How not to lose 7.000 Bitcoin!?

Paper storage is a bad practice

We talked about it in another article , but many people still use paper to record their log-in details. Obviously, this practice is dangerous from a security point of view:

• The data is written in clear text, so that anyone with access to your paper medium can then use your identifiers.
• Since it’s not a durable medium, it’s also difficult to identify. This increases the risk of losing, discarding or destroying your backup medium.

Hundred million dollars inaccessible

And if there’s one area in which it’s crucial to be able to preserve your credentials over time, it’s financial investment, particularly in crypto-assets.

One of the best-known stories is undoubtedly that of Stefan Thomas, a German programmer who saved his bitcoin wallet on a password-protected external hard drive… But he stored this password on a piece of paper which he has since mislaid.

We’re talking here about over 7,000 lost bitcoins, a fortune of several hundred million dollars made inaccessible by the loss of a simple piece of paper. And he’s not the only one.

You’ve got to admit, it’s a bad feeling. And you don’t want to do the same mistake.  

Be self-custody

While today’s means of storing passwords have developed, it’s still important to keep your hands  on your most important credentials. And your crypto wallets or banking access are obviously part of this.

With Seedkeeper, you can choose to store your passwords yourself, without relying on a third party. All this while opting for a durable medium that will be with you for many years to come, and whose simple design ensures record reliability.

Bear in mind that while the self-custody of your digital assets is important, the self-custody of your passwords and recovery phrases is just as important. What’s the point of taking drastic measures to safeguard your assets yourself if the secrets that enable access to them are entrusted to third parties?

It doesn’t make much sense, and that’s why we designed Seedkeeper.