I am interested in the best ways to store cryptocurrency. I want my family to have access to it if something were to happen to me, but also out of reach for thieves and law enforcement. Looking for a good solution here, would like to hear your thoughts.

"Cold storage" not connected to internet. You can check out hardware wallets like Trezor or Ledger.

    And for backup have a look at Multi-share (Shamir) backup spread across family members or secure locations they can access.

    I mostly use hot wallets on mobile.
    They are generally better than desktop hot wallets because android and iPhone have stronger security models than desktop.

    I also use multiple wallets depending on the currency, rather than a single wallet for all crypto.

    Cold wallets are an option, but they cost money and are not user friendly.

      Delaney

      I believe a mobile device linked to a secure wallet would work well for me. I don't have a lot of money in crypto, so I don't need several wallets. I just want to save a little for my family members in a safe way, ensuring they can access it while keeping it away from those who shouldn't. Will try this setup thanks.

        Step 1: Set up an anonymous Proton account.
        Step 2: Store the access codes in a KeePass vault.
        Step 3: Create a Cryptomator archive containing the KeePass vault, portable keepass, and a video of you showing step by step what to do to access/move/sell the crypto.
        Step 4: Record the log in details for the proton account and the cryptomator archive on paper. Seal in a tamper resistance and tamper sealed envelope.
        Step 5: Hire a lawyer to provide the sealed envelope to your chosen person(s) in the event of your death.

        If you need to update the info you just log on to the proton account and replace the file.

        To hack it someone would have to break protons security, cryptomators security, and KeePass security. Especially if you provide the KeePass vault password via another method.

        No information about the setup needs to be shared with anyone. All the lawyer knows is that he has an envelope to turn over, and inside it are instructions to your family. Your family doesn't need to know anything.

        Probably not the right forum for this, but I can tell you what I do and recommend:

        • Be aware what crypto needs safe and long term storage. Personally I think only BTC (value storage) and XMR (cash reserve) are valid contenders, everything else is for trading/speculation and probably makes sense to keep on your trading platform until it's ultimately converted to BTC, XMR or Fiat.
        • Use a hardware wallet! I opted for Trezor Safe 3 (Safe 5 is good as well, just not the older models One and T). They are open source, have secure elements and generally a good reputation. Bitbox02 looks good as well (they don't support XMR though). I'd stay away from Ledger with their weird business practices (e.g. Ledger Recover).
        • Make sure you have a solid backup strategy. Shamir Multi-Share is an option, I prefer a simple passphrase wallet (e.g. 12 words + self chosen 13th word/phrase).
        • You can keep the passphrase separately, just make sure you have a good contingency plan. Your risk is not only theft or law enforcement, but also loss or destruction. And of course what happens if you get hit by a bus tomorrow and leave your coins behind for loved ones.
        • Never save your whole seed digitally!
        • You could write the seed on paper and steel and put it in your safe. Maybe put some alibi money on it (plausible deniability regarding the existence of additional passphrase wallets). The 13th phrase you could keep in Bitwarden (accessible via emergency access) or with a trustee. Make sure that your dependants know how to access the seed and phrase.

        Hope this makes sense to you and was not too convoluted.

        3 months later

        jcachia sorry but I won't mail you. Most ICOs are scams or pump & dump schemes, don't keep falling for them. If you want to store value, just buy BTC in your hardware wallet from a trusted vendor and make sure to have good opsec (see my post above). If you want anonymous money to pay online with, get XMR instead. Everything else is most likely fraud or at best a risky bet that you'll likely lose since you can't really sell the coins in time.

          jcachia dude stop buying this stuff you are getting scamed right now. In the best case for you, you are scaming others.

            IMO long term storage I would generate a paper wallet, for BTC.