Many people are now using hardware wallets as well as private wallets that are very secure (well they were until last week, now hardware wallets should be considered the safest way to hold cryptocurrency). The thing is, all of these options require you to keep a copy of your 12 word private key somewhere 'safe' so that in the event of you losing your device, or accidentally spilling coffee all over it, you can still access your cryptocurrency. Most people agree that in order to protect the security of a hardware wallet, it is pointless to store it on any computer or digital storage. Doing that opens up all the vulnerabilities that your super safe hardware wallet protects you from. This is also the case for any other kind of cryptocurrency wallet such as Electrum that require you hold a 12 word key for recovery.
What I find quite surprising is how little thought has been put into helping you store this 12 word key safely. To write down your precious 12 word key on a sparkling and even branded paper wallet like Bitcoin or any standardized paper like Ledger provides is just asking for trouble! Why not just put a flashing light on it and say, here take this! Even if you are smart enough to write it down in a more subtle manner, and store it in a safe, you are still very vulnerable! All it takes is for someone to get access to your safe and take a photograph of your key, put everything back and leave you none the wiser. Then they can clean out your account without you having any idea how they got the key. I'm sure these days with micro spy cameras and the deviousness of thieves, getting into a number locked safe could be quite easy. Likewise, a thief finding out where the safe keys are could also happen in any number of ways.
SO I would like to offer an idea I had today that is super simple and will allow you to hold your keys in a much more 'transparent' way. Using this method you can write down your private key and be more confidant that no one is going to get a hold of them! Here's how!
How To Protect A Paper Wallet Key or any Private Key
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See if you can find an old wedding or party invitation, or any kind of thick card that has something printed on it. A page of a book could also be used with the page number like a PIN code! You want to use something that will have a long life and is least likely to get torn or damaged.
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You need to spend about $5 on a UV pen. Make sure the pen says Permanent UV! You can see one here: https://www.amazon.co.uk/Safehaus-Permanent-Ultraviolet-Marker-Pack/dp/B0019SLP60
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You will also need to get a small UV torch for about $8. You can see one here: https://www.amazon.co.uk/dp/B06X9L95C3/ref=sspa_dk_detail_2?psc=1
I think the plan should have revealed itself to you by now! Wedding invitations would my my preference because they have an envelope, and are unlikely to be stolen if stored in a safe. The thicker and bigger it is the better! Now turn on your magic torch and write down all your 12 words in a way that you see fit. You COULD take security up one more notch here by writing more words than are actually yours in a certain pattern. One example would be to write alternate words that are fake to throw people off the track even if they get this far. I'm sure you could come up with even more smart ways to write this, but you get the idea. Once you have done that, quadruple check your key and make 100% sure it is correct. As a precaution you could also laminate this to prevent water damage or defacement by a child with a big marker. Then finally put it in an envelope or pop it in a book. You could even store that book on a open bookshelf as that is less likely to draw attention than a safe. I don't think many books are stolen in burglaries!
I think you would agree that you would sleep a bit more soundly at night knowing that even if someone gets their hands on your keys, they would probably have NO idea about it. That is real security and protection and that is a step in the right direction. I hope we see some more developments and inventions to help us stay safe, as right now I think these companies have dropped the ball at the last hurdle!
Hope this helps you!
Time to go shopping right!?
oh and Don't store your UV torch anywhere near the key! ;-)
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