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Author Topic: Best way to protect wallet?  (Read 830 times)
pizza
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April 25, 2013, 01:24:32 AM
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Hi I had a general question about wallets.

What is the best way to protect your bitcoin from being hacked? Would creating a wallet and storing it offline on a usb drive be the safest bet?

thanks
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syn999
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April 25, 2013, 01:27:49 AM
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if it is offline, they you dont have to worry about hacker,
you might get virus on your USB (what the chance  Grin)
or you could put on a voucher, paper wallet....

pizza
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April 25, 2013, 01:32:49 AM
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if it is offline, they you dont have to worry about hacker,
you might get virus on your USB (what the chance  Grin)
or you could put on a voucher, paper wallet....

ok this is what I was wondering, whats the easiest way to make an offline wallet? I just read a how to using bitcoin qt to make it. Are there easier ways?
runeks
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April 25, 2013, 01:40:50 AM
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if it is offline, they you dont have to worry about hacker,
you might get virus on your USB (what the chance  Grin)
or you could put on a voucher, paper wallet....

ok this is what I was wondering, whats the easiest way to make an offline wallet? I just read a how to using bitcoin qt to make it. Are there easier ways?
I'd say use Armory. The process is described here: https://bitcoinarmory.com/using-offline-wallets-in-armory/
Stephen Gornick
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April 25, 2013, 01:47:29 AM
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ok this is what I was wondering, whats the easiest way to make an offline wallet? I just read a how to using bitcoin qt to make it. Are there easier ways?

The answer to that depends on a number of factors.   Obviously, a person wanting to protect 10 or 50 BTC in an offline wallet has different requirements than a business protecting thousands.

Armory is so useful because it not only lets you prepare and use the wallet from an offlien machine, but it lets you create a spend transaction that you transport over to a connected machine and that is safe to spend.

Another method is to use a paper wallet from an offline computer using the .html from BitAddress:
 - http://www.BitAddres.org

The problem with that is when you want to spend you are generally importing the private key into a machine that is connected to the network, in order to spend the funds.  So that is a method that is somewhat less secure than the Armory method.  So maybe one solution is to create many smaller wallets se.g., 2 or 4 BTC each, so that the risk when redeeming is limited to just the one paper wallet being redeemed.
pizza
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April 25, 2013, 01:57:06 AM
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What I want to basically do is having an offline savings wallet, and when I make purchases to transfer to a purchase wallet from my savings. I'm assuming armory is still the best bet for this?
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April 25, 2013, 03:21:00 AM
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Another vote for Armory. It's the best way to store, back up, and use your coins.

pizza
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April 25, 2013, 03:39:57 AM
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Another vote for Armory. It's the best way to store, back up, and use your coins.

ok great will go that route.

Thanks for the help
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