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Author Topic: What is the safest and simplest way to keep bitcoins?  (Read 7638 times)
notlist3d
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October 01, 2015, 10:08:06 PM
 #81

Except that if I want to save a considerable amount of money, but in bitcoins.

Then print a paper wallet, put it into a safe place and move your bitcoins there.
if I create a paper wallet and move my bitcoin there then how can I send bitcoin to someone if I need to? what do I do to use it?
Paper wallet is safe but is not as user friendly as offline computer. Mycelium has a feature which allows you to spend money from your paper wallet by scanning a Qr code. However, it would not exactly qualify as safe if you were to use your phone which you use daily as it would be exposed to the internet. Buying an android phone isn't viable as purchasing a raspberry pi and install electrum on it.

The more I hear ideas, the more I get pushed to the idea that hardware wallets are the way to go (like Trezor). Even the pi can be exploited.

Only if you do something wrong with the PI.  Such as searching online with it and using it as not a cold storage device.   If you use a pi as storage chances are it should be offline.

I suppose it's possible a computer on network is infected and it get's to pi when it's plugged in temporary. But will not happen to often on this.

As far as cold wallets paper still beats pi on security.  You can not hack a paper (as long as it's done right).
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October 01, 2015, 11:12:14 PM
 #82

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.
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October 01, 2015, 11:52:22 PM
 #83

You have to own your personal wallet with the private key and keep it , that's the safest method to keep your bitcoins as safe as possible
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October 01, 2015, 11:53:56 PM
 #84

Paper wallet or a hardware wallet like a trezor or similar.

If you are reading this,  you have too much time on your hands hahaha! If you're still reading this consider sending me some btc to my wallet on my profile.  Pennies make dollars and dollars make my life more interesting.  Seriously though stop reading this! LOL
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October 02, 2015, 09:14:28 AM
 #85

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.


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ranlo
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October 03, 2015, 03:51:58 AM
 #86

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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rickadone
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October 03, 2015, 04:27:57 PM
 #87

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

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October 03, 2015, 05:44:36 PM
 #88

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

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October 03, 2015, 07:34:14 PM
 #89

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

I think outdoors idea is not the greatest idea.  I think something a little secure like a safe or bank security box beats the heck out of outside.  If one person saw you get the can or whatever it is out of side it is compromised.  And you might not even know they saw you.

Only way it is really safe is lets say you store a USB drive that is encrypted very well, then put it outside.  The layer of encryption makes it where even if someone found it at least they don't get the contents assuming you did encryption right.
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October 03, 2015, 11:30:05 PM
 #90

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

Simplest way to keep SAFE is actually not printing a paper wallet -- it's coming up with your own long pass code. Something like "When I was nine, I fell off my bike on the way home from school" -- things like this are almost guaranteed not to get cracked. And then you need no paper wallet because you just input your code when you need to send funds.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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notlist3d
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October 04, 2015, 12:21:40 AM
 #91

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

Simplest way to keep SAFE is actually not printing a paper wallet -- it's coming up with your own long pass code. Something like "When I was nine, I fell off my bike on the way home from school" -- things like this are almost guaranteed not to get cracked. And then you need no paper wallet because you just input your code when you need to send funds.

On paper wallet I highly suggest if someone uses them to get rid of some of the nicer designs.  Just keep what you need (just cut with scissors) don't have bitcoin written all over it as I still don't think standard thief will know bitcoin QR code.  Could even put something to mislead them like "Family Pictures" with the QR, etc needed.  Chances are they could care less on family pictures if that's what they think it is.

Also you could use a usb stick with paper wallet stored on it.  Put encryption with passphrase like  Ranlo mentioned.  He is very right a passphrase is very very hard to a bad guy to brute force compared to password just a LOT more possibilities.
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October 04, 2015, 05:02:52 AM
 #92

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

Simplest way to keep SAFE is actually not printing a paper wallet -- it's coming up with your own long pass code. Something like "When I was nine, I fell off my bike on the way home from school" -- things like this are almost guaranteed not to get cracked. And then you need no paper wallet because you just input your code when you need to send funds.

On paper wallet I highly suggest if someone uses them to get rid of some of the nicer designs.  Just keep what you need (just cut with scissors) don't have bitcoin written all over it as I still don't think standard thief will know bitcoin QR code.  Could even put something to mislead them like "Family Pictures" with the QR, etc needed.  Chances are they could care less on family pictures if that's what they think it is.

Also you could use a usb stick with paper wallet stored on it.  Put encryption with passphrase like  Ranlo mentioned.  He is very right a passphrase is very very hard to a bad guy to brute force compared to password just a LOT more possibilities.

With my method, you have no trace. You don't need paper, a USB stick, or even a PC. You simply use the passphrase to sign transactions when needed. Nobody can steal what they can't see, even if you're robbed.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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October 04, 2015, 05:16:00 AM
 #93

Some people discussing about burying the private key in garden. Must be a joke.
Simplest way must be a password protection. The most secure way may be the hardware wallet.

Actually, hiding the private key in the garden is not a bad idea, as long as it's stored correctly.  People are crazy about their bitcoins
Simplest way to keep bitcoins SAFE is to generate and print a paper wallet offline, or keep the bitcoins on an offline computer. 

Simplest way to keep SAFE is actually not printing a paper wallet -- it's coming up with your own long pass code. Something like "When I was nine, I fell off my bike on the way home from school" -- things like this are almost guaranteed not to get cracked. And then you need no paper wallet because you just input your code when you need to send funds.

On paper wallet I highly suggest if someone uses them to get rid of some of the nicer designs.  Just keep what you need (just cut with scissors) don't have bitcoin written all over it as I still don't think standard thief will know bitcoin QR code.  Could even put something to mislead them like "Family Pictures" with the QR, etc needed.  Chances are they could care less on family pictures if that's what they think it is.

Also you could use a usb stick with paper wallet stored on it.  Put encryption with passphrase like  Ranlo mentioned.  He is very right a passphrase is very very hard to a bad guy to brute force compared to password just a LOT more possibilities.

With my method, you have no trace. You don't need paper, a USB stick, or even a PC. You simply use the passphrase to sign transactions when needed. Nobody can steal what they can't see, even if you're robbed.

To simply put, a brainwallet. It works great if the passphrase you've chosen is really random and can't be guessed or isn't contained in some libraries. Smiley

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October 04, 2015, 05:40:31 AM
 #94

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.
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October 04, 2015, 06:12:24 AM
 #95

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.

Rolling dice can also be done in a pattern, so you're still not achieving much. There's no *true* way to create a random number. Everything has some bias.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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CanIHazBitcoin777
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October 04, 2015, 06:21:02 AM
 #96

1) Create a bitcoin private key by rolling dice
2) transform into an address
3) write down the private key into a piece of paper
4) put the paper in a box
5) bary the box in your garden
6) only take it out when you need it.

regarding step 1: what exactly do you mean with 'create a bitcoin private key by rolling dice' ? i have never heard of anything like that when creating a private key.

I also do not know how to create a bitcoin address using the rolling dice.
Burying in garden may result in destroying the private key which may lead to burn off your hard earned bitcoin.
Encrypt your wallet with a strong address. That's enough to keep your private keys safe.

Yes but you get the randomness from outside. Because the random number generator could be weak. Dice roll is pretty good.

What he said doesn't really make sense. Bitcoin private keys have to be created a certain way, not by simply throwing down random letters/numbers.

Rolling dice can also be done in a pattern, so you're still not achieving much. There's no *true* way to create a random number. Everything has some bias.

Yea but a roll dice is atleast unknown.

Weak RNG doesnt mean it doesnt generate random number, it means it generates random number based on a patter that a hacker can exploit.

Good RNG is generated with no pattern.
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October 04, 2015, 07:08:13 AM
 #97

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.
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October 04, 2015, 11:25:21 AM
 #98

I recently got myself a trezor so i am hoping this would help that small bit for security
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October 04, 2015, 11:26:52 AM
 #99

There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee
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October 04, 2015, 11:54:22 AM
 #100

There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee

IMO storing your bitcoins in an online site specially in those you wont have control over your private keys is very risky. it is better to use blockchain.info instead of xapo if you dont own a desktop computer or maybe use mycelium if you have mobile so you have full control over your private keys



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