Try writing them down, cutting them up, and placing each piece of paper in different bank vaults across the country.
Extreme right?
Well maybe not if you have cryptocurrency that is worth around $1.3 Billion USD at current prices.
Tyler and Cameron Winklevoss have done just that with hopes of protecting their $1.3 Billion worth of Bitcoin.
The Winklevoss twins began buying bitcoin back in 2012, when bitcoin was trading for around $10 per coin.
To fund their purchases, they used roughly 18% of the money they received from the settlement reached with Mark Zuckerberg over Facebook.
That 18% equated to about $11 million dollars. (The total settlement was for $65 million USD)
Which bought them about 120,000 Bitcoins.
They were laughed at during the time and ridiculed for putting that amount of money into bitcoin back then. Now people call them geniuses.
Funny how quickly things can change.
Either way, the Winklevoss twins aren't taking any chances with losing their wallet keys or having them fall into the wrong hands.
Plus it probably helps remove the temptation for them to sell as prices seem to make new highs just about every week.
Is this something you should do with your wallet keys or your steemit master password?
Probably not, though there is something to be taken from this story about keeping your password safe and well protected.
At the very least it should be stored offline, and you should possibly have a physical copy of it as well.
You don't want to be the person, when steem is trading for $100 per coin, telling some news paper how you had 10,000 steem that you can't access because you lost your password many years ago.
Don't be that guy.
Stay informed my friends and happy holidays!
Sources:
http://www.dailymail.co.uk/news/article-5210417/Winklevoss-twins-cut-key-1-3b-Bitcoin-fortune.html
Image Sources:
https://bridge909.org/eightonesixty/oneyearanniversary/
http://www.businessinsider.com/winklevoss-twins-on-bitcoin-2013-11
