Paper is better than storing in a computer i think. Your computer always can get hacked. One missclick and its over. boom. Before you realize what happened, all of your private information will be in someone else's hands.
Paper is simple. Paper is easy.
Even if your house gets robbed, the thief won't give fck about the paper anyways. You shouldn't leave it somewhere too easy to find anyway, Hiding away just 1 piece of paper shouldn't be that hard.
Topic: Why do people store their bitcoin on a file, or on paper? - page 2. (Read 1965 times)
I've been wondering for a while about this.
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
Its funny thing that until this day we write on a piece of paper and hide it. But the truth is writing on a paper is the best thing to hide something. It will last a decade and it can read it clearly. But of course you must store it on moisture free place. Like hidden treasure or on Library that no one will ever know you hide it there. Like National Treasure Movie..
I guess because of their habits.
All our life we learned that money comes on the paper and that Internet is unsafe, very risky place.
So, naturally, we feel more secure if we keep Bitcoin on the paper than in online wallet.
Paper you can touch, online wallet can't
I think that younger generation don't have such concept about papers and Internet any more.
All our life we learned that money comes on the paper and that Internet is unsafe, very risky place.
So, naturally, we feel more secure if we keep Bitcoin on the paper than in online wallet.
Paper you can touch, online wallet can't
I think that younger generation don't have such concept about papers and Internet any more.
The internet is a risky place but storing your wallet address on a paper file is in a way standard procedure. Like real money you have to protect it against thieves etc. So you put it in a vault.
With bitcoin you save it on paper or any offline device.
I guess because of their habits.
All our life we learned that money comes on the paper and that Internet is unsafe, very risky place.
So, naturally, we feel more secure if we keep Bitcoin on the paper than in online wallet.
Paper you can touch, online wallet can't
I think that younger generation don't have such concept about papers and Internet any more.
All our life we learned that money comes on the paper and that Internet is unsafe, very risky place.
So, naturally, we feel more secure if we keep Bitcoin on the paper than in online wallet.
Paper you can touch, online wallet can't
I think that younger generation don't have such concept about papers and Internet any more.
Storing your coins in an online wallet service or exchange is the worst thing you can do. Storing private keys in form of a paper wallet is much safer. You can also seal the paper wallet in strong plastic to make it water proof. It's basically the most solid form of storing your coins.
Online computers are vulnerable to hackers and should not be used to store a significant amount of bitcoins.Storing your bitcoins offline is safe as long as there is no physical theft.
I've been wondering for a while about this.
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
An online wallet has too much security for this. Like Two-Step Verification, or a pin code, etc..
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
An online wallet has too much security for this. Like Two-Step Verification, or a pin code, etc..
using online wallet even if it has a lot of security is has a lot risk like getting hacked
unlike hard wallet like file or usb you can store it safely where you want to but it also
has a lot of risk like getting the file/usb corrupt, so ill recommend if you are going to use
a file or usb to store your btc take extra precaution.
Well looking at other people posts it seems that they feel unsafe holding their money in e-wallet. I still have confidence though that when bitcoin gains value and becomes known by the multitudes of people around the globe; better secruity systems will be brought out; hopefully to the point that ip addresses have to be authorized to use a wallet.
Paper wallets laminated and stored in a water- and fire-proof box is the most secure way of keeping safe private keys for me. Hardware wallets are nice too but any hardware may fail in time while good old paper will stay in good condition for decades and more. Also I have been using online wallets since I started dealing with Bitcoin and I have had only positive experiences with them. Online wallets are not more secure than software or hardware wallets but they are more convenient to use for me. Of course my view is subjective however I would rate paper wallets with the highest possible security among the different solutions for keeping private keys safe.
I've been wondering for a while about this.
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
An online wallet has too much security for this. Like Two-Step Verification, or a pin code, etc..
Why do people do it? I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
An online wallet has too much security for this. Like Two-Step Verification, or a pin code, etc..
Online wallet can get hacked or someone on the inside of the company can just steal it.
offline is safer because how would they even know you have it
...I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
Oh my GOD no. You're completely backwards on this. No no no. Online wallets are all centralized. Just avoid them. Make 100 copies if you're worried about losing a paper wallet but don't store anything you care about on an online wallet. Look up the 1000s of examples. Just Google it.
exactly this is so true.
i don't know what OP is thinking that he said this.
i would personally prefer to have my wallet generated ofline and kept that way without the help of any third party (online wallets)
...I mean, if you use an online wallet, it way safer that having it stored on a file or paper which can be stolen at any time.
Oh my GOD no. You're completely backwards on this. No no no. Online wallets are all centralized. Just avoid them. Make 100 copies if you're worried about losing a paper wallet but don't store anything you care about on an online wallet. Look up the 1000s of examples. Just Google it.
If storing Bitcoin required trust from third parties, we might as well not be using Bitcoin at all... Simple as that
I'm confused OP, you've been wondering about it? If you actually took quite the time to do a thorough search on this forum plus on Google, you'll see why many of us holders use paper wallets.
And apparently, the user above me answered the question.
And apparently, the user above me answered the question.
For extra security and peace of mind.
If you have an amount of bitcoins that you don't plan on touching or spending for an extended period of time, then may as well put in a paper wallet and keep it away in a safe place.
Also if one has a large significant amount amount of bitcoins, like thousands or tens of thousands or hundreds of thousands or millions, I imagine they would be constantly worried if their holdings are safe if it was stored online, whether in a wallet(s) or on an exchange. Unless they were actively trading that full amount, of course.
If you have an amount of bitcoins that you don't plan on touching or spending for an extended period of time, then may as well put in a paper wallet and keep it away in a safe place.
Also if one has a large significant amount amount of bitcoins, like thousands or tens of thousands or hundreds of thousands or millions, I imagine they would be constantly worried if their holdings are safe if it was stored online, whether in a wallet(s) or on an exchange. Unless they were actively trading that full amount, of course.
Paper wallets at this stage, is the next best option to keep your coins safe for cold storage. If you want to use it daily, you should go for a hardware wallet like Trezor. These online wallets with their
2FA are a bunch of bul#@$$%% and I would not trust them with huge amounts of coins. It is your responsibility to store that private key somewhere safe. If you leave your wallet with your credit
card or your debit cards on your dashboard in your car, you are making it easy for the thiefs... The same goes for paper wallets.... store them in a safe place, and you will not lose any coins. How
difficult could it be to hide a piece of laminated paper?
2FA are a bunch of bul#@$$%% and I would not trust them with huge amounts of coins. It is your responsibility to store that private key somewhere safe. If you leave your wallet with your credit
card or your debit cards on your dashboard in your car, you are making it easy for the thiefs... The same goes for paper wallets.... store them in a safe place, and you will not lose any coins. How
difficult could it be to hide a piece of laminated paper?
I guess it's for extra security as in it will never be linked to Internet or anything digital so it can't be hacked in any way. As far as you are talking about it getting stolen, it will be just like any other fiat currency you need to keep it safe the same way you keep your cash.
People mostly do it as a safer option to storing their private data's online since anything present in the online world, has it's vulnerabilities and could lead to breaches that would make information's being leaked to hackers. Regarding the 2FA, there have been even some complications that lead to users being locked out of their own accounts due to this particular option and regardless of it's failures (on occasions), it doesn't eliminate hackers chance of getting their hands on people's account and it rather just adds a layer of security over what it is. Storing in a file could also not be that safe since if left on a computer then it's still not safe (unless completely offline) and lastly on a paper, there's the possibility of losing it or someone stealing it from you so I guess what everyone's doing, is just choosing whats best way to protect what they have.
Online wallet providers like blockchain.info make occasional mistakes that could result in your Bitcoins getting stolen.
In 2014 a guy by the name of johoe discovered blockchain.info made a programming mistake (reusing R values) that made it easy to calculate the private keys of its user's addresses. He calculated the private keys to all the vulnerable addresses he could find and moved the Bitcoins to a new secure address. Afterwards he contacted blockchain.info and paid them back. If he'd been dishonest he could have stolen those Bitcoins.
http://www.coindesk.com/good-samaritan-blockchain-hacker-returned-255-btc-speaks/
In 2014 a guy by the name of johoe discovered blockchain.info made a programming mistake (reusing R values) that made it easy to calculate the private keys of its user's addresses. He calculated the private keys to all the vulnerable addresses he could find and moved the Bitcoins to a new secure address. Afterwards he contacted blockchain.info and paid them back. If he'd been dishonest he could have stolen those Bitcoins.
Quote
"Every bitcoin transaction is signed by two values – 'R' and 'S' – which prove that the sender knows the private key. If the same R value is used twice, the private key can be easily computed from the signatures alone."
http://www.coindesk.com/good-samaritan-blockchain-hacker-returned-255-btc-speaks/
I didn't heard for this before, actually this is very interesting story. Good samaritan is true headline, 255 bitcoins is very big amount. I wonder did he get some nice prize for his discovery.
With big amounts people should be very careful. I use online wallets for everyday needs and transactions but big stash is hidden somewhere.
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