I use Paper Wallets to store my bitcoins.
Paper Wallets are king.
Print them from a computer that has no internet access.
If you know how, print them from a brand new freshly formatted computer that has never been online, where you copied the .html file from BitAddress.org to a flash drive. The html file runs just fine from your local hard drive and generates unlimited paper wallets with no need for internet access.
When the bitaddress html file says move the mouse around to generate randomess, don't ignore this: move the mouse around the browser window crazily.
Do it as I just explained, and your bitcoins should be airtight.
Don't store large numbers of bitcoins on exchanges unless you have to or unless you intend to trade them soon. Their building could burn down, the staff could go somewhere and crash in a plane, anything. Your bitcoins on a paper wallet stay under your control.
You can get the bitcoins out of the paper wallet simply by redeeming the private key on MtGox. Simply "add funds" and choose "redeem private key".
Topic: Mtgox Yubikey and storage - page 2. (Read 2236 times)
Government intervention though; is there legislation in Japan at the moment that would affect mtgox?
http://technologyspectator.com.au/industry/internet/megaupload-users-set-lose-their-data
If you don't trust your own devices, you can create bitcoin addresses just for your savings and store the private keys offline. You then can keep some coins on MtGox for your daily expenditures or trading and send the excess to your savings address or addresses. When you want to access your savings, you just need to import the corresponding private key to your wallet. You can even redeem a private key through MtGox.
There are many ways to create key pairs, one of them being https://www.bitaddress.org though what I normally do is create a wallet with the standard Bitcoin client, generate keys, close the client, encrypt the wallet and distribute it to multiple online/offline places (edit: and optionally delete the local wallet afterwards). If you prefer the bitaddress route, I'd suggest you keep multiple copies of the private keys in whatever form you prefer.
Also: https://en.bitcoin.it/wiki/Paper_wallet , http://printcoins.com/
There are many ways to create key pairs, one of them being https://www.bitaddress.org though what I normally do is create a wallet with the standard Bitcoin client, generate keys, close the client, encrypt the wallet and distribute it to multiple online/offline places (edit: and optionally delete the local wallet afterwards). If you prefer the bitaddress route, I'd suggest you keep multiple copies of the private keys in whatever form you prefer.
Also: https://en.bitcoin.it/wiki/Paper_wallet , http://printcoins.com/
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With Yubikey, I feel account access is pretty safe, however the risks of storing large amount of bitcoins with exchange also include other types of risk such as business failure, government intervention, etc.
A word of advice, even gold & silver can be stolen, and no technology is 100% safe.
A word of advice, even gold & silver can be stolen, and no technology is 100% safe.
Business failure is a risk I did consider, but have thought acceptable considering how much of the exchange market mtgox has.
Government intervention though; is there legislation in Japan at the moment that would affect mtgox?
I suppose if something like that came down the pipe I would be able to move my BTC out of the exchange account before the fact.
I would love to know how to make my own physical bitcoins. I know casascius (https://www.casascius.com/) can make some really spiffy physical coins, but even he admits there is some risk as he does have access to "the private key", which I guess means if he really wanted to he could take your BTC. I would rather just be able to make my own and store them like savings bonds.
I recently bought bitcoins on Mt.gox, but have been hesitant to send them to my wallet. I found out that they had a physical authentication device that you can bind to your exchange account. Is this sort of security good enough to store a fair quantity on the exchange?
I was also thinking of converting them into physical bitcoins and perhaps putting them in a safe deposit box, though I don't know much more about that process other than its possibility.
I was also thinking of converting them into physical bitcoins and perhaps putting them in a safe deposit box, though I don't know much more about that process other than its possibility.
With Yubikey, I feel account access is pretty safe, however the risks of storing large amount of bitcoins with exchange also include other types of risk such as business failure, government intervention, etc.
A word of advice, even gold & silver can be stolen, and no technology is 100% safe.
I recently bought bitcoins on Mt.gox, but have been hesitant to send them to my wallet. I found out that they had a physical authentication device that you can bind to your exchange account. Is this sort of security good enough to store a fair quantity on the exchange?
I was also thinking of converting them into physical bitcoins and perhaps putting them in a safe deposit box, though I don't know much more about that process other than its possibility.
I was also thinking of converting them into physical bitcoins and perhaps putting them in a safe deposit box, though I don't know much more about that process other than its possibility.
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