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Topic: Need to know more about cold storage - page 2. (Read 1513 times)

legendary
Activity: 1778
Merit: 1043
#Free market
April 09, 2015, 01:54:52 AM
#8
=snip=

you just put a backup of your wallet there, for security purpose

Maybe you didn't phrase this correctly. If yes, please correct it. This may confuse other users.

A back up in a place never will be a cold storage. What you store in cold storage must not be in a hot/online storage. If yes, then there isn't a need for cold storage because cold storage is protect your Bitcoins from hackings and all but if you store this in a hot/online wallet, private keys are already exposed to danger.

actually i store both, a backup and a different wallet in a cold storage, the first even if you use it in a wallet(low amount) you need a copy of it anyway, your hdd could have be damage one day or other accident, the second with more bitcoin, which it isn't shared with the hot wallet, as you said

But a real cold wallet must be never connected on Internet and especially their copy/buckup should be never exposed outside from that "offline machine". The cold wallet question bring to my mind the Bter cone 'hack', they have said someone stolen 7'000 bitcoin from their cold storage but the unique way for hack and stole those Bitcoins was to be physically in front of that machine/device. Remember if you expose a cold wallet online also for 1 minute you can't continue to name it 'cold'
legendary
Activity: 3248
Merit: 1070
April 09, 2015, 01:35:33 AM
#7
=snip=

you just put a backup of your wallet there, for security purpose

Maybe you didn't phrase this correctly. If yes, please correct it. This may confuse other users.

A back up in a place never will be a cold storage. What you store in cold storage must not be in a hot/online storage. If yes, then there isn't a need for cold storage because cold storage is protect your Bitcoins from hackings and all but if you store this in a hot/online wallet, private keys are already exposed to danger.

actually i store both, a backup and a different wallet in a cold storage, the first even if you use it in a wallet(low amount) you need a copy of it anyway, your hdd could have be damage one day or other accident, the second with more bitcoin, which it isn't shared with the hot wallet, as you said
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
April 09, 2015, 01:29:45 AM
#6
=snip=

you just put a backup of your wallet there, for security purpose

Maybe you didn't phrase this correctly. If yes, please correct it. This may confuse other users.

A back up in a place never will be a cold storage. What you store in cold storage must not be in a hot/online storage. If yes, then there isn't a need for cold storage because cold storage is protect your Bitcoins from hackings and all but if you store this in a hot/online wallet, private keys are already exposed to danger.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
April 09, 2015, 01:24:44 AM
#5
Hello!
Actually what is a cold storage (in bitcoins)?
I didn't get it..

In general, cold storage means to keep the a thing in a place for preservation. For Bitcoin, cold storage means the same. Simple definition is storing Bitcoins in a thing which is not connected to internet.

Cold storage doesn't have private keys or what? If it have a private key then cold storage can also be hacked by some malware, keyloggers, etc., right?

Cold storage will contain private keys. Yes, cold storage can also be hacked by malwares and keyloggers. However, for this to happen you need to access directly or indirectly using a USB or other disks.

This rule doesn't apply to every cold storage. For example, a paper wallet is a cold storage and obviously, it can't be hacked.

An online wallet can be used as a cold storage?

Like I said, online wallet will be connected to internet. So it can't be used as cold storage.

NB: If you mean wallets like Blockchain.info, Coinbase, Xapo etc... by "online wallets", I highly recommend you not to store your coins in online wallets unless you know what you are doing.

Or
i should have any special equipments for cold storage?

An offline computer or phone is enough for this. You can also use a paper wallet and use Mycelium to spend Bitcoins from it. If you have many Bitcoins to store, I highly recommend you to buy a Ledger or Trezor hardware wallet.

Cold storage is something like bit mixer/laundry?

No, they are mixers. Mixers help you to secure your privacy and cold storage help you to secure your Bitcoins.

Cold storage transactions are off blockchain?

~Rude Boy

No, it isn't. All transactions will be on-chain.
legendary
Activity: 3248
Merit: 1070
April 09, 2015, 01:18:41 AM
#4
cold storage are like hot storage, but they are disconnected from the internet , that's why they are called "cold" storage, they could be paper wallet or usb, or another desktop

you just put a backup and a new wallet there, for security purpose
legendary
Activity: 1456
Merit: 1000
April 08, 2015, 09:26:47 PM
#3
Hello!
Actually what is a cold storage (in bitcoins)?
I didn't get it..
Cold storage doesn't have private keys or what? If it have a private key then cold storage can also be hacked by some malware, keyloggers, etc., right?
An online wallet can be used as a cold storage?
Or
i should have any special equipments for cold storage?
Cold storage is something like bit mixer/laundry?
Cold storage transactions are off blockchain?

~Rude Boy

If you think as cold storage as offline storage it might help you.

It's offline on a usb stick or paper wallet in most cases.
full member
Activity: 140
Merit: 100
★777Coin.com★ Fun BTC Casino!
April 08, 2015, 09:22:57 PM
#2
Hello!
Actually what is a cold storage (in bitcoins)?
I didn't get it..
Cold storage doesn't have private keys or what? If it have a private key then cold storage can also be hacked by some malware, keyloggers, etc., right?
An online wallet can be used as a cold storage?
Or
i should have any special equipments for cold storage?
Cold storage is something like bit mixer/laundry?
Cold storage transactions are off blockchain?

~Rude Boy

https://en.bitcoin.it/wiki/Cold_storage

pls take time to read that.. hope it can answer your questions Smiley
hero member
Activity: 770
Merit: 500
April 08, 2015, 08:54:09 PM
#1
Hello!
Actually what is a cold storage (in bitcoins)?
I didn't get it..
Cold storage doesn't have private keys or what? If it have a private key then cold storage can also be hacked by some malware, keyloggers, etc., right?
An online wallet can be used as a cold storage?
Or
i should have any special equipments for cold storage?
Cold storage is something like bit mixer/laundry?
Cold storage transactions are off blockchain?

~Rude Boy
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