Where to store your keys?

[BlackHatCoiner]

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.

And why handing out them, when it already generates you a decent passive income? Isn't there a higher risk of losing more money than actually earning?

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?

The purpose of a currency is to be used as a medium of exchange. It's never been said that it has to serve its holders neither that it must be profitable to hold it.

[Charles-Tim]

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.

And why handing out them, when it already generates you a decent passive income? Isn't there a higher risk of losing more money than actually earning?

You are right about this, but some people still like to save to generate more income, the passive income generated thus far is far higher than the amount of annual profit return which can be given daily, weekly, biweekly or monthly, depending.

But what I know about this is that people are making use of centralized online sites for this, and if not your key it is not your coin. And it is much easy to also back up seed phrase just like the login we have on the centralized platforms, but seed phrase gives the total control.

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?

The purpose of a currency is to be used as a medium of exchange. It's never been said that it has to serve its holders neither that it must be profitable to hold it.

But to be candid about this, the purpose of decentralized currencies like bitcoin to people is its speculative aspect as it is an asset and appreciate over time.

[BlackHatCoiner]

You are right about this, but some people still like to save to generate more income, the passive income generated thus far is far higher than the amount of annual profit return which can be daily, weekly, biweekly or monthly depending.

Yes, but in my opinion, it's just not worth it. You're trusting a stranger in the internet to keep up their promise, that you'll get in return a greater amount after a certain period, which is usually a long one like a year.

And I'm asking myself: Why? Why would I even mess with all this, if I can just hold the most profitable asset of the decade? I'm not a consuming monster; I can't spend those 2000 BTC either way.

I'd definitely keep a great amount, but I wouldn't imagine myself as an entrepreneur with so much money. Maybe donating some to charities and projects related with bitcoin that I would want to help financially.

[Charles-Tim]

Yes, but in my opinion, it's just not worth it. You're trusting a stranger in the internet to keep up their promise, that you'll get in return a greater amount after a certain period, which is usually a long one like a year.

It is not worth it to sacrifice privacy for it, also yes the passive income is enough.

It depends on one centralized online platform to another, in some, the profit are just calculated annually but the user can choose to have his profit to be given daily, monthly, weekly, biweekly or monthly.

Also is another, staking which makes use of decentralized exchanges like Pancakeswap, Uniswap and the likes to provide a liquidity pool in which profit are also earned.

But what still determined profit the most is the coin to increase more in price. I do not know the kind of privacy liquidity pool can offer, but I believe no coin is decentralized like bitcoin.

[Blawpaw]

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?

Yeah, it's an old article, but still, I find it relevant especially when bitcoin price is surging to new Highs and no one knows when it's gonna top. Bitcoin is now a proven asset that is here to stay. Besides, given that many people believe it is still undervalued, having total security when storing wallet keys is of the utmost importance. I thought it was interesting to know that whales can recur to this sort of military-grade safe option. In any case, you can follow more about this vault in:

https://www.bitcoinsuisse.com/blog

[worldofcoins]

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.

That's the most what you've said.

Hardcopy is probably the best idea if you're going to store a large sum of bitcoin at a particular address.
It's also much better to divide and store your bitcoins into multiple addresses and keep the hard copy of the private keys of those addresses.

[blockman]

I'm not yet onto that point that I'll engrave it to stainless steel but I know that I'll get there someday. I'm still keeping it the usual way of how we're keeping the notes. But the best thing to do to protect yourself is to remain the lowest that you can, you know being lowkey.
There's no worry, threat, and anything to think about negatively if you don't tell someone that you're owning bitcoin. Physical attempts might come for those who are happily, proud and boasting their crypto gains and profits and holdings.

[uneng]

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.

And why handing out them, when it already generates you a decent passive income? Isn't there a higher risk of losing more money than actually earning?

It generates a passive income in dollars if you consider the increasements in bitcoin price, but your bitcoin balance will be drained along the time if you don't invest your coins anyway. And even though you believe 2000 bitcoins are enough for you to live your entire life, the scenario completely changes if it were actually true, because when life standards improve, the person feels the necessity of spending more money in a daily basis.

I still think the risk of losing money is lower than earning from investments in third party platforms, since you invest in sites which offer realistic interest rates and have decent reputation backgrounds. In the case of a hypothetical scam, investors can also file a lawsuit against the company.

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?

The purpose of a currency is to be used as a medium of exchange. It's never been said that it has to serve its holders neither that it must be profitable to hold it.

Well, if you use it as a medium of exchange, it is already serving its holders in a way, that was what I mean.

[Obito]

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.

But how do you exactly store them though because if you bury them written in paper, you will probably have years if not decades left for the piece of paper to rot and if it's stored in something digital, it's going to be a bad thing if you put it in something where you don't have a control over the elements like the walls or six feet under. For me though, if it's in a paper, I make sure that it's placed in a notebook like a ledger and put away in a safe or in a bookshelf.

[bitzizzix]

Woww.. if I have that much bitcoin the first thing I do is do most of it for me to invest for my new life after death, I mean.. I will share to those in need, build a mosque or church and do good to others so that useful in the afterlife, because we will die and live in this world only temporarily so we must have good provisions while there and this has been my desire or intention for a long time.
and the rest i will use for my living and family needs and keep it on paper and keep it in a mediocre place which i think people will think no way i will keep it in that place, because if i keep it in a vault or whatever if criminals find it if they know i have a lot of bitcoins and keep it in them, they can still retrieve it even if it can't be opened.

[superbotolo]

I have one related question on seed phrases. We know that seed phrases can be used to access wallets compatible with BIP32 protocol. What if in the long distant future there will be no wallet supporting BIP32? Does it mean all my coins will be lost?

[Poker Player]

It depends on the amount you have. If you just started buying Bitcoin and you have $100 in its equivalent in sats, it's okay to have it in Coinbase or another similar company. If instead you have 2,000 Bitcoins, as mentioned, to me what is crazy is to have them only in one place, as a single hardware wallet. In that case for me it is even OK to have a small percentage in a third party, like 300 Bitcoins, whether they give you interest or not, which is not as important as diversifying the risk of losing them or that an armed gang comes into your house and forces you to transfer them the Bitcoins you have in your hardware wallet.

Another option that I usually see for people who have large amounts is to have them in a multisig wallet, that way you can not transfer the Bitcoins to the criminals even if they force you because you need 2 signatures and at home you have only one.

So my distribution of 2,000 Bitcoins could be something like this:

-300 Bitcoins in a third party giving me interest.
-100 Bitcoins in a hardware wallet at home. I assume that if you have 2,000 Bitcoins you are going to have great security at home, and in the scenario that an armed gang breaks into you, losing 100 bitcoins is only 5% of what you have. Plus if they know you are a multi-millionaire and they can't steal anything from you, they can give you a pretty hard time. Better to give them 100 Bitcoins and let them go.
-100 bitcoins on a second home.
-1500 bitcoins in several multisig wallets.

How to store the seeds in this case for me would not be as important as diversifying the risk and not having all the Bitcoins in the same place.

On the other hand, I would like to qualify something:

And why handing out them, when it already generates you a decent passive income?

You are right about this, but some people still like to save to generate more income, the passive income generated thus far is far higher than the amount of annual profit return which can be given daily, weekly, biweekly or monthly, depending.

It is not worth it to sacrifice privacy for it, also yes the passive income is enough.

It generates a passive income in dollars if you consider the increasements in bitcoin price, but your bitcoin balance will be drained along the time if you don't invest your coins anyway.

Technically speaking, Bitcoin does not give you passive income, what it gives you is capital appreciation. Passive income is provided by a stock that pays dividends, but not by a stock like Tesla, even if the return in recent years has been extraordinary. In this case, Bitcoin's return is through appreciation, like Tesla's stock, although you have ways to get income with that appreciation, such as borrow against it or regularly sell small parts.

[Darker45]

If I have that large amount of Bitcoin funds, I would surely not choose only a single way to store my keys. I will make sure it will be divided into smaller amounts and kept differently with the keys hidden separately. Keeping only a single storage and therefore a single private key for the entire 2,000 Bitcoin is too risky. I don't think it is advisable to just put all those eggs in a single basket. It only takes a single accident or incident for everything to perish. 

[noorman0]

I don't want to think any harder for a while because I don't have that many yet. If one day mine achieves that, my instincts will find a better privkey storage solution than what this thread suggests. If you need my inspiration, take a look at Mr. Krabs is trying hard to keep the Krabby Patty recipe a secret. lol

To be clear, I'm not going to put 2000 bitcoins in one place and I'm not going to just leave them all alone without using some to manage and enjoy the results.

[josephdd1]

It is better not to trust the keys to someone. The best thing is if you know your keys by heart, but actually, it is not very secure as you might forget and if you are the only person who knows the keys and something happens to you, all your coins will be lost. Personally I put down all my keys just on paper. I don't store the full seed phrase, there are some mistakes, so it is really difficult to hack my wallet even if you get this sheet of paper.

[BlackHatCoiner]

And even though you believe 2000 bitcoins are enough for you to live your entire life, the scenario completely changes if it were actually true, because when life standards improve, the person feels the necessity of spending more money in a daily basis.

One hundred and thirty two millions of dollars that will worth more every year? Unless you're a freak who acts like you're demanded to spend them within a certain time period, you can't. How can you change your daily basis so excessively? Alright, you'll buy bunch of yachts. Houses? Cars? Hookers? Stadiums? Hotels?

What the hell do you want as a bachelor or a family guy who you don't consider that money enough for the rest of your life?

But how do you exactly store them though because if you bury them written in paper, you will probably have years if not decades left for the piece of paper to rot and if it's stored in something digital, it's going to be a bad thing

That's why I said a stainless steel.

Technically speaking, Bitcoin does not give you passive income, what it gives you is capital appreciation.

Technically speaking, that's passive income;

There are three kinds of passive activities:

Cash flows from property income, including profits from ownership of capital, rent from ownership of resources such as rental income, cash flows from property or any piece of real estate, and interest from owning financial assets

[Kakmakr]

I will work out some way to break up the 2000 bitcoins into smaller chunks, for example 10 bitcoins per Bitcoin address. I will then create several paper wallets and I will laminate the paper wallets to protect them. (Make 3 copies)

You then store those bitcoins at 3 different geographical locations to protect it from natural disasters. ( I removed my favorite number from the private keys so that nobody that discovers them, will be able to sweep them without going through a lot of guess work )

You can also engrave the paper wallets on aluminum cards, if you think the paper and lamination will not protect it.  

[Potato Chips]

Took a quick look into the swiss vault and you don't store your keys with them but instead, store your cryptocurrencies in their keys. It would be impossible to withdraw without their platform/help...

From: 8. Custody and Bank Guarantee (To access their TOS: https://www.bitcoinsuisse.com/legal > General Terms and Conditions)


It's like storing your funds in a centralized exchange/wallet long term which is greatly discouraged cause it's inconvenient and very risky. The difference is they're claiming your money is "insured" but it probably won't be seamless and has a maximum claimable amount. They have limited info about this...

[btc78]

like the first answer above , Why would i spend big amount and let others that i am hiding something very important in that vault when i can do it myself.

I know some basic skills in building things , i also have my own tools to use making my own safeties .

i will also Buried my keys in some place where people won't think that I will put my keys .

I am willing to buy a Land outside the city and put my keys like a Hidden treasure of General Tomoyuki Yamashita lol.

[witcher_sense]

I have one related question on seed phrases. We know that seed phrases can be used to access wallets compatible with BIP32 protocol. What if in the long distant future there will be no wallet supporting BIP32? Does it mean all my coins will be lost?

BIP32 is not a protocol but a standard or set of instructions that describes one of the ways of how to generate many and many private keys deterministically from a single random number. BIP39 describes how to write down this single random number in a human-readable format. The random number you generated (in most cases it will be a set of 12 or 24 English words) and then put in a safe place is the only thing that gets you full access to your funds. Even if we abandon these standards of deterministic generation (derivation), which I highly doubt by the way, you won't lose access to your funds in case you have your seed phrase. Even if all wallets stop supporting these standards, there will always be other means to generate private keys from your seed phrase. For instance, https://iancoleman.io/bip39/

I don't store the full seed phrase, there are some mistakes, so it is really difficult to hack my wallet even if you get this sheet of paper.

It will be difficult for you to hack your wallet if you lose one of the pieces or forget the correct order.