Topic: What Is The Best Way To Store Your Bitcoins Offline? (Read 889 times)

I will make sure to update this post using your suggestions that you post here. I want to make sure that this post is a reference to all new bitcoin users who want the best way to secure their new bitcoins.

I've made some big profits recently trading/flipping coins and i want to cash out and convert this profit to bitcoin, but I'm not sure how to store the new bitcoins safely.

I have some ideas about securing my bitcoins, but I'm not sure if they are good enough. I'm only interested in ways to store my bitcoins securely so if it even means that I will not be able to spend them easily, that's fine because I'm planning to keep them in cold store for a very long time, since I'm buy nature a bitcoin HODLer.

I have an old laptop that I'm no longer using, so it's okay to use it for just Bitcoin. I don't want to use a hardware wallet like trezor or other similar wallets.

1) Download the Bitcoin core wallet on my old laptop and create a lot of bitcoin addresses, back-up the wallet into multiple CDs, copy those addresses on a USB stick and transfer them to my Desktop computer that has an internet connection. This way I'm able to fund those Bitcoin addresses without having the private keys or the wallet.dat file on an online computer.

Note that I won't be able to let the computer to fully sync with the network, so is it safe to create multiple Bitcoin address this way even if it the Bitcoin-core hasn't fully Synced yet? Also is it safe to use old versions of Bitcoin-core like version 0.11.1 ?

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

3) Download a paper wallet script and use it to generate multiple address, store these addresses and their private keys in multiple CDs and copy the addresses to a USB stick to transfer the addresses to my desktop computer so I can send my earned bitcoins there. My question is, which paper wallet script should I use and can I really trust it?


I will update this post to make sure that contains all information for anyone who's wondering about securing his bitcoins offline.

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.I agree. These are your best bet to guard against any attack you don't want. Having hardware wallets don't share what they have inside. So even if you use them on a virus infested computer you have, it will still store your coins safely.

electrum is a lot better than bitcoin core (only interms of size since its super lightweight ). I have been using electrum for quite a long time and I am satisfied with it. I have never had any problems with electrum so yeah you can trust electrum.

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

My way:

Use bitaddress.org and download the client-side version. Make a encrypted Bitcoin wallet and print three or four copies. Go to office supply shop or arts and crafts store and buy laminating sheets, laminate your copies and store each one in different secure safe spots that you trust.

I will make sure to update this post using your suggestions that you post here. I want to make sure that this post is a reference to all new bitcoin users who want the best way to secure their new bitcoins.

I've made some big profits recently trading/flipping coins and i want to cash out and convert this profit to bitcoin, but I'm not sure how to store the new bitcoins safely.

I have some ideas about securing my bitcoins, but I'm not sure if they are good enough. I'm only interested in ways to store my bitcoins securely so if it even means that I will not be able to spend them easily, that's fine because I'm planning to keep them in cold store for a very long time, since I'm buy nature a bitcoin HODLer.

I have an old laptop that I'm no longer using, so it's okay to use it for just Bitcoin. I don't want to use a hardware wallet like trezor or other similar wallets.

1) Download the Bitcoin core wallet on my old laptop and create a lot of bitcoin addresses, back-up the wallet into multiple CDs, copy those addresses on a USB stick and transfer them to my Desktop computer that has an internet connection. This way I'm able to fund those Bitcoin addresses without having the private keys or the wallet.dat file on an online computer.

Note that I won't be able to let the computer to fully sync with the network, so is it safe to create multiple Bitcoin address this way even if it the Bitcoin-core hasn't fully Synced yet? Also is it safe to use old versions of Bitcoin-core like version 0.11.1 ?

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

3) Download a paper wallet script and use it to generate multiple address, store these addresses and their private keys in multiple CDs and copy the addresses to a USB stick to transfer the addresses to my desktop computer so I can send my earned bitcoins there. My question is, which paper wallet script should I use and can I really trust it?


I will update this post to make sure that contains all information for anyone who's wondering about securing his bitcoins offline.

I agree with you you that electrum is quite unique and best fit for offline storage, it has variable transactions fees just like blockchain.info and very secured especially if you have the latest version always running. I will recommend it any day.

I agree with you you that electrum is quite unique and best fit for offline storage, it has variable transactions fees just like blockchain.info and very secured especially if you have the latest version always running. I will recommend it any day.

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

Using a TREZOR, I can say that it's working very well for me and that I haven't had any issues.  I've downloaded the recent software update and received significant amounts of BTC as well, no problem.

Ordinary PCs aren't very secure if they're connected to the Internet, and hardware wallets are much easier to get than a fresh PC, so it makes more sense IMO.

Due to a couple of things related to hardware wallets though (you give them your address for shipping, and you get the opportunity to upgrade with Satoshi Labs' software), paper wallets are still the most obvious choice.  Just don't knock hardware wallets because they're very good for everyday spending.

I read somewhere that there there were some issue with a hardware wallet, I don't remember which hardware wallet was it, but I think it was trezor.