Bitcoin Best Practice Example

[ulhaq]

How is this for securing bitcoins:

1. Boot from a linux CD
2. Install a wallet
3. Disconnect computer from internet
4. Generate seed/addresses
5. Wipe clean a new usb flashdrive
6. Copy list of addresses to the flashdrive
7. Write down seed on paper
8. Delete wallet/reboot into normal OS
9. Use an address from the flashdrive to receive the bitcoin

Another idea is to write the seed in a text file after it is created, and then encrypt the file and store it on a couple flashdrives? That way there will be a backup.

[hexafraction]

Seems good. I would have a separate flash drive that stores only the addresses and not the private keys; you can copy this anywhere you want (and a backup isn't terribly important since you can recreate the addresses knowing the keys that you have plenty of copies of). If you're using an HD wallet that uses a seed, then recording the seed would be more useful/important than exporting the private keys themselves. Also, if you have access to this sort of thing, bank safe deposit boxes can be used to keep a copy of your seed/keys in long-term storage in case you were to somehow lose access to your other backups.

[TryNinja]

Yes, this method is really safe. I think you can even upload your encrypted txt file in the cloud without worrying too much about security (IMO). Even so, if you're too paranoid about security, it's okay to just keep it on usb flashdrives and papers.

[aeternus]

Yes, this method is really safe. I think you can even upload your encrypted txt file in the cloud without worrying too much about security (IMO). Even so, if you're too paranoid about security, it's okay to just keep it on usb flashdrives and papers.

If we are looking for security I think we should never upload to the cloud anything that we don’t want others to see, at some point the cryptography could be broken in the future and then your private keys will be there for anyone to see, so if you care about privacy avoid doing that.

[Mike Mayor]

This is safe but please don't rely on flash drives. They use exactly that. Flash memory. It fades after not receiving a power cycle for some time. Keep the copy on a CD or DVD. If you can a ledger is ideal. But flash drives no. They not for backing up they for transfering data.

Also paper wallet are always a good idea. Probably the best way to stay secure.

[ulhaq]

What about a rewritable CD? I need something for estate purposes as well, so it must be something external, and that I can encrypt, so storing on digital media is better than paper for this purpose.

[Mike Mayor]

What about a rewritable CD? I need something for estate purposes as well, so it must be something external, and that I can encrypt, so storing on digital media is better than paper for this purpose.

I would keep multiple CDs. Better to have backups. You could use a rewritable cd bit I would keep two just in case and also flashdrive and external. Flashdrive for wuick swaps. If you add a paper wallet to this you will be very very secure. Also maybe backup your passphrase. I wouldn't keep it online on a cloud I'm not quite sure how safe that is. Maybe someone can help.

[Velkro]

How is this for securing bitcoins:

1. Boot from a linux CD
2. Install a wallet
3. Disconnect computer from internet
4. Generate seed/addresses
5. Wipe clean a new usb flashdrive
6. Copy list of addresses to the flashdrive
7. Write down seed on paper
8. Delete wallet/reboot into normal OS
9. Use an address from the flashdrive to receive the bitcoin

Another idea is to write the seed in a text file after it is created, and then encrypt the file and store it on a couple flashdrives? That way there will be a backup.

Too much hasle for 99,8% of bitcoin users.
People are too lazy to use it like that even if its very safe.

[Mike Mayor]

How is this for securing bitcoins:

1. Boot from a linux CD
2. Install a wallet
3. Disconnect computer from internet
4. Generate seed/addresses
5. Wipe clean a new usb flashdrive
6. Copy list of addresses to the flashdrive
7. Write down seed on paper
8. Delete wallet/reboot into normal OS
9. Use an address from the flashdrive to receive the bitcoin

Another idea is to write the seed in a text file after it is created, and then encrypt the file and store it on a couple flashdrives? That way there will be a backup.

Too much hasle for 99,8% of bitcoin users.
People are too lazy to use it like that even if its very safe.

Lol ya strait ! This is so overkill ! Maybe if you a super soy or super agent or some kind of criminal mastermind. Nothing has changed with Bitcoin and online security. You always should have a physical copy of your personal details. I guess if you have a fortune you can just engrave it into a ring.

[terrate]

How is this for securing bitcoins:

1. Boot from a linux CD
2. Install a wallet
3. Disconnect computer from internet
4. Generate seed/addresses
5. Wipe clean a new usb flashdrive
6. Copy list of addresses to the flashdrive
7. Write down seed on paper
8. Delete wallet/reboot into normal OS
9. Use an address from the flashdrive to receive the bitcoin

Another idea is to write the seed in a text file after it is created, and then encrypt the file and store it on a couple flashdrives? That way there will be a backup.

Too much hasle for 99,8% of bitcoin users.
People are too lazy to use it like that even if its very safe.

i also lazy on it....haha...
except i do a very big transaction maybe do this.

but before that, i will close my other surfing first and disable any software connection (like software update etc)
and i will disable anti virus too.

[ulhaq]

I've spent too much time on this forum then, because I got all the ideas here. Someone would say, "I store my bitcoin this way..." and tons of advanced users (or at least having lots of posts), "no, that is not safe, you need an offline computer..."

[vh]

If the point of the post is to describe a secure way to generate and protect private keys, your example is well laid out.

If you want to generate a tip list to share the awesome bitcoin experience with friends and family, just skip it and get a few hardware wallet like the Trezor / Ledger Nano S for yourself and them for Christmas.    It's a decent middle ground.

[Sadlife]

Or you could make the usb drive bootable to a linux operating system install your bitcoin wallet there generate address buy some bitcoins then start trading for two hours it really depends upon when you do u want to take a break. To make it more secure try to put some network filter download strong firewall using the apt -wget command. Doesn't matter no matter how safe and secured you operating system if the attacker can manage to get in your network that's game over for you and your bitcoins. In the end the main safety precautions in the internet is the user itself do not get fooled by any type of social engineering attack.

[ulhaq]

Or you could make the usb drive bootable to a linux operating system install your bitcoin wallet there generate address buy some bitcoins then start trading for two hours it really depends upon when you do u want to take a break. To make it more secure try to put some network filter download strong firewall using the apt -wget command. Doesn't matter no matter how safe and secured you operating system if the attacker can manage to get in your network that's game over for you and your bitcoins. In the end the main safety precautions in the internet is the user itself do not get fooled by any type of social engineering attack.

Can you explain more about getting a firewall and apt -wget?