Bitcoin can be stored using cold storage methods such as a journal or a hardware wallet in various ways.
Many of these approaches can keep your cryptocurrency free, but you need to safely back up private keys and seed phrases.
One backup method is called Cryptosteel, which can safely house private keys, seeds compatible with BIP39, and even secret cryptographic messages.
Writing down the seed phrase on paper is often a preferred choice, and it is better to record it digitally or online where hardware failure and hacking are at risk.
Obviously, paper is not the most durable material and is susceptible to fire, water and other elements damage.
What is Cryptosteel?
Cryptosteel is Wojtek Stopinski’s brainchild, who himself refers to his invention as “The Ultimate Cold Storage Wallet.” Ultimately, this means it’s a great way to store data safely from the Internet.
The Cryptosteel Capsule is what it sounds like and nothing more, a hollow steel cylinder dispatched with 800 lettered tiles.
Assemble the letters to form the seed phrase of your wallet, thread them onto the metal dipstick and screw the capsule shut, inside an unassuming piece of hardware safely entombing the key to your crown jewels.
Place it in a toolbox next to some maçonnery and nobody would be the one
Cryptosteel is a system that enables you to protect fireproof, waterproof and shock-resistant data – an everlasting security backup resource.
Cryptosteel is a cold storage wallet which enables sensitive information like Bitcoin private key / mnemonics phrase, Lastpass Master Password, and banking password to be stored in a device that is indestructible by elements like flame, stress, oxidation, and acid.
It is made of stainless steel and has etched metal tiles for you to place in the cold wallet your username.
How does Cryptosteel work?
This product is essentially designed to be backed up to your backup.
When a cryptocurrency wallet or bitcoin wallet (hot or cold) is set up, you will be prompted to enter a seed phrase of 12-24 words recovery.
Using these letters, all 24 terms can be built, making the Cryptosteel ideal for almost any hardware wallet, like Trezor, Ledger and Archos.
In case your hardware wallet happens to be missing, ruined, or otherwise inoperable, this is to secure your private keys and restore your coins to a new wallet.
The Capsule contains up to 123 letters, including the separator and fastener, according to Cryptosteel.
It ensures that you are unlikely to be able to capture the entire seed phrase using the capsule with your usual 24-word private keys.
But that doesn’t matter.
Since most hardware wallet manufacturers comply with the BIP39 standard, the first four letters of each word would only be required
The value of the product is immediately apparent once the real Cryptosteel device is out of the packaging.
Although the size of the Cryptosteel is somewhere between the size of a credit card and an old iPhone, it feels more robust than a brick; it packs a fair bit of weight in its small stature.
Over time, it has grown on me to the point where I like it even though I still don’t have any clue what the pictures on it are.
If you have any suggestions or know what the pictures are about, let us know (I would really like to ask) in the comments below!
It seems robust, I dropped it a few times, and apart from a few bruises, nothing happened.
Even though I didn’t throw it in a hot lava or fireplace, I don’t doubt it’s going to stop tossing it into a burning building.
That being said, I can’t say that I was happy with it.
When Do You Need Cryptosteel?
With the quality the Cryptosteel provides, including the steel of 304 grade (fireproof, waterproof and shock proof), there is no doubt that it is not only secure, but it is almost indestructible.
Offline: safe from hardware failure, no trust required by third parties, safe from hackers online
Rugged and durable: resistant to fire, water, rust and corrosion (for sheets of stainless steel and titanium)
Transferable: can be given to your loved ones or heirs, with the seed key your coins can always be recovered
This machine is for every single owner of the cryptocurrency or bitcoin wallet that has enough cryptocurrency to lose.
Unfortunately, paper just doesn’t cut it, and even if you laminate it, it will still be safe if there is a flame or any other kind of destructive force, even if water damage happens to survive.
Multiple Cryptosteel devices could be placed as a backup for a multisig address at different locations for added security.
Alternatively, a user could split their savings into multiple Cryptosteel devices in order to weaken the impact of losing or stolen one of them.
It is also worth considering some combination of these two options.
What Are The Two Different Cryptosteel Products
We found it hard to understand the exact difference between the different variations on the first visit to the Cryptosteel shop and to find the right version for my purposes.
The Cassette is a pocket-sized stainless steel unit designed to safely store your selected alphanumeric data without the need for specialized tools or involvement of third parties.
Each device comes with its own kit on each side of stainless steel tiles.
Codes and passwords from the supplied part-random set of characters are assembled manually.
You can easily store confidential information worth up to 96 characters, ensuring your data’s security and privacy.
Once a desired sequence is inserted into your Cassette, it effectively achieves offline permanence status, with physical damage resistance to burning, flooding, corrosive conditions, electrical shock and accident effects.
Cryptosteel Capsule is the leading backup method for the autonomous offline processing of valuable data without any intervention of third parties.
Under almost all situations, the solid metal tool, designed to survive extreme conditions, works. It is compatible with most algorithms for secret sharing and key generation.
Cryptosteel is a great overall product.
The cylindrical nature of the Capsule makes it a rather unusual item.
The process of recording private keys can offer some anxiety to users who are more comfortable recording their full keys on paper as they are no longer able to read their full keys.
For the best protection against hackers, it is highly recommended to use one of the above metal backup wallets with a cold storage hardware wallet such as the Ledger Nano S instead of a computer or internet wallet.
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