Topic: How would you store >100 Bitcoins? - page 33. (Read 42368 times)

What bank pays interest on bitcoin?

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

What would the point of creating so many wallets/addresses be? If you used multiple passwords then you would have a greater chance that you lose some amount of your bitcoin from forgotten passwords. If you used the same wallet password then your coins would not be any more secure.

I use Electrum, and so the blockchain download isn't an issue.
For memory I can just use the on board SD card (16 GB) and then a thumbdrive to transfer files back and forth.

What client are you using on the Pi, and what memory storage are you using? How long does the Pi take to download and parse a large block. I am very interested in this solution if I could figure out how to overcome the performance problems.

Buy a TREZOR if you are not used to make paper wallets.

Yes and yes

and its much more simple than you think, just took long for me 2 explain without leaving anything

I do have a few normal usb backed with the normal QR and key... as a 4th backup... So I have fail safe.. there is no such thing as complex with my setup its more of a thief deterrent.

Spread your BTC over several wallets as suggest above, or perhaps 1 main wallet and several decoy wallets which you would use for spending.

The main wallet would have a computer dedicated to it and only be used for transactions sent to the spending wallet.

In your mums gapping vagina

I'd be really nervous holding that much. Not even sure if I'd want that ammount. If I had though I'd store it on paper wallets with several copies as backups.

If me :
1. i will create some wallet.dat (5 - 10 wallet, and every wallet contain 10 - 20 address)
2. then i archive every wallet.dat with best secure security with very simple password
3. then i save that to some USB disk drive, portable HDD & trusted cloud server

What about the danger of forgetting/losing your encryption key?

I would use my guide to create many different offline wallets: http://btcguys.us/blog/how-to-create-bitcoin-paper-wallet-tutorial  

After a bunch of research, this is what I am doing for my little bit of coin:

Go to https://www.bitaddress.org/ and create a BIP38-encrypted wallet - then you don't have to worry so much about hiding the wallet. Just don't forget/lose your password!

Creating and loading the wallet -

1) Save to my HD the bitaddress.org URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate my encrypted paper wallet via the bitaddress.ord URL (running standalone). You can print a bunch of different wallets off at once onto a sheet or two of paper. Then you can have all your coins in the first one, and when you spend some you move the "change" to the next one down the list.
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, I can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send my bitcoin to the public key of my paper wallet, starting with a small amount and confirming it got there via blockchain.info.

Getting bitcoin back out of the wallet -

1) Using the block chain app on my android tablet, scan the encrypted private key of the paper wallet (I could also use the bitaddress.org code offline to decrypt it manually also).
2) The app will ask for the key I used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable.
3) Sweep the wallet into my blockchain online wallet.
4) Send any bitcoin that I don't want to keep online into the next wallet in the list.

This is really easy, foolproof as long as you use a password you will never lose/forget, and it doesn't depend at all on USB sticks or other tech to store the wallet. And you can give copies to friends/family without worry since it is useless without a password. Just make sure your password is fairly sizable so brute force can't crack it.

so 80% of your coins you don't control directly?  hardly seems like reduced risk.

I put 80% of my coins to a bunch of bitcoin banks (4-5) to generate interests while reducing systematic risk.
And put the rest into Blockchain for daily use like Bitbet.

I would probably do what I do currently with my addresses (or at lease the ones with the larger amounts).

I have a Raspberry Pi computer set up in my house connected only to our network, except once a week I have it connect to the internet to update the blockchain and all my balances. Were I to have 100BTC I would put 5BTC in different addresses and save backups to my private thumb drive. The Pi is reserved only for bitcoin related things and so I'm not worried about getting a virus, because you really have to try to get infected when using Linux distros.

Uh... let's see about unforseeable circumstances.

Robber: You really think they would steal a Raspberry Pi? I have that one covered. Also the Pi is hidden since I always just SSH into it.
Corrupt Card: No problem, I have backups on my thumb drive.
Broken Thumb Drive: I have one of those micro's that're about twice as long as a finger nail. If it got corrupt, well I don't really have a solution if the Pi is gone too.
Have To Skip Country: I DID say I have a small thumb drive. Not too hard to conceal.

cold storage but 10 copies of it.... encrypted
that would do the job for every danger

Great design! I also thought about storing less than 1 bitcoin per address but that is too much hassle. BTW, if my plane is going to crash, how would I tell my relatives to get the coins I stored?

i hope this is a joke 

I generated a thousand random keys on an offline computer and made a thousand 2-of-3 multisigs with them, with the keys of my brain wallet hashed a million times, a newly generated key in my bitcoin-qt app on my online computer, and the new random key generated by the computer.  I then bip38'd the private keys for all the random generated keys, and pgp-encrypted the combo of bip38+redeemscript for the key and then have the multisig address as the comment for the pgp data.

Now I just have a file on my online computer with a bunch of PGP messages with multisig keys as the comment, and the only time the private key or the whole redeem script will be known is when I'm getting ready to spend them.  And since each address has less than a bitcoin, I'll find out pretty quickly that my machine is compromised, without losing too much, when I try to spend some of them.  (I always send the multisig back to myself in my QT wallet first, and I do each multisig one at a time.)

(The PGP messages and my encrypted bitcoin-qt wallet are also backed up various places.)

So when I want to spend them, I decrypt and import the one key into my qt-wallet, and then that key plus the key already in my wallet are enough to spend it.