Imagine this scenario…
You wake up one morning and check your Bitcoin wallet like usual.
But there is one problem: You cannot access your crypto.
What do you do?
Safeguarding your crypto involves not only storing your private keys offline in a cold hardware wallet but also using a cold wallet backup.
The Coldbit Steel Wallet is a seed phrase wallet, made to guard your bitcoin mnemonic phrase.
This wallet is made from stainless steel and has many more unique features and functions making it an interesting option for a metal crypto wallet.
What is a Cold Backup Wallet and Seed Phrase Storage?
If you already have some crypto purchased or have been thinking about investing, then you should have already heard of the terms “cold wallet” and “seed phrase“.
Some people feel like these terms are too technical and might dismiss them.
But we are here to tell you that these are vital tools to be used to protect your crypto.
Cold Wallets
There are different types of crypto wallets available.
Most newbies prefer to stick to online wallets and exchanges, thinking that it is easier.
But, in reality, to protect your Bitcoin and other cryptos, you really should use the best hardware wallets.
Luckily for you, most of the cold hardware wallets are fairly straightforward and user-friendly.
A hardware wallet is divided into two categories:
1️⃣Electronic hardware wallets (these are typically USB-like devices) such as Trezor, BitBox02, and D’Cent Wallet.
2️⃣Non-electronic cold storage wallets, such as Material Bitcoin.
What sets these wallets apart is that they keep your private keys on the physical device and are never connected to the internet.
Cold wallets go beyond that as they don’t even need to connect to other devices, such as mobile phones or computers.
This means that they offer a true 100% offline experience, making them immune to online hacking or malware threats.
The Seed Phrase Storage
A seed phrase is a series of words that make up a passcode to your crypto. They can be 12, 18, or 24 words.
Your specific seed phrase allows you to recover your crypto in case your wallet is damaged, lost, or stolen.
It is vital to store your seed phrase safely because anyone who can access it can now access and control all of your crypto.
Investing in a high-quality cold wallet backup, like the Coldbit Steel Wallet, guarantees that your seed phrase is stored safely.
Risks of Not Using Seed Phrase Storage
➡️Digital Threats:
The internet is an unmanageable place, where your crypto and personal information can be hacked or attacked by malware and phishing scams. Without a cold wallet and a secure seed phrase recovery, your crypto is open to these digital thieves.
➡️Physical Threats:
Apart from digital dangers, you need to consider physical threats like fire, water damage, or daily wear and tear. This is why simply writing your recovery phrase on a piece of paper isn’t the best idea!
The Coldbit Steel Wallet
Made from solid stainless steel, this wallet is designed to withstand almost all elements and natural disasters.
🔥Fireproof: The Coldbit Steel Wallet can hold up against extreme temperatures up to 2100°F.
🌊Waterproof: Made from high-grade stainless steel, this wallet will not disintegrate or corrode if immersed in water.
⚡Sleek Design: 4mm thick stamping plate and 2mm thick cover and includes a metal box for extra storage.
Coldbit Steel Wallet – Its Features & Functions
The Coldbit Steel Wallet is made by the Coldbit company, which also has a variety of other seed phrase storage options available.
Build: The Coldbit Steel Wallet comes with two plates. One is a 2mm thick covering plate and the other is a 4mm thick base plate where you will stamp your recovery phrase.
Both plates are secured together using two nickel binding posts and are placed inside a sturdy metal box for added protection.
Extreme Durability: Made from 304-grade stainless steel, this high-quality material is very resistant to the elements.
Security Focused: It supports BIP39 seed phrases (an industry standard for crypto recovery phrases). It has no electronic elements, so there is nothing to hack or malfunction issues.
Customization: Supports 12, 18, or 24-word seed phrases and is compatible with many of the popular hardware wallets.
Portability: It is compact and can fit in the palm of your hand. However, it is heavier than other metal crypto wallets.
Price: The Coldbit Steel Wallet is priced between $82 and $106, depending on whether you choose to include the A-Z letter stamping set with your wallet.
If you prefer to purchase the letter stamps separately, they are available for $24, and an additional numerical set retails at $13.
How to Use the Coldbit Steel Wallet
Once you have your seed phrase and are ready to store it on your Coldbit Steel Wallet, you need to be prepared to put a little sweat, effort, and time into it.
Step-by-Step Tutorial
1. Unboxing Your Coldbit Steel Wallet
You will find the two steel plates, nickel binding posts, a testing plate (to practice your hammering swing before stamping on the real plate), and an instruction manual.
2. Get Your Tools Together
Once you have your seed phrase ready, you will need to prepare the A-Z metal letter stamps, your 3.5 lbs hammer, and a solid surface to work on.
3. Practice Stamping
Before hammering your first letter onto your metal backup card, use the testing plate to get the swing of things. This is a good way to indicate the force you will need and the distance you should maintain between letters.
4. Prepare Your Seed Phrase
Double-check that each word is correct. Just making a single mistake can lock you out of your Bitcoin forever!
For BIP39 seed phrases, you only need the first four letters of each word.
5. Stamp Your Seed Phrase onto the Steel Plate
Put the 4mm steel plate onto a flat and solid surface. Hold the stamp firmly on the spot where you want the letter to be and give a strong wack.
You might need to hit the stamp a few times to engrave the letter correctly.
TIP: Take Your Time!
Making one single mistake can impact the integrity of your cold backup wallet, so don’t rush this process.
6. Secure the Plates Together
Once you have stamped all of your seed words you should place the covering plate on top of the stamped plate and insert the binding posts. Screw them tightly so that they won’t come apart.
7. Safely Store Your Coldbit Steel Wallet
Do not leave your Coldbit Steel Wallet in plain sight or obvious locations. Consider using a home safe or safety deposit box for proper storage.
Pros and Cons of the Coldbit Steel Wallet
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Who is the Coldbit Steel Wallet Best For?
The Coldbit Steel Wallet is a good choice for crypto investors who have a significant Bitcoin holding and want to prioritize security for their seed phrases.
It’s especially recommended for long-term HODLers of Bitcoin, planning to store it for years to come.
If you’re someone who doesn’t mind investing time and effort into a meticulous setup process, the Coldbit Steel Wallet offers a strong protection solution.
However, this wallet might not be the best for everyone.
If you’re looking for a straightforward setup, the Coldbit Steel Wallet’s time-consuming and manual stamping process can be a big drawback.
Instead, a more user-friendly alternative without compromising on durability and security, is Material DIY.
Material DIY is much easier to use, eliminating the need for manual stamping and screaming together and apart plates.
Made from high-quality stainless steel, it provides all the same protection against physical threats while keeping your seed phrase safe from unauthorized access.
You simply engrave your seed phrase onto one metal plate using a provided tungsten pen.
It’s that easy.
Secure Your Crypto
The Coldbit Steel Wallet protects your Bitcoin seed phrase, with its durability features.
On the other hand, some users might find it tedious and time-consuming to stamp each letter.
Regardless of your crypto backup wallet choice, just make sure to use one and store it in a safe place.
FAQs
What is the Coldbit Steel Wallet?
- It’s a stainless steel device designed to securely store your crypto seed phrase offline.
How does it protect my seed phrase?
- Stamping your seed phrase onto the fireproof, waterproof, and corrosion-resistant steel plates, guarantees durability against environmental hazards.
Is it easy to set up?
- It requires manually stamping your seed phrase onto the plates. While it needs precision, the wallet includes a practice plate to help you get it right.
What happens if I make a mistake?
- Since stamping is permanent, mistakes can’t be erased. It’s important to double-check each letter before stamping to avoid errors.
Is there a simpler alternative?
- Yes, options like Material DIY offer easier setup processes without compromising on security and durability.
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