I just used the Steelwallet for the first time a few minutes ago. It is awesome. I didn't fully understand how it worked. So it works like this. The kit comes with 2 small squares of metal with the letters of the alphabet and 1-12. You punch the letter that corresponds with the letter in your seed word. For example, if your seed word is cherry, you would punch, C, H, E, R. If it was your 3rd word, you would punch the letters in the 3rd column. You only need the first 4 letters because you can figure out the word by just the first four letters.
The punch tool was the next thing I was curious about. I had assumed I would need to use a hammer and hit it to make the mark. I was concerned about customers hurting themselves. The punching tool is so simple. You find your spot, and just press down. There is a spring and at some point, the spring engages and punches. Its strange that you push down and then somehow it still have enough force to push down further.
The marks made by the tool are easy to see. This is an awesome way to protect your seed word. Consider pairing a SteelWallet with a BitBox.
The Steelwallet is the ultimate protection for your recover seed phrase. Everything you need comes in the box. From Switzerland, comes Steelwallet. It is very simple to use. You look your seed word up in the little book to get the code. Once you have the code, you punch the corresponding letters. This is the most fire resistant, water resistant, corrosion proof, gas proof backup that we offer. You also don't have to worry about someone opening it up and taking the letters out. There is one negative. This is a one time seed phrase backup. If you get a new wallet or have a new seed phrase, you will need to buy a new Steelwallet. This is one time use but it will last forever. The best way to use this hardware is figure out which wallet you want to keep long term and back that up.
Perhaps you have a few different wallets depending on the coin or the computer. When it is time to get organized, this is the backup tool that you want to use. As many of us watch the market go up 400% in a few month the age old HODL has become one of the clear winning strategies. If you don't plan to sell for a long time, then you need a hardware wallet to keep your coins in cold storage and you need a Steelwallet to back up the hardware device.
Get two Steelwallets. You can put one in your safety deposit box and one in a safe on site.