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Board Beginners & Help
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Security for long term storage - can you evaluate this proposal?
by
theta
on 24/06/2017, 08:18:35 UTC
Let's say we want to safely keep bitcoin for the long term. Most of the solutions available have issues:

- Online wallet: trust issue, and hacking risk
- Paper wallet: it can be lost or destroyed or stolen
- Brain wallet: it can/will be lost or eventually die
- Offline wallet on dedicated computer: computer can be damaged, lost or stolen
- Leaving them in an exchange: hacking risk and trust issue

What I would ideally want is a secure way of storing the bitcoins online (so I am not vulnerable to physical theft or damage to my property). So how about the the following:
I create a wallet and the 12 word recovery phrase. Then I create various files that contain these words separately. For example I write a couple of the words on a piece of paper, then take a photo of that paper. I record a video of myself saying or spelling a couple of other words. I put a couple more in a spreadsheet, etc. Then I put all these files in a folder and zip it with a password, and then save that zip in a usb stick and on a cloud service.

What would you say about something like that?