Bitcoin Forum

I need some advice

So, Im planning on putting my bitcoin into cold storage. I have created a paper wallet on bitaddress.org and also made a copy of it. Then I laminated both copies... Provided I keep these paper wallets in secure locations, are they the best options in regards to bitcoin storage? Also is sweeping the private key easy when it comes accessing the bitcoin in the future?

Having the private key you can import it manually on the bitcoin client. Since Bitcoin-QT/bitcoind v0.6.0, you can import private keys using built-in RPC command importprivkey.

Some people say you need to know what you are doing but they never explain why is that so although they say it is very dangerous to do so I keep thinking it is safe.

Unfortunately the command importprivkey doesn't recognize the private key if you express it in binary, that is if you follow the command by the 256 zeros of your private key.

Once I asked Gavin for such implementation but he didn't say anything. I think it is because is considered dangerous you choose your own private key, so he dismissed my request.

Same I keep hearing newbies should not be doing this, yet on the other hand people say its a secure way of storing your bitcoin..

I cant see what problem can occur. Simply send Bitcoin to the generated public key and when you want to access the funds simply sweep the private key on a site that has this function.

Can anyone provide any caution? Or possible failure points?

When you want to access them in future, why not just transfer them all to a new address in your wallet or wallet provider?

I can see a couple of problems. First off, you need to make sure that you keep them in safe but physically isolated locations as if something like a fire happens in your house and all your copies are there you are screwed. Next, you might want to have encrypted it with BIP38 just in case someone managed to break into your house or wherever you are storing it and just copied then private key and stole your coins (possibly not needed if you have it in a safe/bank safe deposit box - although you might not trust the banking staff).

The bitaddress.org site is said to be clean. I don't exactly doubt it, but I wouldn't stake my retirement on it. There is also the possible peril of a key logger on your system. Best to save the website code to a clean USB stick, boot a networking -free Linux live DVD, and generate and print your wallets from there.

Note that I have never audited the bitaddress code - again, think about whether it has been properly vetted.

There are several alternative wallets, some that piggyback on the BitcoinQT.  Check the alternative clients section. Personally I have found armory to be very nice since it's documented for idiots (like myself) and it goes through step by step on how to do everything.

The paper wallet options they have the the built in check system to reconstruct wallets helps me sleep better at night.

Agree.
Other than using BIP38 to encrypt the paper wallet, he could also generate a 2-of-3 paper wallet and put the 3 pieces in 3 different secret safe places.

bitaddress.org should allow you generate a wallet with multi-signature key.

Does anyone know where to find paper wallet designs? lol.

I cant seem to find any on this forum.

I only know bitaddress myself. the graphic design looks pretty good to me. :)

When the time comes to access your cold storage funds you can also import the private key by typing it into the import box in electrum wallet. Your funds, which have been dormant for a long time, will become instantly spendable in electrum.

Don't forget to move them to one of electrums pre-generated wallet addresses afterwards, though.

Try using a computer that is operating in Linux and have and will not be connected to the internet. Malwares can steal your wallet if you do not have a clean and no internet connection computer. Be sure to make the passphrase or mouse scrolls as random as possible if you are using services like bitaddress.org

It is better to run the html offline, tick the "BIP 38 Encrypt?" box and enter a good password for encryption. :)

I don't know if i would use much of a "design".  Personally I think if somehow the paper wallet is stolen having nothing bitcoin on it is best.  If you just have the private key there is a good chance most thief's that steal from a house would have no idea what it is and throw it away.

If you want to rule out possible weaknesses / attacks on a computer, get yourself a https://www.indiegogo.com/projects/mycelium-entropy#home[Mycelium Entropy/url].
Its a USB device which plugs into a printer, generates entropy from static RAM, creates a new bitcoin address, and shows that as an image to the printer.
Print, unplug, done.

It is also capable of doing SSS Split Keys, you can put three in different locations, and if one gets stolen or damaged, the other two can recover your funds. (http://)

You choose great option to laminate paper wallet i must do it with mine, because this way they will last forever almost compare to paper alone

I really advise doing so. Spill something on that paper alone and you're done. Plus, laminating it gives it extra durability. Of course, you should always have more than one copy. You never know what might happen.

You could also use a type of cotton paper instead of normal print paper.  The cotton paper doesn't have acid in it so it won't yellow after years or become brittle.  You can find cotton paper sold as resume paper at any large store.

bitcoinvanitygen.com is very good for low-end computer to mine vanity

Why laminate? I've still got my birth certificate that's perfectly readable and is over 30 years old.

Just put your key in a sealed envelope and you'll be fine.

Also, store an identical copy at someone elses house in case of fire/burglary.

Laminating and using acid free paper might be a bit much.  Paper sitting on a shelf is easily legible for 15 years if not more as long as there's no bugs or fungus to eat the paper.  I would recheck my cold wallet every year anyways.

I don't know if it is just me, if you fiddle with the edge of the plastic too much, the lamination plastic can be damaged and the private key can be unreadable.

IMO you should have multiple copies and all of them must be saved in good places (secure). I don't know much about paper wallets but it might be risky to put money -specially a large amount- so you better do enough research first.

For large amounts, its less risky to put them on paper wallets than to put them where viruses, keylogger, sniffer, ... can get the keys.
You just have to take care about generation and storage.
But you dont have to worry about your phone being stolen, your computer being compromised etc