ZoneBitcoin EditorialEven if you follow the best actions to protect your cryptocurrencies, you must always remain vigilant about the security of your cryptocurrency deposits. This is especially true for crypto hodlers. To summarize, “hodlers” are those who hold on to their assets for the long term. This can be counted in years and even decades for some.
Moreover, this is also why the question of inheritance and transmission of bitcoin is particularly delicate for this type of investor. In this case, it is absolutely necessary to find a solution where the cryptos are optimally secure and at the same time the capital can be released in due time.
We wanted to know how holders (and especially those with large capital) did to protect their bitcoins. We have seen some solutions including Casa.keys (among others) proved interesting in the idea.
In the idea? Yes, you will see that “storing” cryptos in optimal security requires a certain amount of implementation.
Come on, the introduction was long enough. We can start.
Are hardware wallets really the most secure solution available?
The most secure option for long-term storage of cryptocurrencies is certainly the use of a hardware wallet. These are physical wallets of type safepal ou Ledger For example. These are wallets known for their security because they are not constantly connected to the internet as is the case with hot wallets, for example.
However, the only problem with hardware wallets is that they are not practical for regular use of cryptocurrencies. We let them “sleep” in a way. This is why they are particularly used by “hodler” profiles. It is very annoying to use your hardware wallet for all transactions on the DeFi, For example. This would be far too long and far too tedious. You must enter your secret code, connect the wallet with your account, etc. If for example, you want to trade DEXs or Yield farming, very clearly, using your hardware wallet will be an obstacle (although possible, that said).
Likewise, the other big problem is that you cannot take your wallet with you everywhere. You will not take the risk of losing it or having it stolen. Of course, if you lose it, you can always buy a device and find your account using your code and your private keys but this remains an additional cost and a waste of time. The most irrecoverable of losses, it would mean losing your private key… And, it’s incredible but it happens very often! Worse yet, someone can find your secret key and unlock your funds in a fraction of a second…
In short, having a hardware wallet certainly seems a good solution to protect your cryptocurrencies, but people who are more concerned (and who have capital that allows it) opt for more drastic solutions. It appears that one of the solutions would in fact be to have several hardware wallets…
What is the Casa.keys Wallet?
Casa is a non-custodial wallet, meaning you control your keys. However, the major feature of Casa is that it offers the multi-signature option for enhanced security. Thus, Casa wallet aims to be “Premium Hold software” which targets the largest holders of bitcoin capital. We wrote bitcoin because at the moment, the CASA wallet only allows you to store bitcoin. Casa Wallet counts among its clients whales who have tens of millions of dollars, or even more... Some of the same crypto-billionaires would use Casa.keys.
Many investment companies and venture capital companies have invested in Casa Wallet as the project seems useful. Investors include Compound or Boost VC.
Among the founders, we find Jeremy Welch, a serial entrepreneur who had already made a name for himself in the world of start-ups. He also participated in the organization of the Bitcoin conference in 2013 and 2016. It was during these events that he had the idea of creating a digital solution to store his cryptocurrencies safely. Jeremy Welch was able to surround himself with employees recognized in the industry, including Jameson Loop, a former BitGo employee.
Why is Casa.keys considered a strong security solution?
What makes security stronger in Casa wallet is certainly the fact that it allows muta-signature. For Casa, having a simple private key is not enough to store your cryptocurrencies. You need several to make the operation more difficult.
Users must make three individual requests for fund transfers before a transaction is accepted. So users can better manage their funds and private keys. The Casa wallet allows you to have up to 5 keys, one of which will be kept in the Casa wallet itself. Then, the user owns all the other keys. This makes it impossible to make a transaction without the user doing it themselves.
For optimal security, Casa wallet recommends keeping the 3 other keys stored in hardware wallets (like Trezor or Ledger) in 3 different locations. Thus, one key will be kept at home, one at the office and another in a bank safe.
How does multi-signature work?
To carry out a transaction, Casa wallet will request 3 of the 5 multi-signature approvals. Thus, each transaction must then be electrically approved on 3 of the 5 different keys.
The route can then be somewhat tedious. Indeed, for example, if you left them in 3 different places as recommended, you will then have to follow a certain route. For example, you will have to approve on your phone, then connect your wallet to your computer at home and finally go to your office for the 3rd signature.
Do you find this too complicated? Yes it is. Still, if a person comes to put a gun to your head, you have no technical way of giving them all your assets….(Personal note: if someone really threatens you with a gun against money, maybe it would be better to think differently…?).
The operation of multi-sig is then widely used among the most important crypto companies, to avoid losses of capital. However, you can choose 2 approvals rather than 3 or 5.
How much does it cost to use Casa Wallet?
It is possible to use the Casa wallet for free. This will be without the multi-signature option, however. It is nevertheless still interesting if you are looking for a non-custodial wallet.
For the reinforced functions and in particular for the inheritance, you will have to pay from 120 euros per year (an affordable price it seems to us) up to 5000 euros for the Diamond offer. This offer targets the largest portfolios because it also includes an offer for inheritance and transfer of funds.
What are the disadvantages of the Casa.keys wallet?
Some will say that they don't want to pay fees to store their bitcoins securely. Others will find this completely normal and legitimate for such a service.
The first big disadvantage of casa.keys is that it only allows you to store bitcoin. For maxi bitcoins, this remains a useful wallet but for those who also want other cryptos, it is reductive.
However, Casa Wallet's biggest flaw so to speak is definitely making customers follow instructions and store keys in different physical locations. Many will be tempted to keep their keys in the same geographic location but not in the same place. Typically, they will want to keep the 3 keys in 3 different rooms in their homes.
Indeed, it is not practical to have your keys in 3 different places. This makes the process more complex, that's a fact. This also makes security less. All it takes is for one person to know that you have your keys in the same place to be able to easily sign and carry out transactions on your account…
What are the alternatives to Casa Wallet?
Alternatives to Casa Wallet are the “vault” services offered by certain platforms such as Coinbase or Kingdom Trust For example. These are shared and regulated custody solutions where you can deposit your funds securely. There are financial guarantees and insurance systems in the event of loss.
This certainly goes against the idea of managing your own keys, but we must also admit that such a responsibility can be too heavy for some people to bear.
Some people prefer to delegate the custody of their cryptocurrencies for obvious reasons of psychological rest. It can indeed be tiring to know that we are the only one who can release our money... It is perhaps a more attractive alternative in this case for very small Whales...
For people who own significant crypto capital, it is true that the issue of security will more or less be taken more seriously. For example, the Winklevoss brothers who are part people who own the most bitcoin are known for having implemented ultra-strong security of their crypto assets. However, this is known to be far too complicated for personal use.
Final words and review on Casa Wallet
Thus, casa wallet is in a growing market: that of cryptocurrency security. Of course, wealthy people do not hesitate to pay fortunes (hehe) to protect their cryptos. However, we believe that multi-signature is an ultimate security option for its cryptos.
Then, there are other methods that are simpler to implement, such as having several hardware wallets, for example. We will see this method very soon with a guest article 😉
Note: We were not sponsored to talk about Casa or even provided affiliate links. This is a service we use and which we think may be of interest to some readers of our blog.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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