Topic: How to store an extremely high amount of money in Bitcoin safely ? - page 2. (Read 3001 times)
December 21, 2015, 01:06:02 PM
Why not Armory?
December 21, 2015, 12:35:04 PM
but what if hackers can see there are 200 bitcoins on my bitcoin address ?
they will do everything possible to steal it from me..
they will do everything possible to steal it from me..
how they know that the address is your? they can not steal it directly as you think they need to infect your device or steal it , which mean that you have permitted it in some way
December 21, 2015, 11:49:56 AM
It will be wise decision to spread your bitcoin in different paper wallets and storing them in a different pendrive with one printed copy. Than all of this in banks safety box with insurance. Don't forget to delete copy from the computer.
December 21, 2015, 11:18:58 AM
Best option imho is to use "android bitcoin paper wallet" on totally offline phone. Just generate private key and write it BY HAND. Spending is bit cumbersome but possible offline and is not as weird as buying "two macbooks" for that.
Just boot a Linux image on livecd and you can use bitaddress.org to do so.You don't need to buy two macbooks to secure your Bitcoins effectively. If you have a old computer, you can install ubuntu with Electrum on it. You can use an online computer to download the transaction data, move it using a USB to your offline computer and sign it on the old computer. Then, bring it to broadcast on the online computer. If you don't have an old computer, a raspberry pi would do.
December 21, 2015, 11:17:00 AM
u sure?
it's a pain in the ass to deal with paper wallets.. so hard to spend money out from there
what if I purchase 3 pieces of Trezor and store the coins there ? is it safe ?
it's a pain in the ass to deal with paper wallets.. so hard to spend money out from there
what if I purchase 3 pieces of Trezor and store the coins there ? is it safe ?
December 21, 2015, 11:07:50 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.they will do everything possible to steal it from me..
Hacking an address by guessing its priv key will take billons of years
December 21, 2015, 11:02:01 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..
they will do everything possible to steal it from me..
Than don't store your 200 bitcoins in one wallet always have more than one at least 2 so that 100 bitcoin in that other wallet. Always have a back up with your bitcoins. Do some bitcoins in paper wallet, some in offline wallet, some in a online wallet. Well good luck storing your bitcoins.
Yes what he said is true. It's best to spread the amount of bitcoins you have over several wallets if you own a bunch.
It's not safe to hold all of them in 1 wallet especially if you own bitcoins higher than 2 digits.
December 21, 2015, 11:00:19 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..
they will do everything possible to steal it from me..
Than don't store your 200 bitcoins in one wallet always have more than one at least 2 so that 100 bitcoin in that other wallet. Always have a back up with your bitcoins. Do some bitcoins in paper wallet, some in offline wallet, some in a online wallet. Well good luck storing your bitcoins.
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..
they will do everything possible to steal it from me..
December 21, 2015, 10:46:46 AM
You think Electrum's 2FA is enough to keep safe ~200 bitcoins for me ?
it's not about the method used, it's about the user, if you install electrum in a infected computer with a rootkit and heavy privilege access stolen by the hacker, nothing will be safe anymore
so simply pay attention to your moves
Offline wallet is a very safe option...but make sure you have a licensed "internet security" software installed in your computer.
i can argue that a dedicated server on a separated connectiononly to run the client like it was your personal bank, can be safe as well
December 21, 2015, 10:30:34 AM
Offline wallet is a very safe option...but make sure you have a licensed "internet security" software installed in your computer.
December 21, 2015, 10:28:08 AM
Paper & offline wallets like Trezor are enough. For additional security you can maybe use Multisig as well.
December 21, 2015, 10:27:19 AM
You think Electrum's 2FA is enough to keep safe ~200 bitcoins for me ?
Don't put all of those coins in the same address. Use 4 or 8 addresses so that if 1 address is compromised, you don't lose all of your coins.
then he will have to secure all of those 4 to 8 addresses so better store them in one address but secure is enough like i said for long long storage paper wallet will work as long as you use a good paper and ink and laminate it and secure it at safe place
December 21, 2015, 10:25:54 AM
Best option imho is to use "android bitcoin paper wallet" on totally offline phone. Just generate private key and write it BY HAND. Spending is bit cumbersome but possible offline and is not as weird as buying "two macbooks" for that.
December 21, 2015, 10:24:33 AM
You think Electrum's 2FA is enough to keep safe ~200 bitcoins for me ?
Don't put all of those coins in the same address. Use 4 or 8 addresses so that if 1 address is compromised, you don't lose all of your coins.
December 21, 2015, 10:18:00 AM
Like you said earlier in the comments OP it's difficult for you to keep paper wallet,i am wondering how you keep your cash safely in real life? Think your paper wallet as large sum of cash and keep it in safe/bank or Just use an offline wallet and store it in PC that never gets connected to internet or any USB.These can be the only safest options i can think 
December 21, 2015, 10:12:28 AM
You think Electrum's 2FA is enough to keep safe ~200 bitcoins for me ?
December 21, 2015, 08:16:08 AM
I've been reading about Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage
for me the safest solution to store bitcoins is paper wallet as they have nothing to do with any electricity device and also internet so when they are not on internet they are safe from hackers but they can be stolen so keep them safe in your bank locker after laminating them
Guys!!!
Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).
That's basically 2FA, using a password and another OTP. Currently, there is no implementation in protocol level. You need to trust a third party to keep the funds safe. An example is coinbase.Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).
But, there is another option. Multisignature addresses. Multi signature addresses basically needs at least n of m signatures for the transaction for it to valid. With 2 of 2 multisig, users have one key while a third party controls another. Only when the OTP is true, the transaction will be signed by the third party key.
With 2 of 3 multisig, the user have access to 2 keys while the server have access to one. Everything basically works like the above but the user can restore access even if the third party do not want to sign the TX. You would still have to keep the keys safe. An example is Electrum's 2FA option.
December 21, 2015, 08:10:51 AM
A mixture of paper wallets, Trezor & Core is good enough for me.
December 21, 2015, 08:02:18 AM
Guys!!!
Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).
Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).
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