Best Way to Purchase and Secure $100,000+ of BTC?

sardokan

newbie

Activity: 10

Merit: 1003

Paper wallet is for long time saving

It's sure that you should keep the bitcoins you want to use in cold storage, have an online watchonly wallet that you will use to check balance and generate transactions that you will sign on your offline computer.

I personnaly use both solutions

And coming soon Trezor will replace (or complete) the offline computer soon in my case.

But nothing will replace my paper wallets before long time Wink

Sage

hero member

Activity: 632

Merit: 500

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Best advise WAIT!

Now is not the time to buy. Let this bubble cycle complete. You don't want to try to jump on a moving train.

It could go to 500, 700, who knows... but it won't stay there long. Wait. Then buy on the next correction. Get everything in place ready to buy. The wait for the correction. When it comes don't #$^& around. You'll have only a few hours to make the buy before it rebounds.

BTW litecoin is a much better deal right now then Bitcoin.

kdrop22

full member

Activity: 238

Merit: 100

Try Armory Offline Wallets.
Install two wallets
a) Offline only machine: Offline wallet
b) Online watch only wallet: on your primary machine.
Better than paper wallets, incase you need to get to our BTC quickly.

philip2000uk

sr. member

Activity: 276

Merit: 250

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

I'd say the last part. Although I bought 4btc and it's in a wallet. I should put them on paper but i'm trying to figure out how to do it. I don't have flash drives...I'm going to buy an HD SD card for my camera, maybe that will work? I don't know.

But if it's worth 10,000 pound next year then i'll buy some flash drives lol...If you have money then you could probably store it digitally too offline somewhere. I took a photo of a paper wallet i generated on bitaddress which im going to fill up using those free ones from visiting websites

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: papaminer on November 07, 2013, 12:45:55 PM

Quote from: proudhon on November 06, 2013, 04:19:31 PM

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Buy a computer, keep it disconnected from any and all networks, wipe the hard disk and install a fresh OS, install Armory in offline mode, and send any bitcoins you buy to the addresses you generate on your offline computer. You'll want to encrypt your Armory wallets on the offline computer and make paper backups. If you want more help with this, PM me and I'll walk you through it.

Offline Armory is by far the easiest and most robust way to secure bitcoins.

Yes

ohhhhh PROUDHON IS BACK...

lol

so is proudhon a BTC BELIEVER NOW?

escrow.ms

legendary

Activity: 1274

Merit: 1004

Get privatekey engraved on some metal coin or something and keep it in a safe place.
You can also encrypt privatekey.

papaminer

sr. member

Activity: 462

Merit: 250

Free World

Quote from: proudhon on November 06, 2013, 04:19:31 PM

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Buy a computer, keep it disconnected from any and all networks, wipe the hard disk and install a fresh OS, install Armory in offline mode, and send any bitcoins you buy to the addresses you generate on your offline computer. You'll want to encrypt your Armory wallets on the offline computer and make paper backups. If you want more help with this, PM me and I'll walk you through it.

Offline Armory is by far the easiest and most robust way to secure bitcoins.

ohhhhh PROUDHON IS BACK...

lol

so is proudhon a BTC BELIEVER NOW?

CAMTRONNNNN

member

Activity: 101

Merit: 10

7uck7m7th

I am in the same exact position. Could be somewhat less, but somewhere in the vicinity of $100Kusd>BTC.

Obviously I agree with the above suggestions. Is there anything anyone would like to add to the above?

Are there any safe, timely alternatives to the above?

Thank you very much.

gamer4156

sr. member

Activity: 1008

Merit: 250

With the price doing what it is doing, I assume you want to get this fast? If so make a post, meet someone and do the transaction. With the time for wires to go through who knows what could happen in that 2-5 day period.

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Buy a computer, keep it disconnected from any and all networks, wipe the hard disk and install a fresh OS, install Armory in offline mode, and send any bitcoins you buy to the addresses you generate on your offline computer. You'll want to encrypt your Armory wallets on the offline computer and make paper backups. If you want more help with this, PM me and I'll walk you through it.

Offline Armory is by far the easiest and most robust way to secure bitcoins.

AgeraS

member

Activity: 83

Merit: 10

Quote from: TKeenan on November 06, 2013, 03:57:53 PM

Download VanityGen.

Is this the correct version of VanityGen?
https://github.com/samr7/vanitygen/releases

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: AgeraS on November 06, 2013, 03:46:20 PM

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Download VanityGen. Unplug your computer from the internet. Create an address and private key. Convert output of VanityGen into an analogue form - do not put on your clipboard!!! Best way to do this is take a screenshot or photograph of it. Print the screenshot with the signing key. Smash the computer with a very large hammer. Put a drill through the hard drive and set it on fire. Put the printout into your safe at home.

Sent lots of bitcoin to the address made by vanitygen.

Safest way.

AgeraS

member

Activity: 83

Merit: 10

I am going to purchase $100,000+ of BTC and would like to know what you think is the best way accomplish this matter. I have bought 100+ coins in the past so I am familiar with wiring to exchanges and I have also looked into Second Market, but their fees are higher than going through an exchange.

Additionally, what is the best way to long-term store this amount of coins? Would it be a bad idea to keep the coins on an exchange(s) and wait a few months for a Trezor? Should I just create paper wallets and dog tags and etch in the private key?

Topic: Best Way to Purchase and Secure $100,000+ of BTC? (Read 1741 times)