Pros and cons of Wallet.dat and Priv Keys

Ctn

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Quote from: BossBee on August 27, 2017, 04:22:43 PM

What is everyone's preferred method of backing up your wallet and why?

I'm very cautious person about storing my private keys. I will generate at least five to six copies of my public ID and private keys. Then I will store them securely with my email address, I will take a printout and I will also send it to my all devices in the locked notes etc, this is very critical job and loosing private keys is like loosing all your assets. That's very important.

Herbert2020

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Quote from: Kakmakr on August 28, 2017, 12:40:29 AM

Any method where you only have to expose your private key once, online. This is why I like paper wallets. Nobody can access your bitcoins online, until you sweep them from the paper wallets and once this is done, the private key is not used again. I have 1000's of paper wallets and use them for different things. I also split my bitcoins over 100s of wallets into smaller quantities. { If I need say 0.5 BTC, I do not have to sweep a wallet with 5 bitcoins to access 0.5 BTC }

You should be the only person controlling your private keys. ^hint^

you never "have to" expose your private keys online, ever. everything can be done 100% offline.

- you create the private keys offline using any wallet or even the famous bitaddress
- you print it offline and keep it on paper.
- you sign the transaction (by the time you wanted to spend) offline too.

this way, your private keys are never "exposed". they remain 100% offline at all times. and creating an unsigned transaction online and transferring it to your offline system to sign with the keys is not at hard hard or complicated.

BossBee

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Quote from: Kakmakr on August 28, 2017, 12:40:29 AM

Any method where you only have to expose your private key once, online. This is why I like paper wallets. Nobody can access your bitcoins online, until you sweep them from the paper wallets and once this is done, the private key is not used again. I have 1000's of paper wallets and use them for different things. I also split my bitcoins over 100s of wallets into smaller quantities. { If I need say 0.5 BTC, I do not have to sweep a wallet with 5 bitcoins to access 0.5 BTC }

You should be the only person controlling your private keys. ^hint^

That's pro, sounds time consuming tho.

If you have deposits sent to multiple addresses in a single wallet, each one of those addresses carries its own priv key for just that amount you deposited right?

Eric Cartman

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You never know if you wallet.dat is corrupted until you need your backup.

Would you like to risk everything because your wallet.dat is corrupted?

BossBee

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Quote from: Reid on August 28, 2017, 12:37:17 AM

I prefer both. If I am away with my laptop I can still somehow get my private keys in my email then just delete it.
Actually this is one of my problem now.
My laptop got broken and is now at the repair shop.
I am scared that the man who will repair it might see my private keys and wallet.dat also my accounts are auto lo ins.
I changed all the passwords and trying to send all my funds at a different location now just using my phone.
He needs 3 days to repair the laptop which makes it more scary. I hope he doesn't know a thing about bitcoin.

Whoa Exposed priv Keys on the web is super high risk. You would definitely want to use an encrypted email service for that, even then I would never do that personally.

Kakmakr

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Any method where you only have to expose your private key once, online. This is why I like paper wallets. Nobody can access your bitcoins online, until you sweep them from the paper wallets and once this is done, the private key is not used again. I have 1000's of paper wallets and use them for different things. I also split my bitcoins over 100s of wallets into smaller quantities. { If I need say 0.5 BTC, I do not have to sweep a wallet with 5 bitcoins to access 0.5 BTC }

You should be the only person controlling your private keys. ^hint^

vroom

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a Cray can run an endless loop in under 4 hours

Right now I use a encrypted wallet.dat which I save on multiple places. But I want to upgrade to ledger nano s and cryptosteel.

Wurx

newbie

Activity: 5

Merit: 0

My wallet.dat file was generated on an offline pc. The wallet encrypted with a 54 character password, stored in an encrypted usb stick, encrypted in a file container. Same file container also encrypted with a different 54 character password and also stored on a cloud service.

To remember the password a hint was written via nfc to nfc sticker tags hidden in places I only know of. (not that I really need a hint for the password as I have been using it for years.

Reid

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I prefer both. If I am away with my laptop I can still somehow get my private keys in my email then just delete it.
Actually this is one of my problem now.
My laptop got broken and is now at the repair shop.
I am scared that the man who will repair it might see my private keys and wallet.dat also my accounts are auto lo ins.
I changed all the passwords and trying to send all my funds at a different location now just using my phone.
He needs 3 days to repair the laptop which makes it more scary. I hope he doesn't know a thing about bitcoin.

jtipt

hero member

Activity: 1050

Merit: 529

Quote from: BossBee on August 27, 2017, 04:22:43 PM

What is everyone's preferred method of backing up your wallet and why?

For cold storage I prefer paper wallet with nice encryption and then keeping it in a safe. As for backup of my desktop wallet, well the seed and encrypted private keys is what I keep of course offline, on paper.

Suffes

newbie

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paper wallets are good enough. just keep min. 5 copies at different locations ofcourse where noone could find it.

jubalix

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I would always keep both.

Private key is >> then wallet.dat, as its harder to corrupt inmho,

but why not both?

use pywallet to extract keys or dump priv key from console or similar.

CryptoBry

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Quote from: Codinggg on August 27, 2017, 04:34:48 PM

simple not encrypted paper wallet generated on offline computer printed and stored at safe place. thats the best for me. not sure if others like this way

Yes, I heard that this is one of the best ways to secured a wallet away from the interconnected world we are in so that it is really impossible for hackers and phishers to steal. I have been a victim of hacking and phishing in MyEtherWallet.com and I know how important it is to make sure that evil people will not victimized us. As more and more people are getting into cryptocurrency, the more evil people are making sure that they can get something out from us. This whole thing has to stop and we must be always ahead of the game otherwise we might lost what we already gained so far.

pranaja

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2 Factor Authentication to give an extra layer of security to the wallet. 2 Factor Authentication is usually a verification via SMS pin that will go into the mobile phone number that is listed when creating a wallet, or a pin of Google Authenticator that can be installed on a laptop or on a smartphone. The result, every time you want to login to the wallet should be able to enter the e-mail address, password and pin SMS or pin GA to access the wallet.

RoommateAgreement

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Bazinga!

Quote from: BossBee on August 27, 2017, 10:20:23 PM

Quote from: Sithara007 on August 27, 2017, 09:12:54 PM

I prefer taking multiple printouts of paper wallets and storing them somewhere safe. I don't prefer exporting the backup in wallet.dat format, as the chances of someone stealing it is quite high.

But doesn't the wallet.dat file keep it encrypted while paper wallets lose the encryption?

you can also encrypt what you print out. it is not really that hard either. you just use a tool such as bitaddress.org to encrypt your private keys with BIP38 and then print that encrypted text out.

and if you want to make your life easier when you import it later in the future, add a QR code of the same text to your print so you can scan it in the future

BossBee

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Quote from: Sithara007 on August 27, 2017, 09:12:54 PM

I prefer taking multiple printouts of paper wallets and storing them somewhere safe. I don't prefer exporting the backup in wallet.dat format, as the chances of someone stealing it is quite high.

But doesn't the wallet.dat file keep it encrypted while paper wallets lose the encryption?

bilman

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for me.. i note down on a piece of paper and store it in the safe...

White sugar

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Private keys aren't software dependent.

wallet.dat may be hard to recover in the future if software changes, specially if you forget which wallet you used to generate the wallet.dat

Red-Apple

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these days almost all the bitcoin wallets are "deterministic or HD" wallets. which means they have a master private key which you need to back up. most of them are using seed words to get that master private key and make it easier to back up.
use a wallet that offers that (like electrum for example) and then write down the seed on a paper.)

Sithara007

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I prefer taking multiple printouts of paper wallets and storing them somewhere safe. I don't prefer exporting the backup in wallet.dat format, as the chances of someone stealing it is quite high.

Topic: Pros and cons of Wallet.dat and Priv Keys (Read 590 times)