If my hardware wallet company (Trezor) goes bust and client disappears are my bitcoins lost?
@Aiden for future posting please open a new question for this and don’t “piggyback” on other people’s questions.
The hardware wallet is an easy device for sending / receiving Bitcoins. Regarding your question about storing money on an exchange like you said – it’s not recommended, but if you have to do it at least have 2fa enabled.
Regarding storing the seed and PIN, there’s no recommended method for this – whatever you feel would be the safest way is good.
For more info please watch this video:
Great website, very informative! I recently bought some digital currencies and I’m looking for a safe way to store them. I like the idea of a hardware wallet like this one. Based on the following information and how I will use bitcoin/other coins is it a good suggestion for me:
1) I’m buying coins only for investment purposes, I will never use them to purchase anything
2) While I will not be day trading, I would be looking to sell after a significant rally and then to buy back cheaper later on (I’d say maybe I would buy/sell a few times a year), if the price goes skyrocketing in a short period I would take profit and wait to buy back cheaper. How easy is it to move my coins from the hard drive back to an online wallet so that I could sell? Also, after I buy back later how easy is it to move back from online wallet to hard drive? Also it’s not recommended to store large amount on online exchange wallet but if I were to sell, I’d have to store it there for a while until the price went back down so I can purchase again… moving to my bank account and then moving back when I want to buy is not feasible since price moves so fast it would take time for money to clear. Is this a bad idea to keep it in the online wallet until I buy again and move back to hard drive? Any other suggestions here?
3) So basically with the hard drive, I would have 2 pieces of paper where I would need to write down the recovery phrase and my pin that would be used to verify any transactions I make with the hard drive? so someone would need the device and the paper to gain access. Is it recommended to store the papers in a bank deposit box at a bank then since you don’t want both stored together? What is recommended? I would also assume you would need more than 1 copy of those papers in case something happened to them? What do people do normally? One at bank and one hidden at home?
When you first set up the TREZOR you get a 12-24 word seed phrase. If anything happens to your physical device you can use that seed phrase to recover your Bitcoins.
Another wallet – either a new TREZOR device or a software wallet like Electrum.
Just to go a little further down this path since I have the same question.. WHERE do I use that seed phrase to recover my Bitcoins? A website? Another wallet? Remember, in the original query, TREZOR has gone bust and is no longer a going concern.
Thanks for the clarification!
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