a financial manager should be hired as well! What would make sense for someone who has about 136$ million dollars in bitcoins.


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November 09, 2021, 06:34:06 PM
 #17

But by saying bitcoin purpose is this one and not that one you are also centralizing its purpose.
It would, except being a P2P currency is not closed ended and does not limit usage, it's also what is used in the white paper which particularly stated the need to avoid third parties;
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A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution
.
And since all kinds of investments are under constant risk, including investment in bitcoin for holding speculative reasons, why should we fear only generating passive income from bitcoin?
Investment in Bitcoin is a risk the investor understands, you risk the price falling and your portfolio going red, you do not take a risk on the network as you can verify that, using a centralized platform for whatever reason means you no longer have full control over your asset and are dependent on a third-party.

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November 09, 2021, 06:41:56 PM
 #18

2000 BTC is roughly equivalent to around 134 million bucks which is why I would prefer the best option available even if meant spending a million bucks to successfully store the remaining 133 million bucks.

If nuclear sheltered vaults are the best option, I would obviously store all my BTC though I would research them thoroughly beforehand.
Definitely do the same yet you know that it is really just right to do so on protecting that 133 Million then you wouldnt really mind about the price.

Just like on what you had said that it is really just normal on verifying everything before proceeding because we are talking big amounts on here.

Doesnt matter if its a Hardwallet, nuclear sheltered or even as simple as USB flash drive as long you could keep your keys then that what all matters.

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November 09, 2021, 06:47:08 PM
 #19

Crypto investors are turning to Military grade vaults to safeguard their Keys. While some prefer to know the Keys by heart, some have their crypto stash in physical dedicated crypto wallets like Trezor and pay big money to have them stored in Nuclear sheltered safe vaults. Take for instance Swiss Crypto Vault who offers Nuclear sheltered vaults to crypto investors. if you had 2000 bitcoins what options would you pick?



Well for starters if I had 2000 bitcoins then I would probably seperate them in different wallets instead of keeping them in one since that would provide me with additional security therefore I do think that would be the best option available.
Then after that I would seperate those private keys and probably store them in an underground vault about which only my spouse will know about or my parents since when you have that much money you gotta be quiet, the security is not everything, it's harder to emphasize the fact that people generally attack the crypto rich as well, there have been many instances. Then I would just print them out and use some different paper which might only show them during high temperature/fire etc, so there would be tricks and tricks till the end of it.
Putting them in bank vaults is really something that am not gonna do since I do not trust government or any other banks with such important information.

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November 09, 2021, 07:04:44 PM
 #20

I'd doubt the safety of something like this though. With normal vaults, you can doubt the strategy of an attacker to disregard a bunch of papers in favour of a precious rock or jewellery - you can't do that if everything in the vault is crypto stored in a presumably similar way.

In real life top-security vaults almost never get successfully attacked, unlike in movies or video games. Bitcoiners should be more worried about kidnapping and home invasion.

if you had 2000 bitcoins what options would you pick?

You don't need to choose options, you can make multiple copies and store them in different ways, including putting them in vault.

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