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Author Topic: What is the cold storage wallet?  (Read 1959 times)
Phuminh
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July 08, 2015, 02:59:36 PM
 #1

Hi everyone

What is the cold storage wallet?

And how to do that?

Thanks in advance.
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July 08, 2015, 03:10:18 PM
 #2

Hi everyone

What is the cold storage wallet?

A wallet is considered cold if it is kept offline without any internet connection. In order to broadcast transactions and keep up to date on your balances you also need a watch only wallet that is online, but does not have the private keys in order to sign a transaction. The watch only wallet creates the transaction, but cant sign it. You transfer it to the offline computer (e.g. via QR-code or USB-stick), sign it there and transfer it back for broadcasting.


And how to do that?

Thanks in advance.

#1 get additional computer
#2 install software
#3 dont go online

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July 08, 2015, 04:45:19 PM
 #3

A properly done paper wallet is hard to beat.  You have to treat it safely and do it at home.

Also store it in a safe area. And make a backup do not just have one copy.  But if done properly a paper wallet an be hard to beat.
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July 08, 2015, 04:51:17 PM
 #4

Hi everyone

What is the cold storage wallet?

And how to do that?

Thanks in advance.

For more clear info: https://en.bitcoin.it/wiki/Cold_storage

Use paper wallet is cheap and of course secure.
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July 08, 2015, 05:10:46 PM
 #5

most likely a hardware wallet is save enough too:

https://bitcointalk.org/index.php?topic=899253.0

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July 08, 2015, 05:32:20 PM
 #6

Cold storage wallets are wallets that aren't connected to the internet to prevent being compromised. Cold storage wallets usually contain a large amount of bitcoins and is purposely done so as to prevent someone from spending it and only keeping it for long-term. It comes in several forms, though the most widely-used form is the paper wallet which could be printed and be kept somewhere safe. Hardware wallets are also a thing, and it is also a cool and secure way to keep your bitcoins. Suggestion for a hardware wallet: Trezor.

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July 08, 2015, 05:35:27 PM
 #7

So that's a cold wallet means.

I always read that term together with hot wallet in multiple sections of this forum.

Thanks OP for asking this and for those posters who replied and give information for us new.

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July 08, 2015, 06:56:29 PM
 #8

in my case i prefer to have multiple cold storage wallet, so in the event that i need to connect one usb containing the wallet, and thus it became a hot wallet, and in the same time my pc is infected by an obscured wallet stealer, i'll not lose many coins
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July 08, 2015, 08:51:58 PM
 #9

I'll try to explain simply

Cold storage wallet is a wallet that you are not going to use in many times and unless you need it

Hot wallet is the wallet you daily use for your transactions


you can create a cold wallet as simply as creating a paperwallet


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July 08, 2015, 09:54:51 PM
 #10

A cold wallet is basically a wallet that you store offline, so on a usb-stick, hard disk.
By cold wallet it means that no one else but you can access it, so it can't be hacked.
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July 09, 2015, 05:11:45 AM
 #11

Hi everyone

What is the cold storage wallet?

And how to do that?

Thanks in advance.

any wallet that is created on an offline computer (or any other way that does not require a computer) and is kept offline can be called a cold storage.
it is for keeping your bitcoin safe from malware and theft.
depending on what kind of cold storage you want to use, making one can be different. easiest in my opinion is using an always offline computer and generate a wallet with Electrum.
there are step by step tutorials of creating cold storage (different ones) on the internet if you search.

i liked this thread for all the information it has in one place:
https://bitcointalk.org/index.php?topic=858604.0


most likely a hardware wallet is save enough too:

https://bitcointalk.org/index.php?topic=899253.0

but it is not free Wink

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July 09, 2015, 04:23:55 PM
 #12

A cold wallet is basically a wallet that you store offline, so on a usb-stick, hard disk.
By cold wallet it means that no one else but you can access it, so it can't be hacked.

So what if the flash drive gone or got corrupted and you don't store any copy of backup in other drive? Does it retrievable?

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July 09, 2015, 04:32:17 PM
 #13

A cold wallet is basically a wallet that you store offline, so on a usb-stick, hard disk.
By cold wallet it means that no one else but you can access it, so it can't be hacked.

So what if the flash drive gone or got corrupted and you don't store any copy of backup in other drive? Does it retrievable?

Cold wallet is not "storing in a USB". Cold wallets means storing Bitcoins in a wallet which is not accessible connected to Internet(completely offline).

No. It is not retrievable but sometimes, you might be able to recover files from your USB stick. I highly recommend you to either create a second(digital) backup or print private keys.

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July 09, 2015, 04:35:42 PM
 #14

A cold wallet is basically a wallet that you store offline, so on a usb-stick, hard disk.
By cold wallet it means that no one else but you can access it, so it can't be hacked.

So what if the flash drive gone or got corrupted and you don't store any copy of backup in other drive? Does it retrievable?

Cold wallet is not "storing in a USB". Cold wallets means storing Bitcoins in a wallet which is not accessible connected to Internet(completely offline).

No. It is not retrievable but sometimes, you might be able to recover files from your USB stick. I highly recommend you to either create a second(digital) backup or print private keys.


PC > Offline Wallet (a file) > Flash Drive / Hard Drive > Is this how it goes? So it have a file extension? Damn sorry I have many questions. Sad

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July 09, 2015, 04:39:31 PM
 #15

A cold wallet is basically a wallet that you store offline, so on a usb-stick, hard disk.
By cold wallet it means that no one else but you can access it, so it can't be hacked.

So what if the flash drive gone or got corrupted and you don't store any copy of backup in other drive? Does it retrievable?

Cold wallet is not "storing in a USB". Cold wallets means storing Bitcoins in a wallet which is not accessible connected to Internet(completely offline).

No. It is not retrievable but sometimes, you might be able to recover files from your USB stick. I highly recommend you to either create a second(digital) backup or print private keys.


PC > Offline Wallet (a file) > Flash Drive / Hard Drive > Is this how it goes? So it have a file extension? Damn sorry I have many questions. Sad

What goes?

Three ways are:

 • Storing private keys in a completely offline hard disk and/or USB.
 • Printing or writing down private keys.
 • Memorize private key(s).

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July 09, 2015, 04:44:13 PM
 #16


What goes?

Three ways are:

 • Storing private keys in a completely offline hard disk and/or USB.
 • Printing or writing down private keys.
 • Memorize private key(s).

I mean what's those private keys look like when stored in offline hard disk or USB's? Like a file ? So it have file extensions?

Simple copying that "file" to other drive/usb can not became a backup? Or backup must do manually to other drive?

Thanks for the answer.

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July 09, 2015, 06:14:52 PM
 #17

-snip-

I mean what's those private keys look like when stored in offline hard disk or USB's? Like a file ? So it have file extensions?

When you export the private key, the file is usually looks like "wallet.dat"


Simple copying that "file" to other drive/usb can not became a backup? Or backup must do manually to other drive?

Thanks for the answer.

Just copying and save the file carefully, and you can import it, https://en.bitcoin.it/wiki/How_to_import_private_keys (actually it's easy step, just go to the wallet, find an import button and choose the file).

CMIIW.
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July 10, 2015, 08:06:14 AM
 #18

if i have a paper wallet, how can i re-use it online?  Huh Roll Eyes or what is a paper wallet??
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July 10, 2015, 08:57:18 AM
 #19

if i have a paper wallet, how can i re-use it online?  Huh Roll Eyes or what is a paper wallet??

You can put it in a wallet to use online.   Normally it would be on a paper with private key/qr code.  And yes it can be re-used.  But I would spread money out not just in one.


Here is a example - https://blockchain.info/wallet/paper-tutorial
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July 10, 2015, 09:00:35 AM
 #20

if i have a paper wallet, how can i re-use it online?  Huh Roll Eyes or what is a paper wallet??

You can put it in a wallet to use online.   Normally it would be on a paper with private key/qr code.  And yes it can be re-used.  But I would spread money out not just in one.


Here is a example - https://blockchain.info/wallet/paper-tutorial
Thank you very much, i understood it now Cheesy
Great link.. cheers.
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