The smell of fall is in the air, this weekend I indulged in apple delicacies, watched the changing leaves, and oh yeah, traveled to make sure my Bitcoin custody was up to date…
If you are Follow me on XYou know I hold Bitcoin Casawhich is a multi-signature security provider, and I use the service to manage a few different multi-signature vaults for different purposes.
This requires keeping a number of keys and wallets up to date, and since I don’t keep any key items at home, it requires a certain degree of routine and dedication.
I’ve been self-saving my bitcoin since 2020, and I’ve built some good habits along the way. However, the thing that always amazes me is how much more unnerving they are than reliable settings.
One thing that always gives me pause: updating the firmware.
As I’ve written before, I’m not very technical. My specialty in Bitcoin is history, and although it requires knowledge of network theory and architecture, there’s something about watching digital gears and a loading bar that makes me feel very uncomfortable.
I say all this because it is a lesser-known issue with Bitcoin hardware wallets that are more commonly used for self-custodial storage. These devices, which Coldcard’s creator called “signature devices.” NFCDo this, they manage your underlying materials, and sign for you when you make the transaction.
But, being living digital devices, they are not infallible. It does require some maintenance. All you have to do is that Scroll after some updates From people who lost bitcoin due to firmware updates to find out about the flaws
It’s a common problem, and the cause is almost always a damaged device (and a missing backup). Add to this that multi-sig vaults, which require a set of keys to sign a transaction, are not yet the norm, and the number of bitcoins lost always seems to be at the top and to the right.
The most common problem – the user does not update their firmware often, waits, and later turns off their device, only to then find out that it is misplaced as well.
here Andreas Explanation of firmware updates In more detailalthough it does not actually update its firmware, it only runs its seed gateway.
Suffice it to say, it’s an example of why I feel uncomfortable in the world of self-control, even though it’s getting better. In my case, I updated my wallet without any major problem. Even only one of the wallets needed a firmware update, which was simple. (It only takes me a few minutes to prove that my coins are safe).
However, I had to make sure I verified my other keys beforehand, and that I had ample multi-signature keys required in a worst-case scenario, as well as initial backups.
This is what makes saving Bitcoin so exciting: you can never be too careful. When you’re your own bank, there’s always the possibility of something going wrong.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.