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Add sample seed backup configurations
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ramontayag committed Dec 3, 2020
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Expand Up @@ -74,3 +74,41 @@ Place your paper into a plastic bag with a good seal (vacuum sealed even better)

#### Fireproof Document Bag
You can use these to protect seed backups, and also to protect your physical hardware wallets.

## Example Backup Configuration
### 2 of 3 wallet

#### Locations
1. Wallet #1 in a safety deposit box
2. Wallet #2 in another safety deposit box (better from another bank, at least another branch)
3. Wallet #3 in a safe at home

#### Checklist
- All three devices should also have the following on paper:
- its seed
- the master public keys (xpub) of all 3 seeds
- instructions on how to spend from the wallet
- Your heirs should be able to get access to the safety deposit boxes in case something happens to you. This is an agreement between you and your bank/s.
- Every year or two, check your devices and seeds to ensure they are still intact. Put this on your calendar so you do not forget. There can be floods, paper can corrode, devices can break, or bank could have lost your stuff. Since this is a 2 of 3, you can lose access to one of the keys, but if you lose access to 2 of the keys, you can no longer spend from the wallet.

### 3 of 5 wallet

#### Locations
1. Wallet #1 in a safe at home
2. Wallet #2 in a safe at home
3. Wallet #3 in a safety deposit box
4. Wallet #4 in another safety deposit box (better from another bank, at least another branch) or a trusted friend/family
5. Wallet #5 in another safety deposit box (better from yet another bank, at least another branch) or a trusted friend/family

#### Checklist
- All devices should also have the following on paper:
- its seed
- the master public keys (xpub) of all 5 seeds
- instructions on how to spend from the wallet
- Your heirs should be able to get access to the safety deposit boxes in case something happens to you. This is an agreement between you and your bank/s.
- If wallets 4 & 5 are with trusted friends/family, in the event you want your heirs to access your bitcoin, ensure that they will be able to get a hold of the wallet in a safety deposit box (wallet #3).
- If all other wallets not with your at home are in safety deposit boxes, then ensure that your heirs can access the wallets at home when needed, and that the banks will give them access to the wallets as well. The reason for this is if one of the banks isn't able to give them access, and they can't get access to the wallets in your home, then your heirs will lose access to the bitcoin.
- Every year or two, check your devices and seeds to ensure they are still intact. Put this on your calendar so you do not forget. There can be floods, paper can corrode, devices can break, or bank could have lost your stuff. Since this is a 2 of 3, you can lose access to one of the keys, but if you lose access to 2 of the keys, you can no longer spend from the wallet.

### Other tips
- Look years ahead. If the amount of bitcoin you have calls for it, you may want to have the seeds in safety deposit boxes or with friends/family in other cities, or possibly even other countries (though checking on them will make things much harder).

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