0 sats \ 1 reply \ @rodarmor OP 15 Aug 2022 \ parent \ on: Planning a video on the ultimate bitcoin setup, what would you like to see? bitcoin
This is an interesting idea! I looked into using a safe-deposit box at a bank, and was super unimpressed with their security procedure. However, this was for a single-sig wallet backup, where if the box was compromised, all was lost. For a multi-sig wallet backup, I think it makes a lot of sense. There are privacy concerns though, since you have to KYC at the bank. A more expensive, but very cool option for anyone who lives in the bay area is Los Altos Vault and Safe Deposit.
safe-deposit box at a bank, and was super unimpressed with their security procedure
Depends on the bank. Some places take it more seriously and require you provide an ID every time you access the box. Ask around.
I still think a safe deposit box at the bank is safer than the average person's home for secure storage. The box is much less likely to be impacted by natural disaster and random theft -- who has a safe at home (and most home safes can be broken into in minutes)? Way more likely your hour gets robbed or your friends/family lose the backup you gave them.
There are privacy concerns though, since you have to KYC at the bank.
Your bank has no idea what you have in your box. Your box status is not reported to the government. I think if you're under IRS investigation, they will freeze your bank accounts and also your box. But that is an extreme edge case... this is a noob guide right, not protecting the person for intense criminal prosecution.
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