How would you store >100 Bitcoins? - page 32.

DannyElfman

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Quote from: bitcoinbitcoin on August 05, 2014, 09:44:32 PM

is BIP38 encyption better than GPG symmetric encryption?? How is it different?

if so, is there a stand-alone progam, that i can use to "BIP38" a big block of text?

I'm also looking for a Linux GUI program that does GPG symmetric encryption, any ideas?

thanks!!

BIP0038 is a bitcoin standard soley for private keys, so I doubt you will find a program for wall of text.

BIP0038 isn't better then GPG it is just something different. With BIP38 you need to enter a password to decrypt a private key, but for the computer to check if the password is correct it needs to do quite a lot of computational work. For a i7 processor it takes about 10-20 seconds to check one password. This makes bruteforcing multiple magnitudes harder.

BIP38 is used for coldstorage paperwallets, because even if someone finds your keys, they can do jack shit.

justusranvier

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Quote from: Possum577 on August 05, 2014, 08:33:28 PM

Quote from: justusranvier on August 05, 2014, 07:46:58 PM

Quote from: Possum577 on August 05, 2014, 07:43:51 PM

Sounds great, one more question - what's one full Bitcoin node?

That's a copy of Bitcoin-Qt or bitcoind (better).

Those clients work by downloading and verifying the entire blockchain, which is approaching 20 GB last time I checked.

Getting a full node running from scratch means a day or two of investment, and that's if you speed it up by using Bittorrent to grab a blockchain snapshot first.

So for a user/BTC owner that doesn't have that kind of technical knowledge is Armory no longer an option?

If you have >100 BTC and not enough technical knowledge to run Armory, you're gonna have a bad time.

bitcoinbitcoin

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is BIP38 encyption better than GPG symmetric encryption?? How is it different?

if so, is there a stand-alone progam, that i can use to "BIP38" a big block of text?

I'm also looking for a Linux GUI program that does GPG symmetric encryption, any ideas?

thanks!!

DannyElfman

sr. member

Activity: 406

Merit: 250

Quote from: Possum577 on August 05, 2014, 08:33:28 PM

Quote from: justusranvier on August 05, 2014, 07:46:58 PM

Quote from: Possum577 on August 05, 2014, 07:43:51 PM

Sounds great, one more question - what's one full Bitcoin node?

That's a copy of Bitcoin-Qt or bitcoind (better).

Those clients work by downloading and verifying the entire blockchain, which is approaching 20 GB last time I checked.

Getting a full node running from scratch means a day or two of investment, and that's if you speed it up by using Bittorrent to grab a blockchain snapshot first.

So for a user/BTC owner that doesn't have that kind of technical knowledge is Armory no longer an option?

Actually it is very user friendly. Just try it out!

Possum577

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Loose lips sink sigs!

Quote from: justusranvier on August 05, 2014, 07:46:58 PM

Quote from: Possum577 on August 05, 2014, 07:43:51 PM

Sounds great, one more question - what's one full Bitcoin node?

That's a copy of Bitcoin-Qt or bitcoind (better).

Those clients work by downloading and verifying the entire blockchain, which is approaching 20 GB last time I checked.

Getting a full node running from scratch means a day or two of investment, and that's if you speed it up by using Bittorrent to grab a blockchain snapshot first.

So for a user/BTC owner that doesn't have that kind of technical knowledge is Armory no longer an option?

Possum577

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Activity: 434

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Loose lips sink sigs!

Quote from: TrailingComet on August 04, 2014, 12:44:49 AM

Offline paper wallets - spread across 15 to 20 addresses at least
Decentralisation is your friend, use it

If you keep all of those 15-20 paper wallets in the same location, on the same USB, in the same safe, etc, you end up in the same position with with all of your wealth in one location. Are you keeping your 15-20 paper wallets hidden in as many different locations (times how ever many backups you have?)

virtfund

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5 BTC per paper wallet. Spread out where you keep them. Safety deposit boxes, personal safes, etc.

TimS

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Quote from: Possum577 on August 05, 2014, 07:43:51 PM

Sounds great, one more question - what's one full Bitcoin node?

I haven't seen that yet on the forum. Thanks.

Basically: Running Bitcoin Core.
A full node, as opposed to a lite/SPV client, requires keeping a full copy of the blockchain (Core + Armory currently runs around 40GB). Ideally, a full node should always be connected to the Internet.

justusranvier

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Quote from: Possum577 on August 05, 2014, 07:43:51 PM

Sounds great, one more question - what's one full Bitcoin node?

That's a copy of Bitcoin-Qt or bitcoind (better).

Those clients work by downloading and verifying the entire blockchain, which is approaching 20 GB last time I checked.

Getting a full node running from scratch means a day or two of investment, and that's if you speed it up by using Bittorrent to grab a blockchain snapshot first.

Possum577

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Activity: 434

Merit: 250

Loose lips sink sigs!

Sounds great, one more question - what's one full Bitcoin node?

I haven't seen that yet on the forum. Thanks.

Quote from: justusranvier on August 05, 2014, 07:19:45 PM

Quote from: Possum577 on August 05, 2014, 07:13:05 PM

Quote from: justusranvier on August 03, 2014, 09:58:45 AM

Armory.

Just use Armory? Is there any other component or how do you use Armory?

I'm not entirely familiar with using it so maybe I'm missing something obvious.

Armory generates addresses deterministically, so you only need to make one backup that's valid forever.

Armory has a very nice GUI that walks you through offline transaction signing, the best form of cold storage (better than paper wallets, by far).

When you create paper backups of your wallet (remember, this backup covers every address the wallet will ever generate), you can split the backup into m-of-n copies for any amount of redundancy/security you want.

All the other options mentioned in this thread are a joke in comparison.

The one downside Armory might have is the requirement to run a full Bitcoin node on the online machine, but if you've got >100 BTC to store then presumably you can afford a real computer so that wouldn't be a problem.

Possum577

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Quote from: oceans on August 03, 2014, 04:12:38 PM

100 bitcoins is a lot. I only wish I had that many myself to be honest that would be quite impressive.

In answer to your question if I had 100 bitcoins I would definitely choose to store them in an offline cold wallet and store around 10 bitcoins in one wallet before opening another wallet to do the same as previous.

It's only impressive if someone bought them this year. If someone bought 100 coins when the price was less than $100 each, we're only talking about a couple thousand dollars of initial investment.

Mowcore

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Quote from: justusranvier on August 03, 2014, 09:58:45 AM

Armory.

This. I was so paranoid before I finally took this route and fuck, best decision of my life. No fear or anything now. Good times.

justusranvier

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Quote from: Possum577 on August 05, 2014, 07:13:05 PM

Quote from: justusranvier on August 03, 2014, 09:58:45 AM

Armory.

Just use Armory? Is there any other component or how do you use Armory?

I'm not entirely familiar with using it so maybe I'm missing something obvious.

Armory generates addresses deterministically, so you only need to make one backup that's valid forever.

Armory has a very nice GUI that walks you through offline transaction signing, the best form of cold storage (better than paper wallets, by far).

When you create paper backups of your wallet (remember, this backup covers every address the wallet will ever generate), you can split the backup into m-of-n copies for any amount of redundancy/security you want.

All the other options mentioned in this thread are a joke in comparison.

The one downside Armory might have is the requirement to run a full Bitcoin node on the online machine, but if you've got >100 BTC to store then presumably you can afford a real computer so that wouldn't be a problem.

DannyElfman

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Activity: 406

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Quote from: Possum577 on August 05, 2014, 07:13:05 PM

Quote from: justusranvier on August 03, 2014, 09:58:45 AM

Armory.

Just use Armory? Is there any other component or how do you use Armory?

I'm not entirely familiar with using it so maybe I'm missing something obvious.

It is very secure and easy to recover with the seed. Also the most powerful wallet there is!

Possum577

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Loose lips sink sigs!

Quote from: justusranvier on August 03, 2014, 09:58:45 AM

Armory.

Just use Armory? Is there any other component or how do you use Armory?

I'm not entirely familiar with using it so maybe I'm missing something obvious.

DannyElfman

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Activity: 406

Merit: 250

Quote from: elliwilli on August 05, 2014, 07:06:14 PM

for each 10 bit coins a separate wallet, each one stored in a separate encrypted partition/USB
Then i would back 1/4 up to MEGA, 1/4 to Google drive 1/4 to Dropbox and the rest in paper wallets.

Why not only paperwallets with BIP0038 backuped in 3 different places and the rest on a mobile TREZOR?

Way more practical Wink

elliwilli

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et rich or die tryi

for each 10 bit coins a separate wallet, each one stored in a separate encrypted partition/USB
Then i would back 1/4 up to MEGA, 1/4 to Google drive 1/4 to Dropbox and the rest in paper wallets.

DannyElfman

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Quote from: justusranvier on August 05, 2014, 06:46:28 PM

Quote from: DannyElfman on August 05, 2014, 06:22:00 PM

What bank pays interest on bitcoin?

All that do are/were scam. So I got bad news for you!

What are you talking about?

Bitcoin Savings and Trust had such a prestigious name - they were honest, right?

Yeah. They all have such shiney and trustworthy names:

Coinlendes, Neo and Bees, Bitcoin Savings and Trust, Pirate Investments....

Possum577

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Quote from: Meuh6879 on August 03, 2014, 08:42:19 AM

every 5 or 10BTC ... use a new wallet.
i do this.

when you pay ... seller don't know if you have more than 5 or 10 BTC.

Where do you store the 10 to 20 public/private keys? The security comes in part from spreading the balance out over multiple wallets but more so in how you protect the access to each wallet.

justusranvier

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Quote from: DannyElfman on August 05, 2014, 06:22:00 PM

What bank pays interest on bitcoin?

All that do are/were scam. So I got bad news for you!

What are you talking about?

Bitcoin Savings and Trust had such a prestigious name - they were honest, right?

Topic: How would you store >100 Bitcoins? - page 32. (Read 42325 times)