I would suggest using an M of N paper wallet if you have a lot of coins.
Oh, and of course Mycelium Entropy can print M of N Paper Wallets, too. Completely offline and secure.
Topic: Just created Paper Wallets on Coinbase....how safe are my BTC? (Read 1179 times)
Oh, and of course Mycelium Entropy can print M of N Paper Wallets, too. Completely offline and secure.
I would suggest using an M of N paper wallet if you have a lot of coins. Keep them all over the world and make M difficult but not insane. Armory is great for this.
There are still two problems:
Even when generated on an offline computer, chances are that the computer will eventually get online again sometime (and has been online before), and even if not, for most people its a lot of work to make sure its secure just to print paper wallets. And then, some of the sites or scripts generating keys really use very low quality "random" numbers...
If you want an easy and secure way to print paper wallets, check out mycelium entropy, its a small USB device, just plug it into a printer which can print from flash drives, it generates keys with hardware-based entropy, and never ever has to touch a computer.
Even when generated on an offline computer, chances are that the computer will eventually get online again sometime (and has been online before), and even if not, for most people its a lot of work to make sure its secure just to print paper wallets. And then, some of the sites or scripts generating keys really use very low quality "random" numbers...
If you want an easy and secure way to print paper wallets, check out mycelium entropy, its a small USB device, just plug it into a printer which can print from flash drives, it generates keys with hardware-based entropy, and never ever has to touch a computer.
Not safe enough, although you now have the control of your private keys, you need to generate them on a offline computer to avoid malware compromising your private key. I would suggest you to download Bitaddress.org's source code and run them on a offline linux computer to generate your BIP38 Private key.
Used the Paper Wallet feature on Bitcoin. The only thing I know is that they dont store the PRIVATE key of your newly printed wallet, therefore they cant do anything with your transferred BTC.
I'm aware that my BTC arent as safe as if I'd opted for the Cold Storage method, but from what I understand, my only real risks are;
1. There is malware on my PC which screencapped/logged (somehow) the paper wallet creation & print process.
2. My printer gets stolen and some one decides to go through the trouble of going through the Printer's memory and reprinting my paper wallet
3. Coinbase is lying and they actually do store Paper Wallet private keys
are those all or am I missing some more?
I'm aware that my BTC arent as safe as if I'd opted for the Cold Storage method, but from what I understand, my only real risks are;
1. There is malware on my PC which screencapped/logged (somehow) the paper wallet creation & print process.
2. My printer gets stolen and some one decides to go through the trouble of going through the Printer's memory and reprinting my paper wallet
3. Coinbase is lying and they actually do store Paper Wallet private keys
are those all or am I missing some more?
For 1 and 3, you could generate the paper wallet with bitaddress without internet connection.
For 2, you could use BIP0038 to encrypt your paper wallet.
And 4. You forget where you paper wallet is, or forget about the passphrase (if you used encryption).
Quote
Paper Wallet AdvantagesProtection from malware and keyloggers.
Maintain 100% ownership of your private keys. You own the coins not a 3rd party wallet service.
No dependence on the security of any website.
Keeping a piece of paper safe is easier than keeping your computer secure.
Just make sure you will generate your paper wallet on reliable and secure source
Coins are always only as safe as your computer is. If in doubt with paper wallets test them by sending a little ammount to them first. You can always check the balances on the blockchain.
3 x Location method
1. Keep you paper wallets laminated and in a safe, in your house.
2. Keep the memory stick with the screen captures encrypted in a safe deposit at your bank. {Even if they do get into the bank, it's encrypted}
3. Keep the pass phrase & password, at a 3rd location. {Parents house or someone who is trusted, could even be the people you stipulated in your Will}
If you die, someone needs to know how to get to those coins. Just wonder how many people have died, and took that to their graves.
We tend to forget, that it's acctual money, even though it's digital.
1. Keep you paper wallets laminated and in a safe, in your house.
2. Keep the memory stick with the screen captures encrypted in a safe deposit at your bank. {Even if they do get into the bank, it's encrypted}
3. Keep the pass phrase & password, at a 3rd location. {Parents house or someone who is trusted, could even be the people you stipulated in your Will}
If you die, someone needs to know how to get to those coins. Just wonder how many people have died, and took that to their graves.
We tend to forget, that it's acctual money, even though it's digital.
After you print your paper wallet you need to ensure that you keep this paper secure and treat it as if anyone were to even see it then the funds would be compromised.
In the event of a fire or other disaster in which the paper is destroyed then you would not have access to your funds unless you have some other backup of your paper wallet. This is probably your biggest risk as fires are not unheard of and floods are common in flood zones. Your insurance would likely not cover this kind of loss
In the event of a fire or other disaster in which the paper is destroyed then you would not have access to your funds unless you have some other backup of your paper wallet. This is probably your biggest risk as fires are not unheard of and floods are common in flood zones. Your insurance would likely not cover this kind of loss
1 and 2 would be my biggest concerns. I think you can clear the printer cache.
Used the Paper Wallet feature on Bitcoin. The only thing I know is that they dont store the PRIVATE key of your newly printed wallet, therefore they cant do anything with your transferred BTC.
I'm aware that my BTC arent as safe as if I'd opted for the Cold Storage method, but from what I understand, my only real risks are;
1. There is malware on my PC which screencapped/logged (somehow) the paper wallet creation & print process.
2. My printer gets stolen and some one decides to go through the trouble of going through the Printer's memory and reprinting my paper wallet
3. Coinbase is lying and they actually do store Paper Wallet private keys
are those all or am I missing some more?
I'm aware that my BTC arent as safe as if I'd opted for the Cold Storage method, but from what I understand, my only real risks are;
1. There is malware on my PC which screencapped/logged (somehow) the paper wallet creation & print process.
2. My printer gets stolen and some one decides to go through the trouble of going through the Printer's memory and reprinting my paper wallet
3. Coinbase is lying and they actually do store Paper Wallet private keys
are those all or am I missing some more?
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