Focus on the future.
If you hold some crypto along with the belief that some of your digital assets are likely to play a key role in our future, now might be a good time to look into your security and storage of them.
Does anyone need to have all their crypto on their iPhone?
I plan to have most of my digital assets for another 3 – 5 – or ten years. I happen to think that they’ll be worth more than ever as time goes on and other currencies devalue. Just my opinion…
As a result, I’m not trading or selling, and if I can afford to, I’m going to cautiously buy more over time.
Having the confidence that everything is backed up and stored offline in cold storage is key to planning long-term.
Security is not something anyone wants to deal with on any given day, but considering the unlikely worst-case scenario (loss, theft, an exchange that suddenly pauses withdrawals), it’s well worth some time and energy up front.
Move most of my crypto into Cold Storage
This means it’s off-line.
I’m mainly using Exodus with Trezor Model T.
(Read: Review of Exodus wallet)
I’m also revisiting Ledger Live as a way to combine the best of cold storage and staking. Cryptos like ETH, DOT, and ATOM for example.
Backup Recovery Phrases
I have my recovery phrase divided amongst different people I know I can trust. This is known as a Shamir backup. To recover my crypto, should I ever need to, I’ll need to enter a combination of 2/3 different people’s recovery phrases. Each are stored offline in different locations.
Here’s a walk through of how the Shamir setup works on Trezor Model T.
As you should expect, content on HelloCrypto is not to be construed as investment or financial advice. Content published here are based on our opinions, ideas and on providing information we hope can help our audience to evaluate and navigate the wide world of crypto.
Always do your own research.