Got some real money in BTC? Make a backup of your hw wallet BEFORE you need to

Just some sane advice, this time without a horror story to make the point :0)

If you put some real money in BTC, what exactly is that amount when talking about 'real' will depend on you, we all should know to use a hw wallet.. But how many have actually tried there seed to restore their wallet? What if your wallet gets lost, broken or what ever, and you need to access your funds quick?

My advise; buy a second hw wallet form the start, check your seed on the second wallet after the first small deposit. Only then proceed with putting more money into it.

Please also store your seed and backup hw wallet safe. For me safe means both separate, in a fire proof safe.

If one is afraid of robbery, you can make a decoy wallet, on my ledger I can. Also in that case put the decoy seed as the easy to get and the true seed really hard to find, use your imagination..

If you go this way I think you need to go all the way… Don't tell your partner, kids, or for that matter anyone how much you have, or that you use such a decoy wallet. Under real pressure most will crack and start shouting things to you like "please just give them all we have" or whatever. And with you or a family member at point blank of a gun it will be hard enough to keep your sense and only give them your decoy wallet or seed.

While we're here put at least some convincing money in the decoy wallet…, with a lambo on the drive way do you think they will settle for that hundred or a thousand buck?

Are we talking about big money, that would be for investing and thus not needed to access quickly? We are putting it in several hw wallets, stored at different locations and again we haven't been bragging about the amount or these different locations. Again we have checked the seeds to work and stored these save.

To be honest I just recently made my hw backup wallet. I guess just like most I started small but after a year realized it was becoming some real money I had put in. And it does feel better now I know I have made some preparations for losing my hw wallet or worse.

Want to be your own bank? Then be it!

submitted by /u/Btcyoda
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Bitcoin – The Currency of the Internet

Don’t invest if you don’t trust in Bitcoin. Price is unimportant in the long run. The real value of it through adoption and real-world usage is sky-rocketing since months.

Just thought I'd share what I see as the most important lesson I've learned since I started to get Bitcoin.

Its current price is not its value.

Price is only temporary and will always adjust to value in the end.

You can get a grasp of Bitcoins real value everytime you see news about which new country or organisation is adopting bitcoin. Everytime you see some random sign that says "accepting Bitcoin now". Hell, you can get debit cards by now that you just use like the normal ones and in the background every payment is paid from your wallet instead of your bank account.

But most importantly I learned to bother less about how much fiat my coins are worth because getting Bitcoin should be about having Bitcoin to use in the future because for me there is now doubt about it replacing our current money system.

It already is.

So better be honest to yourself. Do you really trust in Bitcoin and are willing to ignore the price going down because you see its true value?
Or are you just after something to make money with. There's absolutely nothing wrong with that but the problem is if you don't put value>price than you're in for a lot of sleepless nights.

Have a good day everybody. And keep sharing all those pictures about random local stores accepting BTC now 🙂

submitted by /u/mooneken
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Bitcoin – The Currency of the Internet