Topic: Multiple BTC wallets for security? (Read 3324 times)
I have in 7 wallets that I can think of off the top of my head and multiple more that I use sometimes. I think its safer especially if there online wallets like mine. You may have more of a chance of loosing some coins but you won't lose all your coins if something happens.
It's good to have a few wallets, but having too many can be confusing and difficult to keep track of.
A deterministic offline wallet can be enough for the majority of your funds (addresses already backed up by the seed)
It's good to have a few wallets, but having too many can be confusing and difficult to keep track of.
And now comes the next question: If you do get amnesia and forget, how can you remember where you put the password and the paper wallet?
Lulz.
Lulz.
You can leave yourself a note.
I did suffer a head injury in early 2011. Don't think I really forgot much (I may still be recovering).
Your brain is fragile. worse, it does not reliably store information. Every time you remember something, you change the memory (I heard MLC flash memory has the same problem). If you want to have your keys in more than one place, you *have* to write them down.
You could create your own puzzle based on things only you'd understand. Have 4 pieces of paper that each have a different part of the password. The first one has a clue for the second, second for the third and third for the fourth. This would allow you to protect yourself, while at the same time keeping others from knowing what's going on.
And now comes the next question: If you do get amnesia and forget, how can you remember where you put the password and the paper wallet?
Lulz.
Lulz.
You can leave yourself a note.
I did suffer a head injury in early 2011. Don't think I really forgot much (I may still be recovering).
Your brain is fragile. worse, it does not reliably store information. Every time you remember something, you change the memory (I heard MLC flash memory has the same problem). If you want to have your keys in more than one place, you *have* to write them down.
If you do get amnesia and forget, how can you remember where you put the password and the paper wallet?
Lulz.
Lulz.
But mainly: how can you remember that you was using bitcoin and you had some?
Hmm... I guess you can make Bitcoin a "language", since people don't forget languages after forgetting everything else. Maybe that would work.
If you do get amnesia and forget, how can you remember where you put the password and the paper wallet?
Lulz.
Lulz.
But mainly: how can you remember that you was using bitcoin and you had some?
Can't I encrypt or add a password to the Electrum wallet to prevent that?
Of course! My advice is to use only encrypted backups, w/o a "raw" seed backup.
I find this logic troublesome. So you encrypt the back-up: where to you keep the encryption key?
Do you have a back-up of the encryption key? Encryption can be useful if you make two separate trips for your off-site storage: one for the encrypted data, and one for the key.
Essentially, the Bitcoin private keys are already private keys that you have to figure out how to preserve and secure.
You could remember it, but if you are scared that you might get hit in the head, you can write down the password and put it in another place, not with your paper wallet.
And now comes the next question: If you do get amnesia and forget, how can you remember where you put the password and the paper wallet?
Lulz.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
this is an amazing software you can use to hide things:
http://embeddedsw.net/OpenPuff_Steganography_Home.html
http://embeddedsw.net/OpenPuff_Steganography_Home.html
Can't I encrypt or add a password to the Electrum wallet to prevent that?
Of course! My advice is to use only encrypted backups, w/o a "raw" seed backup.
I find this logic troublesome. So you encrypt the back-up: where to you keep the encryption key?
Do you have a back-up of the encryption key? Encryption can be useful if you make two separate trips for your off-site storage: one for the encrypted data, and one for the key.
Essentially, the Bitcoin private keys are already private keys that you have to figure out how to preserve and secure.
To be really safe, have a 1) Savings wallet 2) Spending wallet and 3) Honeypot wallet in case you become compromised.
To be really safe, I recommend multiple wallets for each of these purposes. So if possible, have:
3 different savings wallets (all offline)
3 different spending wallets
3 different honeypot wallets.
Maybe 3 spending wallets are a little useless imho
To be really safe, have a 1) Savings wallet 2) Spending wallet and 3) Honeypot wallet in case you become compromised.
To be really safe, I recommend multiple wallets for each of these purposes. So if possible, have:
3 different savings wallets (all offline)
3 different spending wallets
3 different honeypot wallets.
To be really safe, have a 1) Savings wallet 2) Spending wallet and 3) Honeypot wallet in case you become compromised.
I am using Coinbase as my primary Bitcoin wallet. I want to transfer my coins to a offline wallet. But I am afraid that I'll somehow mess up with the backup and lose the coins for ever. 
You can first try with small amounts, my advice is to use electrum, cause when you have backupped the seed you simply have backupped all your present and future addresses, without hassles or headaches
This is not a bad idea! Even coinbase, one of the biggest bitcoin companies distributes the coins you put into it's wallets no matter if you only use one address or not.
I am using Coinbase as my primary Bitcoin wallet. I want to transfer my coins to a offline wallet. But I am afraid that I'll somehow mess up with the backup and lose the coins for ever.
How can you make offline wallet?
and no one can access it from the net?
even me?
and no one can access it from the net?
even me?
To use it in a read-only mode, you only need the address (that can stay offline for maximum security)
If you want to spend coins inside it, you can use some super secure tools like electrum that allow you to sign transactions offline, so you basically never expose your private key to the net.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
How can you make offline wallet?
and no one can access it from the net?
even me?
Easy,and no one can access it from the net?
even me?
Download the wallet softwAre, save on USB thumb drive, transfer it to offline computer and run it.
How can you make offline wallet?
and no one can access it from the net?
even me?
and no one can access it from the net?
even me?
Wrong. Viruses can be embedded in the BIOS, and will be activated when you turn on your computer.
This is a rare type of attack that i think can be stopped only with an ever offline PC
That's why I'm saying that the PC should be completely 100% offline.
You have no guarantee that these types of viruses won't be common in the future, and it's better safe than sorry.
This is not that hard to implement.
Buy a cheapie old laptop on craigslist (just make sure it has a USB port),
and delete the wifi/ethernet driver(s).
Or moar drastically: disassemble the notebook and phisically remove all the network interfaces (eth port, wifi mini-pciex, bluetooth, ecc..)
Not really needed. As the other guy said, just uninstall drivers, so you can't connect to the internet.
Just make sure it is offline before you turn it into a cold storage wallet.
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