What is the safest and simplest way to keep bitcoins? - page 3.

notlist3d

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Quote from: ranlo on October 07, 2015, 11:41:48 PM

Quote from: notlist3d on October 06, 2015, 07:02:55 PM

Quote from: ranlo on October 06, 2015, 05:26:44 PM

snip
I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time. And you are right they are backed by big money. You could argue they have done the most to be legal as far as US exchanges. Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance. It is pretty impressive on the amount it covers. Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

Not sure if it's the same now as I haven't had an issue, but wondering if they still have the massive delay on some transactions. I sent one in 2013 that took almost 48 hours to finally hit the network.

Anymore I do a lot more mining then buying. But I did not have problems with them that I remember.

Only thing I remember being a pain was gaining levels there. For activity and money the more the higher the level. At one point you can get instant for a certain amount. Others you wait days which is no fun but understandable.

gudongud

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Keeping bitcoin within your control is the safe way. Other people gain access of your bitcoin by stealing private keys. So password protection is mandatory.

ranlo

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Quote from: notlist3d on October 06, 2015, 07:02:55 PM

Quote from: ranlo on October 06, 2015, 05:26:44 PM

Quote from: notlist3d on October 06, 2015, 02:12:46 PM

Quote from: rz20 on October 06, 2015, 08:54:23 AM

Quote from: ranlo on October 04, 2015, 03:13:37 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.

As far as downtime you would be able to do nothing. But you will not find a lot of downtime. I remain with my statment it's a good service for a non-technical person. If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time. And you are right they are backed by big money. You could argue they have done the most to be legal as far as US exchanges. Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance. It is pretty impressive on the amount it covers. Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

Not sure if it's the same now as I haven't had an issue, but wondering if they still have the massive delay on some transactions. I sent one in 2013 that took almost 48 hours to finally hit the network.

notlist3d

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Activity: 1456

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Quote from: ranlo on October 06, 2015, 05:26:44 PM

Quote from: notlist3d on October 06, 2015, 02:12:46 PM

Quote from: rz20 on October 06, 2015, 08:54:23 AM

Quote from: ranlo on October 04, 2015, 03:13:37 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.

As far as downtime you would be able to do nothing. But you will not find a lot of downtime. I remain with my statment it's a good service for a non-technical person. If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time. And you are right they are backed by big money. You could argue they have done the most to be legal as far as US exchanges. Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance. It is pretty impressive on the amount it covers. Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: notlist3d on October 06, 2015, 02:12:46 PM

Quote from: rz20 on October 06, 2015, 08:54:23 AM

Quote from: ranlo on October 04, 2015, 03:13:37 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.

As far as downtime you would be able to do nothing. But you will not find a lot of downtime. I remain with my statment it's a good service for a non-technical person. If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

Laosai

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Quote from: Lanpenn on August 30, 2015, 07:05:44 AM

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn

The safest and simplest way to store and keep your bitcoins? I can only recommend not to store it on any online and web based wallets. Just store it on a desktop bitcoin wallet or maybe on a hardware wallet if possible

notlist3d

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Quote from: rz20 on October 06, 2015, 08:54:23 AM

Quote from: ranlo on October 04, 2015, 03:13:37 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.

As far as downtime you would be able to do nothing. But you will not find a lot of downtime. I remain with my statment it's a good service for a non-technical person. If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

rz20

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Activity: 1330

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Quote from: ranlo on October 04, 2015, 03:13:37 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

zzaza

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Zoltan - PD Moderator

Quote from: ranlo on October 04, 2015, 03:13:37 PM

Quote from: ikydesu on October 04, 2015, 12:27:28 PM

Quote from: n2004al on October 04, 2015, 02:08:13 AM

Quote from: Lanpenn on August 30, 2015, 07:05:44 AM

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

Paper wallet in a well respected trezor Tongue

ranlo

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Quote from: ikydesu on October 04, 2015, 12:27:28 PM

Quote from: n2004al on October 04, 2015, 02:08:13 AM

Quote from: Lanpenn on August 30, 2015, 07:05:44 AM

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

ikydesu

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fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

Quote from: n2004al on October 04, 2015, 02:08:13 AM

Quote from: Lanpenn on August 30, 2015, 07:05:44 AM

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.

rz20

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Quote from: Decoded on October 04, 2015, 06:54:22 AM

Quote from: coinblazer on October 04, 2015, 06:26:52 AM

There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee

IMO storing your bitcoins in an online site specially in those you wont have control over your private keys is very risky. it is better to use blockchain.info instead of xapo if you dont own a desktop computer or maybe use mycelium if you have mobile so you have full control over your private keys

Blockchain.info is bad to store bitcoins, the best + secure way, is running mycelium on android or electrum in your pc.

Decoded

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give me your cryptos

Quote from: coinblazer on October 04, 2015, 06:26:52 AM

There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee

IMO storing your bitcoins in an online site specially in those you wont have control over your private keys is very risky. it is better to use blockchain.info instead of xapo if you dont own a desktop computer or maybe use mycelium if you have mobile so you have full control over your private keys

coinblazer

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There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee

busyviable

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I recently got myself a trezor so i am hoping this would help that small bit for security

n2004al

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Quote from: Lanpenn on August 30, 2015, 07:05:44 AM

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

CanIHazBitcoin777

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Activity: 70

Merit: 10

Quote from: ranlo on October 04, 2015, 01:12:24 AM

Quote from: CanIHazBitcoin777 on October 04, 2015, 12:40:31 AM

Quote from: ranlo on October 02, 2015, 10:51:58 PM

Quote from: neonshium on October 02, 2015, 04:14:28 AM

Quote from: randy8777 on October 01, 2015, 06:12:14 PM

Quote from: CanIHazBitcoin777 on September 30, 2015, 09:28:22 PM

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.

Rolling dice can also be done in a pattern, so you're still not achieving much. There's no *true* way to create a random number. Everything has some bias.

Yea but a roll dice is atleast unknown.

Weak RNG doesnt mean it doesnt generate random number, it means it generates random number based on a patter that a hacker can exploit.

Good RNG is generated with no pattern.

ranlo

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Activity: 1988

Merit: 1007

Quote from: CanIHazBitcoin777 on October 04, 2015, 12:40:31 AM

Quote from: ranlo on October 02, 2015, 10:51:58 PM

Quote from: neonshium on October 02, 2015, 04:14:28 AM

Quote from: randy8777 on October 01, 2015, 06:12:14 PM

Quote from: CanIHazBitcoin777 on September 30, 2015, 09:28:22 PM

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.

Rolling dice can also be done in a pattern, so you're still not achieving much. There's no *true* way to create a random number. Everything has some bias.

CanIHazBitcoin777

member

Activity: 70

Merit: 10

Quote from: ranlo on October 02, 2015, 10:51:58 PM

Quote from: neonshium on October 02, 2015, 04:14:28 AM

Quote from: randy8777 on October 01, 2015, 06:12:14 PM

Quote from: CanIHazBitcoin777 on September 30, 2015, 09:28:22 PM

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.

dothebeats

legendary

Activity: 3542

Merit: 1352

Quote from: ranlo on October 04, 2015, 12:02:52 AM

Quote from: notlist3d on October 03, 2015, 07:21:40 PM

Quote from: ranlo on October 03, 2015, 06:30:05 PM

Quote from: monbux on October 03, 2015, 12:44:36 PM

Quote from: rickadone on October 03, 2015, 11:27:57 AM

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly. People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer.

Simplest way to keep SAFE is actually not printing a paper wallet -- it's coming up with your own long pass code. Something like "When I was nine, I fell off my bike on the way home from school" -- things like this are almost guaranteed not to get cracked. And then you need no paper wallet because you just input your code when you need to send funds.

On paper wallet I highly suggest if someone uses them to get rid of some of the nicer designs. Just keep what you need (just cut with scissors) don't have bitcoin written all over it as I still don't think standard thief will know bitcoin QR code. Could even put something to mislead them like "Family Pictures" with the QR, etc needed. Chances are they could care less on family pictures if that's what they think it is.

Also you could use a usb stick with paper wallet stored on it. Put encryption with passphrase like Ranlo mentioned. He is very right a passphrase is very very hard to a bad guy to brute force compared to password just a LOT more possibilities.

With my method, you have no trace. You don't need paper, a USB stick, or even a PC. You simply use the passphrase to sign transactions when needed. Nobody can steal what they can't see, even if you're robbed.

To simply put, a brainwallet. It works great if the passphrase you've chosen is really random and can't be guessed or isn't contained in some libraries.

Topic: What is the safest and simplest way to keep bitcoins? - page 3. (Read 7972 times)