Gotya Many thanks Turvarya

Fantastic, a big thanks guys

I was just reading up on Bitaddress.org through one of the threads here.

So why would someone need to DL the Blockchain?

Also, why would someone use Electrum, Multibit or Armoury?

Thanks again

[/quote]
You don't have to connect the device to the internet to buy cryptos.
[/quote]

I think a lot of the BTC ins and outs have gone over my head! My background is in healthcare, so I struggle a bit with the tech side of things.

Perhaps it would be easier to explain my goal I'm looking to buy £3,000 of BTC and to hold that in cold storage for at least 5 years (I massively believe Cryptos will have surpassed fiat currency for all online transactions, in 10 or so years).

So, with no Blockchain uploaded to my iPad (in fact it's brand new, never used, and solely for Crypto use), what processes do I need to go through to:

1. Buy that amount of BTC (I've got recs from you guys for Localbitcoin and a couple of other peer to peer brokers)

2. Put it into cold storage.

3. Do I need to download the Blockchain to achieve this, now or in future?

Specifically I'm looking for advice on every step, from what I need to download, to start the whole thing.

Could you guys also advise on the likely Giga capacity needed for such an iPad, for now and so it's useable for the next year or so? Exchanging/ upgrading the iPad is not a problem

All advice really appreciated !

I'm looking to hold all BTC (and Altcoins) for 5+ years now.

Can you guys explain the process of setting up a cold storage wallet?

Security will be 3 fold:

1. All Cryptos bought on a new & dedicated iPad, which will only ever connect to the net for Crypto purchases. Otherwise kept in a safe.

2. Paper based keys, air gapped printed, laminated and then stored in a safe.

3. Digital keys stored on 2 memory sticks, which are also air gapped (so 2 copies stored digitally, for a total of 3 copies)

Many thanks all

Thanks guys !

Excellent stuff re the gentleman hackers, just what the ecosystem needs

So far then:


BTC through localbitcoins = I

Altcoins through shapeshift = II

Altcoins through MGW = I

Coinbase = I

Any other takers?

Fantastic EvilDave, thanks !

How would you rate MGW against ShapeShift?

So far, places to buy BTC and Altcoins most securely are:


BTC through localbitcoins = I

Altcoins through shapeshift = II

Altcoins through MGW = I


What do other members think?

Thanks Robrigo.

So far then:

BTC through localbitcoins = I

Altcoins through shapeshift = II

Thanks mate

As of the moment, I'll be buying:

BTC
Ripple
Litecoin
Bitshares
Dogecoin
Maidsafecoin
Next
Peercoin
Counterparty
Darkcoin

Thanks for all the replies, chaps

I'm now looking to buy into the 10 biggest Cryptos by market size, and to save them for 5 years minimum, so once I've bought them, I wouldn't be spending them for a relatively long time.

As per my other thread on places to purchase, my understanding now, for 'cold storage' is to simply have physical Private Keys for each address, and after the initial purchase, keep the whole thing offline. Could you guys offer any advice on that?

Another thing is the malware out there for Cryptos - keystroke recognition malware on my own system, what are your views on using a Mac (iPad) if I were to make purchases electronically? I'm aware that Macs have still had Crypto Malware, but overall, my perception is they're safer than PCs.

^ Again, as I'd hold the Cryptos in cold storage for 5 years+ after purchase, my Private Keys would only be entered on my iPad once in those 5 years. Would you advise on any security sweeps to do on an iPad prior to that?

Thanks again

Thanks guys, so all things being equal, the most secure way would be in person, by cash through Localbitcoins, and Shapeshift?

I'm looking to now buy into the 10 biggest Cryptos by market size, and to save them for 5 years minimum, so once I've bought them, I wouldn't be spending them for a relatively long time.

As per my other thread on wallet services, my understanding now, for 'cold storage' is to simply have physical Private Keys for each address, and after the initial purchase, keep the whole thing offline. Could you guys offer any advice on that?

Another thing is the malware out there for Cryptos - keystroke recognition malware on my own system, what are your views on using a Mac (iPad) if I were to make purchases electronically? I'm aware that Macs have still had Crypto Malware, but overall, my perception is they're safer than PCs.

Thanks again

Hi All,

I find the various private key solutions interesting, but is there not always a security point of weakness when you buy or sell Crypto currencies - in that where you buy and sell them from/to, receives your private key?

Or have I misunderstood this? (Quite likely!)

With this in mind, what are the best solutions for buying Cryptos once a month, while avoiding exchanges - which after Mt Gox, I view with suspicion?

Many thanks

Thanks, RCan

Yes, I am incredibly wary of exchanges, after Mt Gox and the $millions that went missing.

What 5 desktop wallets do you use please?

Thanks Pierre !

Hi All,

I'm looking to hold 5 different Cryptos, using mainly BTC for buying things, but also want to hold the following, to help their eco systems:

Ripple

Litecoin

Bitshares

Dogecoin

Can you recommend the current best wallet solutions for doing this, please?

Many thanks

The below site seems very good, but only has one year data.

I'm interested to see how other crypto currencies' prices have evolved

http://coinmarketcap.com/

Many thanks Danny and Hayek for your detailed responses, they are very helpful )

Yeah, very cool video, clarifies a lot, thank you !

Thanks for the links guys, will read now.

Here is my current understanding, by the way

The block chain is the main innovation of Bitcoin. Every transaction you make with a Bitcoin, adds a block – a copy of this ledger, to every BTC in existence.

A block chain is a transaction legder. A full copy of a currency's block chain contains every transaction ever executed in every Bitcoin in the currency.

When you want to spend a BTC, the system uses asymmetric cryptography – where you have both a public key (like a PO Box) and a private key – a signature to say you authorise spending of that BTC (like a key to the PO Box).

When you spend a BTC, the BTC network generates a mathematical puzzle to solve, in order to approve & add that transaction to the Block chain. This puzzle is so difficult, it takes the worldwide network an average of 10 minutes to solve – so it is mathematically impossible for one person (or group) to fraudulently create transactions.

The large data puzzle might be “find the integer square root of 2.16 to power of 37”.

The solution to this is called a Hash, which basically means short hand for a very long answer – usually in 10s of decimal places.

Further security is provided because each subsequent transaction in the world, is built on the Hash of the previous block.

Modifying the data of the previous block (EG to say I didn’t spend 1,000 BTC so I can keep them, after buying something), even by one bit, completely changes the Hash used as a solution to the transaction, and the source of all subsequent data puzzles for all other transactions.

So basically trying to reverse a payment requires you to re-write every transaction ever made worldwide. Hence mathematically impossible.

This is so expensive in terms of CPU power (taking millions of computers) that using just a fraction of that CPU power to legitimately solve Hash algorithms (mine) is far more profitable (and also legal)


BitCoin uses the SHA-256 hash algorithm to generate verifiably "random" numbers in a way that requires a predictable amount of CPU effort.

I've read up quite a bit on Bitcoin's cryptography, but still find it difficult to understand.

Could any of you explain it in layman's terms please?

Many thanks

Hi All,

I wondered what sites you would all recommend for viewing past performance of the Bitcoin price, a site which has the usual functions such as price mapped since inception, 5 years, 1 year, 1 month etc.

Could you also recommend the same for viewing performance of the other Crypto currencies available, please?

Many thanks