Bitcoin Forum

Is it possible to use bitcoin core to setup a cold storage wallet.  My plan was to install it on an offline computer, generate an address and send coins to that address.  The computer then will be used to send coins maybe once or twice a year.  At that point I would have what ever bitcoins not being used sent to another offline computer, and the bitcoins that were going to be spent to an exchange.   Would this work or is there a better workaround for this. 

Yes you can do this and I have written a Linux distro to help if you want to use or just review it for your own ideas: https://susestudio.com/a/kp8B3G/ciyam-safe

The distro I created uses just QR codes to talk between the online and offline computers (so "air-gapped safety").

It also combines Bitcoin with GPG and "scrypt" in order to make backing up possible and secure.

Bitcoin core isn't really designed for this, but Armory is, you should check it out. Also, paper wallets might be a good alternate option too.

yeah i think there is def better bits of software for this, Armory, Electrum even breadwallet on an old iphone.  ;)

How is it not designed to?!!
The only thing you need is a code that is capable of signing a raw unsigned transaction and for that you can use any wallet that has this ability. And with core you use signrawtransaction to do so.

The rest are additional features to improve user experience and also (like what CIYAM did with QR) improve security.

My other idea would be to load bitcoin core on an offline computer and create multiple wallets with one address each and spread my bitcoin evenly across these single address wallets.  When I was ready to spend I would load the wallet on an online computer and send the btc.  This way if for some reason there is a security breach on an online computer I would only lose a small portion.  Does this sound like a possible solution.

Sure, its a possible solution. It's pretty clunky though.

There is, however, a better solution that was already mentioned in this thread. Simply use Armory which allows for convenient offline signing so that your private keys never need touch a networked computer. There is a slight learning curve, but if you are comfortable with Core, you are halfway there.

Also, don't forget to make backups.

I am currently using Armory 933 which was the old version before the original developer supported it.  Will this version work with segwit.  I am afraid upgrading to a newer version since its still not fully tested and worried that it could steal my wallet. 

That version will not work if you are using Bitcoin Core 0.13.1+ after segwit has deployed. If you use an older version of Bitcoin Core you will be fine. Transactions will work as they normally do as segwit does not change that. However you will not be able to make use of any of segwit's features.

Define "fully tested". The developers test it to the best of their ability and ask others to help test it. Unfortunately some bugs do get through, but those are usually just minor bugs, nothing major nor security related.

The code is open source, you can check to see if there is any wallet stealing part of it (hint: there isn't).