Thread by @CarlBMenger

A durable deep-cold-storage and guidance for your heirs are key when it comes to #Bitcoin self-custody. Make it all yourself.

Better wrap your head around this NOW before it's too late. A step-to-step guide (21)👇

(1|21) Is your #Bitcoin seed-storage robust to withstand external influences? Does anyone know about your Bitcoin? Do they know how to take control of it in case of emergency? When I asked myself these questions, it hit me like a blow. F*** am I unprepared for unexpected events.

(2|21) As some might have already painfully discovered in 2022, it is crucial to store #Bitcoin yourself. “Not your keys, not your coins” is one of the most important mantras in the Bitcoin community.

(3|21) A #Bitcoin ‘private key’ or ‘seed phrase’ is basically a randomly chosen number, often expressed in 12 or 24 words, a very complex password, so to speak. The person who has the private key also has control over the Bitcoin associated with that key.

(4|21) The #Bitcoin private key is created directly on your Hardware-Wallet, meaning that the manufacturer does not have a copy of your key. If you lose it, it will be lost forever. To avoid a manipulated wallet, purchase yours directly from the manufacturer.

(5|21) I strongly would recommend a Hardware-Wallet that uses open source and #Bitcoin only software.

(6|21) When you got your #Bitcoin private key, it’s super important to store it properly. DO NOT STORE IT DIGITALLY. NEVER!

You can simply write the words on a piece of paper, yet not very durable against external influences. Better is it to engrave it in steel. I‘ll show you!

(7|21) Many providers offer so-called seed-plates made of steel. Of course, you can just order one. But in the following, I would like to show you how you can easily make multiple #Bitcoin key storages out of steel for only about 70 bucks yourself. And its fun! Let’s go 👇

(8|21) #Bitcoin itself is on the pedestal of many thought leaders, including this idea. Therefore, credit to @econoalchemist. Check him out!

In the following, I will just write you a short summary and show you my personal journey.

(9|21) To build your own cold and resistant #Bitcoin storage made of stainless steel, you only need the following hardware components (For multiple storages).

(10|21) Check out my recent Substack article for links to all the hardware components and a more detailed Step-to-Step guide on how to set it up: open.substack.com/pub/carlbmenge…

(11|21) How to: Start by simply placing @CryptoCloaks Blockmit Washer Jig on your work surface, place a washer in it, take the appropriate stamp and stamp letter by letter into the washers. Stamp also the number of the word on top of it (1 CARL, 2 MENGER,…

(12|21) The correct order of the words are very important. To restore access to your #Bitcoin, you need to type the words in the correct order. Yea, indeed this takes some time. As you know: The fun comes with the sweat and it’s called proof of work.

(13|21) When you have stamped all the words on the washers, you can wind them on the bolt and close them with the wingnut. Congrats, you now have your home-made #Bitcoin key-storage well protected against external influences.

(14|21) To prove this to you, I let mine stew in my oven, right in the fire, for 12 hours. (I just burned 5 washers for display purposes only). As you can see, everything is well readable. The same goes with salt water or the like. But don’t trust, try it yourself!

(15|21) I would recommend that you make TWO identical seed-storages at once, and then keep them in two different locations. Also, it is very helpful if you put the metal storage in a safe bag, so you can always tell for sure if someone has discovered your #Bitcoin private key.

(16|21) Great, now your #Bitcoin are protected from external influences. One more thing: What happens if you have an emergency and nobody knows about your #Bitcoin wallet or your seed-storage?

Well, your #Bitcoin are probably a donation to other Bitcoiners.

(17|21) That's why I think it's important to include the people who will inherit your #Bitcoin in case of emergency. You don't have to tell them your private key (yet), but at least tell them where to find it and give them a beginner-friendly guide on how to access your coins.

(18|21) Most importantly: Don't make it too complicated! That's also why I'm not describing multi-sig and the like here, because I really think the biggest danger to your #Bitcoin treasure is that your descendants won't know about it and/or won’t know how to access them.

(19|21) The easiest way to get this information to your heirs is to draft a cover letter, where you briefly outline general information about your #Bitcoin (Private key, where you store it, …) and a little guide on how to access them.

(20|21) In this cover letter, it might also be useful to name a trusted person with contact details, so that if your heirs have any problems, they can contact someone trustworthy, who knows already a bit about #Bitcoin. Of course, the choice is of crucial importance.

(21|21) For further information, definitely check out the whole episode on my Substack. Hopefully it was valuable and I see you at the next, straight from the #Bitcoin-land #ElSalvador 🏄🏄🏼

₿ critical, ₿ informed, ₿ prepared. Yours, Carl 🧡

open.substack.com/pub/carlbmenge…