In specific terms, what is the best way to safely store Bitcoins?

[maki]

usb stick

[pinksheep]

I am in the process of trying to make a paper wallet. I'm going to download the bitaddress files to a usb flash drive & transfer them to a tablet which has never been connected to the internet. Here's a couple of questions.
 
Firstly, I have been told to format the usb drive before transferring the files onto it. Do I need to be connected to the internet in order to format the usb drive?

Secondly,  I have been told that you can download the bitaddress files either by holding down CTRL +S or by downloading https://github.com/pointbiz/bitaddress.org/archive/master.zip Some people say the former doesn't work. Even if it does, it the latter a safer method?

Many thanks again.

[pinksheep]

in relation to my 1st point above, does it matter if i format the usb drive FAT32 or NTFS?

[MNDan]

Creating and loading the wallet -

1) Save to your hard drive the bitaddress.org URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate an encrypted paper wallet via the bitaddress.ord URL (running standalone). DON'T LOSE YOUR PASSWORD!
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, you can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send your bitcoin to the public key of your paper wallet, starting with a small amount and confirming it got there via blockchain.info.

Getting bitcoin back out of the wallet -

1) Using the block chain website or app on an android tablet, scan the encrypted private key of the paper wallet (I could also use the bitaddress.org code offline to decrypt it manually).
2) The app/site will ask for the key you used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable to send/spend.
3) Sweep the wallet into your blockchain online wallet. (Important since you must spend all coin in a paper wallet at once or risk losing the "change".)
4) Send any bitcoin that you don't want to keep in a hot wallet into a new paper wallet, created in the same way you created the first one. You can create multiple paper wallets at once above, so you can create a bunch at once and just move your change to the next paper wallet in the list.

[pinksheep]

MNDan, You have raised one issue which I have been wondering about. If I just send a small amount to test out my paper wallet, that means I have entered my private keys online & a keylogger could get them & empty the wallet while I wait to see if the small amount arrives. Maybe I'm being paranoid

[MNDan]

Nope - u don't have to enter in the private key of the receiving paper wallet to send the coins there. You just send the funds to the public key of the paper wallet and away you go! Enter in the public key of your paper wallet on Blockchain to see that the funds got there.

[vnvizow]

Bitcoin armory, paper wallets, or just offline storage. But, if you want to go extreme then buy this: http://www.bitcointrezor.com

[pinksheep]

Nope - u don't have to enter in the private key of the receiving paper wallet to send the coins there. You just send the funds to the public key of the paper wallet and away you go! Enter in the public key of your paper wallet on Blockchain to see that the funds got there.

MNDan, I didn't mean the private keys to the receiving wallet. I meant when I use my private key to the wallet where my BTC are now to send a small amount of BTC to my new paper wallet to see if it's working OK, surely that means a keylogger could capture it & empty my original wallet before I get the remaining BTC moved to the paper wallet.

[MNDan]

If you use Keepass to store your keys (which you should), then a keylogger can't grab it since you are just double-clicking on the key and then pasting it in. Keyloggers are rare BTW - I know you are trying to be safe/secure, but the biggest risk there is BY FAR is that you will forget/lose your private keys and/or passwords that you need to decrypt them. 

For me personally, I have my Blockchain wallet setup with 2-factor authentication, so I have to enter a code from Google Authenticator on my iPhone to be able to spend coins from my wallet. Very secure.

[DCLacoste]

Which of the paper wallet generators list here https://en.bitcoin.it/wiki/Paper_wallet are tried and true?
I'd prefer generators that were totally self-contained, not web-based.  Linux, Windows?  Are there any newer generators not listed that look good?

Thanks!

Lacoste

Setting up an offline wallet or a paper wallet is the safest way

I have only used Bitaddress, and everything work smoothly.
Just don't forget to run it offline. https://github.com/pointbiz/bitaddress.org

Thanks Simon8x!  I'd seen the website, I didn't realize it was also available as a totally self-contained html file.

Lacoste