My Bitcoin Journey

[OrangeCoinGood]

xxx

[Algominer2]

You've certainly taken the "not your keys not your crypto" thing to the next level!

I have a ledger but the repsonsibility scares me to death tbh so I still hold coins on an exchange too, which i know is terrible but I'd never forgive myself if I became one of those stories of a lost private key or password and losing everything I worked so hard for!

I'll be interested to see what others say here. What you've done seems sensible for sure, I just couldnt do it personally!

BTW I know what you mean about the freedom it gives you. I love the idea that BTC is the only currency that can be held and secured in the mind

[Ucy]

Your method could be described as secure as those who generate their seedphrases online but write them on papers without memorization.
People tend to forger they are like computers with natural/organic internet. Memorized phrases could be hacked if you are connected to corrupted/infected humans who are connected to a dark entity that troubles the human society. It's like a robot that stores information in its memory without realizing it's easily accessible to the controller of the super-computer or datacenter it may be connected to.

I think it's better not to memorize your seedphrase unless you only form strong connections with people that are trustworthy. And there is the possibility of someone gaining access to your mind without the connections. They could just do it wirelessly via  network masts, from space, or physically by attaching something on your head. This can also be prevented if you are clean enough and have strong firewall which is basically invisible shield or wall of fire

[OrangeCoinGood]

I think it's better not to memorize your seedphrase unless you only form strong connections with people that are trustworthy.

Most would call this whacko.  But I tend to believe (or if not believe, consider) stuff like this.  At this point tho I guess I'll take my chances with the demons.

Thanks for the reply!

I love the idea that BTC is the only currency that can be held and secured in the mind

Yeah me too hahaha

[Bastketsrus]

Your method could be described as secure as those who generate their seedphrases online but write them on papers without memorization.
People tend to forger they are like computers with natural/organic internet. Memorized phrases could be hacked if you are connected to corrupted/infected humans who are connected to a dark entity that troubles the human society. It's like a robot that stores information in its memory without realizing it's easily accessible to the controller of the super-computer or datacenter it may be connected to.

I think it's better not to memorize your seedphrase unless you only form strong connections with people that are trustworthy. And there is the possibility of someone gaining access to your mind without the connections. They could just do it wirelessly via  network masts, from space, or physically by attaching something on your head. This can also be prevented if you are clean enough and have strong firewall which is basically invisible shield or wall of fire

That’s a wild take, but hey—security comes in many forms. Just make sure your method actually keeps your coins safe, whether it’s mental, physical, or metaphysical!

[CryptoHeadlineNews]

So I dug deeper.  I would generate a seedphrase, write it down, restart the phone, put in the seed phrase and confirm that the addresses were the same. Gaining confidence in the tool, I generated a new seedphrase, wrote it down, took a pic of the QR code of one of the addresses and put a hundred bucks onto it.  Then I opened my Sparrow (havent mentioned Sparrow yet, I love that one too), "recovered" the wallet and confirmed the money was there. 

Judging from everything you said above, I'm quite impressed you are actually knowledgeable about Bitcoin, It's Blockchain and the best possible alternatives to storing our Bitcoin in the most secured ways ever. But one thing I seems not to understand is when you said "I would generate a seed phrase". Because I have always known crypto wallet Seed phrases as been auto generated, and not what can be generated randomly by the wallet user, unlike a wallet address that can be regenerated. So if you don't mind, I will like you to educate us more on this.. Or does Sparrow Wallet has an option to regenerate it's Wallet Seed phrase?

Long story short, eventually I gave up on everything but offline self-generated wallets to hold my coin.  Learning the value of passphrases, I generated what i consider my master seedphrase, memorized it (more on this if you care to ask) and then a bunch of other wallets with the same seed and various passphrases (using phrases I will never forget as they pertain to something personal).

Though memorizing a wallet seed phrase might be seen as good approach, but it's literally not the best way to securing your wallet seed phrase, because with a slight accident which resulted to a memory loss can make you forget about your wallet seed phrase forever. Hence, it's only best you write it a material that is both fire and water proof, and hide it in multiple locations.

[Frankolala]

I have a ledger but the repsonsibility scares me to death tbh so I still hold coins on an exchange too, which i know is terrible but I'd never forgive myself if I became one of those stories of a lost private key or password and losing everything I worked so hard for!

You are storing your bitcoin the wrong way. Bitcoin is designed not to be kept with a third-party because is decentralized and should be used in a decentralized way. However, keeping your coins in an exchange increases the chance of you losing your hard earned money to scammers. The exchange can be hacked, go bankrupt or pull an exit scam. FTX and Luna crash is a big lesson to many people who didn't listen to the advice of not your keys, not your coins.

It's easy to use self custody wallets. To avoid losing your seed phrase, you should write it down in a piece of paper and make three duplicates, keep their in three different locations very far from each other. If one is lost, you can use the other to retrieve your wallet.

[betswift]

You are storing your bitcoin the wrong way. Bitcoin is designed not to be kept with a third-party because is decentralized and should be used in a decentralized way. However, keeping your coins in an exchange increases the chance of you losing your hard earned money to scammers. The exchange can be hacked, go bankrupt or pull an exit scam. FTX and Luna crash is a big lesson to many people who didn't listen to the advice of not your keys, not your coins.

It's easy to use self custody wallets. To avoid losing your seed phrase, you should write it down in a piece of paper and make three duplicates, keep their in three different locations very far from each other. If one is lost, you can use the other to retrieve your wallet.

Or better yet - on something metal!

But to each his own, I guess. The funds on the exchange should be only those that would be turned to something else (if needed). On that, I can agree.

[OrangeCoinGood]

I agree too.

But one thing I seems not to understand is when you said "I would generate a seed phrase".

The iancoleman tool has a button marked GENERATE.  So you just define if you want a 12 word, 24 word, etc., and you click the button.  It then creates the wallet and gives you all the detailed info on it, including the seed phrase.  This is of course done on an offline / air gapped device.

a slight accident which resulted to a memory loss can make you forget about your wallet seed phrase forever

Right.  Hence the backups I mentioned.  I need my coins to be available to my family even after I'm gone.  For me, the memorization was only mentioned to highlight the fact that I'll never have to remember another, as I can simply switch out passphrases to create new wallets going forward.  Heck, using this method I don't even have to worry about my seed being exposed.  It gets exposed?  I've got a few days at least to move my coin.

At least, that was my thinking.