The irony of leaving your private keys in a bank

[adzino]

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?

It's your key and you should be holding the keys. But if you don't feel safe storing it with you at home, then yeah, you can use "third parties" to hold your keys, but like others said, risk is involved and you no longer "own" the key. If you lose your wallet, you won't have immediate access to your keys anymore. You will have to go "through" different process to retrieve your keys from the bank safe. Also, there might be a chance you might be denied access to your bank vault for any reason. So better to split your keys, make multiple backups and store it in different banks.

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[Sarah Azhari]

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.

the question is do they know crypto?
maybe the thieves don't know before seeing the bitcoin sticker sticking front cupboard, and after seeing the bitcoin sticker they tried to find the private key in your safe. What I mean is as long as they don't know what you're keeping, you will okay.

[m2017]

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?

I don’t see the point of leaving trezor or other hardware wallet in a bank cell (better keep it close to you), but the seed-phrase is theoretically possible. But taking into account the fact that it is better to divide it into several parts and leave it for storage in different banks, so that no one has access to the full phrase. Of course, this carries risks (as well as any of the methods of storing crypto) and personally I probably would not risk taking such a step, especially if the amount on wallets would be impressive. I find it difficult to give an unambiguous answer, because you need to take into account the individual characteristics of each situation. In some cases, it is safer to keep BTC at home, and in others - in bank cells. It is necessary to take into account all the pros and cons, and only after that make a choice in favor of one method or another. They wrote on the Internet that the Winklevoss brothers use a safe deposit box (in several banks) to store their seed-phrase, and you know that they have a lot of bitcoin. So, the method is basically working if the brothers really use this method of storing btc.

[fillippone]

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?

This is not a bad idea.
You are comparing two risks: one is self custody, the other is the bank becoming not cooperative returning your private key because external (heist, natural disaster) or internal (government action, inside job, security breach) reason.
It's a balance of risks: each one of us has to clearly assess those risks in order to decide the correct mix.

[KingsDen]

I have been having a very deep think about people that uses bank vault to save their key phrases. It looks like a repeating cycle, I mean running away from something and indirectly going back to the same thing to save you from itself that you are running away from.

Bitcoin is in order to be in control of our money and make our financial decisions without being chastised by the government or any other institution. Having owned Bitcoin in our wallet, we now take it back to the centralised authority to save our decentralized Bitcoin. It is making sense and at the same time laughable. But the reality is do what you think will work for you. I personally would not take my key phrase to the bank.
I know how difficult it is to retrieve money from the bank if the original owner is late even when and next of kin is rightly stated.

...But taking into account the fact that it is better to divide it into several parts and leave it for storage in different banks, so that no one has access to the full phrase.

Great idea! But more difficult to be recovered by your family if you are no more.

[stomachgrowls]

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?

This is not a bad idea.
You are comparing two risks: one is self custody, the other is the bank becoming not cooperative returning your private key because external (heist, natural disaster) or internal (government action, inside job, security breach) reason.
It's a balance of risks: each one of us has to clearly assess those risks in order to decide the correct mix.

It would really be that impossible for someone not able to mind off about these possible risk on whatever decision they would be taking.Yes, it is really that on irony if you do let those banks handle out your PK's
which you could eventually done on your own but since you have doubts that you would be losing it then this is where you do make these banks as an option which would really be completely i dont see
for it to be that sensible on doing so.It is true that it will really be depending on how you do balance up those risk and on which one you would really be able to take.

If you could take care of those keys on your own then its your responsibility on keeping those intact and far from others awareness.
Just make it sure that it would be accessed by your family once you die suddenly.So its still needing some preparation on any angle.

[fuguebtc]

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.

the question is do they know crypto?
maybe the thieves don't know before seeing the bitcoin sticker sticking front cupboard, and after seeing the bitcoin sticker they tried to find the private key in your safe. What I mean is as long as they don't know what you're keeping, you will okay.

If the thief is not someone who knows bitcoin and crypto they probably won't know what you are holding, but if the thief knows about bitcoin I think when they see the private key or phrase they will know it is what. Any method will have certain risks but I prefer to keep it at home rather than hand it over to a 3rd party like a bank. The same method, I will keep it all in my safe at home and I will use some more tricks like maybe swap a few places of phrase or private keys and we just need to remember those that change. If unfortunately we lose the seed phrase, the thief will not be able to access our property.

[Bobrox]

The irony when leaving private key in the bank and have third party know with our assets, although indirectly they don't know about how much bitcoin saving in our wallet but when the bank and government know about with Private Key and Bitcoin assets we have seems not guarantee with safety target from the thief. Nowadays have thousand kinds place for saving private key without have to used Bank, watching in the reality how many people loss their money in the bank with skimming way and actually not believing save most important thing like private key in the bank.

Trough the investor have huge Bitcoin assets not show what kinds place for leaving private key because can give chance for the hacker try to know with their leaving private key place, but bank is never safety place for leaving private key.

[MainIbem]

Well private keys are confidential files that are not meant to be held by any third party or individuals. In a civilized or first class world is not possible instead my home is okay and i don't think anyone who could have access to my cupboard or a digitalized storage cupboard where you needs code or password to unlocked the storage than taking it over to bank to store. Such storage can be opened and confidential files are stored inside after which the code is being pressed and all files are being stored.

[DeathAngel]

I certainly wouldn’t be willing to hold my keys in a bank, especially with the way the fiat banking system & worldwide economy is right now. I wouldn’t sleep at night, worrying if banks will go bust & take my keys with them.