Cryptocurrency ownership continues to grow across Australia. With its rise, more investors are safeguarding their digital assets with hardware wallets. As the physical protectors of cryptocurrency, they require a secure, reliable storage solution.

Although your assets exist digitally on the blockchain, the tools that grant access to them are physical. In this guide, we explain how a home safe can guard your cryptocurrency. Plus, share tips for the most secure way to store your hardware wallet.

Why Physical Security Matters for Cryptocurrency Storage

Cryptocurrency is digital, but accessing it requires physical devices and recovery information. As an investor, your cryptocurrency hardware wallet, recovery seed phrase, and backup storage media require a secure solution to keep them safe.

In Australia, you face various risks to your investments, including: 

  • Residential burglary
  • Accidental house fires 
  • Bushfires
  • Flooding and storm damage
  • Accidental loss or disposal
  • Damage from moisture or environmental exposure

If your hardware wallet and its recovery phrase are lost or destroyed, you can permanently lose access to your funds on the blockchain. So, proper storage is critical.

What Is a Cryptocurrency Hardware Wallet?

A cryptocurrency hardware wallet is a physical device that stores private keys offline. They work by generating and securely storing private keys. Users then sign transactions without exposing these keys to the internet. 

When you set up your hardware wallet, you receive a recovery seed phrase – typically 12 to 24 words. This phrase is the master backup for your wallet. If you lose the device or it’s damaged, it allows you to regain access to your account.

However, if both the hardware wallet and the recovery phrase are destroyed or stolen, you can permanently lose access to your money. In addition to cryptocurrency scams, which Australians lost an estimated $3 million to last year, it’s a significant risk for investors.

A deposit safe made for crypto specifically can protect:

  • The hardware wallet itself
  • The written recovery phrase
  • Metal backup plates
  • USB backup drives

To ensure you’re the only one accessing your funds, storage must provide sufficient protection. 

Choosing the Right Safe for Crypto Hardware Wallets

Not every safe suits the unique requirements of a crypto hardware wallet. When you’re choosing protection for your digital assets, it should meet the following criteria. 

  • Fire Resistance: A fire-rated safe can protect its contents for 30 minutes. As bushfires are part of life in Australia, this is a vital defence.
  • Water Resistance: Flooding, burst pipes, humidity, or water exposure can damage electronics, metal components, and paper seed phrases. A safe with a moisture seal is a must. 
  • Solid Steel Construction: Thick steel walls and reinforced doors deter forced entry.
  • Secure Locking Mechanisms: Options include digital keypad locks, combination locks, or key-operated systems. The goal here is to balance security and usability.
  • Anchoring: You must be able to bolt the safe to concrete flooring or solid structural elements. If not, a thief can easily remove it.

Options such as home office safes, personal safes, and house safes are popular for this purpose. You can even use a second-hand safe to store cryptocurrency, provided you buy a high-quality used safe from a reputable supplier like Askwith Safe Company. 

With our advice, your choice will align with the asset value and risk profile of your investments.

Best Practices for Storing Recovery Phrases and Backups

Your cryptocurrency recovery phrase is just as important as the hardware wallet itself. When you don’t protect it, you’re more vulnerable to hacking and data breaches. Even worse, you have no backup if you lose the wallet. 

To keep it safe, we recommend:

  • Writing the phrase clearly and legibly.
  • Using metal seed storage for durability.
  • Keeping recovery phrases stored inside a secure safe.
  • Separating the wallet and recovery phrase into different compartments.
  • Never photographing, emailing, or storing seed phrases in the cloud.

The goal is accessibility for you, but not anyone else. The right safe can achieve it.

Safe Placement and Concealment Within the Home

The Australian Government estimates that the number of crypto ATMs has increased from 23 in 2019 to 1,800 today. As more Australians invest in cryptocurrency, we can expect an increase in theft and scams. So, choosing the right location for your safe is critical.

As experts in home safes, we advise our customers to keep them:

  • Out of sight and not immediately visible to visitors.
  • Installed in a structurally strong area of your home, like a garage or wardrobe.
  • Anchored in place to concrete floors or reinforced walls.

Balancing accessibility and privacy, you should be able to access your wallet as needed. But most importantly, never advertise its presence.

Why a Quality Used Safe Can Be a Smart Investment for Crypto Holders

Cryptocurrency portfolios have the potential for strong returns. For many, what begins as a modest investment can become a significant asset – and the same goes for safes. Buying a high-quality used safe to protect your investment can reduce the upfront cost without compromising security.

However, it’s vital to buy wisely. Crypto storage incorporates both physical and digital security. Any second-hand safe must be up to the task, which is where Askwith Safe Company range and expert advice are invaluable. 

Why Buy a Safe for Crypto Storage from Askwith Company

Askwith has decades of experience protecting our customers’ assets with safes in Perth, greater Western Australia and nationally. From compact storage to larger security solutions, we have what you need. Our range includes:

  • Fire-rated safes
  • Anchor-ready models
  • Compact personal safes for hardware wallets
  • Deposit safes for additional secure storage needs
  • Refurbished and second-hand safes for cost-effective protection

Our team can help you select a safe that matches your property structure and asset value. We can also assist with installation, giving you peace of mind that your investments are safe. 

Secure Your Cryptocurrency the Right Way with Askwith Company

Your cryptocurrency may be digital, but the hardware wallets and recovery keys that protect it are real – and irreplaceable. Protect them from theft, fire, and environmental damage with a high-quality safe from Askwith Company.

We offer fire-rated, anchor-ready safes ideal for storing hardware wallets, recovery phrases, and backup devices, along with expert advice and professional installation across Perth and Australia.

Explore our range of new and second-hand safes at www.askwithcompany.com.au or call (08) 9451 7848 to speak with our security specialists.