Topic: Options for Securing your Bitcoin wallet - page 6. (Read 13518 times)

electrum would be the best for this ...

Key vulnerability of hardware wallets or offline computers is they can break down, without need to be physically damaged (unlike a paper wallet)

Thank you so much for this.

I will try setting up a brain and paper wallet later this week.

you should remove

4) https://www.bitalo.com/why_bitalo
 2-of-2 multisignature


because their website is offline since weeks 

I might get the chance to test a prototype of the Mycelium Bitcoincard. I am pretty excited about that

I'm personally a fan of using a brain wallet.  One advantage I haven't seen
listed is the portability factor -- if you're in travelling broad, you
can still access your coins.  If you have to leave your home
or your country, you can access your coins.  Your coins are safe
from fires, floods, earthquakes, etc.

The risk of forgetting a password/passphrase is a factor, but
it is also a factor in other kinds of wallets.  And you can make
an encrypted backup of your passphrase somewhere.

 

I think at least two levels of security in both physical and software are needed: Either a bip38 encrypted paper wallet, or a password protected usb drive

Unlike using a traditional bank, you need to keep some backup of your wallet, it is this part most troublesome, since the backup should have the same or higher security level than the main storage, otherwise it will become the weakest point of the system

hopefully we see some more good and cheap hardware wallets. i would use one maybe 

I would vote for whatever you are most comfortable with. I already have a proven system to secure and manage private keys used to encrypt/decrypt sensitive and important information related to my line of work. I simply extended it to protect my wallet.dat - I PGP encrypt my wallet and store redundant copies in plain sight in the cloud.

I would vote for Trezor Hardware wallet for the moment , I think it's the best even if the price is a little bit high i guess it worth it.

also Mycelium Bitcoincard https://mycelium.com/bitcoincard looks interessting , cant wait to see it when they finish developping it

Don't become a victim-
https://bitcointalksearch.org/topic/6373-btc-hacked-blockchaininfo-secured-by-2fa-starting-security-podcast-875805

Immediately store most of your wealth using one of these methods.

I think bicointrezor is the best device for BTC wallet security. With time, can be some problems with electronical parts in this device - I think after ~ 10 years, but you can change device after let say 8 years.

Thanks for your input.


Paperwallets and physical bitcoins are difficult for governments to seize because they have to physically find these small items that can be hidden. With Multisig added as another layer to paper wallets, it makes it much more difficult as a thief(state or individual) to uncover or even be aware of a set of the keys that can be stored in different locations and or different methods.

So say you purchased or received some bitcoins, as soon as they are transferred to a new address(in this case paper wallet /physical BTC) that isn't link to your identity there is no trace if you lost it, sold them , gifted them, ect..

What would be ideal is generating your own random seed and using a device like entropy to generate a 2 of 3 multisig, where one of the 3 keys is placed in a encrypted password manager(physical key destroyed after) , the second key is laminated and stored in a safe or hidden location, the last key is stored physically in a third location that is not routinely checked.


This is the reason I listed "Initially difficult to securely generate with an audited and clean computer" as a weakness , but I will reinforce the principle in the strengths as well now.

How is it that physical bitcoin difficult for the government to seize? Would they not be able to seize them the same way they would seize a TV (for example) that is in your house?

^^This is not true for any of your security methods. In order for this to be true you must create the private key on a computer that is not infected with any of the above. If you attempt to create a private key with a computer infected with malware then your private key will not be private

This thread isn't intended to argue about Bitcoin vs any Alts security differences.
This thread isn't a place for trolls to disparage Bitcoin.

Healthy criticism is welcomed, but in the context of securing Bitcoin proactively. Trolls and Shills are not welcomed and should be ignored.

Here I want to discuss an overview of various methods to secure your bitcoin savings and the strengths and weaknesses of each approach for storing ones savings in Bitcoin. There is a time and place for using hot wallets, exchanges, tipping services, smartphone apps for daily spending but that is another conversation. We do not need to waste our time discussing extremely dangerous methods of storing ones savings like hot wallets and non-regulated exchanges.

Please offer any criticism and suggestions to build to this list:

Paper Wallets


Strengths:
Secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment) Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets. Once setup, easy to maintain and re-import. Fairly secure against State and legal theft. Practically Free to setup
Practically Free to setup


Weaknesses:
Initially difficult to securely generate with an audited and clean computer
Online Utilities not as secure as offline generators
Insecure against physical theft


Tutorials:
https://en.bitcoin.it/wiki/Paper_wallet
https://bitcointalksearch.org/topic/guide-securely-storing-large-amounts-of-bitcoin-brain-walletpaper-wallet-342691
http://www.coindesk.com/information/paper-wallet-tutorial/
https://99bitcoins.com/create-99-9-secure-bitcoin-paper-wallet/


Online Utilities to generate Paper wallets-
https://www.bitaddress.org   (Code Independently audited=?)
https://www.offlineaddress.com  (Code Independently audited=?)
https://bitcoinpaperwallet.com/bitcoinpaperwallet/generate-wallet.html   (Code Independently audited=?)

Offline Utility to generate Paper Wallets  
https://github.com/casascius/Bitcoin-Address-Utility   (Code Independently audited=?)


Devices:

1) Piper  -229 USD
http://cryptographi.com/

2) https://mycelium.com/entropy  - 40USd
released , but sold out except for reseller - http://asicminer-shop.de/Mycelium-Entropy

Concerns with paper wallets –

https://np.reddit.com/r/Bitcoin/comments/670zhy/summary_pitfalls_of_paper_wallets/

https://np.reddit.com/r/Bitcoin/comments/6ss91w/seriously_how_are_you_all_generating_your_private/dlf4uhr/


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Physical Bitcoins



Strengths:
Secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment)
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Once setup, easy to maintain and re-import.
Fairly secure against State and legal theft.



Weaknesses:
Initially difficult to securely generate keys with an audited and clean computer
Online Utilities not as secure as offline generators
Insecure against physical theft
Much more expensive than paper wallets
Insecure unless you generate and add the private keys yourself



Sources:

1) https://www.casascius.com
In person or bulk only 500 for 0.39 BTC

2) https://www.titanbtc.com/
68 USD - ~2k USD

3) http://www.lealana.com/
various prices

4) https://www.infinitumbitcoins.com/
179 to 339 USD per coin

5) https://denarium.com/
19.9 € to 2199 € per coin



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Offline Computer or device



Strengths:
Somewhat secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment)
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Once setup, easy to maintain and re-import.
Fairly secure against State and legal theft.



Weaknesses:
Initially difficult to securely generate keys with an audited and clean computer
Much more expensive than paper wallets(need a separate computer or device)
Vulnerabilities with possible USB /network infections if device isn't properly secure
Less reliable than physical or paper wallets, so one should backup the wallet on an additional separate key or write down a HD key phrase


Tutorials:
https://bitcointalksearch.org/topic/newbies-want-cold-offline-storage-for-your-bitcoins-heres-how-armory-235584
http://codinginmysleep.com/cold-storage-part-1/
https://bitcoinarmory.com/tutorials/armory-advanced-features/offline-wallets/


Devices(besides offline computers , notepads, and laptops):


http://www.pi-wallet.com/
124.95 €

CIYAM Safe - https://susestudio.com/a/kp8B3G/ciyam-safe

12-sided dice and a TI-89 Calculator to create a bitcoin address.
http://motherboard.vice.com/read/how-to-make-a-bitcoin-address-with-a-ti-89-calculator

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Hardware wallets



Strengths:
Secure against Malware, viruses, trojans, and keyloggers. (If the hardware has not been tampered with- Audits needed)
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Once setup, easy to maintain and re-import.
Fairly secure against State and legal theft.
Easier to actively make secure transactions, without needing to import private keys


Weaknesses:
Few of these devices has been thoroughly independently audited
More expensive than paper wallets
Less reliable than physical or paper wallets, so one should backup the wallet on an additional separate key or write down a HD key phrase

Comparison of
KeepKey vs Trezor vs Ledger Nano
https://www.youtube.com/watch?v=aOnOBl_MxmQ


Devices:


1) Trezor
https://www.bitcointrezor.com/
Original 99 USD
TREZOR model T - preorder 139 € - 149 €
Source Code: Open source

https://www.youtube.com/watch?v=pT1j_kbZBEo

2) ledger wallet
 https://www.ledgerwallet.com/
Ledger nano S  58.00 €
nano 49 usd (will not have future firmware upgrade support soon)
HW.1 23 usd (will not have future firmware upgrade support soon)
Ledger Blue - 229 €
Source Code: open

https://www.youtube.com/watch?v=YI1OntWB7wc

3) Keep Key
https://www.keepkey.com/
129 usd
Source Code: Open source

https://www.youtube.com/watch?v=bs4N3jtZrEI

4) Digital Bitbox
https://digitalbitbox.com/
54 €
Source Code: open

https://www.youtube.com/watch?v=VBfgG-WXzhc

5) Open Dime
http://www.opendime.com/
29 usd for 3
Unique HW wallet that acts as a fungible and verifiable offline form of currency

https://www.youtube.com/watch?v=1LrKLsZYGjQ

https://www.youtube.com/watch?v=QqkKtJSPvlU

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Muti-sig Hot wallets and services



Strengths:
Somewhat secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment)
Somewhat Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Easy to setup and maintain
Easier to actively make secure transactions, without needing to import private keys
Added features such as 2FA , online access, and Insurance


Weaknesses:
None of these services have been thoroughly independently audited
Concerns that private keys generated with the service are also stored or captured by companies
Vulnerable to malware,  trojans, and keyloggers within the browser (mainly at time of creation)
Vulnerable to privacy concerns
Vulnerable to legal and state theft

Tutorials -
http://sx.dyne.org/multisig.html
https://www.youtube.com/watch?v=zIbUSaZBJgU
https://www.youtube.com/watch?v=ZKRLJGBMqWo



Services:


1) https://greenaddress.it
 2-of-2 or 2 of 3 multisignature with nLockTime (possible temporarily unable to spend funds) / Free
https://bitcointalksearch.org/topic/greenaddress-open-source-multisig-wallet-service-521988

2)https://www.bitgo.com/
2 of 3 multisig / Free
 
3) https://www.coinbase.com/vault
2 of 3 multisig / insured / Free

4) https://www.bitalo.com/why_bitalo
 2-of-2 multisignature


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Muti-sig Paper/electronic wallets


Strengths:
Secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment)
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Once setup, easy to maintain and re-import.
Fairly secure against State and legal theft.
Practically Free to setup
Secure against physical theft if only one of the private keys is physical and the other 2 are encrypted and stored independently.


Weaknesses:
Initially difficult to securely generate with an audited and clean computer (with exception to entropy)
Online Utilities not as secure as offline generators



Tutorials:


1) Armory
https://www.armoryguide.com/OfflineWalletSetup.html
https://bitcoinarmory.com/tutorials/armory-advanced-features/offline-wallets/
https://bitcoinarmory.com/tutorials/armory-advanced-features/lockbox/create-lockbox/
https://bitcoinarmory.com/tutorials/armory-advanced-features/fragmented-backups/


Devices:


1) https://mycelium.com/entropy  - 40USd
released , but sold out except for reseller - http://asicminer-shop.de/Mycelium-Entropy


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Brain wallets


Strengths:
Secure against Malware, viruses, trojans, and keyloggers. (As long as keys are generated with secure equipment)
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Fairly secure against State and legal theft.
Free to setup
Secure against physical theft but not torture


Weaknesses:
Difficult to remember
risk of forgetting private keys
Difficult to re-import
Risk the passphrase isn't secure


Tutorials:


http://www.coindesk.com/how-to-create-a-brain-wallet/
https://bitcointalksearch.org/topic/ann-offline-bitcoin-brain-wallet-coinbrain-710434


Tools:


1) https://brainwallet.github.io/

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Manually Creating a Wallet


Strengths:
Secure against Malware, viruses, trojans, and keyloggers.
Secure against online theft initiated by hackers or unscrupulous employees and owners of online wallets.
Fairly secure against State and legal theft.
Sometimes free to setup


Weaknesses:
Time consuming
Difficult to securely generate
Insecure against physical theft once written down


Tutorials:


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