What would happen if blockchain.info becomes inaccessible?

larem

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Quote from: notlist3d on December 12, 2015, 04:44:09 PM

Quote from: larem on December 12, 2015, 02:31:09 PM

Quote from: honeysyd on December 12, 2015, 11:58:06 AM

First of all, Thank you everyone for your kind comments. I very much appreciate it.

So far, it seems that Blockchain.info is quiet safe. As long as I understand, blockchain.info does not hold any bitcoin and when the website is abruptly shut down, I can retrieve my coins using open source software with a paper wallet backup.

Trezor looks same in this sense. Trezor provides a seed (consisting of words) and does not hold Bitcoins of users. However, in case Trezor's firmware signing key is hacked and users do not notice it before updating the firmware, there is a chance that a private key is stolen.

For this reason, I do not see any advantage of Trezor over Blockchain.info.

By the way, is there a chance that a private key stored in blockchain.info can be stolen by hacking or unexpected events?

You need, need, NEED to have the paper wallet backup, though. If you haven't gotten it from blockchain, you're not protected.

And treat it as a HOT wallet. Eventhough it is a paper wallet it is not secure like one you create offline properly it is stored on blockchain site.

So remember that as you put BTC in it that you should not treat it as true cold storage. I'm afraid of it people thinking they have a secure paper wallet when it still is not a true cold wallet.

Technically, though, paper wallet in this sense is just a backup. Though I guess you're right in that newbies may not understand the difference.

Loimu

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Yeah, simply if you are able to spend your coins from website with only your password then it's definitely not a cold wallet.

notlist3d

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Quote from: larem on December 12, 2015, 02:31:09 PM

Quote from: honeysyd on December 12, 2015, 11:58:06 AM

First of all, Thank you everyone for your kind comments. I very much appreciate it.

So far, it seems that Blockchain.info is quiet safe. As long as I understand, blockchain.info does not hold any bitcoin and when the website is abruptly shut down, I can retrieve my coins using open source software with a paper wallet backup.

Trezor looks same in this sense. Trezor provides a seed (consisting of words) and does not hold Bitcoins of users. However, in case Trezor's firmware signing key is hacked and users do not notice it before updating the firmware, there is a chance that a private key is stolen.

For this reason, I do not see any advantage of Trezor over Blockchain.info.

By the way, is there a chance that a private key stored in blockchain.info can be stolen by hacking or unexpected events?

You need, need, NEED to have the paper wallet backup, though. If you haven't gotten it from blockchain, you're not protected.

And treat it as a HOT wallet. Eventhough it is a paper wallet it is not secure like one you create offline properly it is stored on blockchain site.

So remember that as you put BTC in it that you should not treat it as true cold storage. I'm afraid of it people thinking they have a secure paper wallet when it still is not a true cold wallet.

larem

sr. member

Activity: 350

Merit: 250

Quote from: honeysyd on December 12, 2015, 11:58:06 AM

First of all, Thank you everyone for your kind comments. I very much appreciate it.

So far, it seems that Blockchain.info is quiet safe. As long as I understand, blockchain.info does not hold any bitcoin and when the website is abruptly shut down, I can retrieve my coins using open source software with a paper wallet backup.

Trezor looks same in this sense. Trezor provides a seed (consisting of words) and does not hold Bitcoins of users. However, in case Trezor's firmware signing key is hacked and users do not notice it before updating the firmware, there is a chance that a private key is stolen.

For this reason, I do not see any advantage of Trezor over Blockchain.info.

By the way, is there a chance that a private key stored in blockchain.info can be stolen by hacking or unexpected events?

You need, need, NEED to have the paper wallet backup, though. If you haven't gotten it from blockchain, you're not protected.

btc-facebook

legendary

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Since blockchain is online wallet it means that it will not last forever. It can be offline someday but we can't predict it out
So for other solution, you may create offline wallet such like multibit by import blockchain's private key into multibit so you have not to worried if blockchain becomes inaccessible

honeysyd

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Merit: 0

First of all, Thank you everyone for your kind comments. I very much appreciate it.

So far, it seems that Blockchain.info is quiet safe. As long as I understand, blockchain.info does not hold any bitcoin and when the website is abruptly shut down, I can retrieve my coins using open source software with a paper wallet backup.

Trezor looks same in this sense. Trezor provides a seed (consisting of words) and does not hold Bitcoins of users. However, in case Trezor's firmware signing key is hacked and users do not notice it before updating the firmware, there is a chance that a private key is stolen.

For this reason, I do not see any advantage of Trezor over Blockchain.info.

By the way, is there a chance that a private key stored in blockchain.info can be stolen by hacking or unexpected events?

larem

sr. member

Activity: 350

Merit: 250

Quote from: Amph on December 12, 2015, 02:36:58 AM

Quote from: larem on December 12, 2015, 02:23:49 AM

Quote from: jackg on December 11, 2015, 06:04:37 PM

Quote from: makingwin1 on December 11, 2015, 12:25:06 PM

uhmm what was that suspicious link? i dont want to get an actual link though i am curious what it was about anyone saw it?

This is a stupid thing that happens on this forum, they block many links. I know, i made a ling of http://bitcointalk.org and it called it a suspicious link! He was probably talking about blockchain.info or something like that, which people think the bitcoin network is centered around.

It deletes the links to protect people. Newbie accounts come here spamming all sorts of malware nearly constantly.

some of those newbie may buy an account which is higher than newbie and spamming link anyway, not really ideal as a protection

the OP should really dismiss blockchain.info and try to go with core or spv client which is better

i would also dismiss trezor and build my personal mini itx pc for my client, i'm planning to do that in the future, antec mini-itx is the perfect choice here

If mods wouldn't allow account selling, this wouldn't be such a big issue. People are buying accounts now just to scam with later from people that have +rep.

zetaray

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Quote from: honeysyd on December 11, 2015, 12:24:07 PM

I have a bitcoin wallet in blockchain.info.

Is there a way to recover/find bitcoins when blockchain.info is abruptly shut-down by hacking or unexpected events? I have a paper backup of blockchain.info's wallet.

It is possible. You should backup your private keys often. I export the keys unencrypted in bitcoin core format and encrypt the text file with a strong password.

Amph

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Quote from: larem on December 12, 2015, 02:23:49 AM

Quote from: jackg on December 11, 2015, 06:04:37 PM

Quote from: makingwin1 on December 11, 2015, 12:25:06 PM

uhmm what was that suspicious link? i dont want to get an actual link though i am curious what it was about anyone saw it?

This is a stupid thing that happens on this forum, they block many links. I know, i made a ling of http://bitcointalk.org and it called it a suspicious link! He was probably talking about blockchain.info or something like that, which people think the bitcoin network is centered around.

It deletes the links to protect people. Newbie accounts come here spamming all sorts of malware nearly constantly.

some of those newbie may buy an account which is higher than newbie and spamming link anyway, not really ideal as a protection

the OP should really dismiss blockchain.info and try to go with core or spv client which is better

i would also dismiss trezor and build my personal mini itx pc for my client, i'm planning to do that in the future, antec mini-itx is the perfect choice here

OmegaStarScream

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Quote from: honeysyd on December 12, 2015, 02:24:41 AM

Quote from: OmegaStarScream on December 12, 2015, 02:16:42 AM

Quote from: honeysyd on December 12, 2015, 02:05:05 AM

I am the one posting thr question. The suspicious link is blochchain.info. By mistake, I typed in .com instead of .info. I am sorry for this.

By the way, I have a paper backup from blockchain.info.

Then it's as I stated above , the Blockchain.info paper backup contains both public and private key and seed . So even if the service goes down for one reason or another you will be able to get your coins back .
However even their service gets hacked and hackers get their hands on the wallet.dat files and start cracking password then you should move fast otherwise your coins or you are screwed . (It's unlikely to happen since the wallet.DAT is stored in physical servers guarded 24/7)

If blockchain.info is not accessible, then where can I retrieve my coins with a private key and a wallet address? By the way please see my last posting again. I edited a few minutes ago.

Yes there is different wallets you can import into like Bitcoin-qt (Bitcoin Core) etc ... It won't be a problem as long as you have the private keys , also for what comes to the words you are talking about , those are not the private keys .
The private key start with either 5 , L or K , just like public keys start with 1 or 3

larem

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Activity: 350

Merit: 250

Quote from: honeysyd on December 12, 2015, 02:24:41 AM

Quote from: OmegaStarScream on December 12, 2015, 02:16:42 AM

Quote from: honeysyd on December 12, 2015, 02:05:05 AM

I am the one posting thr question. The suspicious link is blochchain.info. By mistake, I typed in .com instead of .info. I am sorry for this.

By the way, I have a paper backup from blockchain.info.

Then it's as I stated above , the Blockchain.info paper backup contains both public and private key and seed . So even if the service goes down for one reason or another you will be able to get your coins back .
However even their service gets hacked and hackers get their hands on the wallet.dat files and start cracking password then you should move fast otherwise your coins or you are screwed . (It's unlikely to happen since the wallet.DAT is stored in physical servers guarded 24/7)

If blockchain.info is not accessible, then where can I retrieve my coins with a private key and a wallet address? By the way please see my last posting again. I edited a few minutes ago.

You can manually make the transaction, import the private key into things like multibit/electrum/bitcoinqt/etc. All blockchain.info is doing is signing transactions the same way everything else does.

honeysyd

newbie

Activity: 30

Merit: 0

Quote from: OmegaStarScream on December 12, 2015, 02:16:42 AM

Quote from: honeysyd on December 12, 2015, 02:05:05 AM

I am the one posting thr question. The suspicious link is blochchain.info. By mistake, I typed in .com instead of .info. I am sorry for this.

By the way, I have a paper backup from blockchain.info.

Then it's as I stated above , the Blockchain.info paper backup contains both public and private key and seed . So even if the service goes down for one reason or another you will be able to get your coins back .
However even their service gets hacked and hackers get their hands on the wallet.dat files and start cracking password then you should move fast otherwise your coins or you are screwed . (It's unlikely to happen since the wallet.DAT is stored in physical servers guarded 24/7)

If blockchain.info is not accessible, then where can I retrieve my coins with a private key and a wallet address? By the way please see my last posting again. I edited a few minutes ago.

larem

sr. member

Activity: 350

Merit: 250

Quote from: jackg on December 11, 2015, 06:04:37 PM

Quote from: makingwin1 on December 11, 2015, 12:25:06 PM

uhmm what was that suspicious link? i dont want to get an actual link though i am curious what it was about anyone saw it?

This is a stupid thing that happens on this forum, they block many links. I know, i made a ling of http://bitcointalk.org and it called it a suspicious link! He was probably talking about blockchain.info or something like that, which people think the bitcoin network is centered around.

It deletes the links to protect people. Newbie accounts come here spamming all sorts of malware nearly constantly.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: honeysyd on December 12, 2015, 02:05:05 AM

I am the one posting thr question. The suspicious link is blochchain.info. By mistake, I typed in .com instead of .info. I am sorry for this.

By the way, I have a paper backup from blockchain.info.

Then it's as I stated above , the Blockchain.info paper backup contains both public and private key and seed . So even if the service goes down for one reason or another you will be able to get your coins back .
However even their service gets hacked and hackers get their hands on the wallet.dat files and start cracking password then you should move fast otherwise your coins or you are screwed . (It's unlikely to happen since the wallet.DAT is stored in physical servers guarded 24/7)

honeysyd

newbie

Activity: 30

Merit: 0

I am the one posting thr question. The suspicious link is blochchain.info. By mistake, I typed in .com instead of .info. I am sorry for this. I have edited the question now to prevent further confusion.

On the paper wallet from Blockchain.info, I have "Login link", Mnemonic, and wallet address. Under the wallet address, I have a string of numbers and alphabets. Is that the private key? I also have another Mnemonic phrase consisting of 20 English words, which seems to be used for recovering my blockchain.info login passwords. I am confused which one is the private key.

For Trezor, as long as I know, we have to set a number of words (which look similar to mnemonic). Is it a private key?

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: makingwin1 on December 11, 2015, 12:25:06 PM

uhmm what was that suspicious link? i dont want to get an actual link though i am curious what it was about anyone saw it?

This is a stupid thing that happens on this forum, they block many links. I know, i made a ling of http://bitcointalk.org and it called it a suspicious link! He was probably talking about blockchain.info or something like that, which people think the bitcoin network is centered around.

notlist3d

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Quote from: OmegaStarScream on December 11, 2015, 12:40:21 PM

I'm not sure what the list you posted but since you have a paper backup of it then you should be just fine , just make sure that the backup contains the private key and you should be fine .
Same goes for Trezor : https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-shuts-down and here : https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-servers-are-hacked-and-the-firmware-signing-key-is-stolen

You can use it with other wallets though. If they shut down would the wallet still work? Like electrum instead of the extension wallet?

Or is it calling home each time still when using electrum?

shanerc563

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Confirming what others have said, it is very important to make sure that your backup contains the private key. If you do not have this, you will be lost and everything you have may be gone. At the same time, you may want to start to transition some of your bank over to another wallet that you do not have these concerns with. If you are questioning this, then there seems like there is something that concerns you as to whether or not you are secure and maybe it is time to move it.

OmegaStarScream

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I'm not sure what the list you posted but since you have a paper backup of it then you should be just fine , just make sure that the backup contains the private key and you should be fine .
Same goes for Trezor : https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-shuts-down and here : https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-servers-are-hacked-and-the-firmware-signing-key-is-stolen

InvoKing

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Well, i assume that you are talking about an online wallet then if you have a control for your private keys and the funds in your wallet is still there then you can get your coins from it when the service shut down (example: blockchain.info you can control your private key and it has a cold storage) in the other hand wallet such as coinbase and xapo there is no chance to get your funds if its services is down
For trezor i have no idea, you can ask in their subforum

Topic: What would happen if blockchain.info becomes inaccessible? (Read 1673 times)