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Author Topic: Getting the right balance between fund access and security  (Read 407 times)
BillboTor
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March 20, 2013, 12:44:19 PM
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I have been using my Blockchain.info as my main wallet now since I have got started with Bitcoin. It is getting to a point where the money stored in there is getting quite high and I would be gutted to lose it due them disappearing or me getting hacked.

I am trying to find the right balance between security as well as easy access to my funds if need be, just wondering what everyone else does to achieve this? Of course I could go gung-ho on security like the sticky post in here but it seems like getting access to my funds each time would be a ballache?
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caveden
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March 20, 2013, 12:55:06 PM
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If you're geek enough, than try to set up an offline wallet.
For convenience, keep your blockchain.info (or other) wallet as secondary, with lower amounts you could eventually afford to lose.

Basically, in analogy with fiat, your offline wallet is your bank account and your secondary wallet is the cash on your physical wallet. (of course that, giving the recent banking events, an offline bitcoin wallet seems much safer than a bank account Smiley )

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BillboTor
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March 20, 2013, 01:12:33 PM
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If you're geek enough, than try to set up an offline wallet.
For convenience, keep your blockchain.info (or other) wallet as secondary, with lower amounts you could eventually afford to lose.

Basically, in analogy with fiat, your offline wallet is your bank account and your secondary wallet is the cash on your physical wallet. (of course that, giving the recent banking events, an offline bitcoin wallet seems much safer than a bank account Smiley )

Thanks mate, think what I'll do is create a Paper Wallet off Blockchain and import the address to a watch only Wallet? I am right in assuming as long as I have the private key - that is essentially my backup and don't need to actively backup any files?
caveden
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March 20, 2013, 01:36:24 PM
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Yes, the private keys where the money is stored are your backup. Don't lose them.

EDIT: That said, please keep in mind that when you make a transaction, the source addresses are fully emptied, even if the amount you want to transfer is smaller than what's contained in these addresses. In such case, the remaining "change" will normally be transferred to a new address of yours (a new private key).

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BillboTor
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March 20, 2013, 01:48:59 PM
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Thanks for your help mate, not much but I chucked you a little something over Smiley
caveden
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March 20, 2013, 02:40:42 PM
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That's kind of yours, thanks. Smiley

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March 20, 2013, 03:12:30 PM
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Did you backup the blockchain.info wallet?
BillboTor
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March 20, 2013, 03:21:40 PM
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Did you backup the blockchain.info wallet?

Yes, I had it e-mailed to me about an hour ago Smiley
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