If you have 4 wallets with 25k how to encrypt & use cold storage!

Trance

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Quote from: S4VV4S on September 02, 2015, 10:53:16 AM

So, if I understand correctly:
The OP (a senior member soon to become hero member) has 25K Bitcoins in a blockchain.info web wallet and is asking how to transfer those coins to a paper wallet?
Like, really?

Trying to fish out the good fish and bad fish, like really.

Hugroll

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it scares me that someone with 25k coins doesnt know how to use a paper wallet storage

investspot

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Love me love my Bitcoin.

Quote from: Trance on September 02, 2015, 04:40:22 AM

For these four wallets!

How does one take it off the blockchain wallet and basically put it on paper and into a safety deposit box!

Also I ordered a ton of those Crypto-Vest LTC Coins, how exactly does it work, the piece of paper comes with a LTC Wallet Address, and under the hologram is the key to redeem the LTC after typing in the address?

Please post a step by step to redeem the LTC and your BTC Address for a generous donation for assisting in these topics above!!

<3 <3 Vires In Numeris <3 <3

If i have 25K, I would trade part of them to USD. Grin

TransaDox

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I still don't know why no one has come up with a credit card to store keys that you can then put in a safe. They are a lot more robust than paper. To put keys on it or take them off, you just swipe in a credit car reader/writer and lock them in the safe-job done! Make 10 of them and put them in the safe if you are worried about degradation (although they easily last 5 years under duress and constant swiping in someones real wallet).

Lauda

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Terminated.

Quote from: tadakaluri on September 03, 2015, 08:31:46 AM

Though there has been some news about the possibility of hackers installing a backdoor in the cold storage system, the method of securing a cryptocurrency with a cold storage is still by and large the best. Web based wallets are most prone to attacks by hackers and when the web links are snipped, cold storage becomes a safe place for the cryptocurrency you own.

Well obviously using a system that might be compromised as a cold storage one is pretty pointless. This is a valid concern, however a bit too paranoid. What are the odds that someone with low amount of coins (less than 50) is going to be a target of highly complex malware? It's not as easy to target a person as people think. A combination of a few methods should be best. The chances of being compromised at that point would be very low. There are two major lessons that we've learned in the past: 1) Don't use a (simple) web wallet as your main one; 2) Do not keep everything in a single wallet.

Quote from: louise123 on September 03, 2015, 08:35:28 AM

@OP I would recommend you look into multi-signature wallets

I concur.

louise123

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Quote from: LiteCoinGuy on September 02, 2015, 12:41:31 PM

Quote from: S4VV4S on September 02, 2015, 10:53:16 AM

So, if I understand correctly:
The OP (a senior member soon to become hero member) has 25K Bitcoins in a blockchain.info web wallet and is asking how to transfer those coins to a paper wallet?
Like, really?

i think 25k USD and not BTC.

I too think he meant btc.
See below:

Quote from: Trance on September 02, 2015, 04:40:22 AM

For these four wallets!

How does one take it off the blockchain wallet and basically put it on paper and into a safety deposit box!

Also I ordered a ton of those Crypto-Vest LTC Coins, how exactly does it work, the piece of paper comes with a LTC Wallet Address, and under the hologram is the key to redeem the LTC after typing in the address?

Please post a step by step to redeem the LTC and your BTC Address for a generous donation for assisting in these topics above!!

<3 <3 Vires In Numeris <3 <3

@OP I would recommend you look into multi-signature wallets

tadakaluri

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Quote from: Lauda on September 03, 2015, 03:46:36 AM

Quote from: NorrisK on September 03, 2015, 01:42:36 AM

Also, personally, I wouldn't feel safe having a large amount of coins in an unencrypted wallet. I would just connect a clean computer to the internet for a minute to encrypt the wallet. If someone ever accidentally gets the same private key somehow, it is still safe.

No, it is not. You obviously do not properly understand how the system works. If someone ever gets your private key, your coins are gone. No matter how many times you've encrypted it, nor how many hardware/software wallets you've used. The encryption (within Core) of a wallet (e.g. wallet.dat) prevents people from sending money from your addresses that are contained in it. If you use a external encryption (outside of the software) it still only prevents access to the file.
However, if someone has your private key, they simply run Core and enter: importprivkey thePrivateKey "TheLabel". The person can then spend whatever was on the address.

Though there has been some news about the possibility of hackers installing a backdoor in the cold storage system, the method of securing a cryptocurrency with a cold storage is still by and large the best. Web based wallets are most prone to attacks by hackers and when the web links are snipped, cold storage becomes a safe place for the cryptocurrency you own.

Lauda

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Terminated.

Quote from: NorrisK on September 03, 2015, 01:42:36 AM

Also, personally, I wouldn't feel safe having a large amount of coins in an unencrypted wallet. I would just connect a clean computer to the internet for a minute to encrypt the wallet. If someone ever accidentally gets the same private key somehow, it is still safe.

No, it is not. You obviously do not properly understand how the system works. If someone ever gets your private key, your coins are gone. No matter how many times you've encrypted it, nor how many hardware/software wallets you've used. The encryption (within Core) of a wallet (e.g. wallet.dat) prevents people from sending money from your addresses that are contained in it. If you use a external encryption (outside of the software) it still only prevents access to the file.
However, if someone has your private key, they simply run Core and enter: importprivkey thePrivateKey "TheLabel". The person can then spend whatever was on the address.

NorrisK

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Quote from: freedombit on September 02, 2015, 11:47:35 PM

Quote from: LiteCoinGuy on September 02, 2015, 10:23:34 AM

dont store all your BTC all in the same way, with the same website etc. when there is one mistake, you lose all.

split your funds. you can use:

1. hardware wallets

https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253

2. paper wallets

3. Xapo.com

buy a good antivirus and maleware programm.

Heed this advice.

Indeed.

Also, personally, I wouldn't feel safe having a large amount of coins in an unencrypted wallet. I would just connect a clean computer to the internet for a minute to encrypt the wallet. If someone ever accidentally gets the same private key somehow, it is still safe.

freedombit

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Quote from: LiteCoinGuy on September 02, 2015, 10:23:34 AM

dont store all your BTC all in the same way, with the same website etc. when there is one mistake, you lose all.

split your funds. you can use:

1. hardware wallets

https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253

2. paper wallets

3. Xapo.com

buy a good antivirus and maleware programm.

Heed this advice.

Yerm

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Quote from: Mickeyb on September 02, 2015, 04:09:27 PM

I am just wondering, this might be off-topic, but I'll ask anyways. Did the OP ever send anyone a donation for their response?

This is a 3rd thread that the OP has submitted in last 7 days. In first he wanted to exchange all of his savings for bitcoins in Tampa area but he couldn't find anyone to sell to him.

In a second, he wanted to spend all of his earned BTC so far on renting a plane and flying a big banner over the Florida's coast and now he's trying to secure 25k bitcoins in 4 paper wallets and he apparently holds them at the moment on blockchain.info online wallet.

Not to know how to secure this amount of coins and he is a senior member, about to become a hero member is a bit strange.

Is it just me or is all of this a little bit too much!

it's like if Trump was introduced to bitcoin.

Mickeyb

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Move On !!!!!!

I am just wondering, this might be off-topic, but I'll ask anyways. Did the OP ever send anyone a donation for their response?

This is a 3rd thread that the OP has submitted in last 7 days. In first he wanted to exchange all of his savings for bitcoins in Tampa area but he couldn't find anyone to sell to him.

In a second, he wanted to spend all of his earned BTC so far on renting a plane and flying a big banner over the Florida's coast and now he's trying to secure 25k bitcoins in 4 paper wallets and he apparently holds them at the moment on blockchain.info online wallet.

Not to know how to secure this amount of coins and he is a senior member, about to become a hero member is a bit strange.

Is it just me or is all of this a little bit too much!

LiteCoinGuy

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In Satoshi I Trust

Quote from: S4VV4S on September 02, 2015, 10:53:16 AM

So, if I understand correctly:
The OP (a senior member soon to become hero member) has 25K Bitcoins in a blockchain.info web wallet and is asking how to transfer those coins to a paper wallet?
Like, really?

i think 25k USD and not BTC.

dothebeats

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Like the above posts already stated, generate a paper wallet offline using bitaddress.org. In that way, the risk of your generated paper wallet is lower compared to if you generate them online. Also, after generating those paper wallet, you cannot guarantee that your funds are already safe. To ensure the security of your paper wallet (and also to add an extra 'layer' of protection, literally), laminate it and keep it in a place wherein you know that it is far from anything that may damage the wallet and also far from the reach of other people. Though a paper wallet doesn't offer the same functionality as a Trezor or a hardware wallet, with just a single piece of paper and some ink on your printer, your funds are safe and you know it if you place it in a secure place. Wink

xhoneyael

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Quote from: sgravina on September 02, 2015, 10:35:35 AM

25,000 bitcoins can be sold for about 5 1/2 million dollars. I would sell 24,000 of them and put the proceeds into conservative dollar denominated investments. This money I would use for real estate, retirement and my children's businesses. I would take the 1,000 bitcoins left and put them in a hardware wallet like the Ledger. The bitcoins I would use for buying power tools and just looking at every now and then.

i think you didnt read the Op question ..
depend on your answer its more likely that you thought that op question is what will you do if you have 25k bitcoins? Grin

S4VV4S

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So, if I understand correctly:
The OP (a senior member soon to become hero member) has 25K Bitcoins in a blockchain.info web wallet and is asking how to transfer those coins to a paper wallet?
Like, really?

LiteCoinGuy

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In Satoshi I Trust

Edit: use Xapo Vault <-

Lauda

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Terminated.

Quote from: sgravina on September 02, 2015, 10:35:35 AM

25,000 bitcoins can be sold for about 5 1/2 million dollars. I would sell 24,000 of them and put the proceeds into conservative dollar denominated investments. This money I would use for real estate, retirement and my children's businesses.

This is off topic. What you would do with the amount of coins is not relevant to his questions.

Quote from: LiteCoinGuy on September 02, 2015, 10:23:34 AM

dont store all your BTC all in the same way, with the same website etc. when there is one mistake, you lose all.

split your funds. you can use:
1. hardware wallets
https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253
2. paper wallets
3. Xapo.com
buy a good antivirus and maleware programm.

I agree. Especially using a online paper wallet generator (which people often do) and print it out via a printer that is connected to the network (as a second example). So many things could go wrong here in case of security. It's best to use at least 1 different method per wallet (since they're only 4). Xapo seems good these days as well. Technically if he were to encrypt his wallet.dat properly he could leave it online in any server and not worry about it. Encryption is very important. Even if someone finds your wallet.dat, USB stick or whatever device is used, without the password they can't do anything with it.

However, this really depends on what OP wants to do/has already done.

sgravina

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25,000 bitcoins can be sold for about 5 1/2 million dollars. I would sell 24,000 of them and put the proceeds into conservative dollar denominated investments. This money I would use for real estate, retirement and my children's businesses. I would take the 1,000 bitcoins left and put them in a hardware wallet like the Ledger. The bitcoins I would use for buying power tools and just looking at every now and then.

RustyNomad

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The storage method you use will depend on whether you will need access to them in the short term.

If not then paper wallets can work if done right. Just search the forum, there are good writeups on how to do this properly.

If you do plan to access the funds in the short term then you should seriously consider a hardware wallet like the Trezor. It will give you the same security as an offline wallet yet the funds are accessible as and when required.

You can then setup Electrum with the Trezor wallet(s) as watch only wallets meaning that you can see what's going on in the wallets.

Topic: If you have 4 wallets with 25k how to encrypt & use cold storage! (Read 1228 times)