Have you ever thought about this? Bitcoin on a wallet inaccessible intentionally

[so98nn]

I was making a post somewhere and it struck my mind that, there is a new fear that I am unlocking slowly.

I started with the Mi phone earlier, where Mycelium is installed. I already have an imported account on it and I am constantly using that particular address to receive various payments or sometimes send some earnings to that phone.

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

I do have a backup plan for that, I have written down the backups, private keys, and passwords on multiple papers obviously.

However, it is still frightening to know that some technical glitch might happen since its hardware, can corrupt, can destroy. Ever been in such a situation?

Would you keep importing your wallet every time you buy a new phone or laptop for that matter?

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[LoyceV]

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

I'll get my seed phrase and continue.

I do have a backup plan for that, I have written down the backups, private keys, and passwords on multiple papers obviously.

Have you tested your backups? If you had, you wouldn't have to worry about it
So here's an idea for a rainy afternoon: get Iancoleman's site, get a Linux Live DVD, boot it, run from RAM, unplug your internet and close your curtains, and see if you can reproduce your funded Bitcoin address from scratch using your seed and the above tools.
Then, wipe your RAM by turning it off and you don't have to worry about coin recovery anymore.

[Little Mouse]

If you have the backups securely, why do you fear? I have my hardware wallets and different electrum wallet on my phone and laptop. All the three wallet has different purpose, different uses. All of the wallets seed key is stored in paper in two different place. In my my custody while the other is in my wife's custody. While my hardware wallet seed is secured in Cypher metal box. If my devices crashed, I can easily recover them. Seed key has a use.

[DaveF]

Needs to keep being said. Phone (hot) wallets are NOT SECURE. Yes you should make sure that you can recover you wallet if needed, and yes there is nothing wrong with keeping your old wallet on an old phone stored someplace safe and secure and just importing it into your new phone.

BUT YOU SHOULD NOT HAVE ANY 'REAL' FUNDS IN YOUR HOT WALLET.

Not saying keep $20 there, but only keep enough that if you loose it, it's not going to matter.
Or, as I like to say, don't keep more crypto on your phone then your phone is worth or
Don't keep more crypto on your phone then the amount of cash you would be comfortable carrying around.

-Dave

[so98nn]

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

I'll get my seed phrase and continue.

I do have a backup plan for that, I have written down the backups, private keys, and passwords on multiple papers obviously.

Have you tested your backups? If you had, you wouldn't have to worry about it
So here's an idea for a rainy afternoon: get Iancoleman's site, get a Linux Live DVD, boot it, run from RAM, unplug your internet and close your curtains, and see if you can reproduce your funded Bitcoin address from scratch using your seed and the above tools.
Then, wipe your RAM by turning it off and you don't have to worry about coin recovery anymore.

That's excellent idea it seems.

I already got good experience with Iancoleman's site since one time I lost the ledger (don't ask, it was stupid) and all I had passphrases with me. I am not sure if it was you or someone else that directed me to use this tool. It generated 100's of addresses after selecting the input derivation path.

I believe what you explained above is something that a techie is usually doing. I think I am going to experiment with this one. Thanks, buddy.

If you have the backups securely, why do you fear? I have my hardware wallets and different electrum wallet on my phone and laptop. All the three wallet has different purpose, different uses. All of the wallets seed key is stored in paper in two different place. In my my custody while the other is in my wife's custody. While my hardware wallet seed is secured in Cypher metal box. If my devices crashed, I can easily recover them. Seed key has a use.

Yeah I know I got the back ups and all, it's unconscious fear somehow.
But I am going to stop using the phones for sure.

Need to move along with the better options, may be more technical, deep knowledge-based. just like what @LoyceV explained.

[serveria.com]

I was making a post somewhere and it struck my mind that, there is a new fear that I am unlocking slowly.

I started with the Mi phone earlier, where Mycelium is installed. I already have an imported account on it and I am constantly using that particular address to receive various payments or sometimes send some earnings to that phone.

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

I do have a backup plan for that, I have written down the backups, private keys, and passwords on multiple papers obviously.

However, it is still frightening to know that some technical glitch might happen since its hardware, can corrupt, can destroy. Ever been in such a situation?

Would you keep importing your wallet every time you buy a new phone or laptop for that matter?

I'm more scared to throw away/recycle my worn out gadgets for some reason. Even a completely bricked device can be brought back to life and sensitive information recovered. I'm kind of paranoid about that and therefore I have a pile of old gadgets in my house. 

[mendace]

If your device is lost or damaged, you can import your wallet using the backup you created.  However, it's important to be careful during the import process to ensure you don't expose your private keys to potential security threats.

[suzanne5223]

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

Things like this happen at some point and there's no cause for alarm since the wallet is backup offline in multiple places but I will advise you to be more careful with the use of a mobile wallet as storage.

Would you keep importing your wallet every time you buy a new phone or laptop for that matter?

Yes, it is what it is. However, I always advise people to always go for the best equipment if it is something they want to use for crypto because a little could lead to huge losses.

[pilosopotasyo]

However, it is still frightening to know that some technical glitch might happen since its hardware, can corrupt, can destroy. Ever been in such a situation?

Coins or tokens are not hardware dependent they are private keys dependent so even if you throw your phone into the sea you can still recover all your coins through private keys and passphrases on other devices or wallets.

Your fear is unfounded so stop thinking that, just protect your private keys and you are good.

[aioc]

I'm more scared to throw away/recycle my worn out gadgets for some reason. Even a completely bricked device can be brought back to life and sensitive information recovered. I'm kind of paranoid about that and therefore I have a pile of old gadgets in my house. 

Me too  ever since I got into Cryptocurrency I kept all my old hard drives and old cell phones, I never think of disposing of them for fear that what's inside can be brought back to life, and maybe one of these days when I have a lot of times.
I'll check all these HDDs maybe I can find some coins that are still tradeable today or maybe some old stuff that I will be needing in the future like documents or pictures, when I was so active on airdrops and faucets I misplaced some keys.

[robelneo]

I was making a post somewhere and it struck my mind that, there is a new fear that I am unlocking slowly.

I started with the Mi phone earlier, where Mycelium is installed. I already have an imported account on it and I am constantly using that particular address to receive various payments or sometimes send some earnings to that phone.

However, have you guys ever thought that what happens if that phone never turns on the next time you want to access the Mycelium or your desired wallet on it?

I do have a backup plan for that, I have written down the backups, private keys, and passwords on multiple papers obviously.

However, it is still frightening to know that some technical glitch might happen since its hardware, can corrupt, can destroy. Ever been in such a situation?

Would you keep importing your wallet every time you buy a new phone or laptop for that matter?

I'm not worried about technical glitches it happens to me many times when my phone and desktop stop responding, I always have my passphrase and private keys to transfer from another device, what I'm more worried about are intrusions because of low-level security where hackers can get in to wipe out all your coins in your wallet.

You should have at least three sets of wallets, one for storing for long-term holding, and hardware wallets are suited for this plan, an active wallet preferably Exodus and Electrum for immediate transactions, your trusted exchange although it's not recommended and I also do not recommend this, but you need this in case there is a market surge where you need to immediately trade for profit but it should not be a big amount where you will be sorry if that exchange suddenly shutdown.