Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Tamaperdana
on 06/12/2024, 16:31:09 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.

There is a problem if there is ONLY one back up, and so people need to consider how they are going to deal with matters, and let's say that your house burns down?  Is your back up and your wallet in the same place?  We cannot secure as much if we have faulty backup systems, and yeah, it can be difficult for some people, including maybe more difficulties if a person is moving locations and he might have all of his valuables in one place.. so there need to be systems that account for possible things that could go wrong if everything is in one place.. and surely the point about if any time anyone might have had seen the seed, then they might have made a copy of it, taken a picture or some kind of way of noting the seed.
You are right that the wallet phrase is better written before the wallet sends the bitcoins. Because this is useful for making the bitcoin assets we own safer. Apart from that, the idea of ​​laminating paper containing the phrase wallet would indeed be very risky if carried out by a laminating service. So I personally laminated the paper containing the wallet phrase itself. The method is quite simple and doesn't require a machine either. However, I only need a laminating bag and to glue it I use an iron. And the results are not much different from the results of laminating using a machine. So I personally do this to laminate wallet phrase paper and of course it is definitely safe.

Apart from that, regarding anticipating the loss of your wallet due to a house fire or flood, we also have to think about this carefully. Because sometimes unexpected things can happen to our homes. So to anticipate this, I think we should make two or three copies of the wallet phrase and store them in different places. Although this method also has risks, in my opinion the benefits are no less great. The most important thing is that the place used to store the wallet phrase is truly safe.

And I also have another suggestion. When we write our wallet phrase on paper, it would be nice if the wallet phrase has been written, we have to check it by entering the wallet phrase and seeing whether the wallet phrase is correct or not. So that way we will be more sure whether the wallet phrase we wrote is true or false. Because it would be very troublesome if, for example, we wrote down a wallet phrase, then we kept it for years, and when we wanted to open or enter the wallet phrase, one of the words of the phrase was wrong.