Adding Extra Security To My Forever HODL

LeoFinance
14 days ago
3 Min Read
691 Words

Hey Jesstackers

When I got into BTC 5 years ago, the BTC I acquired was probably more than I have now, and due to poor decision, I lost a fair amount of BItcoin. However, even though I have less Bitcoin than I did in the past, the Bitcoin I have retained is now worth multiples more in fiat terms.

I remember when I could pick up a whole coin for around $5400 when I got in, it still felt a lot like play money. People didn't take it seriously; we messed around with it, lost some, didn't care much.

It was more about experimenting or trying to trade it to get more fiat.

As BTC and myself matured, the price has appreciated to a point where it's no longer play money. The amounts I had sitting on mobile and desktop wallets began to make one feel nervous.

It's funny because I pride myself on having flipped and living on a Bitcoin standard rather than a fiat one, yet now 0.1 BTC seems silly to keep on a mobile wallet these days.

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Exchanges

As any good BTC holder, I have long since ripped most of my coins off exchanges; having been the victim of an exchange hack, I know the dangers first hand. I do keep some BTC with exchanges that offer me an interest in return for my liquidity, but that's not an amount that I would cry if it were lost on me.

Mobile wallet

I do keep some funds on a mobile/desktop wallet, just in case I need to do a quick transfer and would like BTC on hand because you never know when you may need it. I think it's always good to keep a little bit of BTC in a hot wallet.

Lightning wallet

I've been slowly but surely adding satoshis to lightning wallets partly to try out the network, partly to learn and partly to earn in this new network. I think having some L-sats are going to grow in importance as the network expands and makes spending sats a breeze.

Multi-sig

I am still learning how to use multi-sig wallets and have not added too much BTC to one of these setups. Once I feel more comfortable with the tech, I will probably add a reasonable amount in here.

Physical storage

The vast majority of my funds sit in cold storage on a hardware wallet. I have safety tucked away and keep the private keys away from the wallet. You can never be too careful, and it's important to make sure you don't make it easy for physical device access. $5 wrench attacks can be as painful and costly as a hack, so don't leave yourself open to it.

I am also looking at having my seed phrases stored into a cold Bit and engraving it into steel, and then locking that away for deep storage.

Are you building a Bitcoin stack?

Keeping BTC in various layers is a pain because you have to use different services and tools. Eventually, I think there will be a consolidated UI where I could manage my cold storage, hot wallet, lightning wallet and multi-sig wallets all from one interface.

That would be epic, and I am sure in a few years, we will see it built out in that fashion. So I am just getting ahead of the curve now. It is a total pain and requires a lot of effort now, but I think it's well worth adding as many layers to your BTC holdings as possible.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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