Best current cold storage method - page 6.

RealBitcoin

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Quote from: gentlemand on November 02, 2015, 09:56:14 PM

I'm still perfectly content with paper. I wouldn't trust flash memory or my brain.

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.

gentlemand

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I'm still perfectly content with paper. I wouldn't trust flash memory or my brain.

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Quote from: BitcoinBullion on November 02, 2015, 09:07:36 PM

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.

Thats just over the top, not even the most gifted people can do this.

There are people who can memorize books, perform big math in their brains, but this is just too much for even them.

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Quote from: BitcoinBullion on November 02, 2015, 09:33:28 PM

Quote from: peonminer on November 02, 2015, 09:10:09 PM

just multisig, cold storage is so 2011

With what wallet and is it easy to do?

Quote

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

Id definitely spend the $100 and get that as long as it is easy/simple to use. Is that pretty much the best option? How much better is it than multisig?

I do not care for multisig wallets. I want to take sole possession of the private keys to bitcoin I own. With a Trezor when you set it up you are given a 24 word seed. Store that seed in a safe place and you can stomp on your Trezor or lose it and recover your bitcoin with no problem. Trezor has been available for two years now, well tested and reviewed.

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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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Quote from: peonminer on November 02, 2015, 09:10:09 PM

just multisig, cold storage is so 2011

With what wallet and is it easy to do?

Quote

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

Id definitely spend the $100 and get that as long as it is easy/simple to use. Is that pretty much the best option? How much better is it than multisig?

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Quote from: BitcoinBullion on November 02, 2015, 09:07:36 PM

I have read around some and cant find much that isnt a few years old.

Im new to BTC and was going to keep a few hundred $ worth on blockchain.info to spend and then invest in a few thousand $ in an offline manner. Is a paper wallet the best bet? I am not very tech savvy. Also where is the best exchange to buy from? Thanks in advance.

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

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Crypto is King.

just multisig, cold storage is so 2011

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I have read around some and cant find much that isnt a few years old.

Im new to BTC and was going to keep a few hundred $ worth on blockchain.info to spend and then invest in a few thousand $ in an offline manner. Is a paper wallet the best bet? I am not very tech savvy. Also where is the best exchange to buy from? Thanks in advance.

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