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Author Topic: Protecting your coins.  (Read 1261 times)
odolvlobo
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March 06, 2014, 12:54:31 AM
 #21

Here is a situation of how some coins are protected.. I'm wondering if they are protected at all :S.

Format laptop.
Download wallet on laptop.
Send coins from desktop to laptop.
Encrypt wallet.
Back up wallet file on External hard drive + usb
FOrmat laptop

You have the order wrong. You should:

1. encrypt the wallet.
2. back it up.
3. send bitcoins to it.

If you send first, then you would lose your bitcoins if your wallet is lost or compromised before it is encrypted or backed up.

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jadagles
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March 06, 2014, 09:21:34 AM
 #22

You didn't mention anything about a very important aspect: the passphrase length and complexity you use to encrypt your wallet.
How many characters? Did you include special characters?

Over 15 chars, yes.

https://howsecureismypassword.net/ says  "It would take a desktop PC about 71 quadrillion years to crack your password"   A password of similar length and characters, didn't put my exact one in.



Nowadays you need at least 20 characters to have a good password. 20 char with all the special, underline, high ANSI, brackets, minus etc will result in a fair 130-140 bit password.

32 char with all the above mentioned selected should give around 240 bits and a very high level of security, so that a botnet will have real difficulties to brute force your wallet. Personally I use keepass, an open source password manager very easy to use and to integrate with firefox or whatever. It has very special features that will allow you to generate passwords with a lot of entropy and randomness. Aside from this it has two channel auto-type obfuscation for selected windows of your choice so that you can safely use your password without a keylogger or a clipboard spy stealing it from you. For my wallet I use a 980 bit password, very high even if I don't have much on it. Thing is that if you use around 20 char I would suggest to additionally encrypt you wallet when you backup it and store it in cloud or anywhere else. I use don't use because I have a huge password but if you want it to keep it protected then at least they will have to break 2 passwords. For this you can use AxCrypt.

TL;DR Being very paranoid I suggest you to use a long password generated with keepass a opensource passwordmanager.
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March 06, 2014, 09:32:38 AM
 #23

Armoury recommends an unencrypted backup.
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