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Got it. Thanks for answering. I went ahead and transferred my bitcoins to a trezor until I can get an offline computer to handle multi-sig
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Would the following procedure be secure?
1) disable internet on PC 2) create 3 out of 6 frag wallet 3) delete wallet except for "watch only" 4) turn Internet back on and send bitcoins to said wallet
I have read many places that these steps need to be done on an offline computer and import "watch only" to an online computer, BUT I was wondering if it would be safe to do them on the same computer but just offline and delete wallet before going online?
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I'm dense but I'm def not stupid enough to fall for that one. Thanks for the heads up tho
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Ok thank you I understand now. I figured it had something to do with the block chain but was not certain. Thanks for the clarification
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I am pretty new to cryptography and more of an economics minded bitcoiner. it seems like this is a non issue as far as security goes (because smarter people than me have not raised the issue) but I am still having a hard time wrapping my mind around how you can buy a new Trezor and recover your old wallets with the root code. I'm just not sure I understand that mechanism that remembers your old wallets without it being stored somewhere else
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I do not understand the concept of: if you can recover your Trezor with your root code [26 random words] then doesn't that mean your data is stored on some kind of centralized server or database (which could potentially get hacked).
With that said I love the Trezor product so far and was just wondering about a potential point of failure. I apologize if someone else has already asked/answered this question. Thanks
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