Topic: Storing bitcoins - page 2. (Read 2595 times)
and keeping them on blockchain with 2FA is not safe? I bought some extra btc with cash today and that's how that guy did it, and he had much more btc than i do
Hi everyone,
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
Why you dont try gambling? I dont invest, at start i got free btc from gambling sites, and i have won more that 5 bitcoins in less that 1/2 year with zero invest.
I keep my bitcoins safe on paper wallets, and i use a small bank roll for gambling. that is how it works fine for me.
and it's 100% sure www.bitaddress.org gives me the right private key and they don't keep it thereselves? if exchanges could betray me, they could do that too? and i wouldnt even know that untill i bring them somewhere online in the blockchain in a few years
btw, what is a strong password for bip38 ?
how long does it have to be to be safe?
is it best to just make a sentence in the smallest language I speak?
how long does it have to be to be safe?
is it best to just make a sentence in the smallest language I speak?
so if i understand it well i take a little risk everytime i want to sell my bitcoins or move them to wherever?
so it would be better to make 10 wallets each with 1 btc? so i can keep the 9 btc in paper wallet and take 1 out if i need them?
so it would be better to make 10 wallets each with 1 btc? so i can keep the 9 btc in paper wallet and take 1 out if i need them?
and is it right that i can't check if i have acces to that address untill i load it in blockchain or a btcqt?
tomorrow all my bitcoins will come free and can put them all in a paper wallet then
tomorrow all my bitcoins will come free and can put them all in a paper wallet then
I have found an old post I made, maybe you can use some of the info:
I have done a lot of research on this topic; my solutions uses two Bitcoin-core clients and one paperwallet.
1. Bitcoin-core client running on my desktop-pc, this is my hotwallet, where I do all my in/out transactions to the "world". I never keep too many bitcoins here. Password is of cause strong.
2. Bitcoin-core client running on dedicated pc, this is my cold-storage, only use this PC if I have to move funds to my hot-wallet.
3. Paperwallet, printed out, stored away. Never touches this one. Only uses it for long time storage of funds I am certain that I don't need in the near future.
I have backup of all the wallets, located at two different locations.
I know that there is more secure ways to do this, but the more security you add the higher is the chance that you will not be able to access the funds your self.
The important thing for me, is that it reasonable safe and I trust the setup.
I also thing it is important not to "put all the eggs in one basket", thing it is important to divide your funds into different system/types. E.g. if my cold-storge is compromised it is unlikely that my paper wallet is compromised at the same time.
1. Bitcoin-core client running on my desktop-pc, this is my hotwallet, where I do all my in/out transactions to the "world". I never keep too many bitcoins here. Password is of cause strong.
2. Bitcoin-core client running on dedicated pc, this is my cold-storage, only use this PC if I have to move funds to my hot-wallet.
3. Paperwallet, printed out, stored away. Never touches this one. Only uses it for long time storage of funds I am certain that I don't need in the near future.
I have backup of all the wallets, located at two different locations.
I know that there is more secure ways to do this, but the more security you add the higher is the chance that you will not be able to access the funds your self.
The important thing for me, is that it reasonable safe and I trust the setup.
I also thing it is important not to "put all the eggs in one basket", thing it is important to divide your funds into different system/types. E.g. if my cold-storge is compromised it is unlikely that my paper wallet is compromised at the same time.
Never lost one single satoshi since I start using this setup.
i opened a wallet with bip38, then sended a bitcoin there, then loaded it in blockchain and then sended it to an exchange
and it worked
is that the way I have to do it too if i want to sell my bitcoins in a few years?
and it worked
is that the way I have to do it too if i want to sell my bitcoins in a few years?
Congrats.
Yup.
Please also note that a paper wallet is safe from hackers and malware because it is kept offline all the time. After you import your private key to blockchain.info or any other wallets, you shouldn't reuse it anymore as it has been online at some point.
So if you want to sell just part of your bitcoin in the future, you should create a new paper wallet and send the unsold bitcoin to the new paper wallet.
and is it right that i can't check if i have acces to that address untill i load it in blockchain or a btcqt?
tomorrow all my bitcoins will come free and can put them all in a paper wallet then
tomorrow all my bitcoins will come free and can put them all in a paper wallet then
i opened a wallet with bip38, then sended a bitcoin there, then loaded it in blockchain and then sended it to an exchange
and it worked
is that the way I have to do it too if i want to sell my bitcoins in a few years?
and it worked
is that the way I have to do it too if i want to sell my bitcoins in a few years?
i tried to do bip38 but when i tried to load the wallet in blockchain it worked (at least it shows up between my other addresses there) but it says my passphrase is wrong which isnt
Hi everyone,
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
So much fail in terms of storing bitcoins
He mentions mtgox I would guess he had quite a bit in there with a investment like that. Luckily I was not using that site at the time. A lot of people lost a lot of coins there.
I did get sent a paper about the lawsuit in a foreign language though with having Mt. Gox. Still not sure why i got it, I did not use it many times. It's been a while back.
is that the same as Algorithm: SHA256(passphrase) ?
Nope, what you are thinking is the algorithm for brainwallet. https://en.bitcoin.it/wiki/Brainwallet
BIP38 encryption works completely in a different way. https://github.com/bitcoin/bips/blob/master/bip-0038.mediawiki
Hi everyone,
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
Some time ago I bought 100 BTC (+70.000$), most of them I lose through hackers, mtgox, investing in HYIP, getting scammed by cloudbet... Now I have a bit less than 10 btc left (sadly worth nothing in compare to my initial investment). I'm used to keep them at exchanges like kraken and justcoin (which closed recently), then I discovered bitfinex and now I'm offering swaps there, hoping to maybe get back an extra bitcoin within a year. But I'm wondering how safe it is to keep my bitcoins there and offer swaps? I can make some profit there (and technically it should work as long as the owners don't run away or something went wrong on the website) but I'm also a bit affraid of losing everything. It also has some advantages, sometimes I really want to make some bets and recently I did it a lot bringing me from less than 3 to over 9 BTC. But that's mostly because of luck and maybe that could precent me losing my bitcoins that way because I never have access to my bitcoins immediately unless I change the autorenew settings in the website and wait for a few weeks. So what would be the best way to store my bitcoins? Going for the profit and let the bitcoins earn intrest on bitfinex or what do you think? My mail is safe now through 2FA if that would matter. If I deposit around 10 btc there I could earn around 2 mBTC every day by just offering swaps.
So much fail in terms of storing bitcoins
is that the same as Algorithm: SHA256(passphrase) ?
so if i make a paperwallet there? print it (and maybe put them in a word document which i safe on 2 usb's (one usb-card in my wallet, one at my home)) and I'm 100% safe?
A lot safer than keeping them on bitfinex with 2FA? :p
A lot safer than keeping them on bitfinex with 2FA? :p
If you decide to save the paper wallet on USB, please encrypt it (either use BIP38 when creating the paper wallet, or use 7zip to encrypt the word file) so that you won't lose your bitcoin when you somehow lose your USB. Then your bitcoin is safe unless someone gets your wallet and at the same time brainwashes you to make you revealing the password.
Yup, it will be a lot safer than keeping them on exchange.
Seems you have had some bad luck.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Precisely.
Cloud mining, Gambling and all other means of investments are more likely to give negative returns.
Keep it safe on a paper wallet (bitaddress.org is good) and keep that paper safe. Don't gamble/waste any more on the hopes of something great.
so just print out bitcoin address and private key? and send all btc to that address? and how do i use them in the future then? + how do i know that website doesnt know the private key and can steal them too?
The average daily return rate for offering liquidity on bitfinex is 0.0222% (from https://www.bitfinex.com/pages/stats), and so you can expect to get about 8.4% return a year. IMO, that return isn't worth the risk, and I would rather store my bitcoin on my own wallet.
Ok a few tips.
1. Scan computer for with anti-malaware and anti-virus software.
2. Do not store it in the "cloud". It sounds nice but its a horrible idea.
3. Put paper wallet copy or private key on a thumb drive. Buy a new one for it, only use it to store the key. Check it to make sure it is there, now don't use it till needed.
4. On printer the best if your paranoid is a "dumb" printer. One without scanning, network, etc. Chances are your printer is newer though. Only print it at your private residence, do no print in public or at work.
5. Truly put those in a safe place safety deposit box, good safe, etc.
You can keep your public key pretty much anywhere and look at blockchain if you want to see your money setting there, without using your wallet to see balance.
good tips.
use 2 factor authentifikation. dont install shady programms on your pc.
maybe buy a Trezor (good storage - google it).
so if i make a paperwallet there? print it (and maybe put them in a word document which i safe on 2 usb's (one usb-card in my wallet, one at my home)) and I'm 100% safe?
A lot safer than keeping them on bitfinex with 2FA? :p
Seems you have had some bad luck.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Precisely.
Cloud mining, Gambling and all other means of investments are more likely to give negative returns.
Keep it safe on a paper wallet (bitaddress.org is good) and keep that paper safe. Don't gamble/waste any more on the hopes of something great.
so just print out bitcoin address and private key? and send all btc to that address? and how do i use them in the future then? + how do i know that website doesnt know the private key and can steal them too?
The average daily return rate for offering liquidity on bitfinex is 0.0222% (from https://www.bitfinex.com/pages/stats), and so you can expect to get about 8.4% return a year. IMO, that return isn't worth the risk, and I would rather store my bitcoin on my own wallet.
Ok a few tips.
1. Scan computer for with anti-malaware and anti-virus software.
2. Do not store it in the "cloud". It sounds nice but its a horrible idea.
3. Put paper wallet copy or private key on a thumb drive. Buy a new one for it, only use it to store the key. Check it to make sure it is there, now don't use it till needed.
4. On printer the best if your paranoid is a "dumb" printer. One without scanning, network, etc. Chances are your printer is newer though. Only print it at your private residence, do no print in public or at work.
5. Truly put those in a safe place safety deposit box, good safe, etc.
You can keep your public key pretty much anywhere and look at blockchain if you want to see your money setting there, without using your wallet to see balance.
good tips.
use 2 factor authentifikation. dont install shady programms on your pc.
maybe buy a Trezor (good storage - google it).
Seems you have had some bad luck.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Make sure to use multi-factor sites. Treat your private key like gold. Get it once on USB and Paper i suggest and put in safety deposit box or some very strong physical safe.
With earning more BTC comes risk only you can decide what is worth it for your personal investments. I would say never invest more then you are willing to lose, that is my saying no matter what is invested in.
Precisely.
Cloud mining, Gambling and all other means of investments are more likely to give negative returns.
Keep it safe on a paper wallet (bitaddress.org is good) and keep that paper safe. Don't gamble/waste any more on the hopes of something great.
so just print out bitcoin address and private key? and send all btc to that address? and how do i use them in the future then? + how do i know that website doesnt know the private key and can steal them too?
The average daily return rate for offering liquidity on bitfinex is 0.0222% (from https://www.bitfinex.com/pages/stats), and so you can expect to get about 8.4% return a year. IMO, that return isn't worth the risk, and I would rather store my bitcoin on my own wallet.
Ok a few tips.
1. Scan computer for with anti-malaware and anti-virus software.
2. Do not store it in the "cloud". It sounds nice but its a horrible idea.
3. Put paper wallet copy or private key on a thumb drive. Buy a new one for it, only use it to store the key. Check it to make sure it is there, now don't use it till needed.
4. On printer the best if your paranoid is a "dumb" printer. One without scanning, network, etc. Chances are your printer is newer though. Only print it at your private residence, do no print in public or at work.
5. Truly put those in a safe place safety deposit box, good safe, etc.
You can keep your public key pretty much anywhere and look at blockchain if you want to see your money setting there, without using your wallet to see balance.
the problem is i don't really know where to keep the paper then 
would it be good to split it in 2 and keep 2 of them each? keep 2 matching halfs in 1 house (eg copy an article, write the btc key randomly somewhere in the middle and hide it in my study books?) and 2 other matching halfs in another house (in case there would be a fire or something). Would that be safe enough? Or is it better to just remind the private key and study +- 1 hour to remind it forever? But in case I would have an accident and come out of coma and don't remind anything at all i would have a problem
would it be good to split it in 2 and keep 2 of them each? keep 2 matching halfs in 1 house (eg copy an article, write the btc key randomly somewhere in the middle and hide it in my study books?) and 2 other matching halfs in another house (in case there would be a fire or something). Would that be safe enough? Or is it better to just remind the private key and study +- 1 hour to remind it forever? But in case I would have an accident and come out of coma and don't remind anything at all i would have a problem
To prevent coin loss due to burglary, you could encrypt your paper wallet. On bitaddress.org, you can tick the box "BIP38 Encrypt?" and enter a passphrase to encrypt your paper wallet.
To prevent coin loss due to fire, you could make multiple backups as you said, and store them in different places (your room, your backyard, your parents' house, bank safe box, etc).
To prevent coin loss for something related to your health conditions, you could teach your family members about bitcoin, tell them about your paper wallet location(s) and passphrase (if any). But then they could spend your bitcoin without your permission.
Stick 80% of your coin in a paper wallet, margin lend with the rest, avoid gambling or you will lose everything in time
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