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Author Topic: Best current cold storage method  (Read 4406 times)
ranochigo
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November 06, 2015, 01:23:22 AM
 #81

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.














 

 

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1513575773
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Parazyd
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November 06, 2015, 01:35:32 AM
 #82

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy
ranochigo
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November 06, 2015, 02:03:40 AM
 #83

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy
There are various illness which can cause the loss of memory, you would not be able to remember the passphrase if you do lose your memory. Sad

The attack the paper wallets are most susceptible to is physical theft. The person would have to first get your encrypted private key first before even try to crack it.














 

 

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BitcoinBullion
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November 08, 2015, 12:24:04 AM
 #84

Ended up signing up for Gemini.  Waiting on the bank confirmation but so far I like the dashboard and they allow wires.
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November 08, 2015, 03:48:01 AM
 #85

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy
There are various illness which can cause the loss of memory, you would not be able to remember the passphrase if you do lose your memory. Sad

The attack the paper wallets are most susceptible to is physical theft. The person would have to first get your encrypted private key first before even try to crack it.

Ah, I like to think I'm still young enough not to forget my passphrases Cheesy
And your paper wallet is still not usable to someone who steals it if the key is BIP38-d. So, make a few encrypted backups and you're good to go.
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November 09, 2015, 06:54:36 AM
 #86

So I got my Trezor all set up now.  Is that all I need or are people backing up a Trezor with additional methods?
ranochigo
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November 09, 2015, 08:18:58 AM
 #87

So I got my Trezor all set up now.  Is that all I need or are people backing up a Trezor with additional methods?
That's pretty much all you need. As long as you don't lose the seed, you would be able to restore all the keys with it. Keep it somewhere safe.














 

 

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spazzdla
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November 09, 2015, 03:47:47 PM
 #88

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy

 I lost .5 BTC not writing it  down.....

it's really bad plan to do that.

Write it down in 3 pecies and put them in 3 different spots or something.. not writting it down is a great way to see them gone forever.
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November 09, 2015, 04:14:43 PM
 #89

So I got my Trezor all set up now.  Is that all I need or are people backing up a Trezor with additional methods?
That's pretty much all you need. As long as you don't lose the seed, you would be able to restore all the keys with it. Keep it somewhere safe.

Note that your PIN protects your bitcoin from theft in case your Trezor is lost or stolen. However, there is no protection if anyone gets your 24 word seed in the proper order unless you also use passphrase encryption. Using a wallet behind a passphrase on a PIN protected Trezor is as secure as it gets. The wallet you use is really of little consequence. The myTrezor web wallet works fine as does latest Electrum.

A privacy issue for some is the fact that Trezor will export your xpub to myTrezor and Electrum servers when you connect to them. If that is a concern you could run your own Electrum server or wait until a wallet that requires a full node like Armory has Trezor support.

pereira4
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November 09, 2015, 04:25:22 PM
 #90

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

I am for some reason extremely paranoid of storing in paper wallets long term. I have the feeling that I would eventually screw up. That I would lose the paper, unless I did a ton of copies or something. But something could happen, like a flood, or some guy going into my house and stealing it or something. With digital copies, you can have thousands of copies anywhere you like, and encrypted and hidden so they don't even show up as a wallet file.. seems more safe to me than some piece of paper.

mezzomix
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November 09, 2015, 04:30:16 PM
 #91

You can store a BIP38 encrypted "paper" wallet as digital copy (image, text document, PDF) too.
Velkro
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November 09, 2015, 04:30:39 PM
 #92

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 would still choose paper wallet. Multisig is problematic because you could forgot where are your "parts" of private key.
Laminated paper wallet is best solution there is

Bad Uncle
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November 09, 2015, 04:34:38 PM
 #93

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy

How is it not safe? If you don't write it down you run a serious risk of forgetting it. If you write it down on a random page in a book on your shelf someone is hardly going to find it. I would even go as far as to copy private keys as well just incase something fucks up.
ranochigo
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November 10, 2015, 04:13:52 AM
 #94

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

I am for some reason extremely paranoid of storing in paper wallets long term. I have the feeling that I would eventually screw up. That I would lose the paper, unless I did a ton of copies or something. But something could happen, like a flood, or some guy going into my house and stealing it or something. With digital copies, you can have thousands of copies anywhere you like, and encrypted and hidden so they don't even show up as a wallet file.. seems more safe to me than some piece of paper.
To prevent such damage from theft or natual disasters, use a reinforced safe that is both water and fireproof. You can encrypt your paper wallets too, no problem, there is even a BIP on that. With digital copies, it is much more suseptible to corruption and theft. Even with the wallet files renamed, it is still a very expensive method.














 

 

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lumeire
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November 10, 2015, 10:38:21 AM
 #95

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy

You end up at risk of losing everything if something bad happens to you. Better write it down or have it printed, then store in air tight sealed container then lock it up in a safe. At least you can have your kin to inherit it someday. Smiley

iram66680
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November 10, 2015, 10:52:35 AM
 #96

Do you guys BIP38 your paper wallets?
I do. BIP38 is a important feature in paper wallets. It protects against theft of your Bitcoin and is relatively hard to crack if you use a strong one. However, you do have to remember the password. The best practice is to write it down and keep it somewhere safe.

It's not safe to write down your passphrase. Then it's like you don't even have it. I rather make and remember my passphrases as a sentence, and I add a few symbol characters. So with a password of 30+ chars it gets uncrackable in my lifetime. Which is OK Cheesy

You end up at risk of losing everything if something bad happens to you. Better write it down or have it printed, then store in air tight sealed container then lock it up in a safe. At least you can have your kin to inherit it someday. Smiley
Who is going to know the key to your safe then? Just use a multi-signature address and give it to a few of your kins and it is harder for any of them to steal and easier for them to find.

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November 10, 2015, 11:00:19 AM
 #97

Who is going to know the key to your safe then? Just use a multi-signature address and give it to a few of your kins and it is harder for any of them to steal and easier for them to find.

Depends how close you are to your family. I'd probably trust my immediate family - but I don't know my extended family that well so I wouldn't put it past them to collude and steal and just claim ignorance.

Best solutions are cold storage (if you plan on using them sometime in the relative short term i.e 6 months) or just multi-signature if you don't need them anytime soon (i.e. couple of years all the way to your lifetime). If you have a soft copy that should always be encrypted and if your having a paper wallet in a non-guaranteed safe location then BIP38 is pretty necessary IMO.
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November 10, 2015, 11:03:38 AM
 #98

Bank Vault. Paper Wallet. With brother as a co-sign if I get hit by a truck.

If the bank sinks into a sinkhole or a volcano erupts under it or something, well then the cyrpto gods hate me ..and that will be that Smiley

So it works as long term holder...this works OR  if it it don't work and/or in 10 years then I can look at those paper wallets and sigh..
.....much like "Beanie Baby Collectors" look at their faded 'collection"

Of course if that happens it means the BANKS win and we have 'closed virtual currency' ...75 buck fees etc on money that they now use 1/10th
the infrastructure for and move $$$ around...that could end badly....they'd be 'trillionaires' if they are billionaires now that is..ie they win ...open crypto loses that is Sad

You just KNOW fees etc would stay the same! All that money! No cost to move it! WIN!

The only trouble that Banks and Finance have with Bitcoin and Crypto is 2 fold:

1) They did not think of it first.

2) It was not patented. If it was patented.they could find out who controlled it, even if they did not invent it, and make him an offer he could not refuse for that kinda money Smiley

(ie convo: Banks to Satoshi ..How would you like to own your own Space Station to visit ..hell they'd still be $$$$ ahead under such a scenario) (er i digress)...

Heh just slammed banks and my paper wallets are in bank..no biggie IRS already knows about my mining that ship has sailed ) Sad

Anyway no fuss, no mess ..if the bank gets hit by meteorite..well the ASIC Miner Gods hate me..proof enough Smiley Anyway how I do it.

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deos33
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July 28, 2017, 11:46:23 AM
 #99

What do you think of installing the desktop wallet on an external hardrive and keep it always offline in a drawer then get it online only for occasional use ?
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July 29, 2017, 03:24:55 PM
 #100

What do you think of installing the desktop wallet on an external hardrive and keep it always offline in a drawer then get it online only for occasional use ?
well I know all is just that bitcoin is a super currency in which you can keep your everything secret no one will be able to know how much bitcoin you have and how much you spent and where you spent now there are a lot of hardware wallet that are being use for the security of the bitcoin so I think if you will keep your bitcoin save in a wallet then you do not need to be worry, you can keep it where ever you want for long time.

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