How to secure your digital assets for less than $1.00
There are many ways to secure your digital assets, but what you are really doing is securing the Private/Secret Keys from hackers. Private/Secret Keys are required to authorize or “sign” a transaction.
Solutions exists from Hardware wallets to paper wallets and Wallet apps, but how do you secure and backup those?
A hardware wallet is a external device (like a flash drive) that connects to your computer. There are many to choose from.
(I used this book cover as a backdrop to take the pictures, no hidden meanings here ... well maybe a little)
Keep Key / Leger Nano/ Trezor /Secalot
These hardware wallets allow you to send receive digital assets with a web based interface. These are secured in the fact that your secret keys are stored on the hardware device external to your computer and can only be authorized by the external hardware. It is authorized by you typically by selecting a button on the external device to confirm a transaction.
When you get a hardware wallet and set it up, you are asked to write down and store a 12 to 24 seed phrase. This is your backup in case you lose or damage your hardware wallet. So you write it down on the card provided and store it away.
Paper wallets are nice, but its well ... on paper. Ever wash your jeans with paper folded up in a pocket you forgot about?
Here is a short how to video on a paper wallet:
How can you securely store your seed phrase or the private/secret keys safely?
Put the paper in a safe right .... not so fast!!!
Your written down seed phrase and keys are not impervious to water, fire or children. Hey – there are solutions to that as well:
Wow those are expensive!
You can DIY for under $1.00
Do yourself a favor, save some money and try something simple. (Added bonus is it feels like a coin and can easily be stored in a safe like coins)
1. You can easily go buy a Fender washer from Home Depot that is made out of stainless steel, the same material all the above listed mega brilliant steel solutions. ($1.18/2 = $0.59 per washer)
2. Borrow or buy a number and letter stamp set.
3. Find a hard surface and hammer and start stamping away.
With a paper wallet (free to create) and a Fender Washer for under $1.00 you have just secured your keys to digital assets.
And now with those savings you can follow the wisdom of the few discussed here: https://coil.com/p/mirrae/Shaq-on-Money/RAQrUp2ND
Photo by Gabriel Wasylko on Unsplash