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Topic: [UPDATE]Can this be considered a Safest Cold Storage?[UPDATE] (Read 1786 times)

sr. member
Activity: 308
Merit: 250
The mind is everything. What you think you become.
So i installed Electrum on my very old offline PC which will Never be connected to the internet.I saved the seed and got bunch of address and private keys.I exported master public keys and imported these public keys on my Laptop that is connected to internet.Now it's watch only addresses on my laptop which is connected to the internet.
I can create a transaction on my online laptop and save it and transfer it to my old offline PC and then sign it and transfer it back to broadcast on my online Laptop.Now is this the safest cold storage? and will my private key leak after transfering signed transaction back to online Laptop?
And Electrum generated 10 address with private keys on offline PC which is Not connected to internet.What are the chances that any 1 of the address can again by generated by some other Wallet?
And one last question,Just in case my old PC goes out of bussiness and Does not start on some day then how can i recover my moondollars and even that possible to recover in such case?can i take backup?

I will appreciate some experienced bitcoin geak to please come and answer these. Tongue

UPDATE:
My old offline PC gave up in just 1 day and doesn't start now but somehow i recovered the wallet using the seed and sended the moondollars to other address.I still can't figure out how to store my moondollars safely now.
I can't trust online wallets.I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.

not a good idea,and nah i said like that because old computer is too weak for ruin any new program and application like bitcoin wallet,its include electrum,if i were you,i will store that 7+ BTC to several place,many wallet and with full security,and you should make sure you never forget about password,and dont open it until you really need that bitcoin. just my suggestion.
hero member
Activity: 756
Merit: 502
Do you have a printer, or have a friend who's possessing one ? A good old paper wallet is still the best solution if stored properly. Even if I don't use some because I don't need it, that's the way I would go for.
hero member
Activity: 924
Merit: 1001
I think it is not safe way, when you are transfering data through USB, you can get either malware or virus from/through USB. Better buy Trezor device, it is most safest BTC hardware.  Wink

but if the old computer still remaining off line how priv key could be stolen?

I think an old pc is either a risk for the possibility to lock or freeze a part of personal computer... and then ? what you do!?  Grin
legendary
Activity: 2604
Merit: 1036
OP if you don't want to deal with paper wallets then buy the cheapest laptop possible or buy some Intel compute stick for $150 and do your offline cold storage thing again.

By the way you seem to be genuinely concerned about the security of your coins but you want to cheap out on a $30 solution as RussianRainbow has suggested the Ledger hardware wallet. And you like to counter suggestions with more questions. What gives?  Grin
hero member
Activity: 616
Merit: 500
I AM A SCAMMER

I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.

Surely you can afford a hardware wallet if you have 7+ moondollars. You can get a Ledger for $15-30. I have a Ledger nano and it works great. I highly recommend you investing in a hardware wallet if you want to be sure your uᴉoɔʇᴉq is safe.
but shipping charges are $40 and i don't know how much more can it take at customs so i don't want to buy it

Well obviously it is up to you, but $70 ($30+40 for S&H) doesn't sound like much to pay to secure $3,000 (7+ BTC).
member
Activity: 108
Merit: 10

I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.

Surely you can afford a hardware wallet if you have 7+ moondollars. You can get a Ledger for $15-30. I have a Ledger nano and it works great. I highly recommend you investing in a hardware wallet if you want to be sure your uᴉoɔʇᴉq is safe.
but shipping charges are $40 and i don't know how much more can it take at customs so i don't want to buy it
hero member
Activity: 616
Merit: 500
I AM A SCAMMER

I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.

Surely you can afford a hardware wallet if you have 7+ moondollars. You can get a Ledger for $15-30. I have a Ledger nano and it works great. I highly recommend you investing in a hardware wallet if you want to be sure your uᴉoɔʇᴉq is safe.

Edit: I highly recommend using a Ledger with an OTG cable to connect to your Android phone. It works flawlessly with Mycelium wallet.
member
Activity: 108
Merit: 10
Since you have an android phone I recommend installing the Mycelium wallet and importing your private keys there. It's a very solid software wallet which even has uᴉoɔʇᴉq trading integrated if you need to buy some uᴉoɔʇᴉq. Mycelium also has the function to spend from Cold Storage. Now my advice is to create a paper wallet for $0 cost, put your stash of 7 coins on it, and when you are in a hurry to spend from the cold storage just use Mycelium and load your paper wallet and after the transaction is done all the details will be erased. So in short zero costs for you at maximum protection.
This sounds interesting but i have heard when spending from paper wallet you need to spend the whole balance otherwise the remaining balance gets lost.is it true? Suppose i have 7 BTC in paper wallet and i need to send someone 2 BTC then i use Mycelium to do it.Will my 5 BTC remain on Paper Wallet? and are you really sure once i use Mycelium my private key will not be stored on the device?
legendary
Activity: 2604
Merit: 1036
Since you have an android phone I recommend installing the Mycelium wallet and importing your private keys there. It's a very solid software wallet which even has uᴉoɔʇᴉq trading integrated if you need to buy some uᴉoɔʇᴉq. Mycelium also has the function to spend from Cold Storage. Now my advice is to create a paper wallet for $0 cost, put your stash of 7 coins on it, and when you are in a hurry to spend from the cold storage just use Mycelium and load your paper wallet and after the transaction is done all the details will be erased. So in short zero costs for you at maximum protection.
copper member
Activity: 1442
Merit: 529
UPDATE:
My old offline PC gave up in just 1 day and doesn't start now but somehow i recovered the wallet using the seed and sended the moondollars to other address.I still can't figure out how to store my moondollars safely now.
I can't trust online wallets.I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.

Safest bet to store them online. Install Debian Linux (not Ubuntu as they are messing with Windows now). Install Electrum, recover via your seed, add a very strong password, put the seed in external HDD or USB. Thats the highest security regarding safeguarding them online. Other than that, offline or buy a hardware wallet. I have about half of your BTC and am keeping them in my Electrum wallet online  in a old version of Debian based linux system.
member
Activity: 108
Merit: 10
UPDATE:
My old offline PC gave up in just 1 day and doesn't start now but somehow i recovered the wallet using the seed and sended the moondollars to other address.I still can't figure out how to store my moondollars safely now.
I can't trust online wallets.I can't afford hardware wallets because they are too expensive.What are my options now?
Please suggest me guys how can i safely store my 7+ btc .I only have 1 laptop and an android phone.
copper member
Activity: 1442
Merit: 529
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
Well i am using Windows in my both (online and offline computers) and i have antivirus + antimalware both on my both pc's and my electrum seed + all private keys are in .txt file which is further archived in strong password protected .rar file . Isn't this setup safe?
and yeah that rar file is stored on external HDD and my online laptop too in case in future my old  offline PC gave up Wink

Sorry to disappoint you but Windows is never safe, a lot of malware appear in just 30 minutes time,based on Eset smart security updates so you are safe only if you knew 100% that your PC was safe when you were saving those archive with a password. If a malware was in, it could have stealed your pass and then your BTC but its a good thing I am guessing your PC was safe when doing all this, now you are in charge to keep it that way.
legendary
Activity: 1484
Merit: 1004
I think you can't call it the Safest Cold Storage, it still need to be more secure to be called like that
than tell me what must electrum do to be safest cold storage?i think its already safest way to store our bitcoin,and of course if it compared with nline wallet or papper wallet,its low risk and high security,we all know that.
full member
Activity: 224
Merit: 100
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
Agreed, putting your bitcoin in a computer isn't save, since there's a lot of malware.

Putting your btc into usb is a smart thing, as long you didn't lose it somewhere that people could steal it.
legendary
Activity: 1890
Merit: 1086
Ian Knowles - CIYAM Lead Developer
Well how to encrypt the text?
All my private keys of all the address that electum generated are in .csv format which can be opened using notepad.On opening that file i see all the address with corresponding private key so how can i encrypt it? and how to decrypt when i need to use the keys?

You could use an encryption tool such as GPG for that.
member
Activity: 108
Merit: 10
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
Well i am using Windows in my both (online and offline computers) and i have antivirus + antimalware both on my both pc's and my electrum seed + all private keys are in .txt file which is further archived in strong password protected .rar file . Isn't this setup safe?
and yeah that rar file is stored on external HDD and my online laptop too in case in future my old  offline PC gave up Wink

it is safe but as long as you don't get infected by a new virus that your Antivirus can't detect in time. then you can easily transfer it to your offline wallet and infect that PC too. reading the topic I find what CIYAM proposed very interesting, but I don't know how easy it is to setup yet.

and also I want to add, for your private keys + seed I think the .rar password protection is enough as long as the password is a strong combination that can not be broken by brute force. but you can always encrypt the private keys (text itself) too for additional security.
Well how to encrypt the text?
All my private keys of all the address that electum generated are in .csv format which can be opened using notepad.On opening that file i see all the address with corresponding private key so how can i encrypt it? and how to decrypt when i need to use the keys?
legendary
Activity: 1638
Merit: 1163
Where is my ring of blades...
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
Well i am using Windows in my both (online and offline computers) and i have antivirus + antimalware both on my both pc's and my electrum seed + all private keys are in .txt file which is further archived in strong password protected .rar file . Isn't this setup safe?
and yeah that rar file is stored on external HDD and my online laptop too in case in future my old  offline PC gave up Wink

it is safe but as long as you don't get infected by a new virus that your Antivirus can't detect in time. then you can easily transfer it to your offline wallet and infect that PC too. reading the topic I find what CIYAM proposed very interesting, but I don't know how easy it is to setup yet.

and also I want to add, for your private keys + seed I think the .rar password protection is enough as long as the password is a strong combination that can not be broken by brute force. but you can always encrypt the private keys (text itself) too for additional security.
member
Activity: 108
Merit: 10
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
Well i am using Windows in my both (online and offline computers) and i have antivirus + antimalware both on my both pc's and my electrum seed + all private keys are in .txt file which is further archived in strong password protected .rar file . Isn't this setup safe?
and yeah that rar file is stored on external HDD and my online laptop too in case in future my old  offline PC gave up Wink
copper member
Activity: 1442
Merit: 529
I think this is the safest cold storage if you are running a more secure OS like Linux so even using USB drive only in Linux PC-s , you will be safe and malware is pretty low in this kind of OS so yeah sounds like a nice safest cold storage. I am being a bit bold as I am keeping all my BTC-s online in Electrum wallet via Linux ,saving the seed in a USB encrypted which I don't put to any Windows computer.
hero member
Activity: 952
Merit: 503
I think you can't call it the Safest Cold Storage, it still need to be more secure to be called like that
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