Mark
How to Make Some Progress this Bear Market 3/5
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?
Probably/certainly not.
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.
My plan:
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.