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Storing recovery phrases - How to do it right?

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by COINS NEWS 69 Views

Hi folks,

I have a pretty large amount of crypto across multiple currencies and I've been upgrading my cold wallet recently to try and improve security and recoverability (I've previously lost a seed phrase for another wallet which was very painful)

My new setup is 3 Ledger Nano S devices stored in tamper-evident bags in multiple geographic locations, each is running the exact same wallets via a shared recovery phrase, the PIN needed to unlock them only being known to me. The idea being this balances security (only I know the PIN) with recoverability (it would be very hard for all 3 devices to fail) - Example of device 3: https://i.imgur.com/tnheHKA.jpg

What I can't work out though is what to do with the recovery sheets, I have 3 of them which I'm currently just hiding but I don't really like that at all. I understand I can't pull the recovery phrase from the Ledger devices after setup (this was my preferred option) so I'm likely going to have to store them so I can enrol future devices into the wallet

Is there a good way to go about storing recovery sheets? I've thought about putting them in safe deposit boxes but that feels like it significantly downgrades my security, because with the Ledger devices you needed some knowledge only I had as well as possession of the device. I've also considered encrypting the recovery phrase somehow on an airgapped machine but this would be a huge pain, and very expensive if I destroyed the airgapped machine after it handled the recovery phrase.

If anyone has any better suggestions would very much appreciate any advice :)

submitted by /u/BasedSweet
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