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How to use a Yubikey

I was asked how I use a Yubikey. This is how I do it:

  1. I ordered a Yubikey from Yubico. An Mt. Gox Yubikey is only good on Mt. Gox, you need a generic Yubikey.
  2. Actually, I ordered two. If one of them is lost the other can’t be used to access it, but I don’t want to waste time ordering another one … I want to have a backup.
  3. On I attach my Yubikey to one of our more secure wallets.
  4. Then, whenever I log in to, my Yubikey is required.
  5. I still retain the complete encrypted backup of my wallet, which of course does not require a Yubikey to decrypt.
    This is why Yubikey only semi-protects you … against a specific type of attack (for further security, use a cold wallet).

If my primary Yubikey will ever be lost or destroyed, I will decrypt my backup, open a new account, import my previous wallet, and secure that with my new Yubikey.