Bitcoin Forum

i think this is the most secure cold storage. The hacker/thief needs to 'find' more than 1 private key to access the funds!

i am still learning how it works but i plan to move my cold storage to a multisig address soon.

Is it as reliable as normal addresses? or am i risking something?

No, I am using a Ledger Wallet. Does that count as cold storage?

More security is always helpful and won't hurt anybody .  I'am not sure what Cold storage you are using (Paper wallet or hardware wallet) if it's Paper wallet then you should make sure to hide both private keys in different places because hiding them in same place dosen't make any sense .
Now for Hardware wallets there is Case - The world's most secure and easy-to-use bitcoin wallet (https://choosecase.com/) it's not out yet but in my opinion and from what I read on TechCrunch it seems to be indeed the best (biometrically secured multi-signature bitcoin transactions)

ok, let me explain what i did:


first i went here: https://coinb.in/#newAddress
then i saved this website to my usb pen
i connected the pen to one offline pc i have here in my house (it will never go online again)
opened the website in that offline pc
generated 3 different wallets
generated 1 multi sig wallet in that website too (in the offline pc too) https://coinb.in/#newMultiSig
done.


Now i have my multisig address to send the funds.

And when i want to spend them, i just go to that offline pc and i verify, sign and broadcast the transaction. (when i will do this i must go online but by this time it doesn't matter because i am spending the whole funds.)

if your funds are always offline what is the point of this, there isn't better secure method than having fund in a cold storage. it does not matter if you add 1 2 3 private keys to be able to redeem the coins

it seems only a good way to make more complicated an easy step for securing your coins in the same way

i intend to print the 3 keys and secure them in different spots.


advantages:

-if my house is robbed, the thief only gets 1 privy key (he need 2 to spend the funds)
-if a hacker/bot eventually finds my priv key - this is not impossible, it is just very unlikely; but not impossible. There are bots 24h/7 trying to find priv keys, eventually they will find one with funds! if this one is mine, that hacker still needs another priv key!!!)

I think that's cool for enterprises, but does it make sense to use multisig for unipersonal wallets?

You can do all that using the electrum wallet. This link explains how it works.

https://electrum.orain.org/wiki/Cold_storage#Create_an_unsigned_transaction

You can store multisig offline transactions in files, then move the files to an online machine and broadcast the transactions stored in them. The wallet holding the Bitcoins never has to go online. It's another option for doing the same as your saved website page.

ok for the first, but if you are in the house and he forces you to reveal the position of the other keys, it will be a bit pointless...

for the second how a bot can even find your private key if it is always stored offline?

thank you for that info.

a priv key is a finite combination of numbers and letters.

let's say your priv key is "aaaa" and you always kept it offline. It still is "aaaa", no matter if it was offline or not, and if i guess this combination i get your funds!

I know there are 'quadrilions' of combinations of priv keys and it is very unlikely to guess one with funds, but it isn't impossible! eventually this can happen to anyone in the world. There are thousands of bots working 24h/7 trying to guess one priv key with funds. Eventually they won't get nothing ever! But who knows? It is just an alphanumeric combination...

you're talking about collision basically, it will never happen no need to worry about that, the whole universe will explode before such thing will ever see the light

it's so near to being impossible that you can't even imagine, and anyway it can be avoided easy by splitting all your fund between multiple addresses, there is no need of multisig, which i think is more suited when you deals with escrow and another user...

yes, i know.. but it is possible.

security is never too much.

Checked out the video for Case - looks impressive. Costs a pretty penny too, but I suppose when you consider what you are getting it's not a bad investment.

They have an option for BTC payments for pre-orders but it doesn't seem to be enabled at the moment - bah.

I'm a bit warry of Case to be honest. The idea of having my fingerprint stored on their servers is a bit unnerving, but that's probably just paranoia...I mean, it's not like the NSA could gain access to such inform...wait a second.

Multsig address is more secure, also more risk to completely loose your coins. I don't see the practicality of using a multisig cold storage for personal use. For example, I have 3 keys and I store 1 at my house and 1 at my parents and the last on encrypted online. If my parents did lost the key, or my house is flooded, my coins are at risk. While if I just have 1 key, I have multiple backups.

I already sold my fingerprints when I set up my iPhone 5S.

Meh, I aren't too fussed. If anyone really wanted my fingerprints they could fish my disposed can out of the trash.

So long as they don't get a hold of my Case device...

This was my understanding when I saw a video about the case, isn't this a bit too complicated for the normal user. And the part with the fingerprint scanner, I didn't like at all.

For the ultimate security, just use Trezor with the secret word. But even this has a drawback, what if you lose your memory and you forget a secret word, your funds are unrecoverable as well.

I don't know, when it comes to security, nothing is perfect.

i noticed now that the richest bitcoin address is a multi-sig cold storage.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html