Bitcoin Forum

Hi,

Im new on the boards and Im interested in knowing if it is a good idea to generate a wallet with Multibit on an offline computer for cold storage. I tried searching for the answer but I could only find that Multibit wasnt designed for cold storage.

The process would be this:

-install Multibit on an offline computer and run it.
-encrypt the wallet with a passphrase.
-make backups exporting the private keys.
-copy the address and send bitcoins there from and online wallet
-if I ever want to move the bitcoins stored, import the private keys in an online computer with Multibit and sync

What do you reckon? Is it a safe procedure? Will the bitcoins be available once I sync?

Thanks for the help

You could just create a paper wallet. Its the same thing but its not at all in any kind of tech. A piece of paper cant fail like a hard drive.

Thanks I may end up using one, but I don't want to put all eggs in the same basket, and I would be interested in the Multibit option if it is safe.

a safe wallet is an offline wallet. ;D

procedure is sound, yes.

thanks again, I will try and make some tests

Somebody on Reddit posted this guide, which I think is useful for offline storage: http://www.reddit.com/r/Bitcoin/comments/1ra4p9/n00b_guide_to_bitcoin_client_installation_and/

I have a main wallet on one computer which is backed up to Dropbox (Get some free space)

I then make sure Dropbox is up to date on my other computer by sync it every 2-3 days

Both computers are never on at the same time.

i hope you are encrypting your wallet before backing it up to dropbox! basically you are giving away your privatekey/wallet to any dropbox staff/snoopers.

yep it is encrypted I made sure of that before I uploaded it.

I don't follow. Do you use Multibit? Was your wallet created offline/out of sync and later sent bitcoins to its address and sync it?

I think he means that the wallet.dat file is uploaded to drobbox. It isnt safe since the cops have full access to it.