Topic: Chase bank for Bitcoin - page 2. (Read 3392 times)

Again,

It is bad to store any coins online, on any website.

That was the answer to your question.  

The potential weak point is that websites can be hacked.  Sorry.  Thought that was obvious in my response.

The statement "Can someone elaborate on blockchain.info" is a vague question.  Elaborate in what way?  Do you need the basics on what it is?

Upload to an exchange, for example gox with yubikey.  

Blockchain.info is a hybrid wallet (blockchain does not actually store the private keys), so it is much better than a typical online wallet. However, you are trusting them to not alter the Javascript that takes care of all the crypto. Theoretically, they (if compromised) could swap payout address right before the browser signs the transaction. There may be browser plugins that verify the browser code before it is executed.

Ultimately, you'll want to take the private key offline. See Armory for offline transactions.

because you are entrusting your asset to a party that is outside of yourself. you are outsourcing them instead of managing it yourself (by keeping a cold storage wallet).

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

The safest thing you can do is use bitaddress.org to generate some paper wallets, print those out, then send your coins to the *LOAD & VERIFY* address.  This will pull all your coins offline, onto paper, and you can literally stick them in a drawer, or in a safety deposit box at a bank.  This is the best way.  (If you want to be even more secure, to go bitaddress.org, click the "Github Repository" link bottom right, then on bottom right of that page, click "Download ZIP".  Double click the main file in there, and it will load up the bitaddress.org website page *offline*.  Turn off your internet connection completely.  Generate Paper Wallets.  Print them.  Close the webpage.  Restore your internet connection.  If you want to be even more secure, do this on a laptop with a freshly installed operating system that has never been online.  Pull the zip file over to that laptop on a USB drive and load it up there.  This way you've never been online, and you're generating keys completely secure.  Print.  Done.)  

From all I've read, this is the only safe way to store your coins.  When you are ready to spend, you'll need to import them into BitcoinQT software, so its good to have that on hand.  Install it, and give it the 7 hours or so to download the whole blockchain record.  When you're ready to pull your coins into the wallet software and move them or spend them:  Bitcoin QT > Help > Debug Window > Console Tab >
Type this:  importprivkey typeyourlongassprivatekeyaddresshere "AnyLabel"  (no quotes)
Hit Enter.  Give it about 5 - 10 solid minutes to import fully.  Then you'll see your coins in Bitcoin QT and you can send out.
If you encrypted your paper wallet follow instructions here:  https://en.bitcoin.it/wiki/How_to_import_private_keys_v7%2B


Its bad advice to store any coins online, on any website.
I recommend the paper wallet method above.  
I know people with hundreds of thousands of dollars in bitcoin and they use that method for security reasons.

Take the printouts and make multiple copies before you close the web page that generated them.  Keep some in your house safely in a ziplock bag (in case of water damage).  And take some to a safety deposit box or a safe location outside your house.  

OP you may be a little overanxious. stroke that boner and let the tension die down.

Can anyone specifically elaborate on blockchain.info and any potential weak points?

And there were people saying that bitcoin will kill all banks....

No.

Hold them yourself.

Printing out private keys and burying them is one way.


If you have any bitcoin with a third-party holder, make sure that it is an amount that you can afford to lose.

I'm fairly tech savvy and my stash is only modest in size I think.  I currently use Blockchain wallet with offline encrypted keys in multiple redundant locations.

But I'll be honest I'm still nervous about the setup. 

Is there a reputed online bank that will store and insure my bitcoins?  I'd be happy to pay a modest fee for that security and peace of mind.