Bitcoin Forum

Hello,

I plan to create a paper wallet with encrypted private key.

I plan to store it in three different places :
-online (google drive or else...)
-on usb disk
- on a piece of paper

I don't want to keep it only at home on a piece of paper. this is why I will store it digitally.

is this risky as I will still encrypt the private key with strong password?

thanks

I think it's safe enought that way. The only problem is if you forget your password.
But if you want to forget about the paper for the long-term, I think you should only encrypt the information you are going to store in the cloud and leave the physical paper unencrypted if you can keep it safe.

Maybe store multiple copies in safe places like a bank.

It's pretty sure that is a risk specially on a piece of paper because it can be lost or the worst is to be stolen or even usb drive because in anytime it lost or damage.

There's nothing possible if you are the target of a hacker or intruder that they can do everything they want because they know key encryption and other possibilities to hack your account.

For me if you create that paper wallet on three different places be sure that you keep your key safe it is depend on you on how you kept it just a risky a little of thus usb disk or piece of paper in case it damage or lost.

As long as you are using a secure password and a strong encyption, I think this should be safe. Storing an unencrypted physical copy as suggested above is probably wise in case you forget the password in the future. You'll just want to ensure you have appropriate physical safeguards to prevent theft.

just learn what a strong password means. this may not be an issue for you but i have seen many people who think their password is strong while it really isn't. there are so many articles online about it.

for instance something like "remember remember the fifth of November" may seem like a long and strong password but it can easily be brute forced in a second :)
something like "fg$2DblW&pfn#2SmTp" is a strong password 8)

If I can make a little suggestion. then I would suggest that you break it up a little. Store 50% of the private key in one location and 50% at the other location or method, but make sure you have 4 methods to do this. A example :

50 % of private key A - Online
50 % of private key B - Usb disk
50 % of private key A - On a piece of paper < laminated >
50 % of private key B - Safe deposit box

A copy of the whole address & private key for all of you paper wallets should be saved at the safest location as a backup. If anything happens with any of the above methods, you will still have a backup. < Suggestion - Time capsule under ground >

The reason : If any option is breached, nobody will be able to do anything with 50% of a private key. ^smile^

Just make sure you won't forgot you password. Some people thought they would never forget, but when they wanted to move the coins, they realized they didn't remember.

Consider backuping the password, or find a way to recover or regenerate it if you forget. Consider this as some kind of math exercise and you probably get a good and safe way to do it.

I am maintaining my paper wallet since last year and I think the safest way to maintain is to create multiple copies is multiple formats and keeping it at secure place. I have my copies on paper (good quality paper and maintaining it like museum grade security), disk drive (again museum grade security) and even in a flash drive. Make sure you are using BIP-38 encryption too so that even if you lose your wallet in worst case then no one would be able to recover your funds.

If you're worried about the security, check out this thread:

https://bitcointalk.org/index.php?topic=1014202

A member put 1 BTC on a paper wallet whose private key he encrypted using the password  "zLwMiR". He then posted the encrypted private key right on this forum, clearly indicating the password was 6 random characters. I didn't bother to re-read the whole thread, but IIRC, he even gave some extra tips.

After 2 years, nobody managed to decrypt the key and sweep the 1 BTC.

That being said, related to digital thefth, it's always more secure digitally to keep private keys on airgapped machines or offline media... But doing this will probably decrease your physical security (losing keys in a fire, physical robbery,...)

I don't think cloudstorage is safe. I don't recommend to use them because its not safe enough to store your private keys. Maybe paper and hardware wallets are your best options. It's better if you place them to safe deposit box. I think you're at the maximum level of security. But still its up to the person who keep the private keys.

agree the cloud storage is not much safe. also be carefull with storing on flashdrives, if they are not powered for 1-2 years data can be irrecoverable.

Just have paper wallet, and plus if you want digitally so bad, put it on USB drive, not online, because it's a risk...

except if you have more than one wallet, then storage one there one there one there...

Depends on encryption method. Some encryptions are easy to break, so stron password doesn't matter then.
That is real problem.

Im using paper wallet WITHOUT encryption because its physical backup, when im using physical backup with password... i can forget password so it doesn't make sense for me personally.

If your password is quite complicated, than you can hold your keys online. But still remains a risk that somebody hacked your online storage, download and brutal forced you encrypted file. We can not discard the moment of forgetting the password to your keys. Maybe you should keep one copy with no encryption in the safest offline place you could imagine.

One question, are all wallets including paper, on blockchain or how it is storaging them coins?

your question is unclear to me.

Blockchain only holds transactions. Your Bitcoins are located in your wallet. When you need to transfer them you need to send transaction to blockchain. You can send partial amount from your paper wallet....

So what are you saying the block chain have only info about all the transactions, you only need a program to see, send, receive... to restore wallet you only need keys obviusly...

Thank you,  something there wasnt clear to me, I'm so dumb now I see how much xD

Why partial?  So it's like limited?  Or did you just make an example?

It was an example. You don't have to send all Bitcoins in paper wallet :) That means you can store all your Bitcoins offline...

This is what I do:

1. Do a clean install of your OS on your laptop/pc. (Do not connect it to the internet.)
2. Download Bitaddress.org's generator from here: https://github.com/pointbiz/bitaddress.org (Using another laptop)
3. Create a paper wallet and store the priv key on paper/usb etc.
4. Transfer funds. :)

I don't know why you want to store the backup / private key in Google drive, when you are already storing it in two other formats (hard-copy and USB drive). There is no need to store the keys in Google drive. There is a chance that someone can hack in to your Google account and rob the coins.

BTW... I thought that the very purpose of having paper wallets was to prevent hackers from stealing coins online.

To me the paper wallet is really currently more of a "gift" thing, like giving a physical gift certificate.  There is no reason at all not to store a wallet data file or the entire software wallet on a USB drive.

I have never seen a USB drive fail that has been stored in a normal manner and you can even put the data on two different USB's, one for backup. A paper wallet is too easily lost, damaged or stolen.

Don't use a USB disk. That is flash memory and flash memory is called that because it's used in a flash as in short term to transport usually. Without regular power cycles the flash memory loses its content.


Rubbish man a USB drive can easily fail and s pepper wallet is not going to get stolen or damaged how ? Omg dude....

its good to store it by piece. 50percent to usb,50 percent to online storage such as google drive etc. so even if a hacker stole ur key or information. he cant easily access to your account. keep safe ur account  :) :)

google or microsoft drive is not a bank or vault. usb flash drive will likely fail within few years.
well, at least there will be deflation because of all those bitcoins lost forever, increasing value for other holders :D

Better than storing 50% of key somewhere as for most bitcoins wallets /accounts it is only possibility.

If you are not so newbie maybe TRY ethereum multisig wallet or other multisig wallet.

Those wallets use few keys to unlock funds for example 3 of 5 keys.

Then store them like
1-2 to your lawyers and/or notary with your last will

Keep for yourself other keys like 3 in different computers/drives/family members/best friends and locations of your choice if printed or engraved on steel

In such case no password is needed if you are dead so family members after reading your last will can retrieve funds.

If your house burn you can see your last will and documents in lawyer company and retrieve keys from friends so you will be able to retrieve funds. Unless your lawyer your notary and your family and friends conspire against you, but then it is already a hard time for you.

There is a risk that If you get hacked and all keys stolen then nothing will help you.