Prepping up for the bitcoin Chain Split. Here is a strategy to safeguard and safekeep the coins; yet perform a magic show that doubles the total amount of coins available! Technically it is a cell mitosis. Technically, a chain split would have two blockchains floating in the internet. And technically, the keys are the same – the private keys are the same (see mitosis). And if you used the keys on Chain A, it is fine. If you used it on Chain B. It is fine. Naturally, you would ponder, can I use it on Chain A and Chain B?
We shall find out below.
First, to make things safe, yet compatible with every protocol for wallet and private key storage and generation, we start with creating a 12-word passphrase key, also known as BIP 39. We can create this online, in wallets or Blockchain.info.
I choose Blockchain.info to create this due to the fact that they have your email linked into it, and they have a Wallet ID function, that doesn’t control the private keys, but have a link to the email and key generation. After creating, one can choose not to use Blockchain.info. Confused, need not just follow on.
Create a wallet on Blockchain.info. Enter your email. A WalletID will be created too. This is not your private nor public key. It simply is a record method.
In the Blockchain.info interface, choose passphrase backup – which is one of 3 items you should complete for security. Now, record those 12 words someplace safe. In a word file, in Excel, then password it. Before doing that, you can and should verify your email.
Best is to do those 3. Verify Your Email. Backup Passphrase. Set a Hint for Your WalletID. (Note again, WalletID is to enter the BLockchain system, it is not your bitcoin private keys.)
Now with that 12 words, you can logout of Blockchain.info and never use it ever, or only when you need to, example if you forgot your 12 word phrases, THEN you login WITH your WalletID, THEN you click RESTORE or SEE BACKUP PHRASES.
Choose a smartphone that has fingerprint sensor. I am using a Xiaomi Redmi Note 3. But it new. It is not too expensive and it should function and last longer than Trezors or those small hardware keys.
Install Mycelium (or another BIP39 wallet), then instead of creating a new wallet, choose RESTORE. Now you get it? It’s close. So now use those 12words generated previously in Blockchain.info to regenerate your wallet here. Or in correct logic terms, to regenerate your private keys. A wallet is quite the misnomer.
Set a 6 numbered PIN on Mycelium. Secured.
Set your fingerprint sensor to your own fingers. Set 2-4 fingers! SECURED.
Set a lockscreen password onto your Xiaomi phone. SECURED.
Now start sending your bitcoins into your private keys. If you get this part, you will get bitcoins. Now check your balance. Good.
After the bitcoin wars, bitageddon, SEGWIT wars, or TURBULENCE – don’t access your coins yet. Wait until all exchanges have made a commitment to what chain, Chain A, B, C, or what protocol they intend to do, and whether there is a strong subset who continued on the original chain.
If there is no chain split, meaning every exchange is using the same, then you can continue.
If there seems to be two chains, then you have created magic. Your keys can access both chains.
All we need to do next is to find: A) an exchange that clearly show two chains, so you can load your coins there, twice, onto two chains.
B) find a “NEW CHAIN” wallet. Just load your 12 word phrases, and you will have coins listed onto the NEW CHAIN.
If unsure, need to ask questions, or comments, send a message in Facebook.com/PentaPrison
Addendum: Cold storage / paper wallet storage is one feasible option provided one has mastered the understanding of key generation, securing keys, storing keys, creating redundancy.