Topic: Tips for cold storage? - page 2. (Read 3053 times)
hardware wallets are an option but i would not go for these if i were you, if you want to store for long time the of course not they are good flash drives but still flash drive which can be currepted and after all its an electronic device it can fail, paper wallet is they way to go
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
Thank you!
Electrum is good to go.I would also write down the keys somewhere and hide it safe.It is better to have 2-3 different methods of saving your coins in cold storage. I also recommend to safe the wallet.dat at least two times if you use usb or external hard disk drives.
+1 for Electrum
You can easily take your wallet.dat file and save it on a USB somewhere and then delete it from your computer
You can easily take your wallet.dat file and save it on a USB somewhere and then delete it from your computer
Remember to set your cold wallet as "only read" when you connect it to internet for updating...
I fail to see how it would help. A malware can still infect your computer and capture whatever information needed. Or in theory could damage the randomness ot signing of your transaction. (It's in theory, not sure if possible)Recently I set up cold storage for my funds. What I did was I set up a spare Raspberry Pi and I installed Electrum onto it which acted as the storage its self.
Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
There isn't a need to connect it to the internet unless there are protocol changes on the signing of the transactions. You can download the transaction from an online computer and sign it on the offline computer then broadcast it on the online computer.Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
And if that even happen you can update the software offline anyways, pretty much the same way you plug your usb key from one computer to the other to sign the transaction.
All in all Armory is indeed very handy. Which is the one i would use to do this.
Remember to set your cold wallet as "only read" when you connect it to internet for updating...
I fail to see how it would help. A malware can still infect your computer and capture whatever information needed. Or in theory could damage the randomness of signing of your transaction. (It's in theory, not sure if possible)Recently I set up cold storage for my funds. What I did was I set up a spare Raspberry Pi and I installed Electrum onto it which acted as the storage its self.
Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
There isn't a need to connect it to the internet unless there are protocol changes on the signing of the transactions. You can download the transaction from an online computer and sign it on the offline computer then broadcast it on the online computer. Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
First of all you should pick what software will you use to generate the cold wallet Keys.
Second and most important: you should create your cold wallet keys offline.
You might wanna use ARMORY
Second and most important: you should create your cold wallet keys offline.
You might wanna use ARMORY
I think hardware wallets are only a waste of money.
Instead I suggest to use Electrum in its portable version. Just put the wallet in an USB and keep this device in a safe place.
For better security you should write your seed in 3 or 4 different places ( for example a sheet, a file on another USB and of course your brain too
) .
Imho acting this way your coins will stay very safe.
Instead I suggest to use Electrum in its portable version. Just put the wallet in an USB and keep this device in a safe place.
For better security you should write your seed in 3 or 4 different places ( for example a sheet, a file on another USB and of course your brain too
) .Imho acting this way your coins will stay very safe.
One thing to keep in mind is to not keep your eggs in one basket. Diversify your funds in different cold storage methods.
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
You dont need pass phrases, its not vanilla bitcoin. Plain and simple paper wallet is good enough, laminated tho to not beign easily, damaged Thank you!
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
Thank you!
a hardware wallet is good too:
https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253
If you have your own spare computer you can use that as a cold hardware wallet too. Basically run Armory on a 100% offline computer and us it to sign transaction in the rare case you need to.
Cold storage is pretty much for storing BTC for a long period of time so you could even do this on a VM, for the same level of security.
Actual hardware wallets are good when you move a lot of BTC often. So i see them more useful for hot wallets than cold storage.
hardware wallet would be the best but if you cant afford it you can use armory on your computer or something like that i think
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
Thank you!
a hardware wallet is good too:
https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253
Recently I set up cold storage for my funds. What I did was I set up a spare Raspberry Pi and I installed Electrum onto it which acted as the storage its self.
Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
Since I have the addresses on my main PC to send the funds to, I don't intend to turn on that Raspberry Pi until I need the funds out of that wallet.
Paper wallets are as bout as cold as it gets. You set up one print it off from a safe printer, and make it on a computer that is for sure clean and has no malware/virus problems.
You put this away in a safe, or safty deposit box. Something very secure to hold it, also have a few copies in case as you don't want one copy incase something happens to it.
But then use a phone app, or blockchain to view your address without having access to your account. it is nice since you can watch it hopefully grow and not have to worry about connecting to internet and becoming a hot wallet each time you want to see how much you have.
You put this away in a safe, or safty deposit box. Something very secure to hold it, also have a few copies in case as you don't want one copy incase something happens to it.
But then use a phone app, or blockchain to view your address without having access to your account. it is nice since you can watch it hopefully grow and not have to worry about connecting to internet and becoming a hot wallet each time you want to see how much you have.
-snip-
Remember to set your cold wallet as "only read" when you connect it to internet for updating...
Remember to set your cold wallet as "only read" when you connect it to internet for updating...
You dont connect to the internet for updates with a cold wallet. The point is that its offline, you dont need updates on an offline system.
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
Thank you!
Electrum is a very recommended wallet.
But just the cold wallet is not enough.
You should think about backup, antivirus protection, firewall...
Remember to set your cold wallet as "only read" when you connect it to internet for updating...
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
What i use for cold storage is this: Thank you!
1. Put your bitcoins into blockchain.info.
2. Generate a paper wallet for your address which contains your bitcoins.
3. Get a print of the paper wallet.
4. Delete the address from blockchain and again put the address online as watch only.
5. Keep the paper wallet safe and use it to retrieve the bitcoins when you need it.
I would go for Electrum on a offline computer if I want full security and broadcast transaction on another computer separately.
So I grabbed a few BTC and I want to put them into cold storage for a while. I have been browsing and I think that a wallet that gives me a 12 word seed phrase would be best. I am thinking about Electrum. Would you guys agree or do you have any better (if possible free) alternatives?
Thank you!
What i use for cold storage is this: Thank you!
1. Put your bitcoins into blockchain.info.
2. Generate a paper wallet for your address which contains your bitcoins.
3. Get a print of the paper wallet.
4. Delete the address from blockchain and again put the address online as watch only.
5. Keep the paper wallet safe and use it to retrieve the bitcoins when you need it.
I would go for Electrum on a offline computer if I want full security and broadcast transaction on another computer separately.
You might want to go with a secure physical storage as well. I like to place an un-encrypted copy of my cold wallet on a thumb drive then place it in a safe deposit box at the bank. It's one of the few services banks sill have to offer me.
the only tip i would give is to hide it in a safe place i think
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