Title: Method of storing wallet on paper Post by: Nightshader on November 23, 2013, 08:13:24 PM In respect of opening up my account here I like to share some things learned over the last few days.
EDIT: This advice must be regarded with RED warning tape! Got some Bitcoins in my wallet, how to cold store them on paper? I already made some backups of the wallet.dat the bitcoin-qt (original) client uses to store my wallet. But that didn't feel good knowing that this one file could be brute-forced to open the pass-phrase. So after some research the conclusion was: Just knowing the uncompressed private key of the wallet is the only thing needed to store securely on paper ( given the private key only, one can calculate the public Bitcoin address and the blockchain knows the number of btc on this address and stores it forever ). What I practically did:
Using two wallets: "cold storage" and "active use" Now knowing about the cold storage being safe on paper in two separate vaults, it was time to reduce the risk and switch wallets. Steps:
So without installing another client, wallet manager or giving my details to some online website the wallet has been stored on paper and switched. Your coins are always recoverable without knowing any password when you have the private key available in plaintext - after many years this is easily accessible and independence is good - specifically when it's our private wallet you should not depend on 3th-party tools,websites or some kind of vendor lock. BTC tips are welcome: 1JqZaexSV45MFDYzKbV4sak3QevkJdMJsj Title: Re: Method of storing wallet on paper Post by: deepceleron on November 23, 2013, 08:36:26 PM In respect of opening up my account here I like to share some things learned over the last few days. This is bad advice that is a good way to lose Bitcoins. If you are advocating this for:Got some Bitcoins in my wallet, how to cold store them on paper? I already made some backups of the wallet.dat the bitcoin-qt (original) client uses to store my wallet. But that didn't feel good knowing that this one file could be brute-forced to open the pass-phrase. So after some research the conclusion was: Just knowing the uncompressed private key of the wallet is the only thing needed to store securely on paper ( given the private key only, one can calculate the public Bitcoin address and the blockchain knows the number of btc on this address and stores it forever ). What I practically did:
If you are attempting to make a backup of a wallet, there is a backup wallet option in the menu of Bitcoin-Qt. Title: Re: Method of storing wallet on paper Post by: Nightshader on November 23, 2013, 08:49:20 PM
Most paper wallets if have seen only store both the public and private keys. How does Armory do this?
My bad, should be done using a live-cd and take it off-line just to be sure it's totally secure. So this advice must be regarded with RED warning tape! it's the noob section after all Title: Re: Method of storing wallet on paper Post by: deepceleron on November 23, 2013, 09:07:52 PM
Armory allows you to create a deterministic wallet. This is a wallet where all the other addresses that will ever exist are based on an initial secret seed, so it is sufficient to create a backup of only this seed. Title: Re: Method of storing wallet on paper Post by: bimblebob on November 23, 2013, 09:59:44 PM
Armory allows you to create a deterministic wallet. This is a wallet where all the other addresses that will ever exist are based on an initial secret seed, so it is sufficient to create a backup of only this seed. Thanks, +1 Title: Re: Method of storing wallet on paper Post by: Nightshader on November 24, 2013, 10:59:20 AM Armory allows you to create a deterministic wallet. This is a wallet where all the other addresses that will ever exist are based on an initial secret seed, so it is sufficient to create a backup of only this seed. +1 Thanks for explaining. Seems like I need to convert and start depending on one of the deterministic types but doesn't this always require some additional software or supplier when thinking about long-term storage? For example if Armory doesn't exist anymore in 2023 who is going to recover/recreate my wallet? This would leave the option to use single "receiving one transaction only" paper wallets? My only concern is staying future-proof and independent as possible. Not disregarding the various tools but there are no guarantees to stay around for years to come. Title: Re: Method of storing wallet on paper Post by: dwdoc on December 10, 2013, 12:02:55 AM I posted a video showing how to create a secure paper wallet using a windows PC and a single CD. No usb drive necessary.
http://youtu.be/azZYO4FuBCs |