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Re: What do I do with my bitcoins ?
by
Artemis3
on 21/09/2019, 18:11:03 UTC
Another important thing is regarding the wallet backup. In case something happens to you all of a sudden, and if you haven't stored the wallet backup anywhere, then all the coins will be lost. It is a very tricky situation. Even I haven't created a backup for my wallet outside the online space. I don't want to trust anyone (not even my family members) and therefore it is risky for me to store the backup in hard copy format. But then, if something happens to me then those coins will be lost forever.

You have to do this in the beginning not afterwards.

Open your wallet take a piece of paper and pencil and write down the seed words. This is the ONLY backup that matters, and you should do this from a secured OS/PC.

Once you have this paper with those 12 inconspicuous words written on it, you get yet another paper and with your own hands copy them, those two papers should be stored away in separate and secure places, it can even be a bank vault with instructions etc.

Get this done now. Nothing you do "online" is important, don't bother with "backups" or passwords, only these words matter, and yes, you have to protect them, don't tell anyone what they really are (leave a written will), you could even hide them cleverly inside something else (a book or such).

You do not wait for later, this has to be done FIRST, before sending the first satoshi to it.

This is an offline "cold" wallet that should be used for lifetime savings, you can send all the funds you want to it, and nobody can touch them as long as you keep those papers with written words safe.