Your Bitcoin is NOT inside your wallet app (and why that saves you)

[DPHOR]

For instance, there are people who usually store their seedphrase on their note pad with the hope that whenever they needs they would have to go Open that place and copy them, without them knowing that their phone can damage at any time very easily.
But when the seedphrase are written down on a paper it would enable them restore back their fund back and even if is not that particular they actually input it on another wallet and your balance will display.

Storing our seed phrase on our mobile phones is one wrong thing we shouldn't ever think of as an enthusiast. Because you don't know what going to happen the next minute.  However, many has lost their assets through same mistake and with no hope of getting it back.

Furthermore, the best way we can save our seed phrase is to engraved it on a mental steel plate for proper storage and again kept in different locations so that if any is misplaced you can quickly get hold of another. I know some people normally use paper, but I don't think that method is advisable since anything can likely happen in future and probably the paper can be destroyed.

Yes you are right.. there are still some metal steel that we can do that but it all need to be properly engraved as whatever mistake we do while engraving it could also lead to losing our assets and we have to properly crossed check during that process.
When we placed higher priorities to our security system then it could be that hard for us to lose our investment, and we should be careful while jutting down our seedphrase because, one we may experience fire out break or flooding which if we get wet we could lose access to our investment.

[PVequalNRT]

Storing our seed phrase on our mobile phones is one wrong thing we shouldn't ever think of as an enthusiast. Because you don't know what going to happen the next minute.  However, many has lost their assets through same mistake and with no hope of getting it back.

It's wrong to keep seed phrase on your mobile phone, your phone can be intercept at anytime especially if you are a internet person that download all kinds of things on your phone. Your seed phrase is to be kept offline and a location where only you can access. A metal plate is your best place to engrave it against any incidents that will destroy your seed phrase.

Furthermore, the best way we can save our seed phrase is to engraved it on a mental steel plate for proper storage and again kept in different locations so that if any is misplaced you can quickly get hold of another. I know some people normally use paper, but I don't think that method is advisable since anything can likely happen in future and probably the paper can be destroyed.

You can use one location, different location is good but you don't have to go different places to keep your seed phrase. A metal plate is strong that nothing will happen to your seed phrase. The only obstacle to this set up is when war happens that's why it's expected to have your seed phrase on paper too just incase but make sure that you have it engrave on metal first.

[Tetu100]

different location is good but you don't have to go different places to keep your seed phrase. A metal plate is strong that nothing will happen to your seed phrase. The only obstacle to this set up is when war happens that's why it's expected to have your seed phrase on paper too just incase but make sure that you have it engrave on metal first.

Why I prefer having it in different locations is that you never can tell what happens next. What if you misplaced the exact spot of which it was kept and it happened that you can't find it anymore, what could be your fate in such situations? and you don't have it off hand. So it better you prevent such from happening or better still prepare for an alternative means just incase of incasity.

Again, a user raised an important point that caught my attention. Which is to be extremely careful at the process of engravement to ensure we didn't make any mistakes by misplacing any words or whatever. Because once such is done, it's good as kissing your assets goodbye.

[knowngunman]

I would like to add the next point regarding beginner education to your list, the point is to avoid taking screenshots or photos of the seed phrase & then storing them online (especially on a mobile phone).

I say that based on my bros first hand experience, his phone was broken, so he took it to the shop where he had originally bought it for repairs, you know, the technician handling the phone accessed his entire gallery & found the seed phrase.

My bros lost all his crypto assets after getting his phone back, the story above is our best guess, as it is the only logical explanation for how he lost his crypto.

Did you confirm the date of the transaction when the coin was moved and it fall within the time frame the phone was with him? If yes, Why didn't he confront the technician? I wouldn't let him go free unless he proved himself innocent. If I have to involve security personnel to get my coins back, I will gladly do it because he was the only one that have access to my phone and the coins disappeared within that period the phone was with him. Although he might be innocent because some phone auto back up your photos to Google photos depending on which product you're using and some other people behind the scenes can have access to them aside the technician but he's definitely my first suspect to be invited for questioning by security agents.

[Dreadboost]

"If you accidentally didn't backup your seed phrase somewhere, your wallet app staying open is like living on borrowed time. Back it up immediately."

Of course if you have evidence that the seed phrase has not fallen into someone else's hands but has been totally destroyed such as being burned in a fire, then there will be no problem if you back it up again.

To avoid regret, it is better to transfer the coins to a new wallet. Forget about backing it up if you accidentally didn't back up your seed. How sure is the evidence that someone else hasn't had their hands on it already? They will be at the corner laughing at you while you're trying to back it up. Don't take the risk of forgetting to back up your seed phrase. It is not worth it. Create a new wallet, send all the funds to the new wallet, and make sure the new wallet is backed up.

[Aanuoluwatofunmi]

different location is good but you don't have to go different places to keep your seed phrase. A metal plate is strong that nothing will happen to your seed phrase. The only obstacle to this set up is when war happens that's why it's expected to have your seed phrase on paper too just incase but make sure that you have it engrave on metal first.

Why I prefer having it in different locations is that you never can tell what happens next. What if you misplaced the exact spot of which it was kept and it happened that you can't find it anymore, what could be your fate in such situations? and you don't have it off hand. So it better you prevent such from happening or better still prepare for an alternative means just incase of incasity.

I also buy in this idea because it is always more safer for us to diversify the storage to our coins than having them on a single wallet, same applies to the storage we are given it or let me say where we store our Private keys and seed phrase, everything must have an extra backup if we don't want to risk the chance of losing our asset completely when we couldn't get old of where it was been stored.

[khaled0111]

^^
The safety of your funds depends more on how you secure your private keys or wallet seeds and how to store them safely than the number of wallets you store your funds in.
The mistake that leads to losing or compromising one of your wallet seeds or private keys can lead to the same for your other wallets.
I believe a better approach would be to use a multisig wallet instead of diversifying your funds across multiple wallets.

[Floxynice]

For instance, there are people who usually store their seedphrase on their note pad with the hope that whenever they needs they would have to go Open that place and copy them, without them knowing that their phone can damage at any time very easily.
But when the seedphrase are written down on a paper it would enable them restore back their fund back and even if is not that particular they actually input it on another wallet and your balance will display.

Storing our seed phrase on our mobile phones is one wrong thing we shouldn't ever think of as an enthusiast. Because you don't know what going to happen the next minute.  However, many has lost their assets through same mistake and with no hope of getting it back.

Furthermore, the best way we can save our seed phrase is to engraved it on a mental steel plate for proper storage and again kept in different locations so that if any is misplaced you can quickly get hold of another. I know some people normally use paper, but I don't think that method is advisable since anything can likely happen in future and probably the paper can be destroyed.

Yes you are right.. there are still some metal steel that we can do that but it all need to be properly engraved as whatever mistake we do while engraving it could also lead to losing our assets and we have to properly crossed check during that process.
When we placed higher priorities to our security system then it could be that hard for us to lose our investment, and we should be careful while jutting down our seedphrase because, one we may experience fire out break or flooding which if we get wet we could lose access to our investment.

One of the key and safest things to do to avoid losing access to our bitcoins is to have multiple backups stored in different safe locations. Note that mere having all these backups in different locations does not help anything if the backups are not properly secured to prevent unauthorised access. It is one thing to protect your seedphrase from damage and it is also another thing to protect it from unauthorised access. If a person with bad intentions gets hold of one of the backups, the rest of the backups becomes useless.

Just as you have said, accuracy is also very important. It will be a very silly and costly mistake to find out that all along, you've been protecting a piece of trash thinking that you were actually protecting the key to your investment.

[B-BossMan]

For instance, there are people who usually store their seedphrase on their note pad with the hope that whenever they needs they would have to go Open that place and copy them, without them knowing that their phone can damage at any time very easily.
But when the seedphrase are written down on a paper it would enable them restore back their fund back and even if is not that particular they actually input it on another wallet and your balance will display.

Storing our seed phrase on our mobile phones is one wrong thing we shouldn't ever think of as an enthusiast. Because you don't know what going to happen the next minute.  However, many has lost their assets through same mistake and with no hope of getting it back.

Furthermore, the best way we can save our seed phrase is to engraved it on a mental steel plate for proper storage and again kept in different locations so that if any is misplaced you can quickly get hold of another. I know some people normally use paper, but I don't think that method is advisable since anything can likely happen in future and probably the paper can be destroyed.

Yes you are right.. there are still some metal steel that we can do that but it all need to be properly engraved as whatever mistake we do while engraving it could also lead to losing our assets and we have to properly crossed check during that process.
When we placed higher priorities to our security system then it could be that hard for us to lose our investment, and we should be careful while jutting down our seedphrase because, one we may experience fire out break or flooding which if we get wet we could lose access to our investment.

One of the key and safest things to do to avoid losing access to our bitcoins is to have multiple backups stored in different safe locations. Note that mere having all these backups in different locations does not help anything if the backups are not properly secured to prevent unauthorised access. It is one thing to protect your seedphrase from damage and it is also another thing to protect it from unauthorised access. If a person with bad intentions gets hold of one of the backups, the rest of the backups becomes useless.

Just as you have said, accuracy is also very important. It will be a very silly and costly mistake to find out that all along, you've been protecting a piece of trash thinking that you were actually protecting the key to your investment.

You are right and this is the most relevant things we need to know, many people are truly losing funds due to carelessness or something else. In my own perspective, writing down all your seed phrase doesn't really mean you are totally safe, but safety is important, not only writing it down alone, even moving it away from friends and family is also a good move, because once the copy leaks you should know that all copies are compromised as one key can opens everything. So how we hide or secures our seedphrase matters alots, some people are funny is hiding thier seedphrases by writing it everywhere in thier room. Again we need to be more accuracy on what we are hiding because just a small mistakes or wrong written can make you a fool by securing wrong seedphrase for many years, verifying everything matters alot after creation.

[Pablo-wood]

^^
The safety of your funds depends more on how you secure your private keys or wallet seeds and how to store them safely than the number of wallets you store your funds in.
The mistake that leads to losing or compromising one of your wallet seeds or private keys can lead to the same for your other wallets.
I believe a better approach would be to use a multisig wallet instead of diversifying your funds across multiple wallets.

There might be instances where having multiple wallets might just be the best option. But if all our assets are fungible then no need for multiple wallets. The lesser the private keys we have to manage the higher our chances of keeping our keys safer. Most times much responsibilities comes with higher vulnerability, having one wallet is more recommended with a strong backup plan.

Multisig involves two or more private key signature authorizing and sending a transaction. If the asset belongs to one user then why use Multisig wallets except two or more users have a share in a certain wallet address UXTO.

[Proty]

^^
The safety of your funds depends more on how you secure your private keys or wallet seeds and how to store them safely than the number of wallets you store your funds in.
The mistake that leads to losing or compromising one of your wallet seeds or private keys can lead to the same for your other wallets.
I believe a better approach would be to use a multisig wallet instead of diversifying your funds across multiple wallets.

Using different wallets to store bitcoin can minimise or reduce risk, but it is only when it is properly secured. Making use of different wallet may not be the best option if the seed phrase are kept in the same place or same device. However, using multisig doesn't automatically mean that your wallet is protected either. There is need for it to be properly setup, and ensuring that the keys and backup are well secured. To avoid not being able to access the bitcoin in your wallet there is need to have a backup plans.

[DPHOR]

For instance, there are people who usually store their seedphrase on their note pad with the hope that whenever they needs they would have to go Open that place and copy them, without them knowing that their phone can damage at any time very easily.
But when the seedphrase are written down on a paper it would enable them restore back their fund back and even if is not that particular they actually input it on another wallet and your balance will display.

Storing our seed phrase on our mobile phones is one wrong thing we shouldn't ever think of as an enthusiast. Because you don't know what going to happen the next minute.  However, many has lost their assets through same mistake and with no hope of getting it back.

Furthermore, the best way we can save our seed phrase is to engraved it on a mental steel plate for proper storage and again kept in different locations so that if any is misplaced you can quickly get hold of another. I know some people normally use paper, but I don't think that method is advisable since anything can likely happen in future and probably the paper can be destroyed.

Yes you are right.. there are still some metal steel that we can do that but it all need to be properly engraved as whatever mistake we do while engraving it could also lead to losing our assets and we have to properly crossed check during that process.
When we placed higher priorities to our security system then it could be that hard for us to lose our investment, and we should be careful while jutting down our seedphrase because, one we may experience fire out break or flooding which if we get wet we could lose access to our investment.

One of the key and safest things to do to avoid losing access to our bitcoins is to have multiple backups stored in different safe locations. Note that mere having all these backups in different locations does not help anything if the backups are not properly secured to prevent unauthorised access. It is one thing to protect your seedphrase from damage and it is also another thing to protect it from unauthorised access. If a person with bad intentions gets hold of one of the backups, the rest of the backups becomes useless.

Just as you have said, accuracy is also very important. It will be a very silly and costly mistake to find out that all along, you've been protecting a piece of trash thinking that you were actually protecting the key to your investment.

That is true, no matter how we try our best we should do as well not to expose any of it or even allowing someone to find out where our seedphrase are saved because if we do, everything turns to wasting of time and effort. So, our security is our priority and we should learn to take proper precautions with our investment security otherwise one could eventually get hack and their investment get piped due to lack of security.

[Tungbulu]

That is true, no matter how we try our best we should do as well not to expose any of it or even allowing someone to find out where our seedphrase are saved because if we do, everything turns to wasting of time and effort. So, our security is our priority and we should learn to take proper precautions with our investment security otherwise one could eventually get hack and their investment get piped due to lack of security.

As far as self custody is concerned, the most important thing for a user should be keeping their seed phrase private, because that’s in fact the best way to protect their Bitcoin. Even the strongest and safest wallet can’t protect your funds if your seed phrase gets compromised and someone else gains access to them and that’s why I said it is in fact the most important thing, because it doesn’t matter how much money one have been able to successfully stack up, if their wallet becomes compromised, they’ll eventually lose everything they’ve worked so hard for over the years.

[Wiwo]

Your wallet app contains your Bitcoin even though the assets sit on the blockchain, so anyone who has access to your mobile device has access to your entire cryptocurrency assets in your wallet app.

A wallet phrase is key to recovering your wallet, yes, but if that key is kept on your mobile device it means your entire Bitcoin is on that device regardless even if you don't have the wallet app installed on your device.

Best this can help is when you phone device have problems, but not when you get hacked or your phone get snashed, you need to keep your phone safe as long as you have your wallet app and it key on the phone which is not advised to do so.

[Comeacross]

It's wrong to keep seed phrase on your mobile phone, your phone can be intercept at anytime especially if you are a internet person that download all kinds of things on your phone. Your seed phrase is to be kept offline and a location where only you can access. A metal plate is your best place to engrave it against any incidents that will destroy your seed phrase.

You are right but let me add to what you said. It's entirely wrong to have your seed phrase in your phone even if you're not an internet person or you don't download all kind of things. Remember that some third party apps in your phone have permission to access your phone storage. You granted them the permission knowing or unknowingly because some of the apps can not even function without granting them that permission. In that case, you don't need to connect to internet or download anything before your wallet can be compromised. The moment you take the screenshot and it saves in your gallery, you have already exposed your seed phrase. This mistakes may appear minor but the consequences are not.

You can use one location, different location is good but you don't have to go different places to keep your seed phrase. A metal plate is strong that nothing will happen to your seed phrase. The only obstacle to this set up is when war happens that's why it's expected to have your seed phrase on paper too just incase but make sure that you have it engrave on metal first.

The metal encryption is a good idea but only if you can do it yourself. I don't want to emphasise on the metal back too much before some newbies would start thinking of giving it to someone to do it for them.

[Aanuoluwatofunmi]

In case of any ceiling mistake that hands our wallet to attackers, you will still not have all our coins gone for free into the hands of scammers; this is why using more than one wallet is recommended in cryptocurrency.

But this is not where the security majorly lies; we must ensure we use the right wallet that has maximum security and privacy, as well as maintaining every detail that could give others access to our coins on the blockchain; this is where backing up our seed phrase and other sensitive private keys is necessary.

[retreat]

It can't be blamed that most beginners don't have a good understanding of Bitcoin. This is because most of them are focused on making a quick profit and skip the process of learning how Bitcoin actually works. They often jump straight into investing, hoping to make money as quickly as possible, without understanding what Bitcoin actually is or how to keep it secure. That's why it's important for beginners to understand what Bitcoin is and the key aspects involved. Having a good grasp of this can help them gain a better understanding of Bitcoin and avoid mistakes that could cost them a lot in the long run.

[notocactus]

It can't be blamed that most beginners don't have a good understanding of Bitcoin.

Newbies or beginners don't need to start with good knowledge about Bitcoin but if they are ready to learn, they will gain more knowledge about Bitcoin with time. It's the main challenge and if they can beat that challenge, win against themselves, they will learn about Bitcoin quite easily and quickly.

Because there are many resources for learning about Bitcoin like some resources listed in [Mega resources for newbies], and they can check two parts for finding Bitcoin books and learning resources.

Bitcoin books
Learning resources

This is because most of them are focused on making a quick profit and skip the process of learning how Bitcoin actually works. They often jump straight into investing, hoping to make money as quickly as possible, without understanding what Bitcoin actually is or how to keep it secure.

If they do enough searching about Bitcoin, they will understand most basics of Bitcoin in technical aspect to Bitcoin market and know that investment money in Bitcoin is better than trading Bitcoin in this volatile and very unpredictable but risky market.

[MusaPk]

It can't be blamed that most beginners don't have a good understanding of Bitcoin. This is because most of them are focused on making a quick profit and skip the process of learning how Bitcoin actually works. They often jump straight into investing, hoping to make money as quickly as possible, without understanding what Bitcoin actually is or how to keep it secure. That's why it's important for beginners to understand what Bitcoin is and the key aspects involved. Having a good grasp of this can help them gain a better understanding of Bitcoin and avoid mistakes that could cost them a lot in the long run.

One thing which new comers don't know about Bitcoin is that its impossible to recover your Bitcoins in case they are lost due to any reason. Its very important to know such details of Bitcoin to avoid any unforeseen situation. Mostly new people don't take security aspect of Bitcoin very seriously unless they found themselves in a situation which is totally due to their ignorance about basic security concepts of Bitcoin. By giving small attention and time on how to secure our Bitcoins, we can easily keep our bitcoins safe for long term without facing any trouble.