Hi folks.
I need some help with storing bitcoin offline.
Please let me know if my thinking is correct.
I have taken an old USB drive, formatted it and encrypted it with veracrypt. I then went onto coinomi and created a wallet. I took a screen shot of the address and qr code, I wrote down the recovery phrase on a piece of paper. I then disconnected from the internet, created a txt file on my encrypted USB drive and added the recovery phrase to the document. I then disconnected the drive and then destroyed the paper I wrote the recovery phrase on.
My question is. Would this work well as an offline wallet for storing/DCAing bitcoin? Could I just send bitcoin to the address/qr code that I took a screenshot of? Then when I am ready one day, I can open my encrypted USB and use the recovery phrase on a wallet and recover all my bitcoin?
I do understand that there is a small risk involved because I created the wallet while connected to the internet. Also, I would maybe punch the recovery phrase on metal for safekeeping.
I don't quite understand the paper wallet story. I see I can create paper wallets on BitAddress but honestly I don't understand the different options as none of them give me a recovery phrase. There's usually like a public qr code and a secret one. I assume the secret one is to recover your coins. The reason I bring up BitAddress is because that allows me to create a wallet while not connected to the internet.
Basically I want to create wallets for family members to save on and get off the exchanges without having to buy hardware wallets. They will make their own wallets, I just want to make it as simple as possible for them, as they and myself don't understand it all too well.
Please help me with my process and how I can make easy offline storage.
I also didn't use any of the wallets I've created. So far just testing.
Thank you
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