Protect your crypto assets with a Steel Wallet.
When you create a cryptocurrency wallet, and if it is not generated on an exchange, you will have sole custody over it. This means you need to protect people from accessing it. A Steel Wallet is a perfect solution to store your seed phrase for security.
You will, as a security measure be required to write down a series of 12 to 24 different words. These words would derive around the Bip 39 Industry Standard Word Dictionary. Depending on the encryption process. This is also known as your seed phrase. You will use this for backup purposes if you ever needed to restore your wallet at a future time.
The seed phrases are a series of words which you could write down on a piece of paper and store it in a safe place. This could potentially be unsafe as it could get damaged or stolen in a variety of ways.
The positive aspect of a steel wallet is that they are resistant to pretty much anything, a few examples below are:
- Damp & Mould
This makes steel wallets almost indestructible, and gives you peace of mind that your seed phrases will be intact just when you need it.
Why Use It?
The steel wallet is an investment in itself. The initial outlay will be a benefit to any of the above circumstances (especially if you have a large amount of cryptocurrency in a wallet). Adding your seed phrases to something permanent and solid will also reduce the risk of loss. Its a little bit heavier than paper obviously, but there are lots of places you could still store this. Under a desk, Screwed to a wall, tacked to the floor boards, buried underground, in a safe or safety deposit box. There are many more creative options I am sure that you have already thought of…
There are many innovative product solutions on the market. From a simple hole punch type marker. A letter stamp with mnemonic codes. Small pieces of individual letters that you can use to make up the series of seed words in order. All with various enclosures and entrapments to hold them in.
Just be aware that moving parts should be kept to minimum. Extreme Heat or Impact will more than likely warp or bend the product and shift the elements which will mess up the order of your phrases.
You think you will be able to re-guess the seed phrases?
Think again my friend, see the combinations below!
2048²³ = 14,474,011,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 combinations
(it is not 2048²⁴ due to checksum validity requirements)
We do hope you now see why Steel Wallets like ours are better than a piece of paper or Steel Wallets with moving parts.
Visit our shop for some cost effective steel wallet solutions that are manufactured in house. The most important aspect of this whole process is that the seed words will not be damaged. The only way to displace your seed key phrase would be for you to lose them or get stolen. Store them somewhere safe.