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Author Topic: Why store Bitcoins remotely?  (Read 1676 times)
brandon@sourcewerks
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July 08, 2011, 05:50:07 PM
 #21

Currently creating a web application for this that has multiple 2-factor auth options(Phone, SMS, hardware key) and wallet backups.
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drsnuggles
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July 08, 2011, 08:14:34 PM
 #22

Was thinking about a secure low cost way store my wallet. Backuping doesn't protect it at all. Encryption seems to much of a hassle, so storing them remotely seems like a plan. But how to do that in a convenient way...?
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July 08, 2011, 08:24:26 PM
 #23

Was thinking about a secure low cost way store my wallet. Backuping doesn't protect it at all. Encryption seems to much of a hassle, so storing them remotely seems like a plan. But how to do that in a convenient way...?
I would advise using strong encryption if you are storing remotely. A service like dropbox will not be able to assure that no intruders get in. If they do get in you will want to have your coins encrypted in a file named "tax return" or something. It will still be breakable with strong encryption, but it will take a while. so it would be good to replace it every week.

Someone is no doubt working right now on a program to search the internet for any file named wallet.dat
Don't let yourself be the low hanging fruit.

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spruce
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July 08, 2011, 08:32:27 PM
 #24

Put your savings — not your day-to-day spending bitcoins — in a paper bitcoin wallet, with keys that have never been near the internet. You still have to safeguard the bit of paper, or maybe use some SpruceCode system to hide the private key, but you have no worries at all about online malware getting at your savings.
Yatta99
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July 08, 2011, 09:03:00 PM
 #25

I think one of the main problems with using some site 'out in the cloud' to store your wallet is NOT the integrity of the site itself, but rather all the knuckleheads that use it. If there's one thing that we should have all learned with the MtGox fiasco is that people do not take their Bitcoins seriously AS money. Too many see them as just a thing, a toy, something to play with, a minor diversion and they do not safeguard them with any seriousness. Too many using the same username and SIMPLE passwords at multiple sites with no thought to any real security. Passwords such as 'password' or 'abc123' or 'money'. I, for one, would NOT want my money anywhere near such people regardless of how secure the site claims to be.

For now, I'm more afraid of the stupid and/or the careless rather than the greedy. Hopefully, things will change soon  Undecided

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bitrick
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July 08, 2011, 09:39:22 PM
 #26

One would store Bitcoins remotely for the same reason they would store other valuable data: convenience.
Stuff stored in the cloud can be made available anywhere and may provide services such as encryption, redundant storage, backup,  search, etc.

But, the downsides must not outweigh the upsides. The bar is high in that regard for storing a lot of Bitcoins remotely because, for me, I would not use such a service unless:

1. The service provided is from a reputable, trustworthy business
2. The service encrypts data locally before uploading, preferably with an open source program that does not change often
3. There is some sort of external auditing to verify the company is providing the services promised (such as backups)
4. There is convenient integration with my local wallet(s)

And there are probably other requirements that I am not thinking of right now. I am not aware of any such service right now, but I am a Newbie, so don't take my word for it.

If the data is encrypted locally with a program you can trust, security would mostly be under your control. Otherwise, for me, there is no company on earth I would trust to properly transport, encrypt, and store my valuable data in a secure way.
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