Bitcoin Forum

I felt like creating a thread..... how do you store your Bitcoin (No Locations!)

I use 2 USB's which have my private keys on them,
I have paper wallets with my private keys on them,
I have 1 USB with a bootable OS to securely access my private keys without compromising my cold storage...


What about you?!?!

1 netbook for bitcoin.
3 USB key.

no update ! expect bitcoin-QT...

i have my bank, now,  available 24/24 7/7 ... with 40min to wire.

I just keep them on my android device. And earn then spend.  Nothing to hodl at the moment but I will prefere paper wallet + some cold storage - trezor seems very cool but a bit expensive. .

Yikes! Don't do that, this is all perishable storage. All it takes is a bit of a solar flare and goodbye private keys.

Only magneto-optical discs are 100% reliable, get a used 3.5" inch MO drive from Ebay if you have lots of coins

DVD-RAM is a cheaper alternative, but not quite as reliable. Nuclear power plants use MO drives because they have to survive 30 years + and radiation too.

MO seems cool just I wouldn't trust them for 30 years :-) failure is always an option.

when i get in a position to have cold storage (right now the little i have is just on my phone or PC) i'll be 3d printing a statue of some sort that either has to be seen from the proper angle to reveal the QR code, or has to be physically broken open to reveal the code. of course, i have a lot of 3d printed stuff in my home, so which one IS it will be a good trick.

of course that leaves me with the whole "and then my house burned down and took my fortune with it." scenario... never seen a good solution there. maybe n of m passphrase type stuff? multiple statues or other QR codes hidden at home, office, bank vault... *shrug* i'll nail it down before i implement anything.

brainwallet.

warning: if you are considering doing this, find the thread about  just how
unsafe and insecure it is on this forum

i'm familiar enough with my memory that i don't need to read anything more on the subject... heh.

also, correct horse battery staple.

I heard good method in the past.

Hammering private keys on a piece of metal :-)
This one is not bad at all. Just less IT.

Well... nothing like a good old paper wallet:

http://cryptoart.com/wp-content/uploads/2014/03/stackFan-450x450.jpg

cryptoart.com (http://cryptoart.com)

Review from Bitcoin Magazine (http://bitcoinmagazine.com/12259/fine-art-meets-bitcoin-rise-aesthetic-paper-wallet/)

i use a droplet to generate private key and then only set my ip to allow ssh.

dedicated machine with no downloads
VB.net app that simply makes a signed transaction that pushes it to multiple pools and blockcain.info
paperwallet

I like to keep them on exchanges for fast transfer. :)

Not sure if thats sarcasm or not...

Best option IMO would be to have an encrypted USB that you have in a safe deposit with your bank. It might cost you $50-100 a year but if you have enough coins it's really rather valuable enough to warrant it. That way unless there is a natural disaster that affects both your bank and your house you should be fine.

Security through obscurity.

offline computer generate 300 addresses. Each private key is then made a 3 of 7 using shamir's secret sharing. I hold 2 paper copies and 1 on a true-crypt drive. the other 4 are sent to family and friends that wouldn't meet unless I died or was wrongly accused of a crime.

What do you mean???

Never keep more then 1-2 BTC on an exchange.

Exchanges go down like a $10 hooker..

Nah, I was just messing. I have my airgapped devices set up nice and secure ;)

Cryptsy, btc-e both with 2fa and Multibit on a truecrypt drive.

I know bad innit!

I've been giving them to other people on Bitstamp to hold and when I need them, I pay $ to get them back again. Funny thing is that they never give back the same amount... hmmm...

I keep a little in the online exchange, and most of them on my home computer, with backup to an external harddrive.

I have all my bitcoins safe and secure on mtgox.

What's the most convenient and secure way to store it ? 

Guess we found Mark Karpeles' alt account.  ;)


Stick your encrypted wallet on a USB stick and store it with your bank.

btw how is your ring doing?

Check PM

He meant - that keeping coins @ exchanges is EXTREMELY not safe.

" Fast transfer " ?? Fast trade maybe, transfer the money much faster from desktop wallets/android wallets...

You keep money @exchange - you might lose your coins..


But I know you were joking -just post this for newbies. They should be aware.

I use an Armory cold wallet, which is encrypted by Armory, then encrypted again by 7Zip, then replicated to various places including DropBox.

https://www.bitaddress.org

You can download the code and run the site on a live boot linux system. 

+1 very good solution !
And indeed safe way to keep it.

You can sealed it in fireproof envelop. You can buy it cheap. And then find a good place to hide it :-)

Or cut the print out to split private key and store in two different places.

BIP38 encrypted paper wallets with copies in 4 geographically dispersed locations.  I'm a long term hodler, so I don't really pull out that often.

and of course, hot wallet on PC and phone with less than .5 in both combined.

I committed my cold storage private key to memory and destroyed all other copies.

I am using a Pi Wallet  (http://www.pi-wallet.com)

I have about a dozen brain wallets.  To make multiple keys, I use a passphrase with a suffix index so I can generate as many keys as I need from the one passphrase.  Sort of the same idea behind using a single seed for a deterministic wallet.
Passphrase security:
The passphrase consists of a series of words chosen randomly from a 50,000 word list using a technique similar to diceware, but less labor intensive.  Then I added some salt in the form of numbers I have had to memorize in my day-to-day life.
Generate keys from the passphrase(s) offline using live Linux flash drive, and saved bitaddres.org or brain wallet.org code.  The private keys never have to touch the internet -- even when you spend them.  There are ways to generate raw transactions offline, if you're careful about not making mistakes with the miner fee etc.

I don't rely completely on memory to save the passphrase, I have mnemonic cues saved in a text file stored in several locations.

I think if someone is thinking to use a laptop/notebook as a cold storage - Pi-Wallet is better much better solution :)

If I understand correctly you memorized a string of fifty characters in base58, which is for practical mnemonic purposes completely random, and you don't have a backup.  That's something like 290 bits of information.  How often do you rehearse it, and when you rehearse it do you regenerate the address anew, check it to verify that you didn't have a memory fault?

Aegis secure key with ubuntu and electrum, always offline. Backup the wallet with several other Aegis secure key. Use sd card to bring the transaction from online watch only wallet and sign it offline when moving funds every 6 months

Yeah.  Basically 52 random base58 characters.  No backup.

I rehearsed it every day for the first 2 weeks but reduced the frequency and these days am comfortable rehearsing about once per month.  I checked again following your post and managed with no hesitation (not as fluently as when I enter my e-mail password, but fairly solid).

I check it with a dedicated computer.  I just check that the private key is valid (the checksum is ok) and that it generates the correct address.

I've had this address for nearly a year now.  I transferred the balance from my last cold storage address, for which I also memorised the private key.  I just tried to recall this old key and was surprised to find that I succeeded, although I'll admit I blanked a couple of times and it took me about 2 minutes to recall in full.

I couldn't recommend this method to anyone, but it serves my purposes well.

For cold storage I use electrum.  Deterministic seed is memorized and wallet deleted.  (But I have a watch only version)

Here is my cold storage procedure - fairly solid as near as I can tell...

Creating and loading the wallet -

1) Save to your hard drive the bitaddress.org URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate an encrypted paper wallet via the bitaddress.ord URL (running standalone). DON'T LOSE YOUR PASSWORD!
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, you can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send your bitcoin to the public key of your paper wallet, starting with a small amount and confirming it got there via blockchain.info.

Getting bitcoin back out of the wallet -

1) Using the block chain website or app on an android tablet, scan the encrypted private key of the paper wallet (I could also use the bitaddress.org code offline to decrypt it manually).
2) The app/site will ask for the key you used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable to send/spend.
3) Sweep the wallet into your blockchain online wallet. (Important since you must spend all coin in a paper wallet at once or risk losing the "change".)
4) Send any bitcoin that you don't want to keep in a hot wallet into a new paper wallet, created in the same way you created the first one. You can create multiple paper wallets at once above, so you can create a bunch at once and just move your change to the next paper wallet in the list.

It depends on how cold you want it. I considered Pi, but to do anything with it I'd need to hook it up to keyboard and screen, which wouldn't be convenient for me.

+200 character passphrase for brain wallet..

Took a couple of weeks before I was SURE i could remember it. Then boom. No USB keys, no files, no stress.

cheers.

I have a story - I had an login ID to my bank account. I remembered it for 8 years.
I never wrote it down, it was about 12 digit number.
And suddenly after 8 years I want to type it and login - puff - I do not remember ... and I was in need to contact bank support etc.

this is what I think about brain wallets :)

Yep.  Can happen.  As a backup, you can split your brain wallet in two or more pieces and store in different offsite locations or give to 2 different trusted parties.

I use blockchain.info, i only access from secure mobile browser

I keep my private keys on my USB drive only. I don't have any other backup of them.

I'll take my chances.

Did try the whole 'some-file some-where' backed-up, etc etc .. but it just stressed me out, far more.



 

I've always found that the easiest way is to use a dedicated machine (such as an old laptop) for your Bitcoin storage wallet.

This laptop should definitely be running Linux and be kept offline until you need to send any of your Bitcoin funds.

As an extra safety measure, I rename the wallet file to something nondescript and bury it somewhere on the filesystem. I keep a dummy wallet visible in case someone did manage to hack in or if I was forced to open my client at gunpoint or something.

It blows my mind when I hear stories of someone losing Bitcoins because their main storage wallet was on their daily use Windoze machine.

I believe it is stressful while you have a lot of BTC :)

I am in a "happy" position that I earn and spend BTC I do not hodl.
So I do not feel the pressure :)

But I am 100% sure when I will get few BTC and I will hodl them - I will hammer them on a piece of iron. :)

Please don't spread misinformation and confuse new users.

Do you mean about what I wrote about brain wallets or blockchain.info?

Ok - to be 100% precise

"blockchain.info is "probably safe" " IF you will not get hacked or they do not get hacked.

"Brainwallet safest :) but not perfect :) " - of you have a brain of a genius or at least VERY good memory....


I am sorry for spreading misinformation and confuse new users. I hope now it sounds better.

Isn't it safer still to NEVER put that machine online ever again?  (Instead sign the transaction offline and import it)

I have:

*A few Casascius coins
*Bitcoin QT with low balance for receiving mining rewards
*Some change in my phone to pay things outside the house
*A very secret storage for investments

With my minimalistic Offbit private keys stay ultra cold: https://bitcointalk.org/index.php?topic=488915.0 Never any contact with online systems.

Impressive.

Many posters use an offline computer for cold storage.
I would like to offer a tip for acquiring a dedicated offline machine with minimum cost and hassle.

1. Go on craigslist and look for a cheap used laptop.  If you're patient, you may be able to find one in the $50-$100 range.  Make sure it has a USB port so you can copy files and programs with a thumb drive.

2. Permanently disable both the Ethernet cable port as well as the wifi.  Simply turning this off in windows may not work and may not be safe.  The best way I found to permanently revoke internet access is by deleting the associated driver files from the machine.  To determine the location of the files, first determine what version of windows it has, then perform a google search. For example "where are driver files located on windows 7".  Make sure you're deleting the right driver files though, because you could brick your computer if you delete the wrong ones.  Only delete the drivers for the internet connection! You can save a backup copy of any files you delete, just in case. 

3. Enjoy your offline computer!

You can always just remove the wireless card.

?? Why doing this. If you machine is offline all the time besides the moment you actually send BTC to the exchange, how is your wallet going to be compromised?

Majority of my BTC is on a USB stick using Electrum's Portable wallet.  

The contents on the USB stick is in a TrueCrypt container using a file name that appears to be a typical file. The TrueCrypt container is copied for backup.

I also keep some online for spending purposes via Blockchain.info with 2-Factor Authentication enabled.  Online, usually less than $200 USD at any given time.

I tattooed my address on my newborn.

Interesting solutions guys!

Here's another question, how much do you online (Blockchain.info Bitcoin-QT Electrum etc) for spending purposes.

I have some change that I keep online (like $150) just in case I see something that interests me (maybe a overstock purchase etc)

I read somewhere someone suggesting leaving a small amt of BTC in a wallet in the outer encrypted layer as an intrusion detection system
and leave the real loot one encrypted level deeper
seems like a smart plan
then if there is action with the outer wallet, you know that you are partially compromised before the full compromise is completed

malware could still conceivably steal your coins if it sent them before you could send them

I believe in old adage: “Never put all eggs in one basket”

So I put my Bitcoins in Electrum, Armory, BlockChain.info, CoinKite, BitGo and my Android phone.

Plus using Google Inactive Account Manager as a deadman switch with instruction for my family to sell this Bitcoin just in case something terrible happened to me.

Put all your eggs in one basket and then WATCH THAT FUCKING BASKET!

I love the art work.  Does anyone know how the keys are able to be changed?  Another question about these beautiful paper wallets suitable for framing is:  How can we know that only the specified number of prints are actually all that were produced.  In the 8.5x11 format only 200 of each print were run.  Seems like a crypto method could be applied to validate the legitimacy of the actual art piece, while allowing me to stash BTC in the keys.  I am eager to play with this, and just like the art so wont lose too much sleep over the investment.  I love Alexander Federov's work.

Brain wallet using Merkle root.