Topic: cold storage ?s (Read 1239 times)

Thank you for this clear explanation that will help new comers to BTC alot.

Cold storage, a "savings account" for putting away Bitcoins in the most unhackable place, shouldn't include regular wallet software. That's not what it's designed to do.

You should generate a single address/privkey offline, booting into a LiveCD/secure environment, and store the generated paper wallet in a secure location(s). Use the same method to make several keys, and test (and then discard) one with small BTC amounts to be sure you understand the creation, securing, and spending procedures.

See the last line in my sig.

Once again, thanks.  Your time and knowledge is appreciated, especially the gentle and important reminders re: the nature of btc, wallets and keys.

Is there some particular reason you want the addresses split up into multiple wallet files?

My intention is to pre-allocate certain amounts of my cold storage btc for different purposes.
Example:  80% are for retirement, 10% are for college tuition, 10% are for inheritance, etc.
That being said, I know there are smarter ways to set up your storage to make the casing in of these coins easier and more secure.
My thought was that I would set up separate cold storage wallets for each category, making it more convenient/secure to access those funds when needed.
As it is, my cold storage is all in one wallet.  My assumption is that I would have to bring that whole wallet online(by importing the wallet.dat file to some wallet like Armory or Electrum or the sort), take what I need from it and send the rest back to cold storage.  Seems easier and safer to break it up into chunks while in cold storage then(if I did everything right) bring pieces online.
Sorry if this is not making sense.

Re: cold storage management and portioning, do you have any advice/best practices?

BTW, cs stands for cold storage.  Sorry.

Thanks again.

First thing you need to understand is that a bitcoin address is not a bitcoin wallet and a bitcoin wallet is not a bitcoin address.

A bitcoin wallet contains one or more bitcoin addresses along with the associated private keys.

If you want multiple addresses you can have them all in one wallet.  Is there some particular reason you want the addresses split up into multiple wallet files?


No need to uninstall and reinstall. If you really want multiple wallet.dat files then:

• Step 1: Install Bitcoin Core (also known as Bitcoin-Qt).
• Step 2: Start up the program.
• Step 3: If there isn't already a wallet.dat file then Bitcoin Core will create a new wallet.dat file with new addresses.
• Step 4: Shut down Bitcoin Core
• Step 5: Save the wallet.dat file somewhere
• Step 6: Delete the wallet.dat that is in the Bitcoin Core data directory.
• Step 7: Return to step 2.

From each execution, not each install.  You only need to install once.  Anytime that Bitcoin Core starts up without a wallet.dat in the data directory, it creates a new wallet.dat.


What is a "cs wallet"?

Thx for the reply dh.  Couple ?s....  How do I create multiple wallets using qt?  Create wallet, save wallet.dat file somewhere, uninstall, reinstall, rinse, repeat?  Am I basically just compiling my desired amount of wallets by creating and saving the wallet.dat files from each install cycle?  If this is the case then eventually I will need to send btc to these new wallets from my existing cs wallet.  Suggestions?

The first thing to understand is that there aren't any bitcoins in any wallets at all.

The only thing your wallet is storing is the private keys that allow you to create digital signatures to authorize the transfer of control of the value that is represented in the blockchain.

The blockchain is a public ledger that every full node on the network has a complete copy of.  Transactions in that blockchain indicate how much value you can re-assign with signatures from your private keys.

Therefore, any change that you make on your offline computer alone will have exactly zero effect on how the value is distributed, since the value is actually represented on all the other computers on the network.

That being said, you could generate additional addresses (and when you do the wallet will generate a new private key for each new address) on your offline wallet.  Then you could use an online computer to create unsigned transactions that will transfer the value to each of these new addresses in whatever values you like.  Then you can transport those unsigned transactions (using whatever method you feel is secure) to your offline computer that contains the private keys.  You can then use the Bitcoin Core wallet to sign the transactions on the offline wallet.  You can then transport the signed transactions back to the online computer (using whatever method you feel is secure) to be broadcast to the network.  Once the transactions are confirmed in the blockchain, the value will be under the control of the new private keys split up as specified by the transactions that you created.

So i have some btc stored in encrypted, cold storage using the 0.9.3 core.  This wallet is on a dedicated, wiped, radio disabled, bios locked, old laptop using xp.  To "break this wallet into smaller chunks" - would you set up new wallets on this same cpu and somehow send the desired denominations to these new wallets?  Or is there a method of being able to keep this btc in this same wallet while also being able to spend from it/send chunks to online wallets?  I hope this makes sense.  This storage subject is maxing out my btc knowledge level….  Thanks all.