If you don't want to use a paper wallet, keep the soft copy of your keys in cloud storage where only you have access to the password.
Although you have to trust the owner of the cloud storage site.
Topic: BitGo, Coinbase Vaut or Paper Wallet for secure long term storage - page 2. (Read 4042 times)
August 18, 2016, 02:51:54 PM
August 18, 2016, 02:24:44 PM
From your list I don't find the best option because coinbase does not allow you to control the private key and your funds 100%,
I don't think that's true if you chose the multi-sig option:
https://www.coinbase.com/multisig
sounds like the Bitgo multisig wallet actually.
And you still think that you own 100% of you bitcoins? Sorry man but you have to make a research about this because coinbase is safe but not 100% as you think. Paper wallet is still a good option even though it is an old method but moving also to hardware wallet like trezor is a better option.
August 18, 2016, 12:33:37 PM
From your list I don't find the best option because coinbase does not allow you to control the private key and your funds 100%,
I don't think that's true if you chose the multi-sig option:
https://www.coinbase.com/multisig
sounds like the Bitgo multisig wallet actually.
And you still think that you own 100% of you bitcoins? Sorry man but you have to make a research about this because coinbase is safe but not 100% as you think. Paper wallet is still a good option even though it is an old method but moving also to hardware wallet like trezor is a better option.
Yep, I still do:
The multisig vault is designed to give you 100% control of your funds, with a balance of security and ease-of-use. You control the private keys which allow you access to your funds, yet you can easily spend your funds simply by entering a password.
Because Coinbase never learns your password and never learns your user key, Coinbase never gains access to your funds.
https://support.coinbase.com/customer/portal/articles/1743782-what-is-the-multisig-vault-
Are you saying they are lying? Or just incompetent?
August 16, 2016, 11:59:13 AM
From your list I don't find the best option because coinbase does not allow you to control the private key and your funds 100%,
I don't think that's true if you chose the multi-sig option:
https://www.coinbase.com/multisig
sounds like the Bitgo multisig wallet actually.
And you still think that you own 100% of you bitcoins? Sorry man but you have to make a research about this because coinbase is safe but not 100% as you think. Paper wallet is still a good option even though it is an old method but moving also to hardware wallet like trezor is a better option.
August 15, 2016, 10:37:49 PM
~~Lamination does not preserve paper.
http://homepages.rootsweb.ancestry.com/~george/preserving_photos.html
http://homepages.rootsweb.ancestry.com/~george/preserving_photos.html
Quote
~~ lamination plastic for old documents, newspapers, photos, etc., does not preserve them. ~~
i have to read the full article to make sure but from this first like it is obvious that the author is talking about old docs, and other stuff not a freshly printed paper that you laminate.
also since it is talking about Archivists and preserving stuff you have to see what they mean by "long" it may be hundreds of years not what we are looking for in a paper wallet (50 years! max).
and from experience i can assure you that laminated paper last long because i have still some laminated cards from my childhood that are still new as the first day they were created.
August 15, 2016, 09:00:22 PM
Paper wallet of course.
You can make multiple copies of it incase you misplace one.
With private keys on your computer which people usually only have one copy because they don't thing the worst can happen to their system.
You can make multiple copies of it incase you misplace one.
With private keys on your computer which people usually only have one copy because they don't thing the worst can happen to their system.
August 15, 2016, 08:46:06 PM
paper wallet is better that other or hard wallet. it is more secure if your going to keep a large amount of bitcoins. because online wallets may go offline or go something wrong. just an advice though if your planning to keep huge bitcoins.
August 15, 2016, 10:59:32 AM
You can laminate your paper wallets, this way it can last longer and only theft or a fire is a issue. The trezor comes with paper sheet where you write your 24 words seed to recover your trezor wallet anytime if your trezor become damaged or lost. If you have spare 1/8 BTC for the trezor, buy it. If not, laminated paper wallets is good option as well.
Lamination does not preserve paper.
http://homepages.rootsweb.ancestry.com/~george/preserving_photos.html
Quote
Archivists have discovered the hard way that using ordinary lamination plastic for old documents, newspapers, photos, etc., does not preserve them. The best way to preserve them is to store them in a dark place after placing in acid-free Mylar film (not laminated). Ordinary lamination material still permits light rays to pass through it and to cause a chemical reaction to the acid that most modern paper and modern dyes contain, and that ALL old documents photos contain. This causes deterioration of paper and fading of the paper and print. The heat and pressure of most lamination processes also damages documents.
Of course, keeping original documents is important, but one should always copy (scan) newspapers and other documents and then print them on acid free paper, which can be found at just about all stores selling printer paper and/or computer supplies. Too, one should save the graphics files from scanned documents and put the files on CDs for permanent safekeeping. Life expectancy for data on CDs is 80-100 years for premium quality CDs.
Of course, keeping original documents is important, but one should always copy (scan) newspapers and other documents and then print them on acid free paper, which can be found at just about all stores selling printer paper and/or computer supplies. Too, one should save the graphics files from scanned documents and put the files on CDs for permanent safekeeping. Life expectancy for data on CDs is 80-100 years for premium quality CDs.
I guess I could get one of these. https://www.cryobit.co/cold-storage-products/cryo-card/
August 15, 2016, 10:48:09 AM
You can laminate your paper wallets, this way it can last longer and only theft or a fire is a issue. The trezor comes with paper sheet where you write your 24 words seed to recover your trezor wallet anytime if your trezor become damaged or lost. If you have spare 1/8 BTC for the trezor, buy it. If not, laminated paper wallets is good option as well.
Lamination does not preserve paper.
http://homepages.rootsweb.ancestry.com/~george/preserving_photos.html
Quote
Archivists have discovered the hard way that using ordinary lamination plastic for old documents, newspapers, photos, etc., does not preserve them. The best way to preserve them is to store them in a dark place after placing in acid-free Mylar film (not laminated). Ordinary lamination material still permits light rays to pass through it and to cause a chemical reaction to the acid that most modern paper and modern dyes contain, and that ALL old documents photos contain. This causes deterioration of paper and fading of the paper and print. The heat and pressure of most lamination processes also damages documents.
Of course, keeping original documents is important, but one should always copy (scan) newspapers and other documents and then print them on acid free paper, which can be found at just about all stores selling printer paper and/or computer supplies. Too, one should save the graphics files from scanned documents and put the files on CDs for permanent safekeeping. Life expectancy for data on CDs is 80-100 years for premium quality CDs.
Of course, keeping original documents is important, but one should always copy (scan) newspapers and other documents and then print them on acid free paper, which can be found at just about all stores selling printer paper and/or computer supplies. Too, one should save the graphics files from scanned documents and put the files on CDs for permanent safekeeping. Life expectancy for data on CDs is 80-100 years for premium quality CDs.
August 15, 2016, 09:52:19 AM
Try to use hardware wallet if you are holding any serious amount of bitcoin. The blockchain will take around 260 GB space in your hard drive and will take a long time to update initially, but safest to hold your bitcoin for a long time.
I'm not sure I understand. What does a hardware wallet have to do with the size of the blockchain? My understanding is that a hardware wallet holds your seed/keys and signs transactions for you. It doesn't store the blockchain right?
August 13, 2016, 03:06:42 PM
For long term storage, it's good to use resources that do need to be accessed offline without needing to backup often.
You can backup the encrypted wallet.dat on usb but you need to put this usb on PC after a while because it can corrupt or lost the files, so electrum, bitcoin core works well.
You can backup the encrypted wallet.dat on usb but you need to put this usb on PC after a while because it can corrupt or lost the files, so electrum, bitcoin core works well.
August 13, 2016, 02:22:26 PM
You can still easily spend by holding your funds in a cold wallet on a disconnected PC. When you want to transact send a small amount to another wallet and transact from the 2nd wallet. I suggest Electrum for this, uses similar seed based concept as Mycelium. Also do not trust online wallets for the safety of your funds for a long term storage. Don't risk safety, for the ability to spend easily.
August 13, 2016, 02:03:51 PM
Yea, I have no idea the whole story of what happened and it seems Bitgo should be in some way culpable.
I guess I shouldn't be surprised there is no consensus here.
I guess I shouldn't be surprised there is no consensus here.
At best, they were willing to burn their reputation to the ground by allowing Bitfinex to run an insecure implementation (i.e. rubber stamping fraudulent transactions for commissions). Possibly worse, this exposes that they have no internal circuit breakers (or ones that can easily be gamed by hackers to prevent them from triggering) to secure against fraud.
The top security firm? That's how they sell themselves. LOL. They are a fucking joke. I hope they are buried in this industry. They deserve to lose everything.
August 13, 2016, 10:29:09 AM
Try to use hardware wallet if you are holding any serious amount of bitcoin. The blockchain will take around 260 GB space in your hard drive and will take a long time to update initially, but safest to hold your bitcoin for a long time.
But if you are holding a little amount of bitcoin, then you can definitely go for coinbase vault. But again the coinbase is a third party service provider and hence if they go out of business, you will loose all your bitcoins.
But if you are holding a little amount of bitcoin, then you can definitely go for coinbase vault. But again the coinbase is a third party service provider and hence if they go out of business, you will loose all your bitcoins.
August 12, 2016, 08:13:59 PM
Do not encrypt the paper wallet so the Bitcoins are not lost when you lose the passphrase after so long time.
Forgetting/losing a password is going to be an issue no matter what method you chose, Paper or Trezor or Desktop wallet, etc. So you feel better security is to lock up the paper wallet rather than encrypting it eh?
All you need is to hide the paper wallet well, then the risk of physical theft is very small. The advantage is you dont need to remember any passphrase (you would need to store the passphrase somewhere as well). I using paper wallets and I think much bigger security concern for Bitcoin is computer malware, so I feel well hidden paper wallets with visible (unencrypted) private key is no security concern at all - it is like buying trezor, writting the 24 words to the paper sheet as is recommended and hide it well to have backup, these 24 words on the paper sheet are unencrypted as well and are equivalent of visible paper wallet private key.
August 12, 2016, 06:07:59 PM
They hold 1 key and you hold two. Two keys are needed to spend. Technically, they hold two keys, but one is encrypted with your password. So, in theory, they can't spend your coins, and you can spend them without them. It looks pretty much the same as Bitgo.
So what is the point of coinbase multisig ? When you lose one of your two keys then you could still spend your coins with coinbase help, thats it ? But it is a question whether coinbase or other service like BitGo going to be around in 10 years...
If you plan to dont touch your Bitcoins for so long then paper wallet seems best option to me. Hard to imagine Bitcoin value after so long time. Do not encrypt the paper wallet so the Bitcoins are not lost when you lose the passphrase after so long time.
Forgetting/losing a password is going to be an issue no matter what method you chose, Paper or Trezor or Desktop wallet, etc. So you feel better security is to lock up the paper wallet rather than encrypting it eh?
August 12, 2016, 06:06:50 PM
Yea, I have no idea the whole story of what happened and it seems Bitgo should be in some way culpable.
I guess I shouldn't be surprised there is no consensus here.
I guess I shouldn't be surprised there is no consensus here.
August 12, 2016, 04:12:46 PM
They hold 1 key and you hold two. Two keys are needed to spend. Technically, they hold two keys, but one is encrypted with your password. So, in theory, they can't spend your coins, and you can spend them without them. It looks pretty much the same as Bitgo.
So what is the point of coinbase multisig ? When you lose one of your two keys then you could still spend your coins with coinbase help, thats it ? But it is a question whether coinbase or other service like BitGo going to be around in 10 years...
If you plan to dont touch your Bitcoins for so long then paper wallet seems best option to me. Hard to imagine Bitcoin value after so long time. Do not encrypt the paper wallet so the Bitcoins are not lost when you lose the passphrase after so long time.
August 12, 2016, 03:03:34 PM
BitGo sounds great but I still have to trust them a bit right. Also, are they still secure? Didn't bitfinex supposedly use them and still go hacked, or what that because bitfinex just didn't keep their keys/password secure enough?
I can't believe BitGo is being suggested here as a long term storage solution in light of what has happened.
Even if we believe the best case scenario (for BitGo) -- that they allowed Bitfinex to run an insecure implementation of their software -- that's still incredibly damaging to their reputation. You can't bill yourself as the top Bitcoin security firm in the industry, act as co-signer for the largest USD exchange in the world, co-sign 120k BTC in stolen BTC, then throw your customer under a bus after you actively participated in the loss.
Sorry, but no. If Bitfinex insisted on an insecure implementation, BitGo should have terminated their contractual relationship in the interests of their customers and reputation. Instead, they rubber stamped the 2nd largest theft in Bitcoin's history. Incompetent monkeys.
How could anyone consider using BitGo? We should be lobbying exchanges to end their relationship with BitGo, if anything.
August 12, 2016, 02:43:17 PM
Paper wallets, but really just the private keys. That look something like this:
5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
But can be made to look like this:
5Kb8kL
f9zgWQno
gidDA7
6MzPL6T
sZZY36hWX
MssSzNyd
YXYB9KF
And practice restoring them, to make sure you know what you are doing.
5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
But can be made to look like this:
5Kb8kL
f9zgWQno
gidDA7
6MzPL6T
sZZY36hWX
MssSzNyd
YXYB9KF
And practice restoring them, to make sure you know what you are doing.
So, you're suggesting what? Generate a priv key, and write it down rather than printing it on paper?
I always wondered about those split paper wallets you can create too, but never understood exactly how they worked.
No. I export the private key, change the formatting slightly, label it something else like "urine test results from lab", and print it. Then put it in a binder with medical documents.
That seems to be a genius way of keeping private keys! No one would ever think of it as a paper containing something worth taking for. I honestly think that it would work nicely as long as you don't screw up on the sequence of the segments of the private key. Also, the good news is that it isn't susceptible of any theft because who the hell would take other's medical records anyway?
Jump to: