Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Justbillywitt
on 03/12/2024, 15:37:32 UTC
⭐ Merited by JayJuanGee (1)
And I remind you, if you have bought bitcoin and stored it in your wallet. Don't forget to write your wallet phrase and keep it in a safe place. Then the paper containing the wallet phrase code must be laminated directly. So the paper is not eaten by termites and remains safe even if stored for years.
You don't even have to wait till you buy bitcoin and store in your wallet first, before you will write down the seed phrase. To me it is not a safe practice. You should write your seed phrase down the moment you are setting up your wallet after downloading it from your app store. I think this is the best practice and in your own interest. Because the moment you have stored bitcoin in your wallet anything can happen. So it's safer to have the seed already written down, before proceeding to deposit your bitcoin in the wallet.

Regarding where you mentioned about laminating the paper where your seed phrase was written. It is better to keep the paper in it's original form than taking it to a computer center for lamination. Because when you take it there, there is a high possibility that a third party who is doing the laminating for you, is definitely going to see what you have written down. And once your seed phrase has come in contact with a third party, just know that your funds are not safe. Just look for a good place and store your seed phrase. Just make sure you don't keep it where termite will eat it up. If you keep your house and your surroundings very clean, termites and rodents won't come close. Try as much as possible to make sure that no third party come in contact your your seed phrase.