Forget Cold Storage, Go "Deep Freeze" Storage

in LeoFinance2 months ago

Deep Freeze.jpg

Crypto Security

One of the things I've been learning about and diving more into with crypto is cold storage as I'm intending on HODLing for years and have a "never touch" amount unless it's absolutely essential. But having read about all the different hacks on various platforms, which are commonplace by the way, it's made me think a lot more about keeping that valuable crypto as secure as possible. Yes, there are cold storage devices like Ledger or Trezor where you can store your crypto on an encrypted USB stick but I've read many articles and watched several videos where they are all up for taking security one step further.

Crypto Tags

A site that was mentioned is "Crypto Tags" that make Titanium plates that you can use to keep your seed phrase for your most precious wallets safe and secure. For those who don't know, Titanium is a metal with far superior spec to steel and Crypto Tags have footage showing their 6mm plates are bullet proof! Literally!

There are tutorials on their site on how to use this all but you might think this is overkill. You'll probably end up spending more on crypto storage than the actual crypto you want to store instead! However, as CoinBureau pointed out in one of his videos, if you're getting in to crypto, it's on you to keep your funds as safe as possible and he doesn't want to feel that he didn't do everything he could to protect his funds!

Paper Wallets?

I get it, writing down your seed phrase on a sheet of paper is all well and good but paper degrades and if, heaven forbid, you have a fire, then that written down seed phrase can join the ash pile. Water spillages or something else can also cause an issue.

Deep Freeze

Then having safety deposit boxes around the world were mentioned with and splitting your seed phrase across different boxes and it's like, that's some serious deep freeze storage these guys have! However, if you don't intend on ever selling and holding for decades or passing your crypto down to your children, perhaps this "Deep Freeze" storage is the way to go?

Spreading Risk

As with anything to do with spreading risk, you can always have little bits and pieces here and there and not put everything in to one basket which is never a bad call. Having some in cold storage, deep freeze, on exchanges, in lending platforms, hot wallets, defi, Hive/Leo etc is a good way to make sure that if you lose one, you still have access to the rest.

Of course, there is a risk is that every possible location you have it in somehow causes you to lose all your crypto and you'd be desperately unlucky if that were to happen but hopefully you never invested more than you could afford to lose in the first place!

What is your take on "Deep Freeze" storage? Do you have your crypto in various places or is it all lumped in one place? Let me know in the comments below!

Stay cool!

Nicky

I'm not a financial advisor and this isn't financial advise. Always speak to a professional if you're unsure how to invest your money

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I believe spreading it out is best

This is interesting! Ice Cold Baby 🧊

Yes I think you're right. A little bit here, a little bit there, a little bit "oooo I remember where I put that bit" and you get a nice surprise sometimes 😀

Haha, Ice Ice Baby! Damn, should have put that in this one, would have been perfect 👌

I still haven't found the best (and easiest) way to keep everything safe. For now, I think I'm mostly at the 'spreading risk' stage. I've got crypto in various places, got some things written down, some things stored in other places. Honestly, sure things could be stolen, but I'm more afraid I'll lose access by losing passwords / key phrases! I still get confused sometimes by this thing called crypto.

I think a mixture/spread is always a good thing to cover all bases. Things can also get written down wrong too, sheets of paper lost, 3rd party liability etc! Can be a minefield even for those who have been in it longer!

I heard of that tool you mentioned. However, I do like printing papers....Well, more than one copy lol
it seems like you are looking for some stuff around to get to know more. check out Binance Academy for more information.

https://academy.binance.com/en

The only thing to be wary of that I can see is leaving multiple copies around and forget where they are and could be picked up by someone else!

Thanks for the link, is that like Binance's version of Coinbase Learn?

If I really lost them, this is going to be a hilarious hahaha.
Well, you can call it a guide that provided by Binance.
Enjoy

Very interesting idea about the seed phrase. That makes a lot of sense.

There are many ways that we can approach this. We are going to have to be more attentive to security.

Thanks for the reminder.

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Agree 💯

No worries, it's definitely worth thinking about the more you go down the rabbit hole of crypto. It's not a one size fits all solution but in this new industry where ownership of assets is on the individual, you do need to think about things more thoroughly!

You'll probably end up spending more on crypto storage than the actual crypto you want to store instead!

This is where I am right now so I'm spreading the risk whilst going for more conservative options.

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Yeah it can get expensive going for all that deep freeze gear so I'm in the same boat as you. Bits and pieces here and there just in case!

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This is great

Thanks very much!

Can you add more to the conversation than that?

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