How to store an extremely high amount of money in Bitcoin safely ?

EdenHazard

legendary

Activity: 2674

Merit: 1048

Quote from: SLRman on December 20, 2015, 09:34:47 AM

I've been reading about Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage

It seems to be way more secure than an ordinary Cold Storage as my private key and everything would be stored in a safety deposit box which you must have to be able sending funds out from the wallet. So basically, without that box you can do nothing to the coins being inside my wallet.

I'm looking forward for the safest solution(money doesn't matter) as I need to store serious money safely there.

Thanks for your help...

nothing perfect system in this world,and also security of bitcoin storage,because of that,i just give suggestion, you should keep your bitcoin massive numbers in some storage, hardware online wallet and wallet, or perhaps save it in papper wallet as well, it will make your bitcoin safe.

jethrorn99

full member

Activity: 224

Merit: 100

Hardware wallet is the way to go, if you got extremely high amount of money, then you can buy some and split your money in the hardware wallet
Otherwise, splitting your money to a lot of desktop pc could also help, as long you don't brag that you got a lot of money, then a hacker maybe hack your PC.
Paper Wallet is fine too, if you could save it in a safe place that out of things that could destroy the paper

Duomo

hero member

Activity: 588

Merit: 500

☃

Quote from: ausbit on January 02, 2016, 02:49:03 AM

Quote from: Decoded on December 21, 2015, 05:34:50 PM

A Paper wallet would be the safest way to go. No viruses, and no hard drive faliure. I've personally printed one and sealed it in plastic and it's at the bottom of my fridge, so it's climate-controlled and it's protected by the plastic. Who would steal my fridge?

Very nice idea to save the wallet at the bottom of fridge. my point is there is nothing extremely safe in the world to store the bitcoins. The thief and the scammers are having very smart brain to steal the things what they want and they don't care about the punishment, their family too when they are caught red handed.

I would never store a paper wallet under an electronic appliance. Worst of Worst, what happens if the refrigerator has a leak and the private key can't be scanned. There goes a $1,000,000 or whatever large numerical value your bitcoins are worth. There are a few safe of storing large amounts of bitcoins.
Paper Wallets, Cold Storage on an offline computer, and Hardware wallets are the best methods of storing your bitcoin.
-My preferred method is a paper wallet deposited in a Bank's Safety Box.

Rizky Aditya

hero member

Activity: 700

Merit: 500

Quote from: bitsmichel on December 20, 2015, 09:56:15 AM

Quote from: SLRman on December 20, 2015, 09:34:47 AM

I'm looking forward for the safest solution(money doesn't matter) as I need to store serious money safely there.

I think the safest is a non-desktop, non-mobile solution. All you need is a private key. I recommend looking into multisignature which would require more than one key to send bitcoins on the network. You could get a 2-of-3 wallets, which means you need at least two keys out of the three keys generated.

The safest bitcoin wallet is definitely a hardware wallet. You definitely need more than 1 wallet if you want to keep your bitcoins safe.

ausbit

legendary

Activity: 1330

Merit: 1019

Quote from: Decoded on December 21, 2015, 05:34:50 PM

A Paper wallet would be the safest way to go. No viruses, and no hard drive faliure. I've personally printed one and sealed it in plastic and it's at the bottom of my fridge, so it's climate-controlled and it's protected by the plastic. Who would steal my fridge?

Very nice idea to save the wallet at the bottom of fridge. my point is there is nothing extremely safe in the world to store the bitcoins. The thief and the scammers are having very smart brain to steal the things what they want and they don't care about the punishment, their family too when they are caught red handed.

Decoded

legendary

Activity: 1232

Merit: 1030

give me your cryptos

A Paper wallet would be the safest way to go. No viruses, and no hard drive faliure. I've personally printed one and sealed it in plastic and it's at the bottom of my fridge, so it's climate-controlled and it's protected by the plastic. Who would steal my fridge?

ptiper21

full member

Activity: 294

Merit: 101

Quote from: ?? on ??

Easy just send to this wallet : 1LvLNEg4QNhu7yrkcQisQQH8HCZ2c3mJqW

And i promise you all your bitcoins will be safe in a cold storage.

scammer! be carefull with him!

the_poet

legendary

Activity: 1137

Merit: 1035

Bitcoin accepted here

Install Electrum on an offline pc and save the seed either on a piece of paper or on an encrypted file on an USB key. Store several copies of your paper wallet/USB keys in SAFE places, each one being geographically distant from the others.

fravia

hero member

Activity: 770

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

well your coins cant be safe all the time as there is a very very tiny chance that the same private key can be generated for other user what means that he would have the access to your wallet, without this i would recommend you to use armory wallet as its free and everyone can use it to secure your bitcoins

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Quote from: BitcoinBud44 on December 21, 2015, 01:06:02 PM

Why not Armory?

Armory cold storage is very good. It is no more secure than Trezor but it is more private. The problem is you need to run two computers to use cold storage in Armory, one always kept offline. The Armory devs keep talking about Trezor support but will believe it when I see it.

Kprawn

legendary

Activity: 1904

Merit: 1074

You have a bit of a problem... you ask in your main post, for the most secure way to store your Bitcoins and in another you want the convenience of spending it quickly. In that

scenario I would go for the Trezor and not the paper wallet option for everything. I would also still store a big percentage of the coins in cold storage.

It's not easy to find a perfect balance, but you know your spending habits. Just adjust the amount based on that. I go for a 60/40 split... 60% goes into cold storage.

okae

legendary

Activity: 1401

Merit: 1008

northern exposure

Quote from: humptycurrency on December 21, 2015, 02:09:02 PM

i think localbitcoins.com is the safest option

hell no!! never put all your eggs in the same basket!! Tongue

I always recommend to store them into different wallets, you know, just split it on all of them, thats the best way to be quiet about it.

humptycurrency

member

Activity: 60

Merit: 10

i think localbitcoins.com is the safest option

Chris_Sabian

legendary

Activity: 896

Merit: 1001

Quote from: a7mos on December 21, 2015, 11:07:50 AM

Quote from: SLRman on December 21, 2015, 10:53:29 AM

but what if hackers can see there are 200 bitcoins on my bitcoin address ?

they will do everything possible to steal it from me..

Even if a hacker knew that you have 200 btc in a bitcoin address, s/he can not do anything with bitcoin as long as your private keys are in a safe place and you generated this address offline.
Hacking an address by guessing its priv key will take billons of years

There are many many addresses that hold more than 200 btc. Take a look here: http://www.bitcoinrichlist.com/

There are addresses that hold 10,000 bitcoins. Some of these coins have not moved since 2011. I would not be afraid of hackers if you generate the keys in a safe manner.

StevenS

full member

Activity: 206

Merit: 100

Quote from: ATguy on December 20, 2015, 10:06:25 AM

The only problem with paper wallets (and I using them as well) is when you actually want to spend it you have to find a secure way to do it (with higher amount of Bitcoins)... so probably importing the private key to hardware wallet anyway

It makes sense to use multiple paper wallets. For example, if you have 10BTC, store it in ten 1BTC paper wallets. When you need some spending money, take one of the paper wallets and transfer it all (don't try to extract only part of a paper wallet) to your "hot" wallet. You will then still have 90% of your stash secure.

BruceLee007

sr. member

Activity: 406

Merit: 250

hmm i never thought about it as i never had such amount of bitcoins that i would have to decide where to put it in order to make them safe though in my opinion i would either make a paper wallet on a trusted online website with a computer that has never been used before or i would just buy a cold storage wallet that hardware one though it would cost a decent amount of money

StevenS

full member

Activity: 206

Merit: 100

Quote from: omahapoker on December 21, 2015, 10:28:08 AM

For additional security you can maybe use Multisig as well.

Multisig does nothing for you if you don't secure the private keys. If you're using a 2 of 3 multisig (typical), and store 2 of the keys is a safe deposit box, then this is the exact same security as storing the private key of a regular wallet in that safe deposit box.

In order to take advantage of Multisig (for security), you have to store the 3 (for a 2 of 3) keys in 3 different places. For example, store one in a safe deposit box, the second in secure place at your home (e.g. a floor safe), and the 3rd with a trusted friend. Then, if any one of those 3 keys gets compromised (e.g. copied) or lost, you quickly use the remaining 2 to transfer the bitcoin to a new secure wallet.

Supercrypt

legendary

Activity: 1554

Merit: 1054

Quote from: Coogan on December 21, 2015, 01:20:11 PM

I wouldn't store a large amount of coins all in one wallet. Split them up into smaller chunks, write down the seeds of each and keep several back ups. That way you're safe and protected.

Splitting up into small amounts of bitcoins will incur high amount of fees and managing paper wallet of multiple addresses are a headache.

See here, a single address hold how many bitcoins...
https://blockchain.info/address/3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v

Encryption alone is more than enough in my view.

Coogan

newbie

Activity: 54

Merit: 0

I wouldn't store a large amount of coins all in one wallet. Split them up into smaller chunks, write down the seeds of each and keep several back ups. That way you're safe and protected.

cluit

legendary

Activity: 1176

Merit: 1016

Quote from: LFC_Bitcoin on December 21, 2015, 08:10:51 AM

A mixture of paper wallets, Trezor & Core is good enough for me.

Yes a mixture of multiple different wallets would ensure the extreme high amount in parts.
Some basic considerations.
1. Different addresses from different wallet types.
2. Manageable small amount in multiple address adds extra security.
3. Usual things of bitcoin protections:
a. Cold storage.
b. Never been online bitcoin address
c. Strong encryption Password

Topic: How to store an extremely high amount of money in Bitcoin safely ? (Read 3001 times)