congrats @bestcoin_59 !
Thanks. I never thought i would win. |
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59 - bestcoin_59
69 - bestcoin_59
Thanks
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Thanks a lot ABCbits and Forsyth Jones. The information provided is very useful. I understand that the Electrum server is *between* the Electrum client (=Wallet) and Bitcoin node. In fact, the Electrum server, after asking Bitcoin Core, fulfill the Electrum client request. Due to the decentralized nature of the blockchain, a full node is like a local copy of the blockchain. Am i right? Still, and although it might not be safe, would it possible to tell the Electrum server to rely on a Bitcoin node hosted remotely by somebody that i trust? I know it might not be very good for the safety of the blockchain (if everybody does that the system becomes centralized), In other words is it possible for several Electrum servers to use the same Bitcoin node? Also, is the only benefit of running (hosting) a Bitcoin node and an Electrum server is to avoid public servers (therefore ran by strangers) to associate a wallet with an IP? Also since my IP has already been associated to the btc transactions already made, don't you think it is too late? Only future transactions, and if never rely on a public server again would be private. Cheers  |
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Learn how to use the 2 setup software:
1st device holds the private keys and never connects to the internet,
2nd device broadcasts the raw transaction created on the 1st device
That's the fundamental rule. I agree with this. This is the foundation of good security when dealing with Bitcoin. Also never use any device that has been created to be used with crypto, even if they are Bitcoin-only, because they make you stand out. You want a generic laptop, a generic USB, things that don't say you hold any coins. And stop dealing in altcoins, they are fundamentally not safe, stick to BTC and that's it.
Can you please elaborate on your last sentence. What do you mean when you say: "And stop dealing in altcoins, they are fundamentally not safe"  Regards
Just download Bitcoin Core and make sure you have an SSD (HDD will also work, but I recommend using SSD) with a capacity of at least 1TB or 2TB ~ currently the Bitcoin network weighs around 700GB (I haven't checked it for a while).
Optionally, you can enable pruning so you don't need to keep the entire blockchain stored and the node will only download and check the recent blocks and delete the old ones, you can set the size manually.
I tried to dig a little further. Here are some links related: https://www.reddit.com/r/Bitcoin/comments/ywarm9/how_to_make_electrum_connect_to_my_node_and/?rdt=34579https://github.com/chris-belcher/electrum-personal-serverFrom what i read: Bitcoin Core = software programmed to decide which block chain contains valid transactions. Bitcoin Node = Electrum Personal server which rely on Bitcoin Core I still have one question though; When i use the Electrum wallet (client), i can see, at the beginning that multiple nodes are "synchronized" (for redundancy and safety?). In case i run my own bitcoin node, i guess i will ask Electrum to rely only on my node (for privacy). So here is the question: Should i understand that redundancy is mandatory for nodes ran by strangers, and that since i trust my own node, i don't need redundancy? I'm apologize if i'm not clear... Also correct me if i'm wrong, but there is no rewards in running a BTC node, although it is not the case for the Ethereum network. Cheers
Do you mean that, according to the seller answer, the USB stick the seller sells *would work* as a ledger nano?
OR
The seller sells a live OS with Coinomi installed on a USB device
OR
The seller sells a USB device with a *portable* version of Coinomi on it?
It's probably 2nd or 3rd option. In that case, for me, it is NOT a hardware wallet, it is a software wallet which, at best, brings the same security level as TailOS. |
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Just for curiosity, i finally got an answer from the seller. Indeed, i sent him a message some days ago, and forgot about it since i though i won't get any answer. I was wrong. Although i gave up the idea of buying from him, i'm puzzled regarding his answer: "We actually install Coinomi wallet onto the device as a default but the the USB can certainly work with electrum as well!"
Remember that you can use any USB flash drive as a cold storage method, as long as you correctly follow the recommended security steps, such as having a computer exclusively for this purpose (with TailsOS installed on the device or bootable on the USB), where device1will be offline (only to sign transactions) and device2 will be online and the master public key will be stored on it to monitor and assemble transactions (to transfer to the offline device). 1 - Device1 must have wallets such as Electrum, Sparrow, Bitcoin Core... installed and it must be permanently disconnected from the internet (you can consider removing the network card). Once the device is in air-gapped mode, you can create your wallet, write down the backup wallet, add an encryption passphrase to protect the keystore (Don't confuse this with BIP-39 passphrase or electrum seed extension, where you can optionally enable it as well.) and copy the extended public key to device2 online via QR-Code or USB drive. 2 - Device2 can be used normally and will have the aforementioned wallets installed and transactions will be created through it. You can copy the PSBT via QR-Code or USB Drive ( the USB Drive will be for exclusive use for this purpose) to device1 to sign and then, with the transaction signed, return to device2 to transmit the transaction. Assuming Device=Computer, i think this is more or less what i was doing. add an encryption passphrase to protect the keystore
I assume encryption passphrase = electrum password So that the Electrum data files in the offline computer is encrypted I recommend that you run a full node such as bitcoin core on the online device to transmit the transactions themselves.
Would be interested to learn how. I guess i would have to download the whole blockchain, would't i?
Just for curiosity, i finally got an answer from the seller. Indeed, i sent him a message some days ago, and forgot about it since i though i won't get any answer. I was wrong. Although i gave up the idea of buying from him, i'm puzzled regarding his answer: "We actually install Coinomi wallet onto the device as a default but the the USB can certainly work with electrum as well!"
What makes you puzzled? I think they mean you can install Electrum and store Electrum's data on USB device they sell. Although Coinomi have mixed reputation since in past, 1. Switched from open source to closed source wallet. 2. There was time interval where they doesn't upgrade their software and active in social media. 3. They send generated seed phrase to google server. On side note, i just noticed that ebay mentioned 11 sold of those USB have been sold. Do you mean that, according to the seller answer, the USB stick the seller sells *would work* as a ledger nano? OR The seller sells a live OS with Coinomi installed on a USB device OR The seller sells a USB device with a *portable* version of Coinomi on it? 3. They send generated seed phrase to google server.
Is it true? This red red flag and an absolute NO GO for me. |
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Just for curiosity, i finally got an answer from the seller. Indeed, i sent him a message some days ago, and forgot about it since i though i won't get any answer. I was wrong. Although i gave up the idea of buying from him, i'm puzzled regarding his answer: "We actually install Coinomi wallet onto the device as a default but the the USB can certainly work with electrum as well!"
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And if you save data in storage, should not forget about the "fragility" of USB as a data carrier. Simply put, it can fail at any time and the data will be lost. Therefore, need to make backups.
I never store plain seed phrase on USB storage. However, i used VeraCrypt to save the seed phrase, but just in case. This VeraCrypt file is just a backup of others backups made otherwise.
Wait, I didn't fully understand your cold storage implementation, but some items weren't very clear: 2) Enter the master public key Do you insert your public key into the online or offline device? Remember that the privkeys must be stored on the offline device, so importing the public key into the offline device is useless, it can remain on the online device to create transactions and sign them on the offline device. Are steps 3 and 4 being done on the offline device? Step 5: Oops! Something's wrong here, you disabled your internet connection, does this mean that you're doing both the procedures of creating the transaction, signing and transmitting on the same machine? Step 6: Why do you need to enter your seed phrase every time you make a transaction? Step 8: Copy the signed transaction to where? - I see in step 9 you're transferring it back to the same device after rebooting with internet disabled. This implementation makes no sense. There is still a risk of malware stealing all your coins, since the entire procedure is being done on the same device. If there is malware on that machine, what guarantee is isn't recording everything and waiting for the right moment to steal your funds? As you mentioned the idea is to type the seed phrase only on a offline computer. Moreover, i only use LIVE sessions. In fact i follow this: https://electrum.readthedocs.io/en/latest/coldstorage.htmlExcept that i only have ONE machine, hence the reboot of the live session. The drawback is that i have to reinstall Electrum (hence the suggestion of ABCbits since Electrum is already install on tails OS). Hope it is more clear. Thanks
[SecuX is a closed-source hardware wallet, and while they did an 'acceptable' job with W20 and V20 models (it isn't compatible with electrum and other bitcoin clients, hence the 'acceptable'), the company's recent products are crap, and to me, if you're going to use an 'offline' signing device that's closed-source, you're better off setting up cold storage on an old air-gapped deevice with a privacy-focused Linux distro like TailsOS.
Thanks for your feedback. It looks as if the perfect hardware wallet has not yet been invented [moderator's note: consecutive posts merged] |
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There are dozens of methods for key generation (even that doesn't implies software like with dices and so on).
I know that these are not methods for everyone but meanwhile it's something boring that people would just rely in a third part solution WHEN they have already EVERYTHING to be totally indipendent.
Regarding key generation. I used this: https://github.com/trezor/python-mnemonicon a live USB in air plane mode after installing the Python package. Indeed this package rely on secrets which CSPRNG and it seems that Trezor use this to generate the mnemonic on their devices. Moreover, since a computer should have more entropy than a Trezor, i though, but i may be wrong, that this method is one of the most secure. That being said, i'm aware of malicious PyPI packages: https://www.scworld.com/brief/malicious-pypi-packages-set-sights-on-crypto-wallet-recovery-passwordsbut i think i'm safe with the one i used. |
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follow "glacier protocol" guide for having an explanation on how and what to do for your state-of-the-art cold wallet. Otherwise you're just getting trouble by buying such items from "random people". If you cannot verify the software / hardware I would definitely avoid any external system. It0s not an option it's a no-no situation  In theory i totally agree, but in practice it is another story. This implies to avoid every non open source software. And even for open source software, very few people are able and have time to understand thousand lines of codes. For hardware it is even more difficult to analyze... This may not be ideal but i will stick with well known and reputable name/brand |
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Hello, Thanks for your contribution and explanations. I wouldn't buy it for several reasons besides those mentioned by other members above, for some reason the seller shows Coinomi desktop software, doesn't mention details of the encryption used... just a generic pen-drive like any other.
Never buy products like this, the chances of it being a blatant scam are 99% (very high risk) or someone trying to make a quick buck eBay, even so, would you trust your coins (or your life savings) to a total stranger with a mediocre description?
I am now convinced. Buy a Trezor, Bitbox02, Coldcard or Passport (these two are fully air-gapped) and you will at least be following the standard security models of the market.
I checked, but it seems that the last two only support BTC. What about SecuX bio? I probably won't buy one since it can be use on mobile devices only, but still... As mentioned, you can make a bootable pen-drive with TailsOS and electrum built in and have security comparable to a hardware wallet (if you use it offline on an air-gapped device), there are several tutorials out there.
I already do that, but on a live USB (Ubuntu). 1) Installation of Electrum 2) Enter the master public key 3) Initiate a transaction 4) Get the partially signed bitcoin transaction 5) Disable Wifi, remove Ethernet cable and enable Air plane mode 6) Enter the seed phrase 7) Sign the transaction 8 ) copy the signed transaction on a memory card 9) reboot the computer 10) enable wifi or plug the Ethernet cable 11) Reinstall Electrum 12) Brodcast the signed transaction I admit, it is not very convenient, but it might be quite safe: i mean, although i always check the gpg signature, even if i download a fake Electrum, i should still be safe, shouldn't I? What is the benefit of using TailsOS vs Live Ubuntu, i guess the nodes don't get my IP so it is better for privacy, but does it improve security? Also, check my other post; https://bitcointalk.org/index.php?topic=5541786.0Have a great day! Thanks. |
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I do not know any wallet for making PSBT but you can use some open source wallet with multiple coin support offline and have the master public key on a watch-only wallet.
I know Unstoppable wallet supports that. Maybe you can try it.
Yes, a first step would be to list software wallets that do accept a master public key. I wasn't aware that Unstoppable wallet supports that. That being said, i read on their website that Unstoppable is for mobile device. I would prefer a software running on Ubuntu desktop OS. Maybe you can have multiple of the wallet offline so you can just select on one for making transaction if there is any need which will then become online wallet.
Some people just use the method to hold their coins and not spend from it at all.
What is the purpose of having multiple of the wallet offline and selecting one for transaction vs having multiple offline wallet? Cheers |
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Hello,
Electrum is my favorite software wallet. Indeed, One feature i appreciate the most is the ability to use PSBT for offline signing, and therefore having the same security standard as an hardware wallet (and perhaps even more secure since some
hardware wallet are not open source).
That being said, i would like to be able to do the same for others cryto like ETH. Is it possible? If so, how?
Thanks.
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Despite its name this is not a true cryptocurrency wallet.
What you're looking at is essentially a flash drive with added encryption capabilities similar to devices made by reputable manufacturers like Kingston. However, unlike Kingston which has a solid track record of producing reliable encrypted USB drives that vault on ebay is unknown quantity thus it's better to avoid it. That being said, these types of devices are primarily designed for securely storing sensitive information like SEED phrases or private keys, rather for cryptographic operations like transactions signing.
Yes, i though that too, but because Coinomi is mentionned i had a doubt. Anyway i gave up the idea of buying such "thing"... However i'm still curious to know if it is just a usuall UBS driver with software inside or if this stick hide special hardware. |
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Ok. Thanks for confirming my doubts. At the beginning
I thought it might me a new brand. I'm also serious when trust is involved.
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59 and 60 bestcoin_59
Thanks for the raffle.
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