Try writing them down, cutting them up, and placing each piece of paper in different bank vaults across the country.
Extreme right?
Well maybe not if you have cryptocurrency that is worth around $1.3 Billion USD at current prices.
Tyler and Cameron Winklevoss have done just that with hopes of protecting their $1.3 Billion worth of Bitcoin.
The Winklevoss twins began buying bitcoin back in 2012, when bitcoin was trading for around $10 per coin.
To fund their purchases, they used roughly 18% of the money they received from the settlement reached with Mark Zuckerberg over Facebook.
That 18% equated to about $11 million dollars. (The total settlement was for $65 million USD)
Which bought them about 120,000 Bitcoins.
They were laughed at during the time and ridiculed for putting that amount of money into bitcoin back then. Now people call them geniuses.
Funny how quickly things can change.
Either way, the Winklevoss twins aren't taking any chances with losing their wallet keys or having them fall into the wrong hands.
Plus it probably helps remove the temptation for them to sell as prices seem to make new highs just about every week.
Is this something you should do with your wallet keys or your steemit master password?
Probably not, though there is something to be taken from this story about keeping your password safe and well protected.
At the very least it should be stored offline, and you should possibly have a physical copy of it as well.
You don't want to be the person, when steem is trading for $100 per coin, telling some news paper how you had 10,000 steem that you can't access because you lost your password many years ago.
Don't be that guy.
Stay informed my friends and happy holidays!
Sources:
http://www.dailymail.co.uk/news/article-5210417/Winklevoss-twins-cut-key-1-3b-Bitcoin-fortune.html
Image Sources:
https://bridge909.org/eightonesixty/oneyearanniversary/
http://www.businessinsider.com/winklevoss-twins-on-bitcoin-2013-11
Follow me: @jrcornel
absolutely right
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Yes, 100% right.It's so much important to all.
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and people gona be like
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Hahaha . My uncle is one whom my Dad helped open an account and funded it with 100 steems and he never saved the password . As steem rises I can see my uncle already worried.
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Agreed! 100 % :)
Peace
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Cool
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Merry Christmas
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Congratulations @jrcornel, this post is the forth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 33 and the total pending payments to posts in these categories was $2858.55. To see the full list of highest paid posts across all accounts categories, click here.
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What do you consider the best way of protecting your crypto assets? I have a Nano Ledger and I hand wrote all my passwords - what else do you recommend?
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Nothing else... but perhaps running a vpn also?
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Great strategy.
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I have a buddy who had several Bitcoin but then lost his password, he bought in 2012, and forgot about them till this year when bitcoin started blowing up. He had a few bitcoin, he didnt say how many.
Anyways he finally tore his place apart looking for his old cell phone to unlock the wallet, but couldnt. Fortunately he found his paper wallet the salesperson gave him when he bought the BTC from a private seller!
Also I would just like to put this out there:
Winklevoss for President 2020, 2024, 2028 and 2032!
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Regarding steemit I still do not know what is a safe way for most of us to store are keys. Every time I make a transaction I always need it on hand. I do at least one transaction a day. Curious what ways to protect a steemit key?
I currently have it stored on a usb drive but not encrypted. I have heard about spyware and key loggers so have up to date security software on the computer. Still the fact that the key is used daily makes me feel vulnerable.
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Awesome story @jrcornel going to be sharing this with friend and family!
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Smart men making smart decisions. It's a shame Zuckerface got the best of Facebook.
Regarding security, at least have a fire safe in your home. Trusting even one word to an outside source is risky to me.
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would be better to just remember the seed ;)
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Most definitely keep it stored offline somewhere with a physical copy. Not a note on a phone that may decide one day that it's not going to function anymore. Write it on a piece of paper and put inside the frame of a family photo or somewhere that wont get stolen or searched.
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couldn’t agree more
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just memorize the key :P
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Good luck.
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No, the 4th golden rule of steemit lol
https://steemit.com/steemit/@babitaghale/seven-rules-of-steemit-password
Thats not an option :P
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Thanks for the Information.
I'm keeping my private keys on Disk On Key. I don't even have it on my computer. It's all on the DOK.
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I use a ledger nano s, and it works superb for me
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Anybody has that kind of money would do everything to secure it. But I think, still bank is not safe as well. Better make our own vault and not to tell anyone we have it.
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Good post bro thank You
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That is an extreme example for sure but stresses the importance of protecting that password!
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We should hv bacjup handy..rather than making it public.
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This is very important, and something that I actually need to do (write down so I have a physical copy and store in a safe place) so that 'I'm not that guy' haha thanks for sharing... something I needed to hear again
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It really is a horrible thought losing your steemit password! I had a nightmare about it a few months ago and woke up in shock!
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Its a very good idea but there should be a way in which the password can be changed to what we want, instead of been stored in a bank it would be stored in our brain
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Haha, if I had that much coin I would probably do the same. Does anyone have a guide for security, the most detailed I've found is:https://steemit.com/cryptocurrency/@tomshwom/tomshwom-s-advanced-crypto-security-guide-part-3-creating-a-secure-wallet but havent implemented it yet. Maybe a ledger nano-s is a good bet?
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Worst idea ever. Keys in a bank??. The crypto pumpers bash the bankers and Fiat currencies all day long and then go to the bank for protection?. Oh the irony. If you ask me the best way to lose your crypto is to put it in the bank.
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Your writing is so important and essential for all. so I resteemit this. thank you so much.
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buty
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tienez razon,
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I have some coins stored in a Ledger Nano S and I think that is safer compared to Exodus & Metamask for example.
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Please Sir,
My steem account @aungminthet
Please help vote me.
Thank you Sir.
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Aww Man !! Remembering passwords is a headache 😫😌
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Absolutely true.
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The best way to keep the keys safe is to change them frequently and keep the new version offline.
Merry Christmas!
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I don't understand all of the hype about crypto currency...I still don't totally get who is paying us here on steemit but thats okay. Never look a gift horse in the mouth they say and you don't always need to get everything in life you just need to go with the flow.
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Just do lots and lots of research. Watch videos. Read white papers. Learn about encryption. That will get you up to speed, and then you'll truly appreciate what we're dealing with here. Took me a while to get it because I didn't understand the technicalities, but now that I get it from a lay person's perspective, I'm very excited about crypto.
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Storing them offline at a secure place is the right option one should have to use. I have printed my keys and have stored them at a safe place.
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There's always Trezor you can use, right?
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I would like to ask you what you think about green Wallet
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Nice post jrcornel
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My keys where the sun dont shine!
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Very true..very hard to apply. I would probably forget where the vaults are, lol. But point well taken the keys should be protected
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I'm keeping my private keys on Mount Everest!
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The last place I would put something to keep it safe is in a bank. lol
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