BitGo, Coinbase Vaut or Paper Wallet for secure long term storage - page 4.

PilotofBTC

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

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.

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.

BitcoinNewsMagazine

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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.

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.

topiOleg

full member

Activity: 174

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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.

oblivi

hero member

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Paper wallet with BIP38 encryption generated under a write-only OS like a Linux DVD with your internet disconnected, doesn't get any more secure.

European Central Bank

legendary

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I don't think bitgo have done anything recently to make me ever want to use them. coinbase vault? nah. anything could happen in the coming years to bitcoin businesses. I don't think many of them are gonna be around long term.

i'd stick with paper myself as long as I had somewhere I was comfortable storing it.

PilotofBTC

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Quote from: Lauda on August 11, 2016, 03:25:14 PM

I'm not sure how:

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

But it has downsides like hard to spend if needed, could be lost, could get destroyed (sure keep several copies).

"hard to spend" is a concern for long term storage? It's not like you're going to be constantly accessing these coins. In any case, it primarily depends on the amount that you're storing and the frequency of access:

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

Get a Trezor and no worries.

There are several hardware wallets that wouldn't be a bad choice. In any case, they're usually better than 3rd party wallets.

hard to spend is a minor concern. Either sweep the wallet, and create a new one, or as someone said, create many of them with smaller amounts. Of course, I probably won't be spending for 10 years or so... at some time I will start spending them right?

Lauda

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Terminated.

I'm not sure how:

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

But it has downsides like hard to spend if needed, could be lost, could get destroyed (sure keep several copies).

"hard to spend" is a concern for long term storage? It's not like you're going to be constantly accessing these coins. In any case, it primarily depends on the amount that you're storing and the frequency of access:

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

Get a Trezor and no worries.

There are several hardware wallets that wouldn't be a bad choice. In any case, they're usually better than 3rd party wallets.

BitcoinNewsMagazine

legendary

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

OmegaStarScream

staff

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If you don't control your private keys , you simply don't control anything. Take a moment and start googling about how much Bitcoins was stolen from users who kept their funds in exchanges and online wallets ... Millions of dollars !

I personally would go with a Paper wallet , but since you are planning to spend some , just send some amount that you think should suffice you in a Desktop wallet like Electrum.
Desktop wallets are pretty secure if you are not downloading any "Bitcoin-generator.exe" (If you know what I mean) .

See this as well (an expert speaking) : Antonopoulos: Your Keys, Your Bitcoin. Not Your Keys, Not Your Bitcoin

Kprawn

legendary

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Create a whole bunch of paper wallets on that Air gapped computer of yours and split your hoard into manageable quantities that would make spending it easier. When you need some bitcoins, just

sweep one of your mini paper wallets. I do not trust anyone else with my Bitcoin { my precious ...... } You can also keep some spending money on your hardware wallet {Trezor} for those times when

you need to shop. I have a 80-20 setup, where 80% of my coins are in cold storage {paper wallets} and 20% are used to oil the system. If everyone hoards 100% of their coins, merchants will stop

supporting Bitcoin payments, and we will have nowhere to spend it in the end. Roll Eyes

Cryptonitex

full member

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Paper or hardware wallet seems the like the best choice.

unamis76

legendary

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A third party service shouldn't even be considered, especially if you want to store funds for a long term. Remember: If you don't own the keys, you don't own Bitcoin. Of all those options only paper wallets should be considered.

There are also other options you might consider, such as Electrum, Armory or just good, plain, old Bitcoin Core. Try them all and see what suits you best.

danfoda

sr. member

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localbitcoins with 2FA and you are good to go. But then again thats the same as coinbase etc...

PilotofBTC

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I think I've gotten to the point where I have enough bitcoin that I don't want to keep it all in mycelium anymore.

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).

Coinbase Vault means I have to trust coinbase since they keep the keys. Unless I use the "I keep keys" version and then it seems the same as BitGo to me. however, seems most convenient, I just need username/password/2FA device.

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

Thoughts, recommendations?

Topic: BitGo, Coinbase Vaut or Paper Wallet for secure long term storage - page 4. (Read 4040 times)