Topic: Storing BTC/LTC long term in safe deposit box - page 3. (Read 3649 times)

I think making copies of the media is a good idea, but do i really need to store my laptop away? Wouldnt the .dat files be sufficient? I believe that holds my funds and address tied to those funds.

Make sure to use multiple CD's, thumbdrives or whatever. And put the hardware needed to use those things (i.e. a laptop) in the vault as well, along with complete instructions on how to redeem the stuff for fiat.

Hello all,

Since the announcement of Avalon asking 88btc for their ASICSs my plans of ordering batch #3 is not looking good.

My backup plan for a long term investment in bitcoin would be taking part of my current earnings (maybe 15btc and 30ltc), moving them to another wallet. Backing up the wallet.dat file to a CD or thumb drive and storing it in my safe deposit box at my bank for years to come. Alot speculate with finite amount of coins they will only increase in value. So my plan is to hold long term for many years.

Has anyone done this? Or can speculate on the best practice of doing this? Ill write out my current plan below.

1. Install bitcoin-qt and litecoin client on 2nd computer or VM.
2. Move part of balance to new wallets/addresses.
3. Backup wallets to .dat file (no encryption).
4. put .dat files on CD or thumb drive, and then delete the wallets from the 2nd computer or VM
5. put CD in safe deposit box or other long term storage unit.
6. Profit?

Also would i want to make a paper wallet in addition to saving the .dat files, in case for some reason the CD or thumb drive is unreadable when i decide to use the long term stored coins?

And one other thing, does anyone speculate the IRS tax me if i decide to exchange the coins to dollars many years from now... Just like how people but stocks, then cash them out many years later?