How to organise your Bitcoin wealth for a lifetime?

[CryptounityCUT]

There are several ways to organize your Bitcoin wealth for a lifetime, including the following:

Cold storage: One of the safest ways to store your Bitcoin is by using a hardware wallet, which stores your private keys offline and away from potential hackers.

Diversification: It is also important to diversify your investments by allocating a portion of your wealth to other cryptocurrencies and assets.

Keep your private keys safe: Always keep your private keys safe and secure, and never share them with anyone. It is also recommended to make multiple copies of your private keys and store them in different locations.

Use a reliable wallet service: you can also use a reliable wallet service that provides added security measures such as multi-sig wallets and 2FA.

Regularly monitor your investments: Regularly monitor your investments and stay informed about the latest developments in the cryptocurrency market.

Seek Professional help: Consider seeking professional help from financial advisors or wealth managers who have experience in managing cryptocurrency investments.

Remember that this is not financial advice and it's important to do your own research and consult with a financial advisor before making any investment decisions.

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[famososMuertos]

Ufs!
I think that when I see this type of post it seems to me that there is a relationship of previous life experience that is directly causal in having an idea of what to do, that is, there are other assets-liabilities that must be organized in our day to day that lead us to complex situations, more than what is involved in organizing with bitcoin.

[Oceat]

Great plan though but have you ever plan ahead if ever something's going to happen to you then who would be the trusted person that should give those BTC to your children?

Do you have only BTC as investment? What if there's an altcoins?

I think most of us doesn't make it to the third-layer yet but rather to the second-layer as convenient to use for day-to-day stuff. If someone did made a profit on the past bull run then it's time for them to make a third-layer safe for the future of their children.

[_BlackStar]

OK, I understand because you probably know that keeping bitcoin in one basket is not safe in the long term especially when the amount is significant.
I think you can choose several hardware wallets regardless if you want to have 1-5 HW, while you can have other bitcoin wallets on your smartphone like Electrum or others to fulfill your daily transaction needs.

I don't want to have too many wallets, maybe 1-2 HW is enough and 1 more on my smartphone. Safe is the hope, but the path only depends on how we treat our wallets and storage device.

[Leviathan.007]

• First layer wallet: 10% - 15% of my BTC in my mobile hot wallet (I love BlueWallet)
• Second layer wallet: ~30% of my BTC in a hardware wallet that connects to the internet via USB
• Non-circulating BTC: ~60% of my BTC in a cold storage air gapped device

Everyone can manage his assets based n how he used how his playing to hold the bitcoins but I personally won't use any mobile wallet even the most secure wallets are always dangerous, the main reason is your phone can be vulnerable against many RATs, viruses and malware while there is also a high chance of losing your phone or someone may robe your phone on the street that's why I personally won't save any important information in the phone I use unless you have two phones and one phone can be dedicated only for bitcoin and cryptocurrencies and that's what I do. Also, I hold the bitcoin I want to hold for the long term inside another bitcoin wallet.

[tbct_mt2]

• First layer wallet: 10% - 15% of my BTC in my mobile hot wallet (I love BlueWallet)
• Second layer wallet: ~30% of my BTC in a hardware wallet that connects to the internet via USB
• Non-circulating BTC: ~60% of my BTC in a cold storage air gapped device

You can classify it by your wallets for trading with Bitcoin and using Bitcoin for getting cash or buy goods, items and wallets for hodling.

I don't think classifying them to first and second layer wallets is good and correct in technical terms. Hot and cold wallets are more correct. Hot wallets can be used for trading and regular using for payments. Cold wallets are safer and more relevant for hodling.

With hardware wallets, you can use them for trading and holding too.

[Guide] Secure air-gapped crypto wallet storage method

[Welsh]

Absolutely! have you got any ideas that about a better setup? It seems to me that it was the only option I had.

If that's your only worry you can update the ink every ten or so years, verify that the newly created paper works, and that should do it. Of course, that's assuming that stays your only worry. I wouldn't convert to metal, at an additional expense if that's your only concern. It doesn't even have to be ten years, it could be less. It really does depend on what you want to do, but changing to metal seems quite extreme if you don't need that. If you think that it could be exposed to certain elements, I'd say go for it.

You should probably have multiple backups in different places anyway, which could actually defeat the point of metal backups, as long as the paper versions are all secured.

[tbct_mt2]

If that's your only worry you can update the ink every ten or so years, verify that the newly created paper works, and that should do it. Of course, that's assuming that stays your only worry. I wouldn't convert to metal, at an additional expense if that's your only concern. It doesn't even have to be ten years, it could be less. It really does depend on what you want to do, but changing to metal seems quite extreme if you don't need that. If you think that it could be exposed to certain elements, I'd say go for it.

You should probably have multiple backups in different places anyway, which could actually defeat the point of metal backups, as long as the paper versions are all secured.

Have multiple backups is good and checking usability of backups is good too.

If a wallet on our device is still usable but our backups were damaged and can not be used when we check backups, we can make new backups to replace old ones. If we think backups can be used forever and don't check them regularly, when we need backups for recovery, we can have nightmare.

Multiple backups are good to protect our funds when our device is broken and one of backups is damaged too.

[Welsh]

Have multiple backups is good and checking usability of backups is good too.

If a wallet on our device is still usable but our backups were damaged and can not be used when we check backups, we can make new backups to replace old ones. If we think backups can be used forever and don't check them regularly, when we need backups for recovery, we can have nightmare.

Multiple backups are good to protect our funds when our device is broken and one of backups is damaged too.

Right, and you should be verifying each copy that you make of a backup every time, by importing the private key or seed into a offline client, and verifying everything matches up. Not enough users do that, and tend to neglect verifying because it takes time. However, it could potentially save you from losing your Bitcoin.

I wish there was a way of teaching newcomers this, without it being an hindrance to them. Probably, isn't a easy way of doing that though.

[The Cryptovator]

I'm not sure why your Bitcoin should be organized this way when a hardware wallet provides everything you need. This is not a requirement that you manage a large number of accounts. I do the same thing with fiat; I don't keep money in a single bank account. Because bankruptcy could occur at any time. But when it comes to crypto, I never compromise on security. To store my cryptocurrency, I always use a hardware wallet. So everything is safe and secure there. Unless my seed phrase is compromised, there is no way to steal my cryptocurrency without my hardware wallet.

[mindrust]

The more complexity you have with your finances, the more likely that you will fuck it all up.

For crypto, you only need 2 wallets:

1- A hot wallet where you keep low amounts for your daily purchases. (A mobile phone would do)
2- A cold wallet where you keep your life savings. (A self made paper wallet)

You don't really have to make it more confusing than it already is. If you can't keep it simple to keep your coins safe, maybe you should stick to banks.