Adding Extra Security To My Forever HODL
Hey Jesstackers
When I got into BTC 5 years ago, the BTC I acquired was probably more than I have now, and due to poor decision, I lost a fair amount of BItcoin. However, even though I have less Bitcoin than I did in the past, the Bitcoin I have retained is now worth multiples more in fiat terms.
I remember when I could pick up a whole coin for around $5400 when I got in, it still felt a lot like play money. People didn't take it seriously; we messed around with it, lost some, didn't care much.
It was more about experimenting or trying to trade it to get more fiat.
As BTC and myself matured, the price has appreciated to a point where it's no longer play money. The amounts I had sitting on mobile and desktop wallets began to make one feel nervous.
It's funny because I pride myself on having flipped and living on a Bitcoin standard rather than a fiat one, yet now 0.1 BTC seems silly to keep on a mobile wallet these days.
Exchanges
As any good BTC holder, I have long since ripped most of my coins off exchanges; having been the victim of an exchange hack, I know the dangers first hand. I do keep some BTC with exchanges that offer me an interest in return for my liquidity, but that's not an amount that I would cry if it were lost on me.
Mobile wallet
I do keep some funds on a mobile/desktop wallet, just in case I need to do a quick transfer and would like BTC on hand because you never know when you may need it. I think it's always good to keep a little bit of BTC in a hot wallet.
Lightning wallet
I've been slowly but surely adding satoshis to lightning wallets partly to try out the network, partly to learn and partly to earn in this new network. I think having some L-sats are going to grow in importance as the network expands and makes spending sats a breeze.
Multi-sig
I am still learning how to use multi-sig wallets and have not added too much BTC to one of these setups. Once I feel more comfortable with the tech, I will probably add a reasonable amount in here.
Physical storage
The vast majority of my funds sit in cold storage on a hardware wallet. I have safety tucked away and keep the private keys away from the wallet. You can never be too careful, and it's important to make sure you don't make it easy for physical device access. $5 wrench attacks can be as painful and costly as a hack, so don't leave yourself open to it.
I am also looking at having my seed phrases stored into a cold Bit and engraving it into steel, and then locking that away for deep storage.
Are you building a Bitcoin stack?
Keeping BTC in various layers is a pain because you have to use different services and tools. Eventually, I think there will be a consolidated UI where I could manage my cold storage, hot wallet, lightning wallet and multi-sig wallets all from one interface.
That would be epic, and I am sure in a few years, we will see it built out in that fashion. So I am just getting ahead of the curve now. It is a total pain and requires a lot of effort now, but I think it's well worth adding as many layers to your BTC holdings as possible.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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HODL on TITANIUM.
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What is Titanium?
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Lol I'd like to know myself
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Crypto tags mate, it's another company offering imprinting of your keys to titanium which is a superior metal than steel
https://cryptotag.io/
It's another metal you can store your crypto on (lightweight, bullet proof) - check out crypto tags, I'm looking into it this week
https://cryptotag.io/
LOL Imagine having a bullet proof vest with your private keys imprinted in it, now thats gangster
Lol, that would be some ballsy shit right there! Just hope they don't get a headshot in and wipe you out, unless you have a bullet proof helmet on as well!
Thank you, it sure does look pretty sleek
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Yeah man! I'm looking forward to the "Stop, Hammer Time" 😄
Mistakes have been made for me as well. We can get on it now and HODL going forward!
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If you didn’t get rekt, hacked or burn yourself you’ll never realise the importance of HODL’n while the lesson didn’t come cheap i think it will pay itself back over many years
I like your perspective quite a lot and hope that you are right. Well said.
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I understood the power of hold now. I used to think in Fiat mindset but now I have realised that I need that start thinking in BTC terms.
Easier said than done though it may be true
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Tell me about it! 😃 I got in at R3400 lost it all to some numerous mining, the word HODL never exist in my dictionary back then.
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LOL damn so $120 or so thats NUTS! I would have bought so many coins knowing what I know now, gosh! I'd probably be retired by now living on a beach in Thailand or The caymans
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It is something I don't like thinking about, considering how much BTC have appreciated.
Only if I was told to HODL, all I knew about BTC then was to invest in some mining companies that never existed; BTC Flex, Carbon 7, and few others I can't recall now.
BTC was a fascinating experience though know another form of currency, I loved it and still love it. That experience is what I take with me going into the future and treating almost every crypto with the possibility of appreciating in price. Not even second layer tokens here on Hive I take for granted.
Once beaten twice shy they say and we can relate this with last year's UNI airdrop from $4 to what it is now in less than a year.
Crazy stuff!
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I want to go back in time and buy some BTC at that time 🤣🤣
That’s a lot cheap man.
It’s sad that you lost those though.
😃😃 take me with you if you find a way of going back! I will sell everything I own to buy BTC!
Very sad though
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I could not find a real one but this may help us for humour. Let’s see what GIPHY suggests 🤣
!GIPHY back to the future
Via Tenor
That's cool 😃😃😃
For the purpose of not dwelling on the past and sulking on what I with my BTC laughing about it can only help 😃😃
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I only wish I bought into BTC when I first learned of it. Back then it was really cheap as it was in the few dollar range. I didn't jump onto the opportunity and a few years later I bought then used it for a game. It was the most expensive thing I have ever paid for in a game.
I don't have my BTC spread out but I also don't have as much BTC as I would like. But I personally do not feel like buying in at the current prices so I will ride what I do have. I do have a few other cryptos in my wallet and a few more on my watchlist if it dips far enough down.
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The only thing I've bought with BTC was solar panels and i still get a return on it but yeah eventually its going to become a very expensive purchase, should have just purchased it with fiat but I wanted to try it out lol
For me I still think BTC is lower than its new floor will be so I am still happy to average in right now but I've done my calcs and im happy with my acquisition rate
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We do keep Fiat in banks and that’s an online system too, what’s different in terms to security of those account and security of a BTC account ?
We have been using bank accounts online and performing transactions then why to worry so much for BTC accounts ?
Sorry I am just trying to understand it a bit.
And what’s the different between cold and hot wallet ?
Does close means offline and hot means online ?
A bank has insurance on deposits, not that its full proof because it's not fully insured if a bank goes bust you probably won't get your money while BTC accounts are not insured, some are but we don't know comprehensive the insurance is, but in any case you shouldn't be taking that risk.
You have to worry about exchanges because they can't get bailed out by governments they way banks do should they run out of liquidity since you can't print more BTC when you need it, so lets say a exchange goes bust they need to buy BTC off the market to pay depositors back which could be way too expensive for ther insurance and whatever capital they have left
Hot wallets are always connected to the internet and use a private key, so in theory your device is still at risk, cold wallets have no connection to the internet and need a hard connection like a USB to access the chip that holds the keys
I never thought about insurance aspect.
When you talk about security, most of the time we think about security from hackers etc but insurance is also a security mechanism.
Govt bailout is also an important aspects 👍
Thanks a lot for the clarification and providing more details on online vs offline wallet.
Agreed. That's why my little bit of BTC is still on exchanges. I'm going to have to get my head around all this at some point though.
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If you have small amounts of BTC you can now set up a custodial wallet on the lightning network and keep it yourself, this is a bit more complicated and I wouldn't recommend it for just anyone, but I think it will become more popular. Loads of exchanges are supporting it now, once cold storage providers add support I'll use it a lot more.
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That counts me out then for now. It needs to be super simple for me. Not than anything ever is in the crypto sphere.
Ultimately what I'm after is secure places where it can work for me. 😊
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you are like "lighting" steps ahead of me 😄
Happy to take the risks and share my findings lol someones gotta go through the door first and get the bloody nose and well I am not the type that earns anything from my looks so nose punches it is
I have a little bit of BTC that I am holding onto. Not even a full coin, but if the price keeps going up that really isn't going to matter too much. It will still be plenty. I still kind of feel like it is play money at times. I have some WAX that I have been doing some NFT stuff with and I will occasionally make some purchases or sales and suddenly realize I just blew through like $300. Something I would never do so casually in real life.
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I’m still a big fan of the big orange 🍊 and to me most of retail have no been priced out of getting a whole coin! That was a goal for the first decade the second decade will be to secure the closest thing to it
To me it’s like saying are sucks that I’m only a few thousand short of a million lol! Very few people will own more than 0.28 I think the figure is for the 1% oBTc holder category
Wow why so much? Is it the NFts or the fees? I’ve never used wax I know it’s a fork is EOS but not much else! 300 bucks is enough to get me to Amsterdam
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No fees on the WAX blockchain. Just the NFT's. I hold a ton of them over there. Lot's of different projects going on with that chain. Very similar to Hive, but all NFT's, no blogging or anything like that. It is pretty awesome. I think I own about half of the BTC figure that very few people will own!
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thank you very much for sharing, have a good day and a great mood
That is some security you have there... How much does a hardware wallet cost
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I paid about $80 for mine and got free shipping via a local distributor but it’s always safer to order directly from the manufacture where possible
Thanks
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Thank you for sharing this, this is a great reminder for me. I have the feeling something will go wrong for me at some point, (fingers crossed).
Oh no why would you say that? I think it’s super important to take a day off and just sort out all your wallets, balances and private keys and make sure everything is in order and you have access and then store those goodies in a safe place
You don’t have to have a cold storage wallet unless you plan on storing long term and I’d say anything over $1000 should get cold stored
But to each their own no right or wrong way! If you need help or have questions just ping me
Thank you, I should definitely be more careful. At least not everything is stored in the same place...
thank you very much for the post,have a great day