The irony of leaving your private keys in a bank

[cr1776]

You can always have multiple safety deposit boxes at multiple banks and require access to all the keys or some M of N keys. Then a breach at one doesn't result in a loss.

FDR seized gold in March of 1933 and required people to open their safety deposit boxes and then gold was confiscated at well below market rates. The same could occur with bitcoin stored like that. The statists and authoritarians don't like people having the freedom to protect their assets.

[takuma sato]

Does anyone use a bank safe service to leave your trezor or whatever you use in there? I have been considering which would be the ways in which one could leave physical backups somewhere else than your own home. If you don't trust anyone to do a good job in keeping the device safe, the only way I see is that you either own 2 homes, which I don't, or that you hire a service in a bank where you can leave the stuff in there. Im assuming there's good security, and no one could realistically get in there, at least in any developed country. The only way would be that an employee is dumb enough to attempt a heist from inside but that's also unlikely.

Could you explain your experience doing this and what to considering when hiring such a service?

"If you don't hold it, you don't own it."

"Not your keys, not your coins."

If you are going to trust a third party with your money then it doesn't make sense to keep it in crypto. Banks not as secure as people think. They may look like they are secure but there is a big flaw which people fail to see. Banks will always do what they are told by the government. If the government comes up with a law to seize the money of everybody, the bank will have to comply.

If you hold your own keys and your house goes on a fire/flood you no longer hold them, thus you need to have backups elsewhere, thus you have to trust someone, whether family, friends, or a bank, and a bank is probably safer when it comes to keeping things safe. Alternative is to buy a secondary house but that is not an option for me. Also a house that is not occupied can become occupied by third parties.

Although extremely ironic, this is indeed a sound option if you doubt your capabilities to self-custody. I actually remember no less than the popular Bitcoin preacher, Andreas Antonopoulos, admitting that one of his backups is safely stored in a bank safe. To me, this is indeed an option. After all, robbing a bank is much harder to do than robbing a house without a single security staff.

But forget about owning a couple of houses just so that you could safely keep your backup in another house. Each house is as vulnerable. So that's ridiculous. Not to mention the cost of building that other house. That's more absurd than keeping your wealth in Bitcoin but storing the private keys in a bank's safe.

Well like I said above, it's not about not feeling confident with your abilities to self-custody, at the end of the day, you need several backups, or at least an additional backup that's physically separated from you otherwise if your backups are all under the same roof it's less safe than having an encrypted copy in a bank vault.

[Argoo]

Although extremely ironic, this is indeed a sound option if you doubt your capabilities to self-custody. I actually remember no less than the popular Bitcoin preacher, Andreas Antonopoulos, admitting that one of his backups is safely stored in a bank safe. To me, this is indeed an option. After all, robbing a bank is much harder to do than robbing a house without a single security staff.

But forget about owning a couple of houses just so that you could safely keep your backup in another house. Each house is as vulnerable. So that's ridiculous. Not to mention the cost of building that other house. That's more absurd than keeping your wealth in Bitcoin but storing the private keys in a bank's safe.

In my opinion, the idea of ​​keeping records of your private keys in banking institutions is a bad idea. It should not be forgotten that the attention of all criminal elements who are trying to penetrate there in any way is riveted to the banks. And this happens quite often. In addition, the probability of abuse by bank employees themselves cannot be discounted. In the case of secret keys of wallets, the leakage of information is generally invisible and unprovable.
In a private house, you can arrange a more reliable hiding place than any bank in the world is. After all, information about secret keys on paper does not take up much space and can be securely stored anywhere. When robbing a private house, finding such a cache is almost impossible.

[Sarah Azhari]

Does anyone use a bank safe service to leave your trezor or whatever you use in there?

I can't think how tired you must back and forth from home to the bank just want to access your bitcoin on Trezor. And, I don't know what's function selling a safe box in a hardware store if don't use it for home which means we don't need bank again and cut the time for back and forth.

I also don't really trust bank security because a lot of CCTV which can peep you when you type Trezor pin in the safe room.

[KaliLinux]

Does anyone use a bank safe service to leave your trezor or whatever you use in there? I have been considering which would be the ways in which one could leave physical backups somewhere else than your own home. If you don't trust anyone to do a good job in keeping the device safe, the only way I see is that you either own 2 homes, which I don't, or that you hire a service in a bank where you can leave the stuff in there. Im assuming there's good security, and no one could realistically get in there, at least in any developed country. The only way would be that an employee is dumb enough to attempt a heist from inside but that's also unlikely.

Could you explain your experience doing this and what to considering when hiring such a service?

"If you don't hold it, you don't own it."

"Not your keys, not your coins."

If you are going to trust a third party with your money then it doesn't make sense to keep it in crypto. Banks not as secure as people think. They may look like they are secure but there is a big flaw which people fail to see. Banks will always do what they are told by the government. If the government comes up with a law to seize the money of everybody, the bank will have to comply.

If you hold your own keys and your house goes on a fire/flood you no longer hold them, thus you need to have backups elsewhere, thus you have to trust someone, whether family, friends, or a bank, and a bank is probably safer when it comes to keeping things safe. Alternative is to buy a secondary house but that is not an option for me. Also a house that is not occupied can become occupied by third parties.

Although extremely ironic, this is indeed a sound option if you doubt your capabilities to self-custody. I actually remember no less than the popular Bitcoin preacher, Andreas Antonopoulos, admitting that one of his backups is safely stored in a bank safe. To me, this is indeed an option. After all, robbing a bank is much harder to do than robbing a house without a single security staff.

But forget about owning a couple of houses just so that you could safely keep your backup in another house. Each house is as vulnerable. So that's ridiculous. Not to mention the cost of building that other house. That's more absurd than keeping your wealth in Bitcoin but storing the private keys in a bank's safe.

Well like I said above, it's not about not feeling confident with your abilities to self-custody, at the end of the day, you need several backups, or at least an additional backup that's physically separated from you otherwise if your backups are all under the same roof it's less safe than having an encrypted copy in a bank vault.

I believe at the end of the day, all investors are responsible for what they invest and how they think is best for them to safeguard their private keys and passcodes. I have read before in this forum about the suggestion of a military-grade nuclear vault for saving such info. People can save their info wherever they see fit but I believe we all agree that multiple locations are the top priority.

[Pierre 2]

As far as I remember there are certain regulations that banks SHOULD obey when you use that kind of private options. So its extra safe to leave it there. Although I don't think its necessary as I don't have millions. I think if you have millions its better to divide it into multiple cold wallets and secure them in different places so thievery wouldn't even bother you. Bank is extreme option I still think. But yet you can combine it with physical gold.

[swogerino]

I have a small safe in my home and only I know the combination to open it beside that in the home are only people that I trust which is my family.I don't feel at risk from thieves or burglars to come and raid my home because I live in the 7th floor of a big building in the city center so the risk is really low.

While keeping your private keys in a bank safe would be ironic it can also be a safe place to store them of course when talking about big banks,there are a lot of controls in place and forget about the idiotic hollywood movies where they raid banks,these things happen only in movies,I have never heard big banks being raid in Europe for example.

[salad daging]

There are many methods that can be used to store private keys securely without any third party intervention. As practiced by the OP, of course it can be an effective way by using a safe tube and stored in a place that is not known by others.

However, to keep it safe, backups in digital form also need to be done to overcome the loss of private keys or damage to private keys stored on paper media, etc.

All methods must be in place to securely store private keys including, on paper with multiple copies and stored differently, data online, or in a safe that we have not from a bank, including any other storage we deem secure.
I also don't want the private key to have to be in a party when it's still I have to know where it is with our best security, so do what I'm sure will be safe and never be damaged even if we store it in several places for a long time.
But back to each other's self-confidence, I prefer the method I use and there is no third party intervention even though the bank is very safe in its security.

[Bobrox]

All methods must be in place to securely store private keys including, on paper with multiple copies and stored differently, data online, or in a safe that we have not from a bank, including any other storage we deem secure.
I also don't want the private key to have to be in a party when it's still I have to know where it is with our best security, so do what I'm sure will be safe and never be damaged even if we store it in several places for a long time.
But back to each other's self-confidence, I prefer the method I use and there is no third party intervention even though the bank is very safe in its security.

Why not saving in the online form seems with google drive email and only have controlling by our self without save in the bank and have third party know about our document. Private key is most important thinks like assets we have, but without safety place for saving private key give bad impact later from our assets hack or gone. Not really need third party to save private key because have thousand safety way saving private key keep safety like use traditional way like use safe-deposit box.

The only owner know with safe-deposit box PIN code and most secure than using Bank as third party for saving your private key, actually I have interested saving private key on online way put in google drive or saving on mobile phone.

[Falconer]

OP, You don't need to hesitate and be afraid to keep your Trezor at home if you are a user who really likes financial privacy. The problem is that you don't have to tell people about your bitcoin holdings on social media or elsewhere, it will protect you from physical threats.

I wouldn't consider your suggestion of keeping my wallet in a bank or anything like that, it's something you might want to avoid. Similar to keeping it on an exchange, you can't control your wallet without a private key so it's not your key it's not your bitcoin. Good advice is to have financial privacy, don't flaunt your wealth in public or on social media.

[KennyR]

All methods must be in place to securely store private keys including, on paper with multiple copies and stored differently, data online, or in a safe that we have not from a bank, including any other storage we deem secure.
I also don't want the private key to have to be in a party when it's still I have to know where it is with our best security, so do what I'm sure will be safe and never be damaged even if we store it in several places for a long time.
But back to each other's self-confidence, I prefer the method I use and there is no third party intervention even though the bank is very safe in its security.

no intervention or involvement of a third party can indeed be safer so that no one knows except you. but you also need to think for the future, if you can't open it again for some reason it is necessary to choose a third party or someone else to open your wallet, of course it must be the most trusted person. and for copies you should make not too many copies, there are only a few copies in different places and you can access all of them both online and offline. and there are many methods that can be used according to what you want.

Third party involvement is always risky as our details gets shared in a much easier way. When it comes to bank vault, we agree to certain things and use the vault. So, even if something happens we can't raise for support or question them. Better choice is to have multiple copies as well as private keys mentioned by hints which means noting specific letters on pages of books and having few copy of the books secured.

[wxa7115]

As far as I remember there are certain regulations that banks SHOULD obey when you use that kind of private options. So its extra safe to leave it there. Although I don't think its necessary as I don't have millions. I think if you have millions its better to divide it into multiple cold wallets and secure them in different places so thievery wouldn't even bother you. Bank is extreme option I still think. But yet you can combine it with physical gold.

I would not trust at all in those regulations, since governments can easily change the rules or just outright ignore them and confiscate whatever is on those boxes.

So what we can do to have a backup in a different location than our own home? I think a possibility could be to hide your backup in the middle of a forest and bury it there, this has several advantages like not depending on a third party and the fact that only you will know about the location of your backup, now some precautions will need to be taken like protecting your backup from the elements and to have a way to deceive a third party in the case your backup is found by someone else, but I think this could be an alternative for those looking for a way to increase the security of their coins.

[jerry0]

It would seem seed phrase there in multiple bank deposit boxes would be better idea?

[dansus021]

i actually think a glimpse of it.  since the bank deposit seems pretty secure right. i know in bunch of movie that we cannot open the vault if we dont have key and usually we store diamond or gold or other high value paper. but i think there is someone to put the private key in the vault too, not the hardware wallet

[Ayers]

All methods must be in place to securely store private keys including, on paper with multiple copies and stored differently, data online, or in a safe that we have not from a bank, including any other storage we deem secure.
I also don't want the private key to have to be in a party when it's still I have to know where it is with our best security, so do what I'm sure will be safe and never be damaged even if we store it in several places for a long time.
But back to each other's self-confidence, I prefer the method I use and there is no third party intervention even though the bank is very safe in its security.

Why not saving in the online form seems with google drive email and only have controlling by our self without save in the bank and have third party know about our document. Private key is most important thinks like assets we have, but without safety place for saving private key give bad impact later from our assets hack or gone. Not really need third party to save private key because have thousand safety way saving private key keep safety like use traditional way like use safe-deposit box.

The only owner know with safe-deposit box PIN code and most secure than using Bank as third party for saving your private key, actually I have interested saving private key on online way put in google drive or saving on mobile phone.

i don't think we should store important things like private keys or seed phrases on online repositories or online connected devices. the internet is a more vulnerable object, cyber attacks are more likely to happen because the internet is a virtual world, hackers can be anonymous and attack, it is very difficult to prosecute. that's why nowadays internet crime is more common than a direct attack on a bank

personally, i also don't like to leave such important things to 3rd parties, we can keep them at home with our loved ones. i have no problem keeping them at home

[$anounimus$]

Does anyone use a bank safe service to leave your trezor or whatever you use in there? I have been considering which would be the ways in which one could leave physical backups somewhere else than your own home. If you don't trust anyone to do a good job in keeping the device safe, the only way I see is that you either own 2 homes, which I don't, or that you hire a service in a bank where you can leave the stuff in there. Im assuming there's good security, and no one could realistically get in there, at least in any developed country. The only way would be that an employee is dumb enough to attempt a heist from inside but that's also unlikely.

Could you explain your experience doing this and what to considering when hiring such a service?

Each financial institution may have its own rules, perhaps by requesting special permission from the relevant parties for special treatment for your bank account, for example, if you are afraid that the information will be leaked (for example, I don't want anyone except me to see my transactions). Even if we ask a third party to back it up It feels like a very risky thing to do as someone who values their financial freedom.

Yes. for some, the feeling will be different. for me personally, maybe I can say it's a bit difficult to take this risk, especially with a large amount of money.

[Cookdata]

Does anyone use a bank safe service to leave your trezor or whatever you use in there?

I can't think how tired you must back and forth from home to the bank just want to access your bitcoin on Trezor. And, I don't know what's function selling a safe box in a hardware store if don't use it for home which means we don't need bank again and cut the time for back and forth.

I also don't really trust bank security because a lot of CCTV which can peep you when you type Trezor pin in the safe room.

You just said one of the underrated points that most people would have ignored from banks, I can't imagine not been giving my own privacy when it comes to having access to my own property, this is one thing banks break that bitcoin fixes and then Op is asking, not knowing that he is giving them the privacy that was offered him by bitcoin to the same bank, that's claptrap thinking.

A hardware wallet exists for a reason and banks also exist for another reason, a Trezor wallet or hardware wallet was never in its discussion during the design and structure to be given to anybody, it should remain a secret by the owner and with the owner itself, no middleman that's what bitcoin represents.

[Nrcewker]

You are yourself very much confusing OP.
At first you talked about the private keys, and then you asking about keeping hardware wallet.
My first doubt is that, why you don’t have confidence on yourself and your family members and keep the wallet at your home securely?
Moreover I would hardly advise you to avoid keeping the trezor wallet in a bank locker, I don’t want to say more about this, but yes it would be best to avoid keeping the wallet away from you.
You can think of keeping the private keys in a bank locker, but make sure no one notices about that.

[Maidak]

You are yourself very much confusing OP.
At first you talked about the private keys, and then you asking about keeping hardware wallet.
My first doubt is that, why you don’t have confidence on yourself and your family members and keep the wallet at your home securely?
Moreover I would hardly advise you to avoid keeping the trezor wallet in a bank locker, I don’t want to say more about this, but yes it would be best to avoid keeping the wallet away from you.
You can think of keeping the private keys in a bank locker, but make sure no one notices about that.

I agree with your thoughts, I don't understand why many people trust banks when they can't trust themselves and their families. We always say don't save money in the bank, don't put too much money in the bank because the bank can freeze our assets, not our keys not our money...blah ..blah, then we put all our crypto assets in the bank. I will never let my private keys out of sight and my family will be the place I put my trust more than the bank in this case.

[VanillaH]

While it's ironic, self-custody is hard. If thieves were determined to break into my house, could they do it? Probably. Would my safe be enough to keep them at bay? I really don't know.