I'm planning on buying a relatively large amount of bitcoins soon, and want to make sure that my plan for safekeeping them is as secure as I think it is. I do not yet have a laptop that I'll use for an offline computer, but plan on using this particular purchase strictly for the purposes of a long term investment, so I don't plan on spending the coins any time soon.
Here's my setup. I'm using Windows 7 64 bit, and I have Armory installed. The wallet I plan on using is offline. After creating the wallet, I transferred the private key to a flash drive so that money cannot be spent from this wallet without me explicitly moving the private key back on to my primary computer, or more likely, buying an offline laptop and moving the private key over there. I will be making a paper backup of this wallet to ensure that I'll have access to my bitcoins in the event that my flash drive crashes and I lose the private key.
Is this setup secure? I want to ensure that I'm secure from both losing the bitcoins to hard drive crashes and keyloggers / trojans.
Update: Oh, I should add that while I haven't yet done this, I plan on encrypting my Armory private keys on my flash drive just as an extra layer of security, on the off chance that there are any trojans out there that look for bitcoin private keys in flash drives. Long term, I'll definitely be investing in a laptop that I'll use as an offline bitcoin storage device, but until I get that point, I think this ought to be fairly secure.
Im not 100% sure I understand what you want to say, but it sounds like: buy computer A generate new key on old computer B copy key from B to A somehow make sure that key is no longer on B assume key is now safe on A because A was never online, while totally forgetting that the key comes from B, which is constantly online Its irrelevant if you encrypt the keys on the USB drive. If B is infected your setup is not safe. If B is safe, why bother buying A in the first place? If you want to make sure you have a secure private key on a dedicated machine, generate the key on that machine. It sounds like secure. I don't think you will loose your private key if your wallet is locked. |
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Seems to be working a-ok so far. Should be a sound solution to spamming oneself into higher ranks.
Yeah you are right. If they know when they will be promoted, it is very easy. This week I didn't found anyone spamming. Kindly, Muhammed Zakhir |
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if you need a private key extracted I can do it for you for free
Thanks but sorry! I don't know you very much. So I can't give it to you. You can steal BTC from me if you get the private key. So I am afraid I can't give it to you. Sorry if I hurt you and forgive me if I did. Kindly, Muhammed Zakhir |
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Thanks for telling! But I want to use Pywallet to reserve (Hide BTC addresses) some of the keys from my wallet and then I can add BTC address from Multibit to Bitcoin-qt. I only need BTC addresses in Multibit. I couldn't find the command in the Pywallet from the above link you gave me. Kindly, Muhammed Zakhir |
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Thanks! I am going to give it a try  . Kindly, Muhammed Zakhir |
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Oh! Its nice to hear that you are okay. It is better to trade BTC in BTC-e or Bitstamp or in other good trading sites.
Kindly,
Muhammed Zakhir
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IMO = In My Opinion
he doesn't suggest trade, just buy BTC and keep it
sell when you need cash or you think it is the right price
no need to daily trading
i think this is more profitable than mining right now
Thanks for the suggestions. Kindly, Muhammed Zakhir |
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Nice paying system. I think I should give it a try. I hope I will get some BTC .
Kindly,
Muhammed Zakhir
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The hex numbers aren't the private keys, I tried and it said Invalid private key
Yeah! I have tried but it said invalid private key. Can you tell me how to install all the required components for Jack Jack Pywallet? I installed python and twisted python but still when I open Pywallet it is closing after a few seconds. I don't know why it is happening. So please tell me how to install it. kindly, Muhammed Zakhir |
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Firstly , the difference between a CPU and a GPU , is that the GPU can process a lot more data and a lot faster , but miss some features of a CPU. A more complete explanation can be found here.Whenever a PoW system is made , it is primarily designed to be CPU mined. Later , somebody creates an algorithm that allows GPUs to mine the coin too. This instantly makes CPUs useless and outdated as GPUs are much faster. An ASIC ( Application Specific Integrated Circuit ) is a device made to only mine the coin and nothing but that coin (and other coins using the same PoW). It is highly optimized as obsolete parts are removed and it can mine the coin even faster , making GPUs outdated. Each and every single PoW system tries to make it restricted to CPU mining , but as time passes GPU and ASIC mining becomes easier. Every new PoW is originally a CPU-only coin , it will not boost CPU development , it will only boost development on a method to mine it on a GPU.Thanks for defining. I didn't understand the differences between them earlier but now I understand. Can you tell me what all things are included in ASIC? I just want to try making one. Kindly, Muhammed Zakhir |
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I didn't understand what you said  . |
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Hello Jack Jack! This Pywallet is great. I really like it. Thanks for making it.
Kindly,
Muhammed Zakhir
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Congratulations. I hope this will be a better coin in future. Best Of Luck!Best Regards, Muhammed Zakhir |
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If you export via multibit you will get a file multibit.key. You can open that with any texteditor if its not encrypted. It will look like this: # KEEP YOUR PRIVATE KEYS SAFE !
# Anyone who can read this file can spend your bitcoin.
#
# Format:
# <Base58 encoded private key>[<whitespace>[<key createdAt>]]
#
# The Base58 encoded private keys are the same format as
# produced by the Satoshi client/ sipa dumpprivkey utility.
#
# Key createdAt is in UTC format as specified by ISO 8601
# e.g: 2011-12-31T16:42:00Z . The century, 'T' and 'Z' are mandatory
#
L5gveWnEvSkCtTN-snip-DjWM2TEq9RDNUTMd6PCTieAKFeC 2014-06-06T13:01:13Z
L1b67i486f5v-snip-ZB6E1maqurp7k8VxA7rvE 2014-06-06T13:01:13Z
L1TqqP7BjTZRS3-snip-yAYPcwXRUcT7qmzbqpAGWN 2014-06-06T13:01:13Z
L4b7YkkR9mH-snip-SYgWCy6GSUZHbnCBFuF9tvAhTMeCq 2014-06-06T13:01:13Z
Kwrne6dji7ku-snip-PDDw3dP3UUDrnwPLbCHgzMsx 2014-06-06T13:01:13Z
KyMwnzMxz5-snip-E3AsFgy4cqxfMjdijACzSPRjb 2014-06-06T13:01:13Z
# End of private keys
This is a testwallet I just made. As you can see it gives you a list of the private keys. You can now take each of these keys and import them one by one into bitcoin core. Aaand I have to make sure not to use these keys ever  Thanks you very much! I know it is a test wallet because you won't give me your real private keys to me . I really like to donate but I am so sorry as I don't have enough BTC now, I am saving it to buy a miner. Anyway give me your BTC address, I will try my best to give you some . Kindly, Muhammed Zakhir |
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I would only do mining at home. having a tangible assest is a lot better than a virtual contract, sure a contract is cheaper, but you have nothing to show. plus alot of companies are s cams, and i would want to know I actually hve the real hasing power.
That is a nice statement. I really appreciate it! Kindly, Muhammed Zakhir |
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Definitely downloading the Blockchain via torrent.
Or alternatively, you can use a thin client(doesn't require the blockchain downloaded), such as MultiBit or Electrum.
It has already mentioned above. I think you are trying to become a Jr. Member. Try not to do like this because others may report your post to moderator and then moderators will ban you from posting. I have had this problem before, that is why I am telling to you. Sorry if I hurt you. Anyway Thanks. Kindly, Muhammed Zakhir |
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As I read in the other thread installing pywallet is not working for you very well. You can just export the private keys from multibit ( here is a step by step) and import them into bitcoin qt/core (via Help -> Debug window -> console -> importprivkey 5thisISmyPRIVATEkey "label/info" rescan ) This will make your old backups of the wallet.dat useless though, since there are keys missing. So when you are done importing make a new backup. This can also compromise your private keys, as you will need them unencrypted (export without password or decrypt by hand). So it might be wiser to just transfer all your coins from the multibit wallet over the blockchain to one (or more) of your bitcoin core address(es). Thanks! Now I don't want to install Pywallet. I think I don't want to backup in Bitcoin-qt because I already have private keys which I backed up earlier. There is three BTC addresses in Multibit, as you know we can't back up a specific key from it, so will any problem occur if I copy the whole private keys when importing? I asked you because I think we can only import one key at a time in Bitcoin-qt. Edit : I tried before but it was unsuccessful. I hope this time it will work.Kindly, Muhammed Zakhir |
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Is there any rules showing how to upgrade my class/level? ::)I am still a newbie here.
You need to involve in 2 more activities to become Jr. Member but don't spam to become a Jr. Member. Kindly, Muhammed Zakhir |
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Thanks for posting these. Its really helpful to newbies . Kindly, Muhammed Zakhir |
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The bottleneck with synching is not your CPU but your bandwith. You can however speed up the starting proccess by lowering checkblocks from 288 to e.g. 100 or even 10.
Put in the conf file as Thanks all! Sorry to disturb you all. Kindly, Muhammed Zakhir |
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