Confused. How to store bitcoins offline

[anonymousx]

private keys???     oh no!!!

I didn't get the private keys,  Is it too late?  I already uninstalled the bitcore client


Where are these bitcore private keys?  Why do i need these,  I thought all i needed was  the wallet.dat & Passphrase

I wasn't aware about these private keys


I saved my passphrase in a textfile inside the usb key along with the wallet.dat


is it too late?? did i do it wrong?? did i lose my money??

No, you are fine. The private keys are stored in the wallet.dat. They are protected by your passphrase. As long as you don't lose that file and no one is able to get it from you, then your Bitcoin is safe.

(@OP: You are confusing holding/keeping the BTC with SECURING the BTC, what you are doing is not security, it is only adding liability.)

He is not. From what he said, he did a hot wallet, which means uninstalling the client and putting it on a USB key still leave the priv key possibly exposed, since he did not have a secure, offline environment when he generated the priv key.

This is not cold storage.

TLDR: Uninstalling the client and putting the dat on a USB key add 0 security whatsoever.

I agree, there is a chance of 0.1% it could be already logged somewhere waiting for pickup, when dealing with money that's really is a big chance.

If you can lose 1 satoshi same apply for 1 btc.

Only offline storage would be trezor, paper wallet, deck wallet, some form of live cd on a disconnected pc, encrypted VM.

I will let this go just not to confuse the OP as he is new, but he will find the way sooner or later.

[achow101]

No, you are fine. The private keys are stored in the wallet.dat. They are protected by your passphrase. As long as you don't lose that file and no one is able to get it from you, then your Bitcoin is safe.

(@OP: You are confusing holding/keeping the BTC with SECURING the BTC, what you are doing is not security, it is only adding liability.)

He is not. From what he said, he did a hot wallet, which means uninstalling the client and putting it on a USB key still leave the priv key possibly exposed, since he did not have a secure, offline environment when he generated the priv key.

This is not cold storage.

TLDR: Uninstalling the client and putting the dat on a USB key add 0 security whatsoever.

The key phrase to my response was no one is able to get it from you, which in this case, he is making it easy (relatively) for someone to steal the Bitcoin from him. However as long as he has the wallet.dat file, then he has the private keys and he will be able to spend any Bitcoin associated with the addresses associated with those private keys. Whether the Bitcoin remains there is up to his security, but he will continue to possess the private keys necessary to spend what is left as long as he has the wallet.dat and it remains uncorrupted.

[VirosaGITS]

No, you are fine. The private keys are stored in the wallet.dat. They are protected by your passphrase. As long as you don't lose that file and no one is able to get it from you, then your Bitcoin is safe.

(@OP: You are confusing holding/keeping the BTC with SECURING the BTC, what you are doing is not security, it is only adding liability.)

He is not. From what he said, he did a hot wallet, which means uninstalling the client and putting it on a USB key still leave the priv key possibly exposed, since he did not have a secure, offline environment when he generated the priv key.

This is not cold storage.

TLDR: Uninstalling the client and putting the dat on a USB key add 0 security whatsoever.

The key phrase to my response was no one is able to get it from you, which in this case, he is making it easy (relatively) for someone to steal the Bitcoin from him. However as long as he has the wallet.dat file, then he has the private keys and he will be able to spend any Bitcoin associated with the addresses associated with those private keys. Whether the Bitcoin remains there is up to his security, but he will continue to possess the private keys necessary to spend what is left as long as he has the wallet.dat and it remains uncorrupted.

I said he is not (fine). Because what he did just weakened his security/increased the chance of losing his BTC. Hopefully he at least *did* encrypt the wallet.

[Kakmakr]

I do not use memory sticks at all, due to the vulnerabilities with the BadUsb exploits targeting the USB firmware. I would rather download the whole bitaddress.org website and transfer it to a offline computer and generate the paper wallets there. Print it and keep it safe and never go online with the old computer you used to generate it.

It has worked for me for years, and I have not lost any coins since I used this method. The printer buffer should also be cleared {hard rebooted} if you going to use it again in a online environment.

[Amph]

too much hassles for an offline way, you can store online and be 100% safe anymore

you just need to do a secure erase, if you are paranoid about a possible bios virus, then buy a new motherboard altogether

then simply do a backup on your usb

[ranochigo]

ok wow!

that's all way to complicated for me at the moment

Users above are more than paranoid , you explained everything right in your first post of this topic.
You can delete bitcoin core now, you have backup with your private key (which allows you to spend your bitcoins) in money.dat on USB stick.
Password is additional security.

Good luck in bitcoin world!

Yes but remind him to have 2 USB sticks because if one can get damaged the guy don't know his private keys, he should print those too! security is number 1.

XD

What i was trying to say is. Doing that does not give any more security than just leaving the wallet there. There is no point after generating a hot wallet, to uninstall the wallet and put the wallet on a USB key.

It add 0 security.

Having a backup on a USB key is only for redundancy in case your HDD break.

I understand now, btw generating a vanity address on your server was like 0.8 and I can't afford it so please cancel that order, I will think of a shorter name and try again.

Why are you trying to generate vanity addresses? Just use bitaddress.org and download it offline to generate an address.

OP, it would be an easier solution to use Electrum offline and copy the seeds down. There is a nice interface for generating raw TX and signing raw TX offline. It is easier than managing an USB which can get corrupted easily. If possible, just get a raspberry pi and install electrum offline there.

Btw, uninstalling Bitcoin Core does not delete the data directory which allows attacker to gain access to your wallet.dat. You have to manually delete the data directory.

[virtualx]

I am confused about how to store bitcoins offline,



1. I downloaded the bitcoin core client

2. I went to settings>Encrypt Wallet and made a password.

3. i transferred my bitcoins into the wallet.

4. I went to File>Backup Wallet

5. Now i have a file called money.dat on my desktop


What do i do now?  Do i delete my bitcoin core client?  install a fresh one with 0 bitcoins

and then put the money.dat into a usb key?   and later when i want to get my money just load the money.dat into the wallet

And to get into the money.dat file is to remember my encrypt password that i made up?



I'm a little confused

To control bitcoins you only need a private key, which is a combination of characters thats about 32 long. All bitcoins are inside the blockchain and cannot be taken out. By owning a private key you can make a transaction on the network.

To make an offline storage, simply export your private key and store your public key together in a safe place. 

[thirdchance57]

You do  not want to wipe your client and start a new one.  There is no need to do this.  Once you download a new client, and use your backup, you are basically making it into the same client you had before.  This is what I did to protect myself;  I bought a removable hard drive and installed my client on to that hard drive.  When I need it, I connect it through my USB.  When I do not, it is offline and no one can touch it.

[anonymousx]

ok wow!

that's all way to complicated for me at the moment

Users above are more than paranoid , you explained everything right in your first post of this topic.
You can delete bitcoin core now, you have backup with your private key (which allows you to spend your bitcoins) in money.dat on USB stick.
Password is additional security.

Good luck in bitcoin world!

Yes but remind him to have 2 USB sticks because if one can get damaged the guy don't know his private keys, he should print those too! security is number 1.

XD

What i was trying to say is. Doing that does not give any more security than just leaving the wallet there. There is no point after generating a hot wallet, to uninstall the wallet and put the wallet on a USB key.

It add 0 security.

Having a backup on a USB key is only for redundancy in case your HDD break.

I understand now, btw generating a vanity address on your server was like 0.8 and I can't afford it so please cancel that order, I will think of a shorter name and try again.

Why are you trying to generate vanity addresses? Just use bitaddress.org and download it offline to generate an address.

OP, it would be an easier solution to use Electrum offline and copy the seeds down. There is a nice interface for generating raw TX and signing raw TX offline. It is easier than managing an USB which can get corrupted easily. If possible, just get a raspberry pi and install electrum offline there.

Btw, uninstalling Bitcoin Core does not delete the data directory which allows attacker to gain access to your wallet.dat. You have to manually delete the data directory.

Wanted to make a cool address like 1anonxsakdjksajdaksjd ut anyway I compiled vanity and in my CPU did't take long

[larem]

You do  not want to wipe your client and start a new one.  There is no need to do this.  Once you download a new client, and use your backup, you are basically making it into the same client you had before.  This is what I did to protect myself;  I bought a removable hard drive and installed my client on to that hard drive.  When I need it, I connect it through my USB.  When I do not, it is offline and no one can touch it.

When you connect it to your PC, it's just as vulnerable as anything else. As such, this is NOT protecting it at all.

[Firedude]

google a paper wallet they work great