That seems like a lot of work for no extra security.
Step 1 is great...
After that all you have to do is create an Armory Wallet. Then create a fragmented backup. I recommend 3 of 6. That is you will have 6 pieces of paper, and you will need any 3 to recover your root private key. From the root private key you can recreate every private key and address in your wallet. You can either print out the 6 pieces of paper, or if you don't trust your printer's security, write them down. From your post you don't seem to mind writing down a lot of stuff. You could also use SecurePrint which involves a combination of printing and writing.
Next, you can generate a Watching-Only Wallet, and put that on any online computer. The Watching-Only Wallet only has the root public address. From the root public address you can generate every address in the wallet, but no private keys. You can expose the Watching-Only Wallet to the internet without any risk of losing your bitcoins. You can keep track of your balance and receive bitcoins with this wallet.
That will provide at least as much security as what you are suggesting, and also you will protect yourself from losing any one piece of paper. If someone should gain access to one of your fragments, they won't be able to take your bitcoins so it's really more secure as long as you keep your fragments in separate secure places.
Topic: is this safe cold storage with armory? (Read 964 times)
Hi!
Here is the method I plan to use for creating a cold storage, I am very new to all this, and have never used bitcoin before, I am not very technical either, anyway, here it is:
1) create a live-cd with ubuntu (on a DVD, not install anything on the hard-drive, I assume everything will be deleted once I turn off the system).
2) install Armory on ubuntu, create an encrypted wallet using the client (encryption just in case the wallet files does not delete for some reason when I turn off the os). I write down encryption key on a paper.
3) generate an address for receiving bitcoin, write down the private and public key on a paper
4) generate a paper backup for my armory wallet, write down the root-code to this on a paper using the "create paper backup" feature of armory.
5) If I ever want to send any bitcoins from my wallet and address I delete the wallet and address later. I only send bitcoins by generating a send signature using armory offline wallet that is temporary installed on a live cd, and activate the send signature with a "watch only" online wallet. The offline-wallet will never and have never touched the internet.
This way I should be able to always have access to receive and send my bitcoins if I still have the paper where I wrote down wallet encryption key, bitcoin addresses and wallet root code, and don't have to worry about data corruption or other hardware/software problems.
Is this a safe method? I plan to put about $10000 in Bitcoins in cold storage now, but just want to hear what you think about it before
sorry for beeing a noob to this. I have read about generating codes offline using bitaddress.org as a HTML file, but I have not heard from enough people checking their code to see if the "random addresses" is pre-generated by some way and not as "random" as one might think.
Thanks!
Here is the method I plan to use for creating a cold storage, I am very new to all this, and have never used bitcoin before, I am not very technical either, anyway, here it is:
1) create a live-cd with ubuntu (on a DVD, not install anything on the hard-drive, I assume everything will be deleted once I turn off the system).
2) install Armory on ubuntu, create an encrypted wallet using the client (encryption just in case the wallet files does not delete for some reason when I turn off the os). I write down encryption key on a paper.
3) generate an address for receiving bitcoin, write down the private and public key on a paper
4) generate a paper backup for my armory wallet, write down the root-code to this on a paper using the "create paper backup" feature of armory.
5) If I ever want to send any bitcoins from my wallet and address I delete the wallet and address later. I only send bitcoins by generating a send signature using armory offline wallet that is temporary installed on a live cd, and activate the send signature with a "watch only" online wallet. The offline-wallet will never and have never touched the internet.
This way I should be able to always have access to receive and send my bitcoins if I still have the paper where I wrote down wallet encryption key, bitcoin addresses and wallet root code, and don't have to worry about data corruption or other hardware/software problems.
Is this a safe method? I plan to put about $10000 in Bitcoins in cold storage now, but just want to hear what you think about it before
sorry for beeing a noob to this. I have read about generating codes offline using bitaddress.org as a HTML file, but I have not heard from enough people checking their code to see if the "random addresses" is pre-generated by some way and not as "random" as one might think.
Thanks!
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