Self-custody is likely to be your goal if you bought bitcoin. Self-custody is essential to owning bitcoin. In general, it is best to create an offline bitcoin wallet using a device. Backups are more important for your wallet than a hardware wallet. Bitcoin backups, however, are usually an afterthought.
Now we’ll look at why it is important to back up your bitcoins, and how you can do this with the best products that will secure your bitcoins without relying on third parties.
Backup First
You may have good reason for not holding your keys, but you might be better off if you did. As the adage goes, not your keys, not your…
Backing up your wallet is not necessary if, for example, you have only $10 or $50 in bitcoins. If, however, your bitcoins are worth more than your monthly salary or a full year of savings, or even 5% of what you own, a backup is absolutely necessary to protect your holdings.
It is important to back up your bitcoin because hardware and electronics can break down. This is not a criticism of hardware wallets or bitcoin. In fact, hardware wallets have the same problem as other electronics like computers or USB sticks. They break due to wear and tear.
Multisig wallets with multiple keys can help to reduce the risk of failure. But is that enough? Read on if you don’t. They’re just paper. Paper is at risk of loss, shredding, misplacement, ink may fade, etc… Using paper for your backup is not a good idea. Do not keep highly valuable and sensitive information for years on paper.
Storage Medium
Over the past few years and ever since Cryptosteel released the first Bitcoin metal backup in 2013, there have been many different versions of metal bitcoin backups offered by different vendors. Which is today’s most popular? What is the best format?
First, ensure that you are using stainless steel of high quality, as it is extremely durable. You can also consider titanium options. Other storage media used by manufacturers and recommended for free by DIY solutions may be fragile, prone to data loss in the event of a fire or other hazards.
There are also a variety of formats, including flat cassettes, metal punch cards, rings tiles on a core mounted, tubes that can be punched, or punchable rings and threaded onto cores. Which one do you think is best?
It is important to understand the person who will be backing your bitcoin seed phrase. Simple is the most important thing. Many would say that this is not the most important thing, but in reality it is. It is important to make it easy to use. If the product is too difficult, it will be used by few. Others may have trouble completing a backup. A good bitcoin backup should be affordable, durable, and secure. But that’s a basic requirement for all products.
The Anatomy Of A Good Backup
Lopp’s detailed technical description is essential to the discussion. what makes a good seed phrase backup. Based on his past research Testing various metal backup models. This analysis is more of an opinionated look at metal bitcoin backups in 2024, focusing on their usability and security.
Simple backups of bitcoin are not complicated and do not require any extra tools. This is the easiest way for those who want to backup bitcoins. It is safer to use no tools, as there are no risks of injury due to improper usage. The process is also quieter and more enjoyable, as it should not make any noise. It is easier for more people to back up their assets if they don’t need specialized tools, like hammers, punches, or sharp objects.
Of course, you need a backup that is durable. The whole idea is to make sure that your backup will last. We have established that stainless is the most reliable alloy. How about the format of your backup? We’ve seen many different backup shapes over the years. It is important that any backup format resists life-threatening conditions, such as fire, flooding, extreme weight pressure, and other severe changes. The most important thing is that the format be resistant to life hazards, such as fire, flood, tons of weight press, and extreme changes in any of these conditions.
There are six categories of backup formats: sliding, stamping (engraving), etching (etching), punching (stacking) and stacking.
Slide
Cryptosteel introduced the sliding back design in 2013. It’s a device with a rail that you can slide tiles on, like Cassette, Simbit, or Billfodl. The devices can be easily set up without specialized equipment and they are highly resistant to many risks, including acidic corrosion and heat caused by fire. This design can cause data loss, if the media is bent by heavy presses.
Vendor Reviews: Cryptosteel Cassette, Simbit, Ellipal Mnemonic Metal, Bunkeroid, HODL Wallet (discontinued), Billfodl (discontinued), Steeldisk (discontinued)
Engraving
Like stamping, engraving can also be achieved with sharp instruments, including dremels and small chisels. While engraving can be performed on a variety of different metals and formats, more safety measures are required to prevent injuries.
Vendor Reviews: SteelWallet (DIY), Steelki, CryptoVault (discontinued), Crypto Key Stack (discontinued)
Etching
Metal backups are marked by etching, which is a corrosive process using acid or electrochemicals. It is the least common way of marking metal backups, but it is often offered by vendors who rely on engraving to imprint a metal backup. This method requires highly-specialized tools, and it is dangerous due to the hazardous chemical products that are required.
Vendor Reviews: Steelki, Black Seed Ink, Cryptoetch (discontinued), SteelWallet (DIY), CryptoVault (discontinued), Crypto Key Stack (discontinued)
Stamping
Stamping, which is the most common technique for both DIY and commercial products, allows you to mark metal backings in different shapes and sizes, such as rings, washers, hexagonal tubes, and plates. It requires intermediate to advanced skills to stamp metal. This is because stamping involves using tools such as stamps, hammers and optional guides and rails. It is recommended to wear protective gloves and eyewear for your fingers.
Vendor Reviews: Coldbit, DIY BulletProof Bitcoin, Crypto Keys (discontinued), Hodlinox (discontinued), SAFU Ninja (DIY), Safe Seed, Seedor, Cryptotag
Punching
As with stamping, the use of special tools (hammers and punches) to permanently mark metal requires intermediate-to-advanced technical skill. This is also popular, but it only requires one shape instead of many unique stamps. On metal sheets with hexagonal shapes and grids, it’s done. Marking metal punching can be difficult without errors, but reading data is also not always easy. It is recommended to wear protective gloves and eyewear for your safety.
Vendor Reviews: Blockplate, Seedplate, Smallseed, Attenuo (discontinued), Steelwallet, Coldkeys S, Bitplate Domino
Stalling
The stacking of tiles, fender washers, or other rings is one of the less common commercial products and underappreciated formats. The design can be used by DIY enthusiasts and beginners with low technical skill levels. This design should have cotter pins that act as closure and retention clips or include a numbering system for every word. Assembling these products requires no tools other than the DIY option using the “stacking” Design combined with “stamping”For example.
Vendor Reviews: Cryptosteel Capsule, Cryptosteel Seed12, SAFU Ninja DIY
Further Considerations
Affordability
What is the price of a backup? For many customers, the cost of bitcoin backup products is a key factor. The same is true for the hardware wallet makers who could consider bundling products to their hardware. Price points under $50 are considered affordable. Any price over $100$ is considered expensive, while most products are priced between 50-100$.
Erasability
Is it possible to make and correct errors without making the backup outdated? There are very few formats that can be modified and erased. It can also be used for education, error correction and backup reuse. This is a good way to dispose of a backup seed phrase privately without divulging sensitive information. The seed phrase backup is usually discarded in a private manner. “stacking” The only format compatible with erasing a backup is model.
Tamper-Evidence
Does it seem obvious that someone has viewed or copied a backup file? Anyone concerned about their data should be aware that the backups have been seen by third parties. “evil maid attack”. The majority of tamper proof seals come as DIY products and not integrated into backup designs. The seals are not usually built into the backup design, but they can be a great privacy and security feature.
Compactness
What size backup can you easily hide? It is important to consider the dimensions of your backup, not only to conceal it but to ensure its durability. Small and compact backups are less likely to be bent by heavy weight.
As a recommended backup, Seed12 is a good choice.
As a result of the discussion previously, we recommend that you create a bitcoin self-custody storage backup by December 2024. Seed12 Cryptosteel. By Cryptosteel.
- Seed12 security kits are quite affordable. At $59 and $30 respectively, they offer a very competitive price compared to commercial backups. DIY solutions are still more cost-effective for those with limited budgets.
- Seed12’s stainless steel is durable and resistant to heat, impact, flooding, and flood temperatures.
- In a compact case the size of a matchbox.
- The backup system does not require any tools such as sharp punches or hammers. This makes it simple and easy to assemble.
- The modular tiles are designed to make it easy for you to correct errors.
- Flexible: The consumer can buy extra parts, and pay only for the ones they need, like additional tiles, capsules, or tamper proof seals.
Back up in the Right conditions
After we have covered all the aspects and factors that make a great bitcoin backup, lets briefly discuss how to and where you can actually setup it. When you’re setting up your backup bitcoin, be sure to:
- Safe Environment: Select a place that is private and distraction-free to install your backup. This will reduce the risk of you being observed or overheard.
- Place to store backups: For extra security, keep them in a place that is secure, fireproof and waterproof.
- Redundancy: Store multiple copies of your data in different locations.
- Privacy measures: Seals and concealment methods that are tamper evident can be used to prevent or detect unauthorized access.
- Documentation: Clearly mark backups, and make a written plan for you to use and to share with others to restore your bitcoin using your backups.
- Regular checks: Verify the condition of your backup and its accessibility. Make sure it is private, easy to access and can be used to retrieve bitcoin.
You must always have an adequate backup if you are keeping bitcoins in your own custody. Backing up your bitcoin is not just a precaution—it’s a necessity for securing your holdings over the long term. With the use of stainless steel and titanium and careful consideration for format, durability, and usability, your backup can withstand any challenge. To ensure reliability and simplicity, choose designs that are simple to use, such as sliding, pressing, stacking or stamping. You can safeguard your bitcoins for many generations by following the right setup procedures and selecting high-quality, durable products.
Thibaud has written a guest blog. Opinions are solely their own, and may not reflect the views of BTC Inc.
“This article is not financial advice.”
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Source: bitcoinmagazine.com
