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Author Topic: Best current cold storage method  (Read 4406 times)
BitcoinBullion
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November 03, 2015, 02:33:39 AM
 #21

I will most likely buy a trezor.  How serious do I need to be in the meantime?  Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
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gentlemand
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November 03, 2015, 02:37:37 AM
 #22

I will most likely buy a trezor.  How serious do I need to be in the meantime?  Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?

I reckon so. The machine you access it with will always be a weak point in terms of security. Almost anything is better than that. You could create a paper wallet right now or if you have a mobile phone there are some good wallets like Mycelium for android or Breadwallet for IoS. There are also desktop wallets like Electrum.

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November 03, 2015, 02:43:56 AM
 #23

I will most likely buy a trezor.  How serious do I need to be in the meantime?  Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?

A week or two ago price per coin was almost $100 usd cheaper. i know the feeling of fomo, but going in heavy right now while price is surging is not best strategy imo. perhaps dollar cost averaging buying smaller amounts weekly or monthly? just something to consider. please also note about change address if you use paper wallet
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November 03, 2015, 02:44:12 AM
 #24

I will most likely buy a trezor.  How serious do I need to be in the meantime?  Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.














 

 

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eGuru
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November 03, 2015, 02:49:24 AM
 #25

Is there a good link to read more on multi-sig? Trying to educate myself as much as possible.

<<<A blind beaver can still find a log>>>
BitcoinBullion
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November 03, 2015, 02:53:58 AM
 #26

Quote

A week or two ago price per coin was almost $100 usd cheaper. i know the feeling of fomo, but going in heavy right now while price is surging is not best strategy imo. perhaps dollar cost averaging buying smaller amounts weekly or monthly? just something to consider. please also note about change address if you use paper wallet

I know, I was meaning to get into BTC a few weeks ago, and of course it starts surging.  What would be the point of cost averaging?  I have extra USD sitting around that I want invested in something.

Quote
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.

I meant the blockchain.info wallet.  So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
gentlemand
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November 03, 2015, 02:56:04 AM
 #27


I know, I was meaning to get into BTC a few weeks ago, and of course it starts surging.  What would be the point of cost averaging?  I have extra USD sitting around that I want invested in something.


You spread your outlay over multiple price levels. It may explode or sag back to the mid 200s. No one can guarantee anything but cost averaging smooths out those bumps.

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November 03, 2015, 02:57:23 AM
 #28

I will most likely buy a trezor.  How serious do I need to be in the meantime?  Lets say I buy 5k BTC tonight, is it foolish to keep it in Blockchain until I receive the trezor?

Personally I would not store more than one bitcoin in any online wallet. If you order a Trezor tonite and choose DHL shipping you will have it in two or three days.

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November 03, 2015, 03:08:41 AM
 #29

spend it all now asap, next bubble will have us @ 2k usd per btc by end of November. Bitstamp, okcoin, huobi, bitfinex, etc

Tip Jar: 1kyugddNoabThZka1dCZApQK8csVkUVLq
Plento
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November 03, 2015, 03:34:11 AM
 #30

Trezor or Armory, I think.
ranochigo
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November 03, 2015, 03:36:10 AM
 #31

Quote
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.

I meant the blockchain.info wallet.  So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
Don't ever use blockchain.info wallet. If you're going to order Trezor, the best choice was to choose a SPV client like Multibit and Electrum. Arguably Bitcoin Core would be the best choice but it would be more viable over the long term, not the short term. It takes too much time to synchronize.














 

 

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BitcoinBullion
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November 03, 2015, 03:56:28 AM
 #32

Quote
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.

I meant the blockchain.info wallet.  So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
Don't ever use blockchain.info wallet. If you're going to order Trezor, the best choice was to choose a SPV client like Multibit and Electrum. Arguably Bitcoin Core would be the best choice but it would be more viable over the long term, not the short term. It takes too much time to synchronize.

Is it safe to use Electrum while I wait for Trezor?  And which exchange should I buy from?
Plento
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November 03, 2015, 04:11:03 AM
 #33

Yes, that should be safe.
BitcoinBullion
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November 03, 2015, 05:15:43 AM
 #34

Hate to have to ask, but when I google trezor there are two sites with it.  One is https://www.bitcointrezor.com/  and the other is satoshilabs.com/trezor/  is it the same thing?

Edit: There also is an electrum.com and electrum.org.  I DLed the wallet from the .org, hope im ok.
yurinov
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November 03, 2015, 07:56:02 AM
 #35

i think that simple paper wallet is best method. print private key, wipe all online existence.
omahapoker
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November 03, 2015, 08:06:44 AM
 #36

Is there a good link to read more on multi-sig? Trying to educate myself as much as possible.

http://docs.electrum.org/en/latest/multisig.html

&

http://blog.coinkite.com/post/102291566521

is  a good start.

I recommend and use a Hardware wallet, Trezor, Keepkey or Ledger.
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November 03, 2015, 10:59:54 AM
 #37

Is there a good link to read more on multi-sig? Trying to educate myself as much as possible.

http://docs.electrum.org/en/latest/multisig.html

&

http://blog.coinkite.com/post/102291566521

is  a good start.

I recommend and use a Hardware wallet, Trezor, Keepkey or Ledger.

Nice guide thank you for this.
ranochigo
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November 03, 2015, 12:30:33 PM
 #38

Quote
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.

I meant the blockchain.info wallet.  So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
Don't ever use blockchain.info wallet. If you're going to order Trezor, the best choice was to choose a SPV client like Multibit and Electrum. Arguably Bitcoin Core would be the best choice but it would be more viable over the long term, not the short term. It takes too much time to synchronize.

Is it safe to use Electrum while I wait for Trezor?  And which exchange should I buy from?
Yes. Electrum is an open sourced wallet with no vulnerabilities and is fairly fast. However, it is a SPV wallet and does have a downside like all clients. It trusts the miner to enforce Bitcoin rules. When miners mined a block, the full node will check whether it follows the network rule and if it follows the rule, accepting it only if it does. If a few miners mined blocks with invalid rules, your SPV client will accept it as valid while others will not. If the network had a rule change on block version, this problem would exist with older Bitcoin Core versions which is not aware of the rule change.

It isn't a too serious issue right now. The most serious one was with














 

 

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TibanneCat
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November 03, 2015, 01:02:50 PM
 #39

Quote
Blockchain is a ledger. Blockchain.info is a service.

Blockchain.info is very weak in terms of security. They would allow anyone to download your encrypted wallet if the wallet ID is entered correctly if you don't have any 2FA. It's slightly more secure with 2FA but inside attacks is still possible. I would go for hardware wallet or at the very least offline paper wallet of I were to buy 5k BTC.

I meant the blockchain.info wallet.  So if I order the Trezor tonight, In the meantime what is the best course of action and which wallet should I be using?
Don't ever use blockchain.info wallet. If you're going to order Trezor, the best choice was to choose a SPV client like Multibit and Electrum. Arguably Bitcoin Core would be the best choice but it would be more viable over the long term, not the short term. It takes too much time to synchronize.

Is it safe to use Electrum while I wait for Trezor?  And which exchange should I buy from?
Yes. Electrum is an open sourced wallet with no vulnerabilities and is fairly fast. However, it is a SPV wallet and does have a downside like all clients. It trusts the miner to enforce Bitcoin rules. When miners mined a block, the full node will check whether it follows the network rule and if it follows the rule, accepting it only if it does. If a few miners mined blocks with invalid rules, your SPV client will accept it as valid while others will not. If the network had a rule change on block version, this problem would exist with older Bitcoin Core versions which is not aware of the rule change.

It isn't a too serious issue right now. The most serious one was with

I second that and would suggest using the multi-sig feature of Electrum (which uses a 2fa) for additional security.
That would actually be adequately secure for most users who don't own a hardware wallet
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November 03, 2015, 01:13:32 PM
 #40

I personally like to keep it in the form of a paper wallet. It is hidden in a secret place Smiley.
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