Can someone please help me backup my BTC

jonald_fyookball

legendary

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Core dev leaves me neg feedback #abuse #political

Quote from: SparkedDev on July 26, 2014, 01:11:37 AM

You could also use coinbase they just started a long time holding plan with.

There is no charge ive been using them since they have came up and ive never had wallets or coins stolen.

https://coinbase.com/vault#features

that' not a "backup" -- you'd be turning over entire control of your coins to them.
Do you realize that?

SparkedDev

hero member

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You could also use coinbase they just started a long time holding plan with.

There is no charge ive been using them since they have came up and ive never had wallets or coins stolen.

https://coinbase.com/vault#features

odolvlobo

legendary

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A "backup" is another copy stored in another place. So, if you want to back up your Mycelium wallet, you make a copy of the seed and store it somewhere. Mycelium creates a pdf that you can print. If the wallet on your phone is corrupted or lost, this backup allows you to restore it.

If you are setting up a paper wallet or other kind of cold storage and sending bitcoins to it, then you are not making a backup. Your are making a new wallet. Keep in mind that if you don't back up this new wallet then your bitcoins will be lost if it is lost or corrupted.

If you make a copy of the private key of an address in your Mycelium wallet, then you are backing up that address, but that is very limiting. It is useless if you end up transferring your bitcoins to another address in the wallet. I recommend backing up your Mycelium wallet using the tools that the wallet provides.

The only way to spend bitcoins in cold storage is to first import the private key into a hot wallet. If you have another way to do it, then you aren't actually storing the bitcoins in cold storage.

gtraah

sr. member

Activity: 420

Merit: 250

I did it

I transferred my bulk of my coin into my cold storage with only having a view of it in my mycellium wallet, No key inputted in there so no possible way of sending any coins from it unless I have my key. I then did a test to see if I one day want to use some of it and then lock it back up so I scanned the private key, sent $20 from this address to the other then deleted the private key.

Wallah!!!

Done!!!! Mycellium is the best wallet I have ever come across, Even better than multibit - my favorite PC wallet, I have thought about armory but this is not as easy as these others I have heard, or maybe I am wrong.

Anyway I cannot wait till Multibut HD comes out, this is going to allow users from all backgrounds and nationalities to use BTC with ease

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: gtraah on July 22, 2014, 08:28:04 PM

I found that mycellium is the best type of wallet it has everything I need. I have been using a generic address in multibit and as its amount is starting to grow I would like to move this to a backup Cold Storage - I want to be sure that I am doing the right thing and not send my btc into oblivion.

So I went to Bitaddress.org loaded up the java site, jumped offline then clicked generate 10 times until I reached an address I wanted and pressed print, I then clicked generate again to clear it off the screen ( was only visible for 10 seconds while i was offline)

I feel pretty good about this address and private key, I sent a small amount to it then went onto the blockchain.info imported it and sent money back to my other address I then removed any trace of it from the blockchain. At present I have 1 x Soft backups 1 x Cold storage backup + 2 Paper wallet backups.

I definitely have the private key/public key for this address i want to use for my bulk of my BTC.

After reading the above is it safe for me to send the whole amount into the paper wallet backup?

One other thing, if one day i want to spend any amount from this paper wallet in storage, can use the Mycellium function to spend an amount and then leave the rest in there for later use?

This is better than no cold storage, however:
if you're switching offline and online on the same machine,
then the quality of your cold storage is questionable.

The gold standard of cold storage is using a computer
that has never been online and never will be.

gtraah

sr. member

Activity: 420

Merit: 250

I found that mycellium is the best type of wallet it has everything I need. I have been using a generic address in multibit and as its amount is starting to grow I would like to move this to a backup Cold Storage - I want to be sure that I am doing the right thing and not send my btc into oblivion.

So I went to Bitaddress.org loaded up the java site, jumped offline then clicked generate 10 times until I reached an address I wanted and pressed print, I then clicked generate again to clear it off the screen ( was only visible for 10 seconds while i was offline)

I feel pretty good about this address and private key, I sent a small amount to it then went onto the blockchain.info imported it and sent money back to my other address I then removed any trace of it from the blockchain. At present I have 1 x Soft backups 1 x Cold storage backup + 2 Paper wallet backups.

I definitely have the private key/public key for this address i want to use for my bulk of my BTC.

After reading the above is it safe for me to send the whole amount into the paper wallet backup?

One other thing, if one day i want to spend any amount from this paper wallet in storage, can use the Mycellium function to spend an amount and then leave the rest in there for later use?

Topic: Can someone please help me backup my BTC (Read 1109 times)