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Title: Spending money in cold storage Post by: halfawake on May 20, 2013, 03:19:05 AM I'm just trying to see if I understand the idea of cold storage properly. I get the idea is that you have a wallet on a computer that's never connected to the internet so you don't have to worry about viruses / hackers stealing bitcoins. But, ultimately, you may want to spend those bitcoins eventually, so sooner or later it'll have to connect to the internet to do that.
What's the idea behind this? Is it basically using a "sneaker net" method where you send a signed transaction, carry it over on a flash drive, and receive it on an internet-connected computer? That's my understanding of how it works, but I'm not sure if I'm correct about that. Title: Re: Spending money in cold storage Post by: solex on May 20, 2013, 03:29:34 AM I'm just trying to see if I understand the idea of cold storage properly. I get the idea is that you have a wallet on a computer that's never connected to the internet so you don't have to worry about viruses / hackers stealing bitcoins. But, ultimately, you may want to spend those bitcoins eventually, so sooner or later it'll have to connect to the internet to do that. What's the idea behind this? Is it basically using a "sneaker net" method where you send a signed transaction, carry it over on a flash drive, and receive it on an internet-connected computer? That's my understanding of how it works, but I'm not sure if I'm correct about that. Yes. That's how it works. Done it myself. This is nice documentation: https://bitcoinarmory.com/using-offline-wallets-in-armory/ Title: Re: Spending money in cold storage Post by: halfawake on May 20, 2013, 05:15:20 AM I'm just trying to see if I understand the idea of cold storage properly. I get the idea is that you have a wallet on a computer that's never connected to the internet so you don't have to worry about viruses / hackers stealing bitcoins. But, ultimately, you may want to spend those bitcoins eventually, so sooner or later it'll have to connect to the internet to do that. What's the idea behind this? Is it basically using a "sneaker net" method where you send a signed transaction, carry it over on a flash drive, and receive it on an internet-connected computer? That's my understanding of how it works, but I'm not sure if I'm correct about that. Yes. That's how it works. Done it myself. This is nice documentation: https://bitcoinarmory.com/using-offline-wallets-in-armory/ Thanks for clarifying. I've read the documentation, I just don't have a second computer to test it out with, so I just wanted to make sure I understood how it works properly. |