Topic: Best current cold storage method - page 5. (Read 6722 times)
spend it all now asap, next bubble will have us @ 2k usd per btc by end of November. Bitstamp, okcoin, huobi, bitfinex, etc
I will most likely buy a trezor. How serious do I need to be in the meantime? Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
Personally I would not store more than one bitcoin in any online wallet. If you order a Trezor tonite and choose DHL shipping you will have it in two or three days.
I know, I was meaning to get into BTC a few weeks ago, and of course it starts surging. What would be the point of cost averaging? I have extra USD sitting around that I want invested in something.
You spread your outlay over multiple price levels. It may explode or sag back to the mid 200s. No one can guarantee anything but cost averaging smooths out those bumps.
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A week or two ago price per coin was almost $100 usd cheaper. i know the feeling of fomo, but going in heavy right now while price is surging is not best strategy imo. perhaps dollar cost averaging buying smaller amounts weekly or monthly? just something to consider. please also note about change address if you use paper wallet
I know, I was meaning to get into BTC a few weeks ago, and of course it starts surging. What would be the point of cost averaging? I have extra USD sitting around that I want invested in something.
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Blockchain is a ledger. Blockchain.info is a service.
Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.
Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.
I meant the blockchain.info wallet. So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
Is there a good link to read more on multi-sig? Trying to educate myself as much as possible.
I will most likely buy a trezor. How serious do I need to be in the meantime? Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
Blockchain is a ledger. Blockchain.info is a service. Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.
I will most likely buy a trezor. How serious do I need to be in the meantime? Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
A week or two ago price per coin was almost $100 usd cheaper. i know the feeling of fomo, but going in heavy right now while price is surging is not best strategy imo. perhaps dollar cost averaging buying smaller amounts weekly or monthly? just something to consider. please also note about change address if you use paper wallet
I will most likely buy a trezor. How serious do I need to be in the meantime? Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
I reckon so. The machine you access it with will always be a weak point in terms of security. Almost anything is better than that. You could create a paper wallet right now or if you have a mobile phone there are some good wallets like Mycelium for android or Breadwallet for IoS. There are also desktop wallets like Electrum.
I will most likely buy a trezor. How serious do I need to be in the meantime? Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
if you are investing a few thousand dollars, it would be worth it to purchase a trezor
just multisig, cold storage is so 2011
If you create your private keys on a compromised networked computer, it doesn't matter how many of them you create.
In my opinion, Trezor would be your best choice if you're going for a most secure hardware wallet. The only downside is that it does cost over $100.
Multisig is an address which starts with 3 and it only spends the coin from the address if n-of-m of the keys are signed. It does prevent against both physical and malware attacks. Do place them in different geographical locations. Create the wallet using an open-sourced offline script Don't sign them all at one computer as this would expose n of the keys to the attacker.
Multisig is an address which starts with 3 and it only spends the coin from the address if n-of-m of the keys are signed. It does prevent against both physical and malware attacks. Do place them in different geographical locations. Create the wallet using an open-sourced offline script Don't sign them all at one computer as this would expose n of the keys to the attacker.
Safe deposit boxes are a dying breed everywhere. I can't think of one within 50 or more miles of me.
Yep people dont have any more capital to protect, only debt.
People are too dumb to protect their capital, so they dont have any, only debt.
just multisig, cold storage is so 2011
If you create your private keys on a compromised networked computer, it doesn't matter how many of them you create.
Safe deposit boxes are a dying breed everywhere. I can't think of one within 50 or more miles of me.
if i were you, Id just stick to paper wallets.They're so simple yet so secure, only way someone will steal yoour coins is if they get a hold of that paper. and if you're scared of fires and stuff like that. just back up your wallet on a usb and store it in your bank locker.
There arent bank locker services at nearby banks.
There are no banks in my city that offer this service. I`d have to go to another city to find a bigger bank that do that.
if i were you, Id just stick to paper wallets.They're so simple yet so secure, only way someone will steal yoour coins is if they get a hold of that paper. and if you're scared of fires and stuff like that. just back up your wallet on a usb and store it in your bank locker.
But flash memory and brain is fire resistant (if you dont put it near fire)
Paper can easily burn if you have a house fire.
There are many electric items in my house that can catch fire anytime, I dont want it to burn down my private key.
You can get fireproof envelopes for storing lipo batteries. They're designed to contain an explosion. Is flash fire resistant? I woulda thought you'd have a bit of difficulty accessing anything if all the plastic surrounding it had turned to sludge, that's if you manage to find it in the first place.
My flash stick is metalic, and it has a metal cover, i doubt it would burn , but i dont know if the heat would destroy data.
Thats why i keep it in another metal box with insulation to not get heated. Its better that way.
But flash memory and brain is fire resistant (if you dont put it near fire)
Paper can easily burn if you have a house fire.
There are many electric items in my house that can catch fire anytime, I dont want it to burn down my private key.
You can get fireproof envelopes for storing lipo batteries. They're designed to contain an explosion. Is flash fire resistant? I woulda thought you'd have a bit of difficulty accessing anything if all the plastic surrounding it had turned to sludge, that's if you manage to find it in the first place.
Best current cold storage method
In my opinion, your brain.1.Pick a random 256 bit number.
2.Memorize it.
3.Compute the bitcoin address in your brain... Or on a computer or device that is disconnected from internet if you cannot compute by mind.
4.Burn that computer, then destroy it.
5.Now you can send bitcoin to that address.
Tips: Train the private key on your mind every day at regular intervals. So you won't forget it.
Copy your encrypted wallet.dat onto multiple USB sticks, and put them in safes, and leave one off-site with a trusted family member - Do not share your password with anyone.
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