Crypto News
Why I Am Already A Nostr Maximalist
After being inspired by a podcast with Preston Pysh and Will Casarin in January of 2023 I experienced my first interaction with ‘the nostr’ using a rather clunky interface. Since that time, nostr has gradually become more user friendly and an increasingly meaningful part of my life. I have now deleted all other social media accounts in favor of this blossoming decentralized alternative. My slow exodus away from centralized social media started over ten years ago, but the formation of a functional substitute was the final nail in the coffin. Making the jump at such an early stage may have been premature, but after two months using both nostr and Twitter I chose to make the transition permanent. I’ve written this article to explain my reasoning and provide an assessment of the nostr network as I understand it today.
Nobody is in charge of nostr, I have no one to ask if NOSTR should be capitalized or lowercase. I also have not reached a definitive conclusion regarding how it should be pronounced. Frankly it wouldn’t matter if anyone had an opinion about either of those things. Nostr is what the users and developers make it. Nostr is not a website and it is not a company. Nostr does not rely on a blockchain to function and there are no central servers dictating who can participate in the network. With the exception of shared interest and lightning ‘zap’ integration, it is independent from Bitcoin. Those who already understand Bitcoin seem to have an easier time wrapping their head around the importance of nostr, but I have also met several non-bitcoiners who are passionate about what is being built.
Nostr is a protocol which is designed to have applications built on top of it, or rather to interface with it. Users are free to choose from dozens of applications (clients) to access the protocol. The client they choose determines the nature of the user experience. The name NOSTR is an acronym for Notes and Other Stuff Transmitted by Relay. The functionality of the protocol is in the name, but I will not be diving into the technicalities here. I also will not be discussing the pros and cons of the various clients used to access nostr. Though that would be a helpful resource if someone would like to write that up!
As a non-technical enthusiast of freedom focused technology, I attended Nostrasia in November of 2023 with one primary question in mind; “What applications can’t be replicated on nostr?” At this point there are too many unknowns to answer this conclusively, but my understanding of nostr and its potential applications expanded dramatically during my time in Tokyo. The conference included talks on decentralized versions of nearly every application you can imagine. Twitter, Twitch, Youtube, Reddit, Spotify, Maps, Amazon, GitHub, Goodreads and others. None of these decentralized alternatives are carbon copies of those services. In many ways they seem to have the potential to become even better versions due to lightning integration and open-source user input.
At times I have wondered if what is being built will ultimately become a new decentralized version of the entire internet. As far as current limitations are concerned, the primary challenge I heard being discussed at nostrasia is that of creating a nostr equivalent for signal or telegram. Private encrypted chat may be more addressable by something like SimpleX. At this time it is unclear if the applications in development will be successful or scalable, but given the progress I have witnessed in the space since joining, I am feeling enthusiastic.
Optimism aside, it is hypothetically possible that nostr will not survive long enough to accomplish any of the bold objectives that are currently being proposed. There are many financial and technical challenges ahead. It is possible that I made a mistake in putting all my nostrich eggs in one basket. That choice is not for everyone and I fully appreciate that. However, having waited for a decentralized and open-source alternative to social media for many years, I am willing to take the risk associated with adopting this technology early. I would rather experience the unpolished user interface and potentially wade through a lot of frustration than continue putting my energy into a system I see as obsolete.
Every choice carries risk. When it comes to asset management, the risk of poorly allocating financial capital has drastic and permanent implications. In the case of social media, the risk of poorly allocating social capital is noticeable, but much less dramatic. The truth is that by using a centralized social media platform you have already sacrificed control over any social capital you have expended. At any moment, that site could shift its policies in a way that negatively affects you or they can delete your account at their own discretion. All the connections and content you have developed on those platforms is hanging at the whim of mega-corporations and government intervention. Personally, I have more faith in open-source code than I do in human institutions.
When creating an identity on nostr, a cryptographic signature is fashioned for you by open-source internet magic (as far as my pleb mind can ascertain). This signature has a private and public key, referred to as the nsec and npub respectively. An npub looks like the one below and can be used to find other users:
npub1jfn4ghffz7uq7urllk6y4rle0yvz26800w4qfmn4dv0sr48rdz9qyzt047 (add me 🧡🫂💜)
The npub is a novel form of online identification which is not required to be linked to your meatspace identity in any way. The nsec is used to sign in to new clients and to prove that you are the owner of the account; similar to bitcoin private keys. This key pair can be used anywhere in the nostrverse to prove that you are a particular individual or account. Follows, followers, and posted content are associated with a npub through the relays that npub is using. This means that if you are interested in trying out a new client or migrating away from the one you are using you may do this without any loss of connections or content.
This novel approach to online identity and data storage creates a much more competitive space for the developers creating applications, but also enables interoperability. Two critical factors which are altogether missing in today’s existing social media landscape. Current social media behemoths rely on the fact that it is challenging to leave and difficult to communicate between platforms. I deleted my Facebook years ago and for many months received emails about ‘So-and-so misses you! Look at what they posted recently.’ Naturally, I would be forced to log back in to view the content. The blatant and desperate emotional manipulation was too much to stomach. Nostr has the potential to obliterate the walled garden model where your digital life is held hostage for ad revenue and data collection.
In addition to the structural issues with legacy social media, it is clear that online censorship is on a steep increase. However you may feel about censorship when it is happening to someone you disagree with, you won’t like it when the censors turn on you. Some people appreciate censorship because there is a lot of content they would rather not see. Personally, I would like to make that choice myself rather than have some faceless corporation without a customer service line make it for me.
Ultimately the social media giants have been placed in an impossible position. Legislators will not stop pushing them to maintain the Overton window in their favor. Whether a social media provider wishes to be a propaganda tool or not, the nature of any centralized platform will ensure that it becomes one. Centralized dissemination of what is ‘appropriate content’ and what is considered ‘misinformation’ will inevitably narrow the scope of human understanding to a point where self-censorship is the norm. To a large extent this has already happened.
Some believe that misinformation is the most dangerous aspect of the internet. Allowing people to communicate freely in an open marketplace of ideas is too much to bear for these people. They feel the need to control what people say and by extension control what people think. This fear based need for control over the population does not align with my values. Despite the inevitable failure of such approaches in the age of the internet, we will likely see an increase in attempts to KYC (know-your-customer) everyone on centralized networks. The social credit system in China has provided the world with a case study to be weary of. When your bank card gets declined at the grocery store for a meme you re-posted on Xitter don’t say I didn’t warn you. Have I already become a toxic nostr maxi?… Maybe. 🧡🫂💜
Michel Foucault’s writings on disciplinary power outline a methodology towards an essentially non-violent oppression of the masses. Looking at his conceptualization and the current state of affairs in the social media landscape, I have a difficult time telling them apart. The final result of such a system is a society in which authentic connection and genuine behavior become impossible. Physical prisons are only one form of enslavement. The true prison of the dystopian future manifests inside the mind of the individual. Bitcoiners who have watched their personal time preference expand understand this intuitively.
There are people in the bitcoin community who see nostr as a distraction and there are people in the nostr community who see bitcoin as an impediment to adoption. All I see is a massive synergistic upward spiral between the orange badger and the purple ostrich. These two protocols feed each other and enable new use cases which culminate in something much greater than the two independent parts. Bitcoin is essential for shifting the world away from debt slavery into proof of work. Nostr is essential for shifting the world away from top down dissemination of information to a free market of content. In this way the two technologies are ideologically aligned with volunteerism and personal liberty.
Most bitcoiners would agree that financial freedom is essential in maintaining one’s personal agency. However, without the ability to communicate freely the new found financial liberation is handicapped. The ability to reliably coordinate commerce and correspond in a peer-to-peer fashion is much more essential than many seem to acknowledge at this moment. Additionally, the reason the fiat system is so potent in its deception is not exclusively a result of the accountants and politicians engaged in the fraud. The real strength of the fiat leviathan is a function of global propaganda efforts to maintain the perpetual delusion. If hyperbitcoinization occurs and the propaganda apparatus remains in place, most people are unlikely to benefit from its liberating qualities. In order for the full impact of bitcoin to take root on this planet we will also need a means of sharing information openly and efficiently.
All of this rhetoric is a bit grandiose for the moment given that the estimates I have received regarding daily active users ranges around 10,000. It could be that this article and the protocol itself will age poorly, but many of the concepts in this article will remain relevant to the importance of a decentralized method of mass communication. If nostr fails, something will take its place. Given the development I have witnessed so far, I would be surprised to see nostr fall flat. The protocol is drawing in talent and checking off bounties at an exponential rate. As the bitcoin price increases I anticipate this trend to continue. Those who believe that bitcoin is a distraction to nostr underestimate the electromagnetism of the bull market. Those who believe that nostr is a distraction from bitcoin didn’t meet the former ethereum dev at nostrasia who became a bitcoiner because of nostr. The purple pill helps the orange pill go down.
On a more subjective level, I have noticed a dramatically better user experience on nostr than I did in the legacy system. The effect is so pronounced that I can say that my mental health has noticeably improved since I got off of Twitter. There are several variables I could attribute to that improvement. The lack of enraging algorithms, the general size of the community I am interacting with, the shared interest of that community, or the conscious understanding that I am free to say whatever I want. Whatever it is, I am not the only one who has noticed a much better vibe on the nostr.
I have noticed that some of the popular Twitter accounts have not been quite as popular on nostr and some lesser known accounts have gained traction. I currently have more followers than I ever did on Twitter (a whopping 1400). Some of the larger accounts on Twitter are sharing on a more personal level on nostr than they do in the larger forum. These effects may not stay this way as the network grows, but at the moment it feels as though some of my favorite people are more accessible and more comfortable to share openly with the nostr community.
Earlier in my bitcoin journey I was of the opinion that the greater diversity of viewpoints I could interact with, the more comprehensive my understanding of the world would become. I was cautious of ending up in a filter bubble or an echo chamber of certain niche opinions. As time went on I made a point to exclusively follow people on twitter who were outspokenly ‘Bitcoin Only’. This provided a simple heuristic for me to narrow my field of interactions to people who had put in enough work to jump the hurdle out of the clown coin casino. I remain realistic about the possibility that I have intentionally manufactured confirmation bias in my online experience, but with the impending AI boom it will become increasingly difficult to remain in an unfiltered social pool.
By narrowing my online interactions to a specific group I run the risk of missing out on unique opinions, but so far this pruning has continuously increased the signal in my feed while reducing the noise. The scope of nuanced perspectives between bitcoiners on nostr has provided me with plenty to consider and learn from. In any case I still get a daily dose of intellectual debris to sort through from the normies I talk to in meatspace. When it comes to my online life, I concluded I would rather spend time getting to know this merry band of internet pioneers than stay connected to the rest of the traditional social media system.
Some have suggested that by leaving legacy social media I might be surrendering to irrelevance and obscurity. Personally I see the exodus of bitcoiners from Xitter gradually culminating in that network fading into irrelevance. I give credit to those of you who remain in the fray to fight the good fight, but my days engaging in that digital mosh pit are over. While my own learning process was accelerated by debates on Twitter, nine times out of ten I don’t see productive outcomes from online arguments. What I have found productive and rewarding has been interacting with people who are passionate enough about freedom to roll the dice on this new protocol.
It is very likely that every person early in this movement will be doxxed. However, in the long run we are supporting a technology that will enable future generations the freedom to choose how much privacy they maintain and how much information they share with the world. We are enabling a future where people have the freedom to be as authentic as they want without artificial limitations on the scope of human expression.
Being on nostr in 2023 feels a lot like pre-gaming the greatest internet party the world has ever seen. The sound system has some bugs, the decorations are still in process, and nobody knows for sure if anybody else will show up, but spirits are high. I’ve often equated sites like Xitter and F-book with a crappy dive bar that everybody goes to exclusively because everybody goes there. The more that they kick people out, water down the drinks, and raise prices; the more they will chase their customers off. I didn’t write this article to shame anyone or to pressure them into joining nostr, but if it ignited a spark in you to learn more, my objective was accomplished. There’s no rush, but when you decide you’re fed up with the status quo we will be waiting for you with open arms.
This is a guest post by Source Node. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Nostr may not be perfect, but it does represent a massive improvement over existing centralized platforms when it comes to data and identity ownership.
Crypto News
Why It’s Not Too Late to Invest in Bitcoin
For years, Bitcoin skeptics have watched from the sidelines, waiting for a moment to join the ride, only to convince themselves that they’ve already missed the boat. However, the reality tells a different story. Not only is it not too late, but Bitcoin continues to prove itself as a superior investment option compared to traditional assets—whether you have $25 a week to spare or millions to allocate.
Bitcoin Magazine Pro has a free portfolio analysis tool, Dollar Cost Average (DCA) Strategies, which enables investors to measure Bitcoin’s performance against other leading assets like gold, the Dow Jones (DJI), and Apple (AAPL) stock. This powerful tool provides hard data to demonstrate how consistent, disciplined investing over time can lead to outsized returns, even with modest amounts.
What Is Bitcoin Dollar Cost Averaging?
Dollar cost averaging involves investing a fixed amount of money at regular intervals, regardless of the asset’s price. This strategy eliminates emotional decision-making and smooths out the effects of market volatility. By consistently buying Bitcoin over a defined period, investors benefit from market dips while building their portfolios over time.
Outperforming Traditional Assets Across Timeframes
Let’s break down the numbers using the DCA Strategies tool, starting with the last six months to emphasize recent performance::
- 6 Months:
Investing $25 weekly in Bitcoin would have turned $675 into $985.56, a 46.01% return. Meanwhile: Gold increased just 5.82%. Apple (AAPL) gained 10.32%. The Dow Jones (DJI) delivered a mere 7.34%. - 1 Year:
With a total investment of $1,325 in Bitcoin, your portfolio would now be worth $2,140.20, reflecting a 61.52% return. By comparison: Gold increased by 14.50%. Apple gained 22.80%. The Dow Jones grew by only 11.36%. - 2 Years:
A $25 weekly investment totaling $2,650 would now be valued at $7,145.42—a 169.64% return. Meanwhile: Gold rose by 26.56%. Apple grew by 36.22%. The Dow Jones delivered 21.13%. - 4 Years:
The long-term case is even stronger. A $5,250 investment would now be worth $14,877.77, representing an incredible 183.39% return. In the same period: Gold increased by 37.26%. Apple gained 54.05%. The Dow Jones grew 27.32%.
Across every timeframe, Bitcoin outpaces traditional assets, offering compelling returns even during short-term periods of six months to a year.
Why Timing the Market Doesn’t Matter
For investors hesitant about entering the market now, it’s important to understand that Bitcoin’s long-term performance speaks for itself. Historical data shows that adopting a DCA strategy minimizes the risk of market timing while amplifying returns over time. Even small, regular investments compound significantly when Bitcoin appreciates.
Moreover, Bitcoin is no longer seen as a speculative asset but as a reliable store of value in a volatile economic landscape. With institutional adoption, technological advancements, and increasing scarcity due to its fixed supply, Bitcoin’s long-term outlook remains overwhelmingly positive.
Why You’re Still Early
The global adoption of Bitcoin is still in its infancy. Despite its impressive performance, Bitcoin’s total market capitalization is small compared to traditional asset classes like gold or equities. This means there’s still significant room for growth as more individuals, institutions, and even governments recognize its utility and value.
Despite Bitcoin’s impressive track record of outperforming gold in terms of returns, its market capitalization at the time of writing stands at only 10.82% of gold’s market cap. This highlights significant growth potential; at current market prices, Bitcoin would need to increase 9.24 times to reach parity with gold, translating to a projected price of $934,541 per BTC.
This price target is in line with recent Bitcoin forecasts, including Eric Trump’s confident projection that Bitcoin’s price will reach $1 million.
With tools like Bitcoin Magazine Pro’s DCA Strategies, anyone can explore how small, regular investments can create exponential growth over time. Whether your starting point is $25 per week or $2,500, the data proves one thing: it’s never too late to start investing in Bitcoin.
A Tool for Every Investor
The DCA Strategies tool available on Bitcoin Magazine Pro allows you to customize your investment parameters, including purchase amounts, frequencies, and start dates. This flexibility empowers investors to create tailored strategies that align with their financial goals and time horizons.
The tool also provides comparative analysis against other assets, so you can clearly see how Bitcoin outperforms over time. This isn’t just a theoretical exercise—it’s actionable insight for anyone serious about building long-term wealth.
Conclusion: The Time to Act Is Now
For those sitting on the fence, thinking they’ve missed their chance, the data is clear: Bitcoin is not only a viable investment—it’s the best-performing asset of the decade. With a DCA strategy, even the most cautious investor can start small and reap the rewards of long-term growth.
It’s time to stop watching from the sidelines. Use Bitcoin Magazine Pro’s Dollar Cost Average Strategies tool to craft your investment approach today. If history repeats itself—and there’s every reason to believe it will—Bitcoin’s future is brighter than ever.
To explore live data and stay informed on the latest analysis, visit bitcoinmagazinepro.com.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Think you’ve missed the Bitcoin boom? Think again. Despite its impressive past performance, Bitcoin continues to be a top-performing asset, even in recent months. With strategies like Dollar Cost Averaging (DCA), you don’t need a fortune to start investing. Learn why Bitcoin outshines gold, the Dow Jones, and other traditional investments, proving it’s never too late to join the Bitcoin revolution.
Crypto News
Why and How to Backup Your Bitcoin
If you’ve bought bitcoin, chances are that you want to self-custody. Without self-custody, you don’t really have bitcoin, so why wouldn’t you? Using a hardware device to set up an offline bitcoin wallet is generally recommended. But backing up your wallet is actually much more important than having a hardware wallet. Yet, bitcoin backups are often ignored as an afterthought.
We’ll now be looking into why backing up your bitcoin wallet is crucial, but more importantly how to properly do it with the right products to secure your bitcoin holdings for multiple generations without trusted third parties.
Backup First
If you don’t self-custody and rely on a trusted third party like an exchange, custodian or broker, you may have good reasons for this, but perhaps you would be better off thinking about holding your own keys. As the adage goes, not your keys, not your…
Now of course, if you only have $10 or $50 worth of bitcoin in self-custody, backing up your wallet may not be relevant at this time. But if, for example, you hold a month’s worth of salary, a year’s worth of savings or even more than 5% of your net worth, then a backup may be absolutely essential to secure your bitcoin holdings.
You should backup your bitcoin because electronics and hardware devices fail. That’s not specific to bitcoin or to openly criticize hardware wallet manufacturers. Rather, hardware wallets are similar to other general consumer electronics such as computers and USB keys, in that they break over time due to life hazards.
Having multiple keys within a multisig wallet may help reduce this risk of hardware failure, but is it enough for you to feel comfortable for the next 30 years? If not, read on. Paper backups are generally included when you buy a hardware wallet, but well, they’re paper. Paper is at risk of loss, shredding, misplacement, ink may fade, etc… Using paper for your backup is not a good idea. You should not store highly sensitive and perhaps incredibly valuable data onto paper for many years.
Medium of Storage
Over the years, and since Cryptosteel announced the world’s first metal backup back in 2013, we have seen many different formats of bitcoin metal backups by multiple different vendors. Which one is the preferred today? Is there any better format between cassettes, tiles, plates, punch cards and others?
First things first, make sure that your backup is built with high grade stainless steel, which is highly durable. Titanium options may also be a good alternative. Any other medium of storage used by existing manufacturers or recommended by free DIY options may be more fragile and prone to complete data loss in case of fire or other corrosive hazards (such as Aluminium).
Formats also exist in various options, such as flat cassettes with moving tiles, punching metal cards, ring tiles mounted onto a core, punchable tubes, punchable rings threaded onto a core, and more. So, which one is the best and why?
We need to establish the needs of someone who is backing their bitcoin seed phrase. The most important aspect is that it should be simple. Some would argue that’s not the priority but it really is. If it is difficult or inconvenient to use, then few people will do it right, while many others may be unable to complete a successful backup. Of course, a good bitcoin backup must be durable, recoverable, affordable and private, but that should almost be basic requirements for any product.
Anatomy of a Good Backup
We cannot start this discussion without sharing Lopp’s comprehensive technical overview of what makes a good seed phrase backup, based on his past research testing various models of metal bitcoin backups. The following analysis is more akin to an opinionated view of metal bitcoin backups as of 2024 focused on usability, security and durability.
A simple way to backup your bitcoin should require no extra tooling. That’s the best way to keep things simple for anyone looking to durably backup their bitcoin holdings. Requiring no tools is also safer with no risk of harm due to poor usage of tools. It’s also more discrete and enjoyable as there should be no noise from the process of making a backup. A larger number of people are able to backup their holdings if it does not require specialized equipment, such as sharp items, hammers, anvils or punches.
Obviously, your backup must be durable. That’s the whole point. We’ve established that stainless steel is the best alloy to rely on. But about the format? Over the years, we’ve seen different shapes of backups. What matters is that the format be resistant to life hazards, including fire, flood, tons of weight press and extreme changes in any of these conditions. We’re concerned about concrete life risks such as floods, hurricanes, as well as house and apartment fires, which can cause high temperatures but also buildings to crumble.
Options for backup formats usually fall within 6 categories to record data: sliding, stamping, engraving, etching, punching and stacking.
Sliding
Introduced in 2013 by Cryptosteel, the sliding backup design is a rail-based device in which you slide tiles, such as Cassette by Cryptosteel, Simbit or Billfodl. They are quite easy to set up, not requiring specialized tooling and are resistant to most risks such as corrosion from acid, heat from fire, and water floods. But this design may pose some risks of partial or even complete data loss if the medium gets bent or twisted by a very heavy weight press.
Vendor Reviews: Cryptosteel Cassette, Simbit, Ellipal Mnemonic Metal, Bunkeroid, HODL Wallet (discontinued), Billfodl (discontinued), Steeldisk (discontinued)
Engraving
Similar to stamping, engraving does not necessarily require stamps, but can be done with various sharp tools to permanently mark the metal, such as dremel, small chisels, and gravers. Of course, engraving can be done on many different formats of metal backups, but require even more specialized tools and security measures to avoid injuries than with stamping.
Vendor Reviews: SteelWallet (DIY), Steelki, CryptoVault (discontinued), Crypto Key Stack (discontinued)
Etching
Etching is used to mark metal backups with the corrosive action of an acid or electrochemical process. This is probably the least popular way to mark metal backups but is usually available as an option with vendors that rely on engraving for imprinting a backup in metal. It relies on highly specialized tools and is hazardous due to the dangerous chemical products required.
Vendor Reviews: Steelki, Black Seed Ink, Cryptoetch (discontinued), SteelWallet (DIY), CryptoVault (discontinued), Crypto Key Stack (discontinued)
Stamping
Usually the most widespread technique in both commercial and DIY products, stamping is a way to mark metal backups of different formats, from plates to hexagonal tubular shapes, fender washers and rings. Stamping requires medium to advanced technical skills, as it requires using tools, such as hammers, stamps and optional jig and guiding rails to ensure stamping is done safely with the correct alignment of characters. Wearing protective gears for eyes and fingers is usually recommended for safety.
Vendor Reviews: Coldbit, DIY BulletProof Bitcoin, Crypto Keys (discontinued), Hodlinox (discontinued), SAFU Ninja (DIY), Safe Seed, Seedor, Cryptotag
Punching
Similar to stamping, punching requires medium to advanced technical skills as special tools such as punches and hammers are used to mark metal permanently. It’s also quite popular as stamping, and requires only one single shape to punch, instead of multiple unique stamps. It’s usually done on metal plates with grids as well as hexagonal tubular shapes. It can be quite difficult to mark metal punching without making errors but also reading data may prove inconvenient for recovery. Wearing protective gears for eyes and fingers is usually recommended for safety.
Vendor Reviews: Blockplate, Seedplate, Smallseed, Attenuo (discontinued), Steelwallet, Coldkeys S, Bitplate Domino
Stacking
One of the least widespread commercial products, and perhaps most underappreciated formats is to stack tiles and other ring parts, such as fender washers. This design is compatible with beginners having low levels of technical skills, and DIY enthusiasts. The order and completeness of seed phrases is absolutely crucial for recovery, so this design must have reliable cotter-pins acting as closing and retention clips, or should include numbering for each word. Other than that, assembling these products does not require any tools, except for DIY options using the “stacking” design combined with “stamping”, for instance.
Vendor Reviews: Cryptosteel Capsule, Cryptosteel Seed12, SAFU Ninja DIY
Additional Considerations
Affordability
How much does a backup cost? The price at which a bitcoin backup product is available is an important criteria for many consumers. This is also true for hardware wallet manufacturers who may consider bundling their hardware devices with backup products. A price point under $50 is considered affordable. Anything over 100$ is considered premium, while the most common pricing is within the $50-100 range usually.
Erasability
Can errors be made and corrected without rendering the backup obsolete? Very few backup formats are editable and erasable. This can be useful for error correction, backup reuse with new seed phrases and also for educational content. It’s also a great benefit to discard a seed phrase backup privately, without leaking any sensitive information. Usually, the “stacking” model is the only compatible format to erase a backup.
Tamper-Evidence
Is it obvious if someone saw or made a copy of a backup? Revealing that a backup has been viewed by a third party is an important feature for anyone worried about the “evil maid attack”. Usually, tamper-evident seals are DIY and do not come built into the backup design. Very few backups have such seals integrated as part of the core product, though it is a useful privacy and security add-on.
Compactness
How small is a backup in size to hide it easily? The dimensions of a backup matter quite a lot to be able to hide it in some safe place, but also from a durability standpoint. A small and compact backup is less likely to bend to tons of weight pressure.
Seed12 as a Recommended Backup
Based on the previous discussion, our recommended bitcoin self-custody backup as of December 2024 is the Seed12 by Cryptosteel. Assemble your backup by threading character tiles onto the core, encasing them in an optional protective capsule and tamper-proof seal.
- Affordable: For $30, the Seed12 Core and $59 the Seed12 Security Kit are priced quite competitively to other commercial backups. Of course, DIY options remain more affordable for constrained budgets.
- Durable: Made from high grade stainless steel, Seed12 is highly resistant to impact, flood and fire temperatures.
- Compact: Packaged in a matchbox-sized case.
- No tools: This backup system requires no tools, such as hammers or sharp punches, making it easy and safe to set up.
- Erasable: As one of the smallest backup kits ever designed, it is also erasable and reusable, built with a modular tile system for easy error correction.
- Flexible: Consumers can purchase additional parts and only pay for what they use, such as extra tiles, capsules or tamper-proof seals.
The Right Conditions to Backup
Now that we’ve covered most aspects and considerations of what makes a good bitcoin backup, let’s briefly cover how and where to actually set it up. When setting up your bitcoin backup, ensure the following:
- Secure Environment: Choose a private, distraction-free space to set up your backup without risk of being overheard or observed.
- Backup Location: Store in a secure, fireproof, and waterproof location, such as a home safe or a safety deposit box for additional security.
- Redundancy: Create multiple backups and store them in geographically separated locations.
- Privacy Measures: Use tamper-evident seals or concealment techniques to detect or prevent unauthorized access.
- Documentation: Clearly label backups and write a documented plan to help yourself and your trusted ones to recover your bitcoin with your backups.
- Regular Checks: Periodically verify the backup’s condition and accessibility while ensuring it remains private and simple to use to recover your bitcoin.
If you have bitcoin in self-custody, you must have a good backup. Backing up your bitcoin is not just a precaution—it’s a necessity for securing your holdings over the long term. With the right materials, such as stainless steel or titanium, and careful attention to format, usability, and durability, you can ensure your backup withstands life’s challenges. Whether you opt for sliding, stamping, punching, or stacking designs, prioritize simplicity and reliability. By following proper setup conditions and choosing high-quality products built to last, you can protect your bitcoin for generations without relying on third parties.
This is a guest post by Thibaud. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
A look at bitcoin backups, why they are important, and how to manage them.
Crypto News
Ray Dalio Prefers Bitcoin Over Bonds
Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, said he prefers investing in “hard money” like bitcoin and gold over debt assets, given rising global indebtedness.
In a speech at the Abu Dhabi Finance Week conference, the veteran investor referred to “unprecedented levels” of debt seen in all major countries, including the United States and China, stressing that current levels are unsustainable.
“It is impossible for these countries to be able to not have a debt crisis in the years ahead that will lead to a great decline of [money] value,” Dalio said.
He continued that he wants to “steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin.” Dalio sees bitcoin and gold as stable hedges against economic uncertainty.
The billionaire investor was not always so keen on bitcoin. Previously, Dalio believed crypto would not succeed as hoped. But he has emerged as a major bitcoin advocate in recent years.
In 2022, Dalio said allocating up to 2% of a portfolio to bitcoin, in addition to gold, is reasonable to hedge against inflation.
Dalio’s take further legitimizes bitcoin as a hedge against unsound monetary policies. As nations continue debasing fiat currencies, bitcoin’s fixed supply makes it a safe haven.
Ray Dalio says he prefers bitcoin and gold over bonds amid rising global debt levels, signaling growing institutional endorsement of bitcoin as a safe haven asset.
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A real fact-check of Trump’s appearance on Meet the Press Judd Legum
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Substacks1 year ago
Letter to the Children of Gaza – Read by Eunice Wong Chris Hedges