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Author Topic: Best current cold storage method  (Read 4407 times)
BitcoinBullion
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November 03, 2015, 01:07:36 AM
#1

I have read around some and cant find much that isnt a few years old.

Im new to BTC and was going to keep a few hundred $ worth on blockchain.info to spend and then invest in a few thousand $ in an offline manner.  Is a paper wallet the best bet?  I am not very tech savvy.  Also where is the best exchange to buy from?  Thanks in advance.
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peonminer
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November 03, 2015, 01:10:09 AM
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just multisig, cold storage is so 2011

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November 03, 2015, 01:28:16 AM
#3

I have read around some and cant find much that isnt a few years old.

Im new to BTC and was going to keep a few hundred $ worth on blockchain.info to spend and then invest in a few thousand $ in an offline manner.  Is a paper wallet the best bet?  I am not very tech savvy.  Also where is the best exchange to buy from?  Thanks in advance.

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

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November 03, 2015, 01:33:28 AM
#4

just multisig, cold storage is so 2011

With what wallet and is it easy to do?

Quote

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

Id definitely spend the $100 and get that as long as it is easy/simple to use.  Is that pretty much the best option? How much better is it than multisig?
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November 03, 2015, 01:35:44 AM
#5

Copy your encrypted wallet.dat onto multiple USB sticks, and put them in safes, and leave one off-site with a trusted family member - Do not share your password with anyone.
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November 03, 2015, 01:44:44 AM
#6

just multisig, cold storage is so 2011

With what wallet and is it easy to do?

Quote

I do not think a paper or multisig wallet is your best option. The most secure way to hold your bitcoin and still conveniently make transactions is by using a bitcoin hardware wallet for bitcoin cold storage, which is keeping the private keys of your bitcoin offline and safe from theft. Cold storage used to require two computers, some still do it that way but hardware wallets like Trezor and Ledger are the way to go. I have used all of them and prefer Trezor. Suggest you take the time to read the Trezor user manual and see if you like it also.

Id definitely spend the $100 and get that as long as it is easy/simple to use.  Is that pretty much the best option? How much better is it than multisig?

I do not care for multisig wallets. I want to take sole possession of the private keys to bitcoin I own. With a Trezor when you set it up you are given a 24 word seed. Store that seed in a safe place and you can stomp on your Trezor or lose it and recover your bitcoin with no problem. Trezor has been available for two years now, well tested and reviewed.

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November 03, 2015, 01:52:49 AM
#7

Best current cold storage method
In my opinion, your brain.

1.Pick a random 256 bit number.
2.Memorize it.
3.Compute the bitcoin address in your brain... Or on a computer or device that is disconnected from internet if you cannot compute by mind.
4.Burn that computer, then destroy it.
5.Now you can send bitcoin to that address.  Smiley

Tips: Train the private key on your mind every day at regular intervals. So you won't forget it.

Thats just over the top, not even the most gifted people can do this.

There are people who can memorize books, perform big math in their brains, but this is just too much for even them.

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November 03, 2015, 01:56:14 AM
#8

I'm still perfectly content with paper. I wouldn't trust flash memory or my brain.

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November 03, 2015, 01:59:15 AM
#9

I'm still perfectly content with paper. I wouldn't trust flash memory or my brain.

But flash memory and brain is fire resistant (if you dont put it near fire)

Paper can easily burn if you have a house fire.

There are many electric items in my house that can catch fire anytime, I dont want it to burn down my private key.

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November 03, 2015, 02:00:28 AM
#10

Best current cold storage method
In my opinion, your brain.

1.Pick a random 256 bit number.
2.Memorize it.
3.Compute the bitcoin address in your brain... Or on a computer or device that is disconnected from internet if you cannot compute by mind.
4.Burn that computer, then destroy it.
5.Now you can send bitcoin to that address.  Smiley

Tips: Train the private key on your mind every day at regular intervals. So you won't forget it.
Copy your encrypted wallet.dat onto multiple USB sticks, and put them in safes, and leave one off-site with a trusted family member - Do not share your password with anyone.
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gentlemand
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November 03, 2015, 02:02:39 AM
#11


But flash memory and brain is fire resistant (if you dont put it near fire)

Paper can easily burn if you have a house fire.

There are many electric items in my house that can catch fire anytime, I dont want it to burn down my private key.

You can get fireproof envelopes for storing lipo batteries. They're designed to contain an explosion. Is flash fire resistant? I woulda thought you'd have a bit of difficulty accessing anything if all the plastic surrounding it had turned to sludge, that's if you manage to find it in the first place.

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November 03, 2015, 02:06:18 AM
#12


But flash memory and brain is fire resistant (if you dont put it near fire)

Paper can easily burn if you have a house fire.

There are many electric items in my house that can catch fire anytime, I dont want it to burn down my private key.

You can get fireproof envelopes for storing lipo batteries. They're designed to contain an explosion. Is flash fire resistant? I woulda thought you'd have a bit of difficulty accessing anything if all the plastic surrounding it had turned to sludge, that's if you manage to find it in the first place.

My flash stick is metalic, and it has a metal cover, i doubt it would burn , but i dont know if the heat would destroy data.

Thats why i keep it in another metal box with insulation to not get heated. Its better that way.

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November 03, 2015, 02:08:35 AM
#13

if i were you, Id just stick to paper wallets.They're so simple yet so secure, only way someone will steal yoour coins is if they get a hold of that paper. and if you're scared of fires and stuff like that. just back up your wallet on a usb and store it in your bank locker.
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November 03, 2015, 02:10:42 AM
#14

if i were you, Id just stick to paper wallets.They're so simple yet so secure, only way someone will steal yoour coins is if they get a hold of that paper. and if you're scared of fires and stuff like that. just back up your wallet on a usb and store it in your bank locker.

There arent bank locker services at nearby banks.

There are no banks in my city that offer this service. I`d have to go to another city to find a bigger bank that do that.

gentlemand
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November 03, 2015, 02:12:00 AM
#15

Safe deposit boxes are a dying breed everywhere. I can't think of one within 50 or more miles of me.

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November 03, 2015, 02:12:41 AM
#16

just multisig, cold storage is so 2011

If you create your private keys on a compromised networked computer, it doesn't matter how many of them you create. Wink

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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November 03, 2015, 02:14:37 AM
#17

Safe deposit boxes are a dying breed everywhere. I can't think of one within 50 or more miles of me.

Yep people dont have any more capital to protect, only debt.

People are too dumb to protect their capital, so they dont have any, only debt.

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November 03, 2015, 02:23:38 AM
#18

In my opinion, Trezor would be your best choice if you're going for a most secure hardware wallet. The only downside is that it does cost over $100.

Multisig is an address which starts with 3 and it only spends the coin from the address if n-of-m of the keys are signed. It does prevent against both physical and malware attacks. Do place them in different geographical locations. Create the wallet using an open-sourced offline script Don't sign them all at one computer as this would expose n of the keys to the attacker.

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peonminer
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November 03, 2015, 02:23:49 AM
#19

just multisig, cold storage is so 2011

If you create your private keys on a compromised networked computer, it doesn't matter how many of them you create. Wink
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November 03, 2015, 02:27:48 AM
#20

if you are investing a few thousand dollars, it would be worth it to purchase a trezor

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