Bitcoin Security Guide

Last Updated on June 21, 2021 by Haven Direct

Bitcoin Security Guide | Nextlevel Ventures 2021
  1. KISS, Keep it simple stupid! Don’t screw yourself out of your Bitcoin due to complexity.
  2. Learn the 10 commandments of self custody.
  3. Get a COLDCARD Hardware Wallet, this is how you set it up.
  4. Get a SEEDPLATE Bitcoin Metal Backup., this is how you use it.
  5. Make extra encrypted backups, at least two more and store them in geographically separated locations. This is how you setup an encrypted MicroSD backup.
  6. Pass phrases are great security improvement, but it’s one more thing to have to backup.Here is how you setup a passphrase. Make sure that if you use a passphrase, you have a minimum of one metal backup of the passphrase too.
  7. Test everything!
  8. Now choose a software wallet, I recommend:
    1. FullyNoded (iOS/Mac)
    2. Specter Desktop (Mac/PC/Linux)
    3. Electrum (Mac/PC/Linux)
    4. Blue Wallet (iOS/Mac)
  9. Bonus, I also recommend keeping a backup of the last known working version of the software wallet you chose. Could come in handy in case the wallet becomes abandon-ware and/or you no longer around to help the stakeholders.
  10. Test a small amount, both deposit and spend. And make sure to test backup recovery before depositing real money!
  11. Keep learning, lots of videos here and great Podcasts, as you acquire more knowledge you can increase the security and complexity of your setup based on your needs.
  12. Finally, check out this step-by-step guide on how to setup the whole bitcoin custody solution by Matt

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