Question about offline storage of coins

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: Raptas on November 28, 2013, 01:40:21 PM

which is then put in a vault for a longer period of time.

The answer to your question really depends on what you mean by "longer period of time".

What if Bitcoin-Qt software doesn't exist any more when you are ready to access the bitcoins? What if computers no longer have USB ports?

A paper wallet is much safer. You can always read paper, and unless the core ECDSA protocol changes, the private key that would be printed on the paper would always be usable to spend your bitcoins.

odolvlobo

legendary

Activity: 4466

Merit: 3391

It is much easier to just create a paper wallet. Many wallets can do that for you. If you are using bitcoin-qt, there are several sites that can make a paper wallet for you, blockchain.info and bitaddress.org are some.

mnky

newbie

Activity: 2

Merit: 0

If you wanted, you could also place the .DAT file(s) in a TrueCrypt volume. This would allow you to keep the .tc file stored in another location.

I've done that with other important data in the past.

PenAndPaper

sr. member

Activity: 252

Merit: 250

That pretty much will do the job. Also some wallets have the option to export wallet.
Just keep more than one backup and make sure your wallet is encrypted.

Raptas

newbie

Activity: 25

Merit: 0

Hey,

I have a question about offline storage. Ofcourse I've Googled but I found several different results: some say you have to backup your complete wallet, some say just your wallet.dat file.

Imagine I want to store my Bitcoins on an USB (and no where else), which is then put in a vault for a longer period of time.

Would it be enough to:
1. Copy wallet.dat file to USB drive.
2. Delete everything (wallet, .dat file etc) from my computer.
3. Store USB in the vault.

And then, when I want to get them back on my pc:

4. Install Bitcoin wallet and update.
5. Replace the default wallet.dat file with the one on my USB.

Also, if I would store the backup in my vault but keep my wallet on my pc and then send and receive coins, would I have to make a new backup?

Thanks a lot!

Topic: Question about offline storage of coins (Read 474 times)