ClashBit (OP)
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Love BTC!
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August 05, 2015, 04:59:58 PM |
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Hi,
I am looking to create my own hardware wallet where I can store a good bunch of Bitcoins (100+ BTC) and also have the ability to transfer them fast qith QR codes. I have trezor which is something like this but I thought that it could be a good idea to do something with this spare S5 to create something secure.
How would you do this? I would need it to connect to the internet for transactions but how can I prevent being hacked since its android? Will an Iphone work better?
I know mycellium could do something like this, please be detailed on what is the best setup.
I like paper wallets but they become hard to spend sometimes if needed.
Thanks
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LiteCoinGuy
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August 05, 2015, 05:05:54 PM |
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i cant help you with that but just an adive:
splitting your funds would be more secure than putting 100BTC on your phone.
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ClashBit (OP)
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August 05, 2015, 05:07:54 PM |
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Yes, it wouldn't act as a phone since I have my phone it would be a hardware wallet which will be limited to BTC only I wouldn't install nothing more. I have my regular phone for daily use.
Thanks
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chaoman
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August 05, 2015, 06:19:49 PM |
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why not use the trezor?
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tommorisonwebdesign
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August 05, 2015, 07:32:31 PM |
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Phones aren't really great to use as hardware wallets. I would suggest using tezor, or alternatively you could send the 100 mBTC to a paper wallet for cold storage.
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Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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Delek
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Salí para ver
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August 06, 2015, 01:36:29 PM |
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I will only recommend that only if the S5 runs a full Linux distro natively. Android is a very dynamic OS, an update in his internal .apks or the OS itself can ruin everything your wallet does (permission things, connection capabilities, etc) Another thing to considerate is a full backup routine, maybe every week or something like that. (and I don't know if that will break the "full autonomous hardware wallet" principles)
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jaydipmodhwadia
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August 06, 2015, 01:56:24 PM |
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I would definitely agree using a paper wallet.... More secure plus much more smaller so you can easily hide it away (and forget about it xD)
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Muhammed Zakir
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August 06, 2015, 01:58:26 PM |
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If you are connecting to Internet, it may not be good to store huge amount of Bitcoins in a phone. Actually, IMHO, huge amounts of Bitcoins should be stored in cold storage even if you are a computer geek.
You must wipe your phone completely and start fresh. It's better not to install any app other than the wallet you are using.
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Kasawari
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August 08, 2015, 09:13:45 AM |
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not a good idea i think. what if someone stole you phone?
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Muhammed Zakir
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August 08, 2015, 09:30:46 AM |
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not a good idea i think. what if someone stole you phone?
What if someone stole your paper wallet? What if someone stole your hardware wallet(Trezor, Case, HW1 etc...)?
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gablay12
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August 09, 2015, 10:21:30 AM |
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There will be a risk.You can devide your risks but you can not decrease the total risk.It can be stolen, formatted or lost.
I do not recommend my way but I will just tell what I do.I have hired a safe (deposit box) at a local bank.I have my paper BTC wallets stored there.
Do I have a risk?Yes.If the bank is robbed or a fire takes place my investment is gone.
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The more I meet people, the more I like my dog.
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tspacepilot
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August 10, 2015, 10:03:12 PM |
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So far, all of the folks saying it's not a good idea haven't really said why it would or wouldn't work.
If I were going to do this, I would:
* Install Cyanogenmod and a propery recovery * Go ahead and remove the radio blobs so the phone has no way to connect to cell phone networks
At this point, you're sure that you have a non compromised android. You could then use Andreas Schildbach's bitcoin wallet for andoird as it's an open-source wallet you can check for issues.
Finally, it goes without saying that you'd want to make a backup of the entire device (but especially the private keys).
Okay, so, if this is not a good idea, lets hear why, not just "not a good idea".
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unholycactus
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August 10, 2015, 10:41:25 PM |
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I think it would be smarter to split your funds between paper wallets and your Trezor device. I guess nothing keeps you from keeping a small amount on your S5 though.
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tspacepilot
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August 10, 2015, 11:40:12 PM |
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I think it would be smarter to split your funds between paper wallets and your Trezor device. I guess nothing keeps you from keeping a small amount on your S5 though.
Surely nothing keeps him from keeping any amount on an S5. But I thought that this thread would be about the technical details of the effort (this is the technical discussion board). Seems like 90% of the posters in this thread just can't help saying "I don't like your idea". But come'on, people, surely someone has a technical opinion if you want to hang out in this board.
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