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Topic: Best long term cold storage? - page 3. (Read 2205 times)

newbie
Activity: 17
Merit: 0
July 02, 2016, 05:52:38 AM
#6
The best way to make robbery obsolete is to encrypt the wallet (and device - optional) with a long passphrase (which you don't want to use as you're afraid) and the best way to prevent hardware failure is to have multiple backups (e.g. multiple USB keys).

I guess multisig is making the robbery obsolete, I can have one key stollen, but probably not two at the same time... Multiple backups increase the chances of robbery, if not encrypted. And yes, encryption make me scared of myself forgetting how to access to it  Cry

I don't think there's a singular best option. A simple example would be: [1]Open up a safe-deposit box (or make a hidden/'safe' compartment somewhere in your house) and store some USB sticks (or HDDs, whichever you prefer/have) containing encrypted wallets.

As said before, being digital nomad, I dont have fix house... I could get a safe somewhere I guess, but if I can avoid to pay for that, or ask banks to keep my btcs, better.

Multisig 2 out of 3: Wouldn't you have to place 'trust' in additional people (2 in this case)?

Yes I can have 2 trustable people. But... What's about one key on a ledger wallet (with me), one on copay for example, and one in my emails?

For being hacked, the hacker would need to have access and to my copay account and to my mails. If I'm losing my copay password, or my ledger, or access to my mail / mail compromised, I can still move my BTCs to a new wallet.

That way I can keep access to my BTCs from anywhere in the world, and I'm guessing they are safe from a hardware failure or robbery. Am I wrong?
member
Activity: 98
Merit: 10
July 02, 2016, 05:47:57 AM
#5
You may create armory wallet, then make paper fragmented backup. Send fragments to several your friends or family's members. When you need to restore your wallet, collect "n of m" fragments from your friends and voila! You may also store paper backup in your deposit box in bank if you trust to bank and to your government Smiley
legendary
Activity: 2170
Merit: 1427
July 02, 2016, 05:46:54 AM
#4
I am storing my cold wallets in USB sticks since the very beginning of 2013 and so far it has worked very well for me. I store all my wallet files in 5 external HDD's and 12 USB sticks. That way I have always access to my wallet files without having to worry that one USB stick or HDD is going to fail. If you want to add an extra layer of protection, then encrypt all data stored on the storage drives and sticks. Solid to the bone!
hero member
Activity: 616
Merit: 503
★Bitvest.io★ Play Plinko or Invest!
July 02, 2016, 05:46:16 AM
#3
What is the lifetime of a USB flash drive (if you don't use it) ? I know that some SD cards wipe themselves after a while, it would be really a shame if you lose your wallet because of this...
legendary
Activity: 2674
Merit: 2965
Terminated.
July 02, 2016, 05:30:53 AM
#2
I'm quite afraid to lose passwords too, and I want to prevent robbery or a hardware failure (lose of my computer, smartphone, usb key, ...)
What you're demanding is a very difficult problem to solve. The best way to make robbery obsolete is to encrypt the wallet (and device - optional) with a long passphrase (which you don't want to use as you're afraid) and the best way to prevent hardware failure is to have multiple backups (e.g. multiple USB keys).

What's my best option?
I don't think there's a singular best option. A simple example would be: [1]Open up a safe-deposit box (or make a hidden/'safe' compartment somewhere in your house) and store some USB sticks (or HDDs, whichever you prefer/have) containing encrypted wallets.

I was thinking of a multisig wallet to avoid robbery or to lose access to them in case I'm forgetting a password.
Multisig 2 out of 3: Wouldn't you have to place 'trust' in additional people (2 in this case)?


[1] - This contains some basic, yet useful information about cold storage. Make sure to read it.
newbie
Activity: 17
Merit: 0
July 02, 2016, 05:11:02 AM
#1
Hello guys,

I'm looking for an optimale way to store some BTCs for long term.

Being digital nomad, I dont have a proper place to store a paper wallet. I'm quite afraid to lose passwords too, and I want to prevent robbery or a hardware failure (lose of my computer, smartphone, usb key, ...)
I was thinking of a multisig wallet to avoid robbery or to lose access to them in case I'm forgetting a password.

What's my best option?

Thanks
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