BitGo, Coinbase Vaut or Paper Wallet for secure long term storage - page 3.

TippingPoint

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Quote from: PilotofBTC on August 12, 2016, 09:04:15 AM

Quote from: TippingPoint on August 12, 2016, 12:08:22 AM

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.

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.

PilotofBTC

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Activity: 1736

Merit: 1001

Quote from: TippingPoint on August 12, 2016, 12:08:22 AM

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.

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.

PilotofBTC

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Activity: 1736

Merit: 1001

Quote from: thejaytiesto on August 12, 2016, 08:46:29 AM

BIP38 is an absolute must for paper wallets. If you have a paper wallet and you haven't got it encrypted I guess you are up for a hard awakening since sooner or later someone will steal your wallet and he'll have full access to the private key. BIP38 should be enabled by default when you create a paper wallet.

So, do you feel a BIP38 encrypted paper wallet is safe enough to store on line like in Evernote or Dropbox for example?

PilotofBTC

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Quote from: Leonard2016 on August 12, 2016, 12:05:48 AM

Quote from: PilotofBTC on August 11, 2016, 11:41:37 PM

Quote from: n691309 on August 11, 2016, 06:55:33 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.

even if you hold one signature and they hold the other, it would still be trusting a third party to hold half of it and you may get hurt.

besides you can do all these things yourself with a simple paper wallet so what is the point of that.

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.

thejaytiesto

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BIP38 is an absolute must for paper wallets. If you have a paper wallet and you haven't got it encrypted I guess you are up for a hard awakening since sooner or later someone will steal your wallet and he'll have full access to the private key. BIP38 should be enabled by default when you create a paper wallet.

ethereumhunter

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Leading Crypto Sports Betting & Casino Platform

i think i will choose USB bitcoin wallet and blockchain. because with USB bitcoin wallet, i can take it to everywhere i go, and i can use it with easy. and maybe i will fill my mycelium with at least 0.5 BTC, not much as 1-2 BTC. the rest maybe i will use blockchain.

streazight

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Activity: 910

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Quote from: topiOleg on August 11, 2016, 04:04:24 PM

Quote from: PilotofBTC on August 11, 2016, 01:06:07 PM

So, paper wallet created on air gapped computer seems to be the most secure. But it has downsides like hard to spend if needed, could be lost, could get destroyed (sure keep several copies).

I guess there's also Trezor, but that cost money and I guess could become damaged.

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.

It's still not exactly the best form of storage, though, and your best bet for storage is going to be a hard wallet.
If you have over 10 bitcoins, you should be able to afford to buy a hard wallet already it is not such a big cost when you are deliberately looking for security for protecting your bitcoins.

Herbert2020

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as long as you are creating the private keys "with the right code (or wallet)" and also doing it on "and always offline computer" and also keeping those keys offline and you are the only holder of those keys then you are using the safest way of holding bitcoin.

so anything like coinbase vault or any other service that is similar falls under the category of "less" safe.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Quote from: BitcoinNewsMagazine on August 11, 2016, 03:19:37 PM

Fuck paper wallets. Get a Trezor and no worries. Just store your 24 word seed securely.

There have been people who has hacked Trezor wallets with special tools, so it's not as secure as you might think. Yes, the person who wants to hack the Trezor has to have physical access to the device, but it's still possible. A paper wallet, created correctly is basically hack proof at this moment and it will cost you nothing.

The Trezor will cost you $99, so it's up to you. ^smile^

TippingPoint

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Activity: 905

Merit: 1000

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.

Leonard2016

hero member

Activity: 1036

Merit: 520

Quote from: PilotofBTC on August 11, 2016, 11:41:37 PM

Quote from: n691309 on August 11, 2016, 06:55:33 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.

even if you hold one signature and they hold the other, it would still be trusting a third party to hold half of it and you may get hurt.

besides you can do all these things yourself with a simple paper wallet so what is the point of that.

TastyChillySauce00

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Leading Crypto Sports Betting & Casino Platform

i guess paper wallet is the best option , easy to be renewable,easy to get,but the main problem is it's easy to lost but if you keep atleast so many copy of it and save it in different place which you know that it's secure and will never be touched by everyone,it'll be fine

PilotofBTC

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Activity: 1736

Merit: 1001

Quote from: n691309 on August 11, 2016, 06:55:33 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.

pooya87

legendary

Activity: 3472

Merit: 10611

here is what i gathered so far while using bitcoin:
if you...
1) have around 1BTC any wallet with a strong password and 2FA is good as long as you have the private keys not the wallet service offering it.
2) don't want to spend it for a long time (a couple of years) use paper wallet
3) want to spend but also hold for long time in a cold storage, using a cold storage with Electrum is easy enough. you create the tx on your online PC, transfer the unsigned tx to the offline PC sign it with the Electrum there then transfer tx to online PC and broadcast
4) if you are willing to spend money for a bitcoin wallet then choose a hardware wallet like trezor,...

*) one thing is certain, Coinbase Vault or anything that is similar to that and you are trusting a third party with your bitcoin IS NOT SAFE

DebitMe

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Get Paid Crypto To Walk or Drive

Storing funds for the long term should be done on your own offline created paper wallet. Sure it is a hassle, but it is much more convenient to have those coins and be able to use them when needed than to get them stolen.

mobnepal

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Activity: 1218

Merit: 1006

Paper and hardware wallet are most secured in any scenario because private key never leave from your hand. Paper wallet is free as well as it can do what hardware wallet can do if you put those paper safely and generate those wallet in completely offline computer.

MyBTT

sr. member

Activity: 378

Merit: 250

If you have alot of bitcoin, yes you shouldn't use Mycelium. Buy a Ledger wallet (I'd recommend a Nano S) or a Trezor. I'm personally waiting for the Trezor 2, which should come out early next year.

ASHLIUSZ

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Activity: 994

Merit: 502

Quote from: n691309 on August 11, 2016, 06:55:33 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%, but the paper wallets seems the old and more secure one. I would suggest a hardware wallet like Trezor which does it job perfectly, it cost a little but it worth if you are looking to store bitcoin secure for a long term.

I am sure there are lots of people on here who store their Bitcoins using different methods. I really feel like going the paper wallet route is one of the more secure methods as paper wallets offer a flexible and useful way to store surplus funds.

topiOleg

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Merit: 100

Quote from: PilotofBTC on August 11, 2016, 05:43:02 PM

Quote from: BitcoinNewsMagazine on August 11, 2016, 05:17:45 PM

Quote from: topiOleg on August 11, 2016, 04:04:24 PM

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.

When you are creating a paper wallet, any malware on your computer can read the private keys. If you print out the paper wallet the attack surface is increased as your private key will be sent out over your network unencrypted. Even if you use an encrypted paper wallet you are still in danger from keyloggers. A hardware wallet is immune to these attacks.

That's why you use an air gapped computer.

Thats right, actually if you use live CD linux distro + USB with the bitcoinaddress.org html file, remove the HDD and LAN cable, very cheap printer which cannot store the printed pages somewhere then you can even use and connect the computer to internet later (after your done, removed and never use the live CD and USB again and rebooted) as there is no place to store any information on. Actually information could be stored to Bios, but what are the odds for that from live CD linux distro? Plus you should first test the paper walets with smaller amounts if they are safe anyway.

n691309

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Activity: 1526

Merit: 1001

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%, but the paper wallets seems the old and more secure one. I would suggest a hardware wallet like Trezor which does it job perfectly, it cost a little but it worth if you are looking to store bitcoin secure for a long term.

Topic: BitGo, Coinbase Vaut or Paper Wallet for secure long term storage - page 3. (Read 4040 times)