lewashby

Storage Options

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Storage Options

I currently have Litecoin and Ethereum and soon to have some Steem. I'm leery of the online storage options, I almost lost all of my Litecoins to btc-e because of their account re-activation policy, plus you never know what kind of crap the state will pull on these services at a moments notice. I have been looking at the wallet options but most seem pretty expensive. I've also lived through a house burning down so my computer doesn't seem ideal either. What's a good option for storage? Thanks.linux

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Nothing is going to be perfect, you have to pick something.  If the earth blew up, you'd also lose your coins.

 

You don't want to store them online.

You don't want to store them somewhere the state might access them.

You don't want to store them at home.

 

Put the wallet.dat files on three USB keys of different makes and store them in 3 different places.  Redundancy is the key in any successful backup system.

 

Good luck!


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First of first understand what are private keys.

 

There is a multi-currency wallet called Exodus that is for linux but they don't give you an option to set fee and some other things but they have simple backup BIP39 : random words and from them you are able to generate private keys.

 

What is easiest is to use some bip39 , basically you can write your own words or let the generator generate random ones. Those words are called seed/mnemonics ... from them you are able to generate private keys for multiple currencies (and more than one private key and addresses). So basically yo can remember these words in your head or engrave them onto the metal plate or you can take them by using some pattern in some book, poem or even song that you know - you just for instance take very first word of the poems sentence and see if it can generate the keys. There are numerous ways just be creative and it won't be hard to lose the access to your funds as long as you know this seed. Because you can simply generate new one. Hardware wallets use this thing also (maybe not bip39 but a kind of seed) + they are expensive as you said. Or you can just remember that seed that exodus provide you as backup. If you want me to explain a bit better, will try.

 

Here is a link to BIP39 generator (you can run it offline on a live OS to make sure your keys are not exposed to others). https://coinomi.com/recovery-phrase-tool.html  I found this one to support most of the coins. You can save this as html page even on some online drives on your USB and more so that you always have an access to a tool that can generate your keys.

 

 

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