Topic: Safest place to store coins? please help a noob (Read 1255 times)
If you encrypt your wallet.dat using the bitcoin-qt program, malware will have a hard time getting to your coins, until the day you use them. At which point, malware could possibly intercept your password as you type it, decrypt the wallet, and send all your coins to somewhere. (Or send your password and the wallet.dat file to somewhere.)
If you download the client to your desktop do you need to encrypt it as well?
Every solution carries a risk. Based on your personal situation, its up to you to decide which risk is acceptable.
Cold storage exposes itself to environmental risks such as Hard Disk failure, physical theft, fire etc. But there are more in your control you'll have no one else to blame.
Depending on how much you trust the expertise [=risk] at your online wallet host, two factor authentication is 'safer' than usual methods.
-SZ
Cold storage exposes itself to environmental risks such as Hard Disk failure, physical theft, fire etc. But there are more in your control you'll have no one else to blame.
Depending on how much you trust the expertise [=risk] at your online wallet host, two factor authentication is 'safer' than usual methods.
-SZ
paper wallet seems to much out of my league (idk what it even is lol)
im thinking blockchain wallet?
please help!
im thinking blockchain wallet?
please help!
Good info here https://bitcointalksearch.org/topic/paper-wallet-questions-160634
Go to bitaddress.org and use the save page option on your browser to save the page on your computer. Close your internet connection. Scan machine using updated anti-virus/malware of whatever type you use. Now you can bring up the saved Bitaddress page and create and print paper wallets on a clean machine with no outside connection. Remember the paper wallets you create are only a piece of paper until you send Bitcoin to them and only you have the private key on your printed paper to retrieve your bitcoin from the wallet.
Safest place is OFFLINE. Your options include, but are not limited to:
1. Paper = hand written or printed
2. Flash drives, USB drives, computers that are NOT connected to any network at all.
Variations of paper include, engravings on metal, plastic or wood, embroidery on cloth, oil on canvas (make a painting).
Online wallets are NOT safe. These include, all exchanges, MtGox, bitstamp, etc. all hosted wallets, instawallet, blockchain wallet, etc.
I think there are basically 3 levels of safety with bitcoins.
1. OFFLINE
2. Online but on your computer or mobile unit (bitcoin-qt, electrum, Bitcoin for Android, BitcoinSpinner)
3. Hosted or online in someone else's computer (exchanges, online wallets)
Why?
1. is practically impossible to hack. It is called COLD STORAGE for a reason.
2. depends on vigilance and security of your operating system, your computer, your phone, malware, virus, trojans, etc.
3. depends on the other computer. exchanges have been hacked, online wallets have gone offline or disappeared.
1. Paper = hand written or printed
2. Flash drives, USB drives, computers that are NOT connected to any network at all.
Variations of paper include, engravings on metal, plastic or wood, embroidery on cloth, oil on canvas (make a painting).
Online wallets are NOT safe. These include, all exchanges, MtGox, bitstamp, etc. all hosted wallets, instawallet, blockchain wallet, etc.
I think there are basically 3 levels of safety with bitcoins.
1. OFFLINE
2. Online but on your computer or mobile unit (bitcoin-qt, electrum, Bitcoin for Android, BitcoinSpinner)
3. Hosted or online in someone else's computer (exchanges, online wallets)
Why?
1. is practically impossible to hack. It is called COLD STORAGE for a reason.
2. depends on vigilance and security of your operating system, your computer, your phone, malware, virus, trojans, etc.
3. depends on the other computer. exchanges have been hacked, online wallets have gone offline or disappeared.
My wallet isn't updating that frequently maybe 2-3 times a month. Not that hard to say backup 10 times in different places each time its updated.
WOW crazy, I get pissed off if it doesn't update every hour but then again all it takes is either restart your wallet or change a server, I use electrum wallet.Lol I just mean I'm not accumulating that fast it takes me a week to get enough for a payout from the pool.
paper wallets are to confusing is it safe to just store on blockchain?
?
That's were they all already are. Your .dat files and whatnot contain the same info as the sequence of chars of your private key. ?
mtgox seems safe.......
My wallet isn't updating that frequently maybe 2-3 times a month. Not that hard to say backup 10 times in different places each time its updated.
WOW crazy, I get pissed off if it doesn't update every hour but then again all it takes is either restart your wallet or change a server, I use electrum wallet.
I save em on my pc...I use electrum can back it up on any computer as long as you keep your passphrase
Safest way is to store them yourself on your computer(s). Also as someone said above paper wallet is a good idea.
paper wallets are to confusing is it safe to just store on blockchain??
?
My wallet isn't updating that frequently maybe 2-3 times a month. Not that hard to say backup 10 times in different places each time its updated.
your private key is just a sequence of chars and it is really all you need to securely save.
write it down on a piece of paper with a pen if you don't have a printer.
write it down on a piece of paper with a pen if you don't have a printer.
thanks for the responses.
can i make a paper wallet without a printer or webcam?
be definition you'll need a printer I'd say
can i make a paper wallet without a printer or webcam?
You can create a brain wallet using electrum and store copies of the wallet in encrypted containers.
Diversify your mediums! You can store the same key on paper/usb/and cd in case any of the others go out. Or just multiple usb drives. I keep mine in a safe with a backup copy in a friends safe at another location. I trust him not to break the encryption :p
You can create a brain wallet using electrum and store copies of the wallet in encrypted containers.
what is a paper wallet exactly , am i just copyin the address and private keys somewhere other than the current cpu and deleting the address and private keys afterwards?
Blockchain.info has a good explanation along with instructions about how to generate one securely:
https://blockchain.info/wallet/paper-tutorial
Have fun!
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