Which offline wallet do you use, and why? - page 2.

goldsun

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Quote from: Salmon1989 on November 21, 2014, 11:12:36 AM

Quote from: goldsun on November 20, 2014, 05:20:23 PM

How do you make a good backup for your wallet? Do you just write down the seed and thats it, or is anyone doing anything with private keys? I am using electrum just in case anyone thinks of a good backup solution for this type of wallet.

I also assume that not many people save all their bitcoins in just one wallet. Am I right?

If you haven't imported any private keys to your Electrum wallet, just the 12-word seed is everything you need to backup.

I keep my 90% of my bitcoin in an offline Electrum wallet and the rest in my bitcoin core hot wallet.

Do you save that 90% of your bitcoins in just one electrum wallet or in serveral wallets?

goldsun

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Activity: 123

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Quote from: cp1 on November 21, 2014, 12:54:47 AM

Quote from: goldsun on November 20, 2014, 05:20:23 PM

How do you make a good backup for your wallet? Do you just write down the seed and thats it, or is anyone doing anything with private keys? I am using electrum just in case anyone thinks of a good backup solution for this type of wallet.

I also assume that not many people save all their bitcoins in just one wallet. Am I right?

The seed can generate all the private keys, so you just need the seed. It's nice that way because with bitcoin-qt you have to back up all your private keys (which increase over time)

So just the seed is the best possible back-up right? How about saving the wallet file in different places? But that doesn't matter really, if you just have the seed anyway.

How do you encrypt your electrum wallet? I tried 7-zip Encrypt but I am not sure about how it really works. If you type in your password one time, the file opens everytime without you needing to type the password again.

I want something like google authenticator or some other ecryption where you always have to type a password then access the file. What are the solutions?

Salmon1989

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Quote from: goldsun on November 20, 2014, 05:20:23 PM

How do you make a good backup for your wallet? Do you just write down the seed and thats it, or is anyone doing anything with private keys? I am using electrum just in case anyone thinks of a good backup solution for this type of wallet.

I also assume that not many people save all their bitcoins in just one wallet. Am I right?

If you haven't imported any private keys to your Electrum wallet, just the 12-word seed is everything you need to backup.

I keep my 90% of my bitcoin in an offline Electrum wallet and the rest in my bitcoin core hot wallet.

yakuza699

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Go print the private key on the paper wrap it up in the aluminum foil put it in something that is thick and dig it in the forest you'll be pretty safe than.

cp1

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Stop using branwallets

Quote from: goldsun on November 20, 2014, 05:20:23 PM

How do you make a good backup for your wallet? Do you just write down the seed and thats it, or is anyone doing anything with private keys? I am using electrum just in case anyone thinks of a good backup solution for this type of wallet.

I also assume that not many people save all their bitcoins in just one wallet. Am I right?

The seed can generate all the private keys, so you just need the seed. It's nice that way because with bitcoin-qt you have to back up all your private keys (which increase over time)

monbux

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I use bitcoin core, but store my hot wallet funds on blockchain.info with 2FA.

goldsun

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Activity: 123

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How do you make a good backup for your wallet? Do you just write down the seed and thats it, or is anyone doing anything with private keys? I am using electrum just in case anyone thinks of a good backup solution for this type of wallet.

I also assume that not many people save all their bitcoins in just one wallet. Am I right?

Tammy Chan

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Merit: 1000

Quote from: cor on November 02, 2014, 03:24:12 PM

The question is, why would you need an offline wallet ?

Try TREZOR, it gives you the security as an offline wallet but allows to spend coins in an easy and safe manner as well.

I agree that Trezor wallet is very secure and easy to use, but it comes at a price of $119.
If you have 1 btc to keep safe, that $119 price tag would be 36% of your bitcoin investment. If you have 10 btc, it would still be 3.6%.

That's why many people choose to use paper wallet or offline wallet instead.

Muhammed Zakir

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I prefer Zakir over Muhammed when mentioning me!

Quote from: cor on November 02, 2014, 03:24:12 PM

The question is, why would you need an offline wallet ?

Try TREZOR, it gives you the security as an offline wallet but allows to spend coins in an easy and safe manner as well.

It is expensive. If you are storing many BTC, it is better. Now I think, there is an offer. If you really want, then you can buy BTCCHIP, it is a good one and not expensive. Roll Eyes

~~MZ~~

cor

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The question is, why would you need an offline wallet ?

Try TREZOR, it gives you the security as an offline wallet but allows to spend coins in an easy and safe manner as well.

Muhammed Zakir

hero member

Activity: 560

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I prefer Zakir over Muhammed when mentioning me!

Electrum is simple but uses another server. Multibit is simple and connects directly to BTC network.

Armory is a heavy wallet but offers security. It is the best wallet yet in terms of security! Roll Eyes

~~MZ~~

feryjhie

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i use multibit wallet because I do not have to download the blockchain

goldsun

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Quote from: cp1 on October 23, 2014, 06:31:22 PM

Quote from: goldsun on October 23, 2014, 06:15:22 PM

Quote from: cp1 on October 22, 2014, 04:58:31 PM

All transactions happen on the blockchain, not on your computer. So you don't need to do anything or have anything on to receive coins.

Yeah you are right. Not sure why I thought I had to have my computer on while doing transactions in electrum. Its strange that electrum download was smooth, but for bitcoincore it had to download the whole blockchain. Why was it like that?

Many questions, I know, but I am trying to learn. Thanks!

The blockchain is kept on electrum's servers. All your electrum client does is contact the electrum servers and get your balance. It's the same as typing your address into blockchain.info, it'll tell you your balance without you having to download the blockchain. The bitcoin core software doesn't contact anyone, it does everything on your computer, so you need to have the blockchain.

Thanks for the explanation man!

etihstaf

newbie

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Quote from: cp1 on October 22, 2014, 02:45:39 PM

Quote

I'm considering using an Electrum wallet. Any risks or downsides I should take into consideration with this particular wallet?

When transfering BTC to my electrum wallet, can I shut down the computer or does it have to run with the electrum software on?

After I transferd some BTC to my electrum wallet, do I have to save and make a new copy of my wallet, each time? Or will the file automatically be updated with all the btc I get? I mean if I have a few backup files on some different places, do I need to touch them or are they automatically updating them self?

The risk lies in the fact that you're trusting the electrum servers to not lie to you about your balance. They can't steal any BTC, but you get your balance information from them, that's why you don't have to download the blockchain.

The only backup you need to do is write down your seed when creating the wallet.

Thanks for the reply.

keackh

newbie

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Bitcoin-QT (Core) is a great client which you can download for any platform (Win, Mac, Linux) and you actually become a node so you have a copy of the blockchain on your computer and have a record of every transaction.

ladybitcoin

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Quote from: cp1 on October 25, 2014, 01:24:57 PM

Quote from: ladybitcoin on October 25, 2014, 11:25:23 AM

Quote from: faince222 on October 25, 2014, 11:19:02 AM

Best offline wallet is paper wallet. You can insert it in a safe baggage and forget it for many years in total safe from all type of thief

I am interested in this paper wallet but have no idea about this can you give me information or any link about this I need to do work on this one if its works for me then hope I will keep this one

The private key to your address controls the bitcoins. If you write that private key down on a piece of paper then that's a paper wallet. That's all it is. The benefit of a paper wallet is that instead of keeping your private key on your computer, which can be hacked, it's on a piece of paper that can't be hacked. (But of course it can be stolen or lost, just like cash)

Thanks for your all this informative reply now I am going to try this hope its works for me

cp1

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Stop using branwallets

Quote from: ladybitcoin on October 25, 2014, 11:25:23 AM

Quote from: faince222 on October 25, 2014, 11:19:02 AM

Best offline wallet is paper wallet. You can insert it in a safe baggage and forget it for many years in total safe from all type of thief

I am interested in this paper wallet but have no idea about this can you give me information or any link about this I need to do work on this one if its works for me then hope I will keep this one

The private key to your address controls the bitcoins. If you write that private key down on a piece of paper then that's a paper wallet. That's all it is. The benefit of a paper wallet is that instead of keeping your private key on your computer, which can be hacked, it's on a piece of paper that can't be hacked. (But of course it can be stolen or lost, just like cash)

junkskin

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Quote from: mullerdan on October 25, 2014, 01:16:52 PM

use bitcoin-core, its a great wallet!

Valuable information. Thank you

mullerdan

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use bitcoin-core, its a great wallet!

Shogen

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Quote from: ladybitcoin on October 25, 2014, 11:25:23 AM

Quote from: faince222 on October 25, 2014, 11:19:02 AM

Best offline wallet is paper wallet. You can insert it in a safe baggage and forget it for many years in total safe from all type of thief

I am interested in this paper wallet but have no idea about this can you give me information or any link about this I need to do work on this one if its works for me then hope I will keep this one

Please take a look at https://blockchain.info/wallet/paper-tutorial and http://www.coindesk.com/information/paper-wallet-tutorial/, and you should have a better understanding on paper wallet.

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