In the crypto world, what we truly own boils down to one single thing – the private key, or seed phrase.
When we use exchanges like Coinbase or Binance, those wallets are custodial in nature. When we forget passwords or do something stupid, we assume that the administrator can help us. This is usually true, if that entity is trustworthy. This also means that the risk that they can abscond with our assets cannot be ignored.
To be truly safe (or unsafe, if you’re a careless individual) we must be the only ones who know our seed phrase. Lose the seed, poof goes our assets. NOBODY CAN HELP.
A 12-word seed phrase contains 5,000 trillion trillion trillion possibilities. This means that even a super computer can’t crack it.
It is not safe to keep the seed phrase in a computer or in the cloud, because it isn’t safe. (duh) Sure, write it down, but it could be destroyed by the elements – fire, water, corrosion etc.
There are many types of crypto wallet, each with pros and cons. There exists reviews like this to help you decide.
For me, the criteria is – keep it simple,
stupid safe. The simpler the solution, then there exists fewer points of failure. It’s not about looking stylo or cool at this point, but being able to retain the seed phrase. For my eyes, only. It must be easy to use (no mistakes) with no moving parts.
I chose to use Steel Wallet which consists of laser engraved stainless steel sheets. Although seed phrases can contain words that are 3 or more letters in length, only the first four is required to uniquely identify the word.
Each steel plate can store 6 words on one side, with the alphabets A-Z on the y-axis. A set of 2 steel plates can store one 24-word Ledger seed phrase or two 12-word seed phrases.
No special tool is required because the steel plates ship with an automatic center puncher. First, I mark down where I’m going to punch with a pencil. After checking through that the points are marked correctly, press down with enough force using the puncher, and it punches a hole into the steel plate – exceedingly easy to use.
After punching close to hundred holes in 30 minutes, my hand was aching but it was a job well done. Obviously, I can’t show you how it looks like when it is done 🙂 Even if you have just a few thousands dollars worth of crypto at this point, I feel that it is a worthwhile investment for peace of mind.
This is not a sponsored post but if you need to buy it, here is the link : https://steel-wallet.de/
(Ships globally from Germany)
Consider this as the most important layer of protection when it comes to crypto. For custodial wallets that uses email/password to log in, please use a password manager and enable 2FA using tool like Authy where possible.
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