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Protect your coins from fire and flood
Almost anyone buying and storing cryptocurrencies these days understands the importance of a good wallet.
Taking possession of your coins in a wallet you control is crucial.
As they say, “Not your keys, not your coins.”
Less well-known is how to properly backup your wallet. What do you do when your wallet is lost, stolen, or destroyed?
How Backups Work
When you set up your hardware wallet (like a Ledger) or a software wallet (like Jaxx), you will almost always be given a series of 12 to 24 words.
These words are seemingly random but actually come from a list known as BIP39. Your unique set of words essentially translate to your wallet’s private key.
If for any reason you cannot use your wallet anymore, you can input these words into another wallet and get your coins back.
How Most People Backup Their Wallet
In most cases, people quickly jot their words down on a piece of paper.
Sometimes people even write them down on their phone or take a picture of a piece of paper.
This is problematic for several reasons.
- How You SHOULD Back Up Your Wallet
That’s where a product like the Billfodl comes in.
With Billfodl, you store your seed in something called 316 stainless steel.
This steel is Fireproof and waterproof, which means that if your house burns down or floods, your backup will be protected.
A piece of paper, on the other hand, won’t survive.
And without your wallet or your backup, your funds are lost forever.
How Does Billfodl Work?
Each Billfodl comes with a stainless steel housing unit and several tile sheets.
The tile sheets allow you to punch out pre-engraved tiles to recreate your recovery phrase (also known as a ‘seed phrase’).
After opening the main unit, you slide in each tile one-by-one.
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