Originally published on Unchained.com.

Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website

Visit unchained.bitcoinmagazine.com for resources and special offers to upgrade your bitcoin security.

Properly taking control of your keys requires taking on some additional responsibility, but it’s an essential part of bitcoin security. But what happens when you need to travel? If you hold large amounts of bitcoin in cold storage, should you carry the keys to your bitcoin wallet with you? And if you do travel with one or more keys, what steps do you need to take to stay secure?

Consider these seven tips for traveling with your bitcoin in a way that keeps you in control while minimizing risk.

1. Carry only the wallets you need

Bitcoin allows you to segregate funds into multiple wallets so you only need to carry the keys you need for smaller amounts of bitcoin. You can secure your bitcoin savings in cold storage multisig, while still carrying some sats in a hot wallet on your phone like BlueWallet or Muun.

By only carrying keys to the wallets you need, you can spend and receive bitcoin while leaving the majority of your savings in a secure cold storage setup, such as multisig, that eliminates single points of failure.

2. Consider your destination

Consider your destination and travel plans when evaluating the risks of traveling with your bitcoin keys. What is the relative crime risk at your destination? Is your destination a high-crime nation or city? What will your surroundings be like?

If your destination has higher crime rates or pervasive petty theft, assume your phone will be stolen. Keep good smartphone security, and avoid holding keys to significant amounts of bitcoin on that device. Minimizing potential bitcoin losses by only keeping small amounts in mobile wallets is one consideration, but even storing keys to multisig wallets on your smartphone when traveling can increase the chances of compromise, necessitating an arduous key replacement.

If you’re traveling to an event where ownership of bitcoin is assumed, adjust your security model around the assumption that everyone knows you own bitcoin. That could mean ensuring that any singlesig wallets have a passphrase, or securing smaller amounts of bitcoin with multisig and distributing the keys in your belongings while traveling.

3. Avoid traveling with seed phrase backups

You should always secure your seed…

Source link