Bitcoin Keys: 7 Travel Tips

Original published by Unchained.com.

Unchained The US Collaborative Custody is the official partner and sponsor of Bitcoin Magazine. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine. They also sponsor related content. website. 

To ensure bitcoin security, you must take on additional responsibility. What happens if you have to travel? Should you take the bitcoin keys with you if you have large bitcoins in cold storage? What steps should you take to ensure your keys are secure if you travel with them?

Take a look at these seven travel tips to minimize risk and maximize control when traveling with Bitcoin.

1. Only carry the wallets that you actually need

Bitcoin allows for you to separate funds between multiple wallets, so you can only carry the keys that are needed to access smaller amounts. Cold storage multisig is a great way to secure bitcoins, but you can still carry some in your hot wallet. BlueWallet The following are some examples of how to use Muun.

You can receive and spend bitcoins by only having the keys for the wallets that you use. The rest of your money is stored in cold storage, like multisig. This eliminates the single point of failure.

2. Consider your destination

You should consider the destination you are traveling to and any travel plans that you have when assessing your risk of travelling with bitcoin keys. What is the crime risk relative to your location? Your destination is it a city or country with a lot of crime? How will you be surrounded?

In destinations with higher rates of crime or widespread thefts, you should assume that your smartphone will be taken. Avoid storing keys for large amounts of bitcoins on your smartphone. It is important to keep small bitcoin amounts in your mobile wallets. However, even keeping keys for multisig wallets stored on your phone when you are traveling increases the risk of compromise. an arduous key replacement.

You should adapt your security measures to the fact that you assume everyone will know you if you plan on attending an event at which bitcoin ownership is presumed. own bitcoin. It could be as simple as ensuring all single-signature wallets contain a passphrase. Or, it might mean using multisig for smaller amounts and keeping the keys with your luggage while you travel.

3. Traveling with backups of seed phrases is not recommended

Why you should always secure your seed phrasesThey are not encrypted, so they can be compromised much more easily than hardware wallets. Your hardware wallet’s private key data will generally be secured in a secure elementSeed phrase backups, which are behind a PIN and require a PC for access, are much easier to steal, photograph, or copy.

You should travel with a hardware wallet if you are planning to travel normally.

When you travel, it is important to have a phrase in your backup.

If you travel with an elderly person, it is important to be aware of their needs. seed phrase backup In some cases, you may be able to move permanently. Moving to a permanent residence (we published a guide You can travel with your seed phrase if you have a 12-word or 24-word one.

You can minimize your risk and still maintain peace of heart if you travel with the seed phrase:

• Keep your distance from airport securityWrite a backup seed phrase on paper in the book or write it using a format that is easy to remember. Use metal cases or locks that are suspicious. When your bag is pulled, it’s more likely that your phrase will appear.
• Use a passphrase with wallets that only have one signatureThe seed phrase is protected by a passphrase, not a PIN. Passphrases can be used to protect your seed phrase, but they are not as secure. generally risky compared to other custody setups like multisigIf you’re traveling and have a phrase to seed your wallet, then it makes sense. Just make sure it is properly backed-up.).
• Travel companions can be a great resourceIf you absolutely must have one seed at your destination, then it is possible to compromise one by temporarily storing it in a password manager before leaving (see below). You can make sure that your seed phrase will be at the destination by temporarily storing it in a password management program before you leave.

4. What you say, and what you do.

To know what an attacker is after, he or she must first identify the person they are targeting. Here’s where operational security can help. This advice is applicable to all bitcoin users, but especially for those who travel.

You’re constantly at the mercy of other people or environments that you cannot control. It’s riskier to let the world know that you have large amounts of bitcoin.

• Do not discuss bitcoins with anyone you do not trustTalking less about bitcoin is one of the simplest things that you can do. You should be cautious. “spreading the word.”
• Do not put Bitcoin stickers on laptops or other devicesThis is like a big neon sign that says, “this device is storing private key data!”
• Wear bitcoin related merchandiseWearing merchandise with Bitcoin logos is a bad idea, especially in areas where the public knows what they are looking for.
• You shouldn’t mention how much Bitcoin you own ownIn general, it’s a good practice to share only the bitcoins you own with those who need to know. If an attacker knows you’re more valuable, they may be more likely to take extreme measures or even riskier actions.

Even if your personal key information is not on you, such behaviors may still pose a physical threat. You might be able to protect your Bitcoin if you have no bitcoins to hand over to someone who attacks you with a $5 tool, but you might lose your kneecaps!

5. How to make a fake money wallet

Many wallets let you create a fake wallet. You can create decoy wallets to have a separate wallet that is completely different from your main wallet. This wallet will be activated in situations of duress. These wallets allow you to add money that you are willing to risk, but is significant enough for the attacker to think you got it.

You can set up your decoy Bitcoin wallet in a number of ways:

1. Singlesig + Passphrase
2. Use one key for a multisigquorum
3. Duress PIN

Singlesig + Passphrase

A passphrase allows you to create a second wallet, which would allow an attacker to access a subset of funds. It is possible to use a secondary wallet as a dummy while keeping your primary wallet secure with a passphrase. Never forget to keep your wallet safe. consider the tradeoffs of using a passphraseIt is important to always back up the passphrase (it depends on whether it’s in lower or upper case).

Multisig

You can use one of the keys from the quorum to protect yourself if you are using multisig. As long as it is kept secret that a hardware wallet or a seed phrase form part of your multisig setup you will be protected. You can do this by using a hardware wallet or software wallet that is normally part of a multisig set-up as if it were a separate wallet. An attacker could access the funds sent to the singlesig wallet associated with that seed while not accessing—or even knowing about—the wallet constructed with multisig.

Duress PIN

Duress PINs are available from some wallet makers. You can use this feature to create a decoy PIN, which allows an attacker to access a separate wallet. Give the attacker the incorrect PIN if you are attacked and they can have the small subset of money in the wallet.

Coldcard offers, as an example, three duress PINs. One unlocks a fake wallet. Another destroys the seed when entered. And the third creates a customizable countdown. “brick modes”. These tools offer you confidence that attackers won’t be able to access your primary bitcoin keys—if any at all.

6. Avoid single-point failures by using multisig

Bitcoin’s native feature of multisignature can be used to create decoy currencies, and it is also an effective tool in reducing travel risk. If you want to take private keys on a trip, but don’t want to be tied to a single-signature wallet for any reason, then a multisig wallet is the best option. You can reduce the risk of traveling with 3 hardware wallets. Each key is held in one multisigquorum.

You can take advantage of many new features that are only available to you when traveling. There are security and other tradeoffs that you should consider for each of these. articleBut you can:

• Travel with a key holder that distributes keysYou can fly on an airplane with a multisig 2-of-3 where you keep one key on your person and another in a hidden compartment of your carry-on bag. A third key, along with seed phrases, are geographically dispersed in different secure places. The three keys are kept separate, and two must be present to use the funds.
• Seed phrase stored digitallyBy temporarily compromising your seed phrase and storing it on a password manager, you can ensure that a backup seed phrase for your multisigquorum has already arrived at the destination. Once you reach your destination, you will be able to conduct a key replacement For any temporary seed phrase stored on a device connected to the internet.
• Send yourself a hardware coin wallet or seed phraseYou can still spend your funds after you arrive if you mail a hardware wallet to your destination or carry a seed phrase.
• Countersigns for partnersWhether it is a custody partner or a financial You can work with an institution such as Unchained, or a third-party trusted by you in order to coordinate signing transactions when you are traveling with only a small number of keys.

Use a tool such as Sparrow, ElectrumIf you want to know more about. our very own Caravan You can build multisig wallets on your own. If you require help with setting up the multisig system or learning about travel best practices for collaborative custody, please contact us. we have a team This can be a great help.

7. Make an estate plan

If you have substantial bitcoins, it’s important to create an estate plan. This is especially true when you travel. You want to be sure that if something happens to you, your bitcoins will go to the rightful owner. next Of kin with no hitch

This would be very difficult if traveling with your self-custody bitcoin in a singlesig wallet, but multisig—and even better for inheritance purposes, including a collaborative custody partner in your multisig setup—can give you the best of all worlds: convenient access to your self-custody bitcoin and peace of mind knowing it will be taken care of in your absence.

We wrote about an earlier article in which we discussed article Understanding the complexities of how to set up an inheritance plan for your bitcoin If that is something you would like to take into consideration before your trip.

Bitcoin Security Considerations

There’s more to Bitcoin key security than just traveling. Check out our guides. seed phrase storage best practicesThe Trade-offs Associated with paper vs. metal seed phrase backups, When using Multisig, you need to ensure that your security is maintained. wallet config information Principles for storing seed phrases in safe deposit boxes.

Original published by Unchained.com.

Unchained The US Collaborative Custody is the official partner and sponsor of Bitcoin Magazine. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine. They also sponsor related content. website. 

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Source: bitcoinmagazine.com