⭐ Merited by JayJuanGee (1)
I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.
There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
Thank you for that thread. Indeed, we just have to be aware that there is no perfect way to store our crypto assets. The LA wildfire has taught us how vulnerable we can be to unexpected life happening, especially when it comes to safeguarding our Bitcoin. Come to think of it, what is the essence of buying the dip and holding it for long without proper diversification of our private keys? Apart from using hardware wallets, penning them down, and other measures if there are possible ways to store our keys, I think we should prioritize that. There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
In your thread, I responded to someone's comment. Here is it, though it is a good form of diversifying storage it is still flawed the better we get that into our mind.
Not only having steel plate as your back up, I would consider to have something that you can always carry whenever you go, like this bracelet. Let's say there's a wildfire happened on your house, are you gonna enter your house and find your steel plate? I'm sure the firefighter and other people will push you to go back.
But, if you wear this bracelet everyday, you don't have to worry if someday something bad happen on the place where you hide your seed phrase.
Can we all agree that there is no perfect way to save our seed phrase? Unexpected things can happen anytime and might make us unaware. But, if you wear this bracelet everyday, you don't have to worry if someday something bad happen on the place where you hide your seed phrase.
We should be praying that nothing happens for us to be caught in a situation where we can get access to our seed phrase. Every method we use in storing our seed phrase has one or more flaws. The wrist bracelet you shared is a good method. Of course, it will save you when in the situation of the LA wildfire. On the other hand, it is very risky to walk around with it everywhere, as there are those who may find out that what you are wearing is your seed phrase. They may one day forcefully want to take it or rob you of it. If that is not the case, you may take it off and keep it someplace one faithful day and forget about it. The biggest disadvantage of it is the fact that anyone who has access to it will have access to your wallet instantly.
In the end, it’s about long-term preparation and ensuring that the hard work of buying the dips and HODLing is not a waste. If one method is attacked, we will be hopeful that our keys are still safe in another way.