cold storage questions

[Antonioz]

hey guys, I decided to move my btc to a cold storage, would you recommend a paper wallet or a device like ledger? I was looking into both. I'm not sure I fully understand the paper wallet thing: would that be linked to a specific website or where would the address come from? I checked bitaddress.org, once I have a paper wallet is it tied to that website only? what if that goes down in the future then how would I be able to access my btc? and even if it's not tied to a specific website, how do I know the paper wallet system will still work in some years? also would there be a way to monitor my balance for example from an app or something? thank you!

[andreld]

hey guys, I decided to move my btc to a cold storage, would you recommend a paper wallet or a device like ledger? I was looking into both. I'm not sure I fully understand the paper wallet thing: would that be linked to a specific website or where would the address come from? I checked bitaddress.org, once I have a paper wallet is it tied to that website only? what if that goes down in the future then how would I be able to access my btc? and even if it's not tied to a specific website, how do I know the paper wallet system will still work in some years? also would there be a way to monitor my balance for example from an app or something? thank you!

Check out this video, it will answer you all you need to know about cloud or paper wallets.

https://www.youtube.com/watch?v=I1uefzJJ6nM

You will be able to monitor your balance by simply enter the wallet on blockchain.info for example just watch the video my friend you will like it.

[Wusolini]

hey guys, I decided to move my btc to a cold storage, would you recommend a paper wallet or a device like ledger? I was looking into both. I'm not sure I fully understand the paper wallet thing: would that be linked to a specific website or where would the address come from? I checked bitaddress.org, once I have a paper wallet is it tied to that website only? what if that goes down in the future then how would I be able to access my btc? and even if it's not tied to a specific website, how do I know the paper wallet system will still work in some years? also would there be a way to monitor my balance for example from an app or something? thank you!

Remember this:
1 - BTC address is public thing (you can share it, no worries). Anybody can check balance and transaction history of this or any address (you just need to know the addy)
2 - Private Key - is what matters. From this key the address is generated (can be generated anytime) + it allows you to move all the bitcoins controlled by this addy.

Anyone who knows the private key can move all bitcoins from corresponding address!

Personally I don't trust the address generating services ... nothing serious, just because it's another entity who knows the generated private key.
So from my point the total secure paper or cold wallet would have to be generated using brand new device and off-line.

My recommendation is to try the bitcoinpaperwallet.com and their offline version. You don't need to print it, just write down and backup the private key and use the address to receive BTC and monitor balance.

[Antonioz]

thanks guys, yes the video is very clear but my question is, is there always going to be a way to get my bitcoins or send them from my paper wallet even in many years? also I was reading somewhere that if you only send a portion of bitcoins stored on that address you end up loosing the remaining btc? for example let's say I have 10 bitcoins on that specific address of my paperwallet, and I send 1 btc to a different address then I loose the remaining 9 btc?

[cpfreeplz]

Tbh that's not what 'cold storage' actually means, but yes both are good options. If you don't need instant access to the Bitcoins then a paper wallet (made on an Ubuntu Live CD/USB) is very secure. You can't just go ahead and make one on bitaddress.org, you need to be completely offline.

Don't use bitaddress.org online. I can't stress this enough. If they get hacked (not saying they ever will) your keys could be at risk. Download th website and run it on a clean OS or at the very least turn off your wifi and create a few paper wallets. Once you make them (and print 2+ copies) Bitaddress.org or anyone else won't have access to your private keys.

[twister]

thanks guys, yes the video is very clear but my question is, is there always going to be a way to get my bitcoins or send them from my paper wallet even in many years?

Yes, your paper wallet contains the private key which can be imported in almost all the wallets with the exception of a few and hence the coins stored in your paper wallet will always be spendable.

also I was reading somewhere that if you only send a portion of bitcoins stored on that address you end up loosing the remaining btc? for example let's say I have 10 bitcoins on that specific address of my paperwallet, and I send 1 btc to a different address then I loose the remaining 9 btc?

You could end up losing them is more appropriate to say which is why it is recommended to only use a paper wallet once but you can always send the rest of the coins to your OTHER paper wallet. For ex.

You have 10 Bitcoins on Paper wallet #1, you need to send 2 to Bob, so you send 2 to Bob and send the rest of it to Paper wallet #2, then they're again safe.

[pooya87]

thanks guys, yes the video is very clear but my question is, is there always going to be a way to get my bitcoins or send them from my paper wallet even in many years?

as long as bitcoin is alive and there miners at work and also as long you have your private keys you can find a wallet or a code that lets you spend your coins.

also I was reading somewhere that if you only send a portion of bitcoins stored on that address you end up loosing the remaining btc? for example let's say I have 10 bitcoins on that specific address of my paperwallet, and I send 1 btc to a different address then I loose the remaining 9 btc?

that is wrong.
but you should know that when you use your paper wallet by importing the private key in an online wallet (a wallet connected to internet) you will be at risk (the normal risk of getting hacked, having malware, keylogger,...)
solution: use a safe computer, send the rest of the coins to a newly created paper wallet, or you can also sign the transaction offline and only broadcast it online.

what i like to do is this: http://docs.electrum.org/en/latest/coldstorage.html

[lissandra]

The cheapest entry out of all the hardware wallets out there is ledgers wallet $35 option which is the smartchip on the stick.

And you can download the mobile device app on their site to associate it with the stick if you want it to manage that way as well.

Outside from that you have limited options but the other hardware wallets that charge a premium for what they do.

[thirdchance57]

I will have to put my two cents in and vote for a paper wallet.  Like others have said, if you keep your address available, you can track your balance with out any issues.  Paper wallet is the best form in my opinion if you are just going to use it for storage.

[ObscureBean]

For long term cold storage I would choose a paper wallet over a hardware/electronic one. I think it's best to keep it as simple as possible especially if you don't plan on using your funds for 5 years or more. The more complex something is the greater the probability something can go wrong, it doesn't matter how robust the hardware wallet is.

[Velkro]

would you recommend a paper wallet

Any website almost that giving u paper wallet besides address. By me it should be unecrypted paper wallet, whole point of paper wallet is to hide it. If you hide it and encrypt it... you can forget password when you will use those coins later.

[zeaderza]

Hello,

I recommend you to buy a hardware wallet.With it you can keep your bitcoin very safe.
You can read more about how work a hardware wallet,advantajes here:https://en.bitcoin.it/wiki/Hardware_wallet

[allankey]

Is it possible to brute force the private keys of an address??

[155UE]

Is it possible to brute force the private keys of an address??

IMHO it is not possible (i guess) coz if it is, im sure there will be too many reports of stolen bitcoins but who knows if there are cases like that

[BigMac]

Is it possible to brute force the private keys of an address??

No, for two reasons. One is that the key space is insanely huge (=2^256, a 78-digit number). Another reason is that it is protected by ECDSA which has been checked by researchers and is considered to be secure.

[allankey]

Is it possible to brute force the private keys of an address??

No, for two reasons. One is that the key space is insanely huge (=2^256, a 78-digit number). Another reason is that it is protected by ECDSA which has been checked by researchers and is considered to be secure.

Ok Thank u. So it is safe. .