Should I move my cold storage to multisig?

[coinableS]

How many of you keep your cold storage in multisig addresses for additional security?

I've been doing this bitcoin thing for a little while now and I've built up a decent stash. I have mine on a standard address I created with dice, and backed it up on thumb drives, paper and in a safety deposit box at the bank. My back ups are still in base 6 format so if someone else somehow came across them they likely wouldn't know what it was or how to convert it -- so I think it's pretty secure.

Wondering how many of you keep your stash on multisig addresses.

[kpitti]

I am using standard address so far, but I am thinking to move it to multisig. How the others? I am looking for ideas.

[crazyivan]

I use both. Cold storage with multi sig wallet. Not that I have something to protect, unfortunately, but still, I like to play safe.

[MakingMoneyHoney]

How many of you keep your cold storage in multisig addresses for additional security?

I've been doing this bitcoin thing for a little while now and I've built up a decent stash. I have mine on a standard address I created with dice, and backed it up on thumb drives, paper and in a safety deposit box at the bank. My back ups are still in base 6 format so if someone else somehow came across them they likely wouldn't know what it was or how to convert it -- so I think it's pretty secure.

Wondering how many of you keep your stash on multisig addresses.

I've been wondering the same thing.

I keep my stash on various paper wallets. But I'd have to figure out how to make a multi-sig wallet if I was going to move them.

[SpanishSoldier]

Is it possible to create multisig paper wallet ? If yes, how ?

[redsn0w]

I suggest you to use a multi address, or better use greenAddress the web wallet with a lot of features. Check it here:

- https://bitcointalk.org/index.php?topic=521988.0


However in that case you have asked for a cold storage so it should be "offline" then in that case the type of address does not matter (so much).

[coinableS]

Is it possible to create multisig paper wallet ? If yes, how ?

Yea you can create one manually with bitcoin core in the console, and then save the 3 private keys, and the redeem script to paper. Easy for a typo error though, so I'd probably use a USB thumb drive instead of paper.

[OROBTC]

...

I have enough BTC to want to protect them, but not large enough to really worry about it.

My solution is to keep most of them split between a Ledger Nano and a Trezor (hardware) put away in cold storage.  And enough (small amount) at blockchain.info for convenience.

But, I do hide the Ledger and Trezor!  I just read on another thread that the current Trezor can be defeated with a skilled user of an oscilloscope.

I know nothing about multi-sig.  Someone could write a useful post (I hope) that would introduce the subject to us non-tekkies.

[crazyearner]

I only use paper wallets as cold storage lot safer than using anything else and only take them out when really needed to.

[dothebeats]

I don't have that much though, but still a pretty decent amount to protect. I'm using a standard wallet and printed it in a paper, laminated it and keep it in a place where I think it's safe. I don't want to complicate simple things for me but if events push me to do so, then I'll probably look into making one.

I suggest you to use a multi address, or better use greenAddress the web wallet with a lot of features. Check it here:

- https://bitcointalk.org/index.php?topic=521988.0


However in that case you have asked for a cold storage so it should be "offline" then in that case the type of address does not matter (so much).

Reading the thread now, and it seems that I wouldn't jump on this green address yet until I fully understand the concept of multisig addresses. Thanks for linking this one, redsn0w.

[sherbyspark]

I have a good chunk of my coins in Cold storage, and don't really sway towards going over to have multi sig for them.
Cold storage is usually pretty safe.

[newcripto]

I was keeping my bitcoins in standard wallet with good strong encrypted password. What is multi Signature and how can I use it ? Where I can get it from ? How is it more safer than standrad encrypted wallet ?

[unamis76]

I currently don't use multisig. The few Bitcoins I have are on paper wallets and on cold storage devices.

When I started saving Bitcoins on cold storage I was still pretty new to all this and saved them on a paper wallet. Later I discovered Armory and I've been using it since.

I've been thinking a lot about multisig in the last few months, but I don't think they would add much more security to the setup I already have. I can either have a split paper backup in many places or the private keys and redeem script to use a multisig address in many places, so there isn't much of a difference. Armory has lockboxes, but I haven't really tried them, as I see no need to use them...

Either there is no advantage in a multisig address on top of cold storage saving, or I'm missing something If one can physically obtain a split backup, they can also obtain everything they need to spend from a multisig address.

I only see multisig as an advantage on cold storage saving when it comes to having a shared address, just like a shared bank account... Maybe it's really useful in those cases.

[coinableS]

I was keeping my bitcoins in standard wallet with good strong encrypted password. What is multi Signature and how can I use it ? Where I can get it from ? How is it more safer than standrad encrypted wallet ?

Think of it like adding an additional lock to your front door.
Standard address only needs one key to get inside.
Multisig addresses can require M of N keys to get inside. (i.e. 2 of 3, or 3 of 5, 4 of 20, whatever/etc).

Here's a good written tutorial:http://sx.dyne.org/multisig.html

D'Angelo goes over them with his blackboard series:  https://www.youtube.com/watch?v=zIbUSaZBJgU
There's also this guy:  https://www.youtube.com/watch?v=ZKRLJGBMqWo

[medUSA]

I keep my coins on Electrum, which is not a multisig wallet. I understand the advantages of a multisig. Then I would have to keep 3 "things" really safe instead of just 1. I might have to do that someday, when I have a huge amount, not worried about it now.

[coinableS]

I currently don't use multisig. The few Bitcoins I have are on paper wallets and on cold storage devices.

When I started saving Bitcoins on cold storage I was still pretty new to all this and saved them on a paper wallet. Later I discovered Armory and I've been using it since.

I've been thinking a lot about multisig in the last few months, but I don't think they would add much more security to the setup I already have. I can either have a split paper backup in many places or the private keys and redeem script to use a multisig address in many places, so there isn't much of a difference. Armory has lockboxes, but I haven't really tried them, as I see no need to use them...

Either there is no advantage in a multisig address on top of cold storage saving, or I'm missing something If one can physically obtain a split backup, they can also obtain everything they need to spend from a multisig address.

I only see multisig as an advantage on cold storage saving when it comes to having a shared address, just like a shared bank account... Maybe it's really useful in those cases.

That's partially why I'm asking, if I should go multisig.
I was thinking, if someone broke in and found my private keys to a standard address they could figure out how to use them pretty easily, even if they weren't advanced with bitcoin.  If someone broke and got my multisig keys and the redeemScript they would have to know how to execute a raw transaction in bitcoin core in order to steal them, so there is that additional level of security that it requires more technical knowledge to use.

[dothebeats]

I was keeping my bitcoins in standard wallet with good strong encrypted password. What is multi Signature and how can I use it ? Where I can get it from ? How is it more safer than standrad encrypted wallet ?

Think of it like adding an additional lock to your front door.
Standard address only needs one key to get inside.
Multisig addresses can require M of N keys to get inside. (i.e. 2 of 3, or 3 of 5, 4 of 20, whatever/etc).

Here's a good written tutorial:http://sx.dyne.org/multisig.html

D'Angelo goes over them with his blackboard series:  https://www.youtube.com/watch?v=zIbUSaZBJgU
There's also this guy:  https://www.youtube.com/watch?v=ZKRLJGBMqWo

Now I understand. Instead of "breaking" only 1 "lock", the attacker should "break multiple locks" in order to gain full control of my wallet. Well that seems to be a pretty good thing if you have a large stash that needs some hiding. But I think I'll still use the paper wallet one for now. Anyways, thanks for the links and the information.

[boopy265420]

Multi signature is good option for those who can not store their Bitcoins in cold storage as paper wallet is safe but same time is very risky to take care good care of that paper. I think it is more better mix your Bitcoins by using some mixer service and keep them in your wallet which to be installed in some device which has less contact with internet.

[crazyearner]

Multi signature is good option for those who can not store their Bitcoins in cold storage as paper wallet is safe but same time is very risky to take care good care of that paper. I think it is more better mix your Bitcoins by using some mixer service and keep them in your wallet which to be installed in some device which has less contact with internet.

Not ahd to take care of it. Simply laminating it and sealing up so water and air tight and the need something to unseal is what I do and job done never let me down yet. Why would you want to mix your coins unless want true anonymity with them so no trace but still waste time to mix coins if spending or using in later months to come or for other reason I could understand but odd to mix without reason.

[Jybrael]

Well I am new to the Cryptocurrency world...so I don't fully understand the meaning behind Coldstorage. Have read that word a lot in many different threads...just never got the guts to ask...What exactly is cold storage?