How do the wealthiest bitcoin holders secure their bitcoin? \ stacker news ~bitcoin

How do the wealthiest bitcoin holders secure their bitcoin?unchained.com/blog/wealthiest-bitcoin-holders-security/

352 sats \ 13 comments \ @BitcoinIsTheFuture 19 Mar bitcoin_beginners

This is a great article to ponder your Bitcoin security and set up.

Personally I have some work to do as I have 50 UTXO’s to consolidate in my multi sig. With fees in the future being much higher I don’t want these valuable sats “stuck.” I’ve been checking daily. Had a good rate yesterday but it shot up before I could grab my keys….

I also want a few more lightning wallets. Just set up my first non-custodial one last week. I went with Phoenix. I have two custodial ones. I also had two other custodial ones that limited use age in the US and had to bail.

Any updates planned on your end that you care to share? Or recommendations for the rest of us?

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31 sats \ 2 replies \ @atl 19 Mar

My end goal is to have a multisig setup with keys dispersed across the country, not jurisdictions. I still want to be able to recover 2/3 keys in a timely manner. Currently I have two singlesig wallets, one with a passphrase and one without. This is ideal as I am a relatively new stacker and don’t have enough coin to justify a robust multisig setup. As well as a couple handy lightning wallets of course. (Phoenix, Alby, Aqua) Recommendations? Generate your keys with a coldcard. Verify everything. I’m preaching to the choir at this point. IMO, I don’t like consolidating utxos. I just save enough fiat until I can buy a decent chunk of coin (1mil and up). I don’t do kyc coins at all either.

21 sats \ 0 replies \ @BitcoinIsTheFuture OP 19 Mar

Sounds good. I have a bunch of smaller amount UTXO’s and the fees will be more sats than they are in the future to get them out. So I think a big condense now and bigger chunks later

0 sats \ 0 replies \ @f6287b82CC84bcbd 19 Mar

And also ensure you have your own private transportation (that doesn't rely on software cloud updates) to reach those places

21 sats \ 0 replies \ @DiedOnTitan 19 Mar

Excellent article! Clarified a lot for me.

0 sats \ 0 replies \ @pajdo 19 Mar

I’m waiting for widespread taproot support to switch to multisig. Until then, I’m using single-sig with a 6 word passphrase. Using an airgapped coldcard, seed etched in steel, other wallets derived from master seed using BIP-85.

0 sats \ 7 replies \ @expatriotic 19 Mar

Use:

Phoenix (least funds)
Zeus (more funds)
Sparrow hot wallet for mixing with whirlpool (more funds)
Passport (most funds)

plus Steel plates (Disperse secrets over geographically divergent places.) For passphrases I keep all of them in my password manager. Each password let's me have a different wallet for a different purpose. I keep ZERO funds on wallets with no passphrase.

0 sats \ 5 replies \ @pajdo 19 Mar

For passphrases I keep all of them in my password manager. Each password let's me have a different wallet for a different purpose. I keep ZERO funds on wallets with no passphrase.

Better to keep some funds on no-passphrase wallet, so you get notified immediately in case of breach, and have enough time to securely transfer your passphrase funds.

0 sats \ 1 reply \ @BitcoinIsTheFuture OP 20 Mar

Um password manager on-line? If so that is a big no no and easy way to lose all you sats!

0 sats \ 0 replies \ @expatriotic 20 Mar

If someone get's access to my password manager, there are no seed words. So how am I losing the sats?

Do you not understand that the attacker has to physically compromise my safe AND virtually compromise my password manager? The password manager only has passphrases in it.

0 sats \ 2 replies \ @expatriotic 19 Mar

Better to have money unprotected so you know someone is trying to steal from you.... Okay

0 sats \ 1 reply \ @pajdo 19 Mar

Better to have money unprotected so you know someone is trying to steal from you.... Okay

Unprotected? Do you publicly display your 24 words? 24 words etched on steel is extremely secure.

Some small amount like 100 bucks could potentially save your stack. Standard practice. Also could serve as a decoy wallet, in case of $5 wrench attack. Although I’d put a bit more, to make it believable.

Otherwise somebody theoretically could already have your seed, and has been working on brute forcing your passphrase.

0 sats \ 0 replies \ @expatriotic 20 Mar

Ridiculous... You can't have it both ways. You're contradicting yourself.

Unprotected!! Your seed words are extremely secure
Someone could have your seed already

You want to use a wallet with no passphrase to use as a "decoy" in case of $5 wrench attack? Feel free. If someone is actively targeting me, I doubt they're gonna believe I only have $100 worth of bitcoin. If they're NOT actively targeting me, why are they $5 wrench attacking me?? Sorry, I just don't buy it. You do you, I'm gonna use a passphrase. Good day

0 sats \ 0 replies \ @BitcoinIsTheFuture OP 19 Mar

Nice set up. I need steel plates as well my old paper is showing age!