how to store bitcoin for long term? - page 2.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

Quote from: CarnagexD on June 26, 2017, 10:23:54 AM

Quote from: clardalan on June 24, 2017, 12:26:18 PM

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

In able to store bitcoin for long term you can use poloniex.Poloniex is an online money trading that you can use to store your bitcoin.You will be needing to invest your bitcoin,you can also buy bitcoin and sell your bitcoin.

Who in their right mind would even give Poloniex their coins at all?

You'd be better off handing the keys to some homeless guy on the street.

Ranochigo's advice is the best. The easiest solution for the non-tech savvy is hardware wallets, but you'll have to be careful with the software updates if you do that.

Barcode_

staff

Activity: 3206

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Join the world-leading crypto sportsbook NOW!

I have purchased a Ledger Nano S quite a while ago and I have been using it to store most of my bitcoins now, it is more secure comparing to a paper wallet as there might be a chance the paper wallet QR code might be damage when you kept it for a long period of time. I have heard good reviews about Trezor hardware wallet too, but it is much more expensive than Ledger, so I choose the cheaper alternative and it is working great for me at the moment

Scorpion

hero member

Activity: 887

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Bitcoin OG

In my opinion do it with bitaddress.org and download the client-side, the link is provided on the website, then you can use it offline and turn the internet off. You can make an encrypted wallet.

Once you've generated a wallet, print three or four copies. Send a small BTC amount to test it. Then go to an arts and crafts store and buy those self-laminating packs and laminate your wallets. Keep these in separate safe spots you trust.

karasuri

full member

Activity: 252

Merit: 100

Make a BIP38 encrypted private key and put it in the cloud, or copy the key to several locations, so you won't lose it. Store the password securely and separately from the BIP38 encrypted key of course.
That kind of cryptography is very hard to brute force since the decryption algorithm is very intensive to compute, so you can still have a reasonably memorable password, but not too short of course.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Quote from: clardalan on June 24, 2017, 12:26:18 PM

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

There are many bitcoin storage or wallet you can choose from Desktop Wallets, Mobile Wallets, Online Wallets, Hardware Wallets, Ledger Wallets, Paper Wallets and so on..., well they all have private keys actually that is the point in having wallets, you need to choose and explore from this different types of wallets what is best and you think are more secure, My opinion is a cold storage just like a hardware wallet like Trezor that don't rely on third-party bitcoin storage services.

Souldream

legendary

Activity: 1110

Merit: 1000

Quote from: clardalan on June 24, 2017, 12:26:18 PM

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

for me , i am satisfied with the wallet that i am using, one is an online wallet then another one is an hardware wallet. my online wallet has a strong securities and im pretty sure that it is hard for the hackers to hack it, and my hardware wallet is safe too, because i maintaining my laptop that its is needed to dont have a virus.

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

Quote from: clardalan on June 24, 2017, 12:26:18 PM

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

In able to store bitcoin for long term you can use poloniex.Poloniex is an online money trading that you can use to store your bitcoin.You will be needing to invest your bitcoin,you can also buy bitcoin and sell your bitcoin.

Karmakid

sr. member

Activity: 742

Merit: 397

Better if you will not save the private key in your desktop or laptop devices for it can be hijacked by some person who has speciality into it,it iss safer to store it onyour mind or on a note i think just like what i do

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: clardalan on June 24, 2017, 12:26:18 PM

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

If you aren't thinking about spending it frequently, I wouldn't recommend investing in hardware wallet.

Here's what you can do:
1. Boot tails in a live USB.
2. Download and run bitaddress.org.
3. Generate a paper wallet and encrypt it with BIP38.
4. Send Bitcoins to the address, decrypt the private key and import it into Electrum.
5. Test it out.

When you want to spend it, do 4 and 5 again.

RoommateAgreement

hero member

Activity: 770

Merit: 500

Bazinga!

in my experience it depends on how long you want to keep them. if it is the real cold cold-storage then a paper wallet is the best option since you won't be accessing it but if you want to spend the funds then a paper wallet is going to prove some difficulties when you want to spend anything. since you will have to sweep the keys then generate a new paper wallet to send the remaining funds to that.
in this case a hardware wallet or another wallet installed on another offline computer is best. like electrum on an old PC or a live linux.

TryNinja

legendary

Activity: 2758

Merit: 6830

The better option would be buy a Hardware Wallet like Trezor or Ledger Nano S, but if you don't want to invest money on it, you should generate and print a paper wallet, send your BTC and keep it on a safe place.

Here is a quick tutorial on how to do this: http://www.coindesk.com/information/paper-wallet-tutorial/

Send a very low amount of BTC to the address, see if arrived and then send all the rest. Only touch on that paper wallet when you want to cashout. That way your Bitcoins will be safe, since your private key info never went through the internet.

clardalan

member

Activity: 126

Merit: 10

Bitcoin amateur learning by doing

I would like to do the following:

generate a publickey/private key combi.
send some small btc to the publicaddress and send it back to test it works.
send main sum btc to the publickey.
safely store the private key, without risking someone figures out what it is.

How can I best do this?

Topic: how to store bitcoin for long term? - page 2. (Read 1292 times)