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Author Topic: Is it possible to create a cold storage wallet online ?  (Read 1142 times)
Jiuks
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September 18, 2016, 10:43:22 PM
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Take a look at actual online wallets, such as blockchain.info for instance. Is that possible to create the same type of online website but that allows cold storage wallets creation ?
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unamis76
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September 18, 2016, 10:54:30 PM
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No. If you're online, it's not cold.
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September 18, 2016, 10:55:38 PM
 #3

Take a look at actual online wallets, such as blockchain.info for instance. Is that possible to create the same type of online website but that allows cold storage wallets creation ?

didn't really understand what do you mean but from what i understood yes you can create a cold storage wallets and put it in an online service just like coinbase, xapo and blockchain.info if i am not wrong...etc
theses services offers a hot and a cold wallets called vault
if you mean creating by your own a service offering only a cold storage then i would ask what is the point? i can put my money in my secured pc or hardware and be much safer

EDIT: vault*

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September 18, 2016, 10:59:44 PM
 #4

Nope. The whole point is that they're removed from exposure to the internet when they're created. That's the cold part.


Jiuks
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September 18, 2016, 11:06:24 PM
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thanks
unamis76
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September 18, 2016, 11:56:13 PM
 #6

Take a look at actual online wallets, such as blockchain.info for instance. Is that possible to create the same type of online website but that allows cold storage wallets creation ?

didn't really understand what do you mean but from what i understood yes you can create a cold storage wallets and put it in an online service just like coinbase, xapo and blockchain.info if i am not wrong...etc

It would cease to be cold the moment you stored it on an online service...
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September 19, 2016, 01:16:30 AM
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my question is about like a online service that creates cold storage addresses

like a user press a button and a cold storage address is created on which he can sent its bitcoin and recover all the security stuff (private key ie)
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September 19, 2016, 01:25:29 AM
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You can do it yourself with bitaddress.org. I wouldn't be inclined to trust anywhere or anyone who creates a private key for you.

Save the webpage. Transfer it to an offline computer, ideally booted from a USB with Linux on it, create the address and private key and then you'll be able to send coins to it. Make sure you take careful note of the private key and address of course and back it up offline too.

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September 19, 2016, 04:22:25 AM
 #9

my question is about like a online service that creates cold storage addresses

like a user press a button and a cold storage address is created on which he can sent its bitcoin and recover all the security stuff (private key ie)

If the service is online that creates the address or the address shows up the encryption key must be offline and must be held on an encrypted media device. I'm not really sure how this would be a good solution if this is what you're looking to do. Most cold storage is going to be either a paper wallet or USB drive and there's a handful of wallet applications out there that don't require you to be online to generate your address. (See Bitcoin Core)
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September 19, 2016, 06:57:59 AM
 #10

The whole idea behind cold storage, is for it to be offline. There are too many exploits in any system for you to create secure < Paper wallets > online. Just download the script and run it on a offline computer, and you will be fine. Even if you asking this to create such a service, you will not be profitable, because nobody will use such a service. Would you store millions of dollars worth of Bitcoin, on a service that might store the private keys generated on their site? I will not trust such a service. ^hmmmm^

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September 19, 2016, 08:38:18 AM
 #11

I think if you store it on cloudbox or othe cloud storage,it will work as cold storage although not in strict sense.By the way why would you like to keep it online,and whats wrong in keeping it with your online wallet if you want to keep it online?

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September 19, 2016, 06:50:52 PM
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my question is about like a online service that creates cold storage addresses

like a user press a button and a cold storage address is created on which he can sent its bitcoin and recover all the security stuff (private key ie)

Let's imagine for a moment that a website claimed to be able to create a private key offline and display it's public address for you online... How would you prove that this website is indeed doing that and not just creating a key pair that's live on their server?

I think if you store it on cloudbox or othe cloud storage,it will work as cold storage although not in strict sense.By the way why would you like to keep it online,and whats wrong in keeping it with your online wallet if you want to keep it online?

Same as a few posts above, it would cease to be cold the moment you put it online, no matter how encrypted and secure it is.

Nothing wrong in having an online wallet, but we're discussing cold wallets.
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September 21, 2016, 07:10:56 PM
 #13

It technically isn't possible to have a "Cold Wallet" online. Like gentlemand stated: "Nope. The whole point is that they're removed from exposure to the internet when they're created. That's the cold part."


Now, if you have a "Cold Wallet" that is just stored on a server that physically prints paper wallets remotely plus the server is online for less than a total of 20 minutes then you would kind of have a "Cold Wallet" per se'...

1. Frequently download the "Hot Wallet" data then send it to the server that the "Cold Wallet" is on.
2. Receive the "Cold Wallet" data. Since this all will be an automated task you could set your automation software to send the "Cold Wallet" data to the remote printing sever or application.
3. Now you have a somewhat "Cold Wallet". Automate your software to have cleaning and proper shut off times and you should be cool.

I wouldn't recommend this technique for large corporations because the transmitted data could be intercepted. Just doing it normally would keep things from getting more messy.



As with any type of technology it could be broken so use caution.

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September 28, 2016, 07:57:00 AM
 #14

of course, you can

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September 28, 2016, 08:03:37 AM
 #15

Take a look at actual online wallets, such as blockchain.info for instance. Is that possible to create the same type of online website but that allows cold storage wallets creation ?

Yes, there are already services that claim to be doing it. Xapo's vault is one example.
I don't like to tell others what to do with their money, but when creation of a paper wallet is so cheap and is so much safer, why would anyone believe online services' claim, instead of doing real cold, offline (paper) wallet?


Normally even the exchanges should keep a big chunk of their assets in cold storage, since they don't need all the bitcoin (the trades are off chain). But the Bitfinex hack shows that this doesn't actually happen as we'd think.

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September 28, 2016, 11:04:15 PM
 #16

of course, you can

At least skim through the thread...
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September 30, 2016, 12:10:47 PM
 #17

The defenition of a cold storage wallet is a wallet that has never and will never touch the internet. If it's online that defeats the purpose of it and defines it as a hot wallet.



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