Topic: Cold Storage Question before I jump in! - page 2. (Read 1705 times)
I am planning on using Electrum for cold storage. I will take a note of the word seeds and the 5 addresses, then uninstall electrum completely. I will then add those 5 addresses as 'view only' in blockchain wallet, and send funds to them for long term storage.
I am ready to put some of my BTC holdings into a couple different cold storage wallets. I went through the process already moving around a few mBits as tests, created the keys on an offline PC, sent real funds, then ran an import in bitcoin-qt, all good there!
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
As long as someone is not accidentally generating your private key, u r safe
Are there reports of this sort of thing happening? If so, I wonder where I can read an overview of the issue. I'd like to reconsider now my own cold wallet. I know which program and version of the program that I generated it with. Now I want to make sure there was an appropriate randomness. Any suggestions?
I totally Agree with you , paper wallet and the cold storage are the same except you use printed paper for the #1 and a Flash for #2
the blow links may help you a little
https://www.youtube.com/watch?v=I1uefzJJ6nM
https://blockchain.info/wallet/paper-wallet-tutorial-web
http://www.reddit.com/r/Bitcoin/comments/22cwdx/noob_questions_about_cold_storage_dont_upvote/
Thanks
I am ready to put some of my BTC holdings into a couple different cold storage wallets. I went through the process already moving around a few mBits as tests, created the keys on an offline PC, sent real funds, then ran an import in bitcoin-qt, all good there!
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
As long as someone is not accidentally generating your private key, u r safe
As long as your private keys are safe there shouldn't be any problem. As I understand it you'll only need to move funds out of these wallets if you ever want to spend them. At that time, simply import your private keys to a wallet program and generate the transaction you desire. Seems like you've done your due dilligence, I think you'll be fine.
I am ready to put some of my BTC holdings into a couple different cold storage wallets. I went through the process already moving around a few mBits as tests, created the keys on an offline PC, sent real funds, then ran an import in bitcoin-qt, all good there!
Good, testing is important.
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time?
Change only occures if you send coins, not if you receive them. So youd only have to worry about the wallet you send to coins from and not about the cold wallet you send the coins to.
Assuming my private keys are kept safe over time, is there any way I can lose funds this way?
Yes, if your private keys are the result of a bad random generation. E.g. you choose a brainwallet with "correct horse battery staple" as seed. What I liked best is the idea to point your camera at a lava lamp to take that as a source of randomness. I dont know how good a source of randomness it is, but it sounds good. If you generate a new wallet with bitcoin core it uses the random number generator (RNG) of your OS. So you might want to look into that. For other wallets they might take different RNG. Probably worth checking that out. Just in case.
I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Full sweep = no problems with change
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
There shouldn't be a problem, change addresses are used if you partially retrieve the funds from your cold wallet.
I am ready to put some of my BTC holdings into a couple different cold storage wallets. I went through the process already moving around a few mBits as tests, created the keys on an offline PC, sent real funds, then ran an import in bitcoin-qt, all good there!
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
My concern is this, If I move a few BTC into individual 1BTC wallets, do I have to worry about any Change Address issues if I simply ignore them completely for a long time? Assuming my private keys are kept safe over time, is there any way I can lose funds this way? I do not plan on making further deposits into any of these wallets, if my funds grow I will keep another hot wallet or setup more cold storage. I also do not plan on withdrawing funds at any time, when I do it will be a full sweep per wallet.
Before I proceed with sending my hard earned mining BTC to each address, I want to make sure I take all the proper precautions, any help from you BTC pros is greatly appreciated.
Jump to: