Remember that anyone who gets access to a quorum of your seeds (
m-of-n) as well as your much less secure public key information can steal all of your bitcoin, so do not store store a quorum of your seeds in one place!
You want to backup each of your 24-word bip39 seed phrases on a piece of paper, so that you can recover if your hardware wallet is lost, defective, or destroyed.
That means at a minimum you’ll have 3 pieces of paper, each with 1 seed phrase.
m of your seeds along with all
n of your extended public key info (see Backup Public Keys) will allow you to recover your funds.
Some good places to store a seed:
- Vaults at banks - safe-deposit boxes have the added benefit that in the event of your death they should naturally transfer over to your heirs.
- Safes at home/work - you may not have the security systems/monitoring of a bank, but you also don’t have to trust a third party to let you in (and no one will be peeking over your shoulder).
- Buried in a mountain - X marks the spot!
- With a trusted family member (or very close friend) - remember that if you give away
mseeds, this person can spend your bitcoin.
Comfortable with the concepts in this step?
Read the advanced considerations that can potentially improve your security here.
» Next Section: Backup Public Keys