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Author Topic: Best Offline Wallet For Storing Bitcoins?  (Read 1477 times)
unbeaten
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September 20, 2016, 06:55:15 AM
 #1

Best Offline Wallet For Storing Bitcoins?

I am currently using Coinbase to store my Bitcoins. I want to move some of the balance out of Coinbase to reduce the risk of anything bad happening.

I am wanting a Wallet program I can use to generate a private and public key on an offline computer. I will then print the public key and private key, and wipe the computer.

I can then pay money into the public key.

If I then want to spend the Bitcoin in future, whats the best program to import my private and public key into to use the balance?

I don't trust using websites to generate wallets, as the majority of them are known to log your private key.
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September 20, 2016, 07:03:54 AM
 #2

you can do it with all the wallets that let you export the private keys.
you can even use bitcoin core for this. https://bitcoin.org/en/choose-your-wallet
- download the code from the main source
- check the signature of downloaded file
- disconnect network cables.
- boot up with a live linux
- generate a random address and back it up

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Senor.Bla
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September 20, 2016, 08:09:35 AM
 #3

there are some possibilities.
you could use bitaddress.org to generate your private and public key and print it. you can download an offline version on github.
that way you can wipe your system, stay offline the whole time and wipe it when you are done.
also there are real wallets like electrum, that you could use to create an wallet with some 20(?) keys offline and make a watch only wallet online. for a transaction you can prepare it in the online wallet and only go to the offline wallet to sign the transaction. this is quite safe.
if you are super paranoid you can use tails. it is a live system and it has electrum included (not sure which version is current and if it is still included, but it should be).

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September 20, 2016, 08:36:50 AM
 #4

I usually use bitaddress respiratory from here https://github.com/pointbiz/bitaddress.org
- Download it and move it to offline computer which i never connect to internet.
- Open it on browser than it will open same site like bitaddress.org but it will not be connected to any server online.
- Than generate bitcoin address, print out it and i will note bitcoin address in notepad in online laptop so that whenever i need, i can atleast remember my bitcoin address.


Storing that printed paper wallet in safe place, protected from tearing, washing, fire etc.

.

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unbeaten
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September 20, 2016, 11:31:38 AM
 #5

Thanks for the great advise

I will download the bitaddress.org website as suggested and run it from an offline computer Smiley
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September 20, 2016, 11:39:43 AM
 #6

There is one thing i wish to add:

~Bitcoin~'s proposal is perfect. Using the sourcecode of bitaddress.org on a clean, air-gapped computer is safe. The only downside on this is: if you wish to spend your funds, you usually sweep the private key (read the private key into a desktop/mobile wallet). As soon as you've swept your private key, it's compromised, and you should discard the paper wallet (or at least, never use it again, you should never actually erase private keys).

An option if you want a wallet with wich you can actually make outgoing transactions in a relatively easy way is installing a wallet on an airgapped, offline, computer, and installing a watch-only wallet on an online computer (a wallet that doesn't have your private key).
The wallet on the online computer is used to generate transactions. The transactions are printed or saved on a usb-stick and transported to the offline computer for being signed with the wallet containing your private key.
The signed transaction is then transported back to the online computer to be broadcasted with the watch-only wallet.

I've used electrum for this purpose in the past...
- install electrum on a clean, offline, computer... Generate a new wallet (write down the seed)
- export the xpub, put it on a usbstick
- install electrum on an online computer, import the xpub
- generate a transaction from the online computer, save on a usbstick
- transfer to the offline computer, sign with electrum, move signed tx to the usbstick
- broadcast it from the online computer


So, to sum it up, in my opinion:
- paper wallet = wallet for long time storage... A deposit address you use to dump your coins into that is really safe and easy to generate
- offline wallet = wallet that can still be used to generate outgoing transactions in a relative easy way, but is harder to setup

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September 20, 2016, 01:34:28 PM
 #7

----
So, to sum it up, in my opinion:
- paper wallet = wallet for long time storage... A deposit address you use to dump your coins into that is really safe and easy to generate
- offline wallet = wallet that can still be used to generate outgoing transactions in a relative easy way, but is harder to setup

since nobody mentioned this i just want to add that depending on the amount you want to invest in bitcoin and hold in a safe place i would suggest looking at some of the hardware wallets. it is not free like other methods but it is easier for regular users to keep their coins in a safe wallet.

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September 20, 2016, 01:57:56 PM
 #8

Offline Wallet I use is Bitcoin Core. I think it is a place to store bitcoin good while. And I see his version always updated and it was very good in my opinion. The private key and sign message there can also be done.
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September 20, 2016, 06:05:26 PM
 #9

There is one thing i wish to add:

~Bitcoin~'s proposal is perfect. Using the sourcecode of bitaddress.org on a clean, air-gapped computer is safe. The only downside on this is: if you wish to spend your funds, you usually sweep the private key (read the private key into a desktop/mobile wallet). As soon as you've swept your private key, it's compromised, and you should discard the paper wallet (or at least, never use it again, you should never actually erase private keys).

An option if you want a wallet with wich you can actually make outgoing transactions in a relatively easy way is installing a wallet on an airgapped, offline, computer, and installing a watch-only wallet on an online computer (a wallet that doesn't have your private key).
The wallet on the online computer is used to generate transactions. The transactions are printed or saved on a usb-stick and transported to the offline computer for being signed with the wallet containing your private key.
The signed transaction is then transported back to the online computer to be broadcasted with the watch-only wallet.

I've used electrum for this purpose in the past...
- install electrum on a clean, offline, computer... Generate a new wallet (write down the seed)
- export the xpub, put it on a usbstick
- install electrum on an online computer, import the xpub
- generate a transaction from the online computer, save on a usbstick
- transfer to the offline computer, sign with electrum, move signed tx to the usbstick
- broadcast it from the online computer


So, to sum it up, in my opinion:
- paper wallet = wallet for long time storage... A deposit address you use to dump your coins into that is really safe and easy to generate
- offline wallet = wallet that can still be used to generate outgoing transactions in a relative easy way, but is harder to setup

Using Electrum or Armory for cold storage using two computers works fine but has largely been replaced by hardware wallets which are just as secure and a heckuva lot more convenient. Anyone can afford a Ledger Nano S for $65. You can also store private keys for ETH and ETC and use the Nano S for secure login to sites like Google.

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September 20, 2016, 06:25:34 PM
 #10

You could easily print a paper wallet that you can know well how you can protect because the protection methods of important paper documents have thousand-year history. From this history, we know well, what are the usual risks and we've several, provenly working methods to handle them. However, you should take care of that unless you're keeping the paper in an oxygen-safe space, its condition will worsen by time so you may have to re-print it from time to time.

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September 20, 2016, 06:52:43 PM
 #11

I put my bitcoins on to many different paper wallets in small usable amount,  if i want to use them i just scan the private key QR code in to breadwallet on my iphone and they are ready to use.  if doing this then download the bitaddress.org on to an airgapped computer first or just disconnect from the internet, check with anti virus and malware checker and then wipe the browser.  i find this really easy way to operate.
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September 20, 2016, 10:06:49 PM
 #12

First of all, let me say that you've made a wise decision. It would be even better to transfer all funds out of Coinbase and use dedicated wallet software (such as Bitcoin Core) to stay in full control of your Bitcoin independent of third parties - which is the very reason of why Bitcoin came into existence.

To generate your key pairs you can - as many have already suggested - use an offline version of bitaddress.org. Of course you could also install and use Bitcoin Core to export the private key of a certain Bitcoin address in your wallet via the console. With Bitcoin Core you can also import a private key and make your Bitcoin spendable again.

When you import a private key into Bitcoin Core and make a transaction, please keep in mind that after the transaction the remaining funds will be per default located at a different address than your original one! So you must keep a copy of your wallet.dat or lookup the new location of your remaining Bitcoin and export the corresponding private key again!

ya.ya.yo!
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September 21, 2016, 04:28:47 AM
 #13

for offline wallet, i used bitcoin core and multybit, and so far its works good for me. but for bitcoin core, i am a little bit desperate when waiting for syncronization.

but for the other wallet, i use mycelium and its a good choice for me.

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September 21, 2016, 04:38:28 AM
 #14

I used vanitygen for offline wallet and saving bitcoin, vanitygen is unique i can make wallet name are like 1TraderETHcxsDyih4qyjh89dMH for example and it is safe too.  Grin
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September 21, 2016, 04:49:12 AM
 #15

bets offline wallet bitcoin electrum, because not syncronize
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September 21, 2016, 05:26:47 AM
 #16

Thanks for the great advise

I will download the bitaddress.org website as suggested and run it from an offline computer Smiley

You should download the bitaddress.org website and then transfer it to another computer, which will never go online again. There are people claiming that generated addresses are stored somewhere on the computer, and if you go online these addresses can be retrieved.

The printer is also a problem, because most printers have some sort of storage for the printer buffer, and this can also be retrieved. The bigger printers and photocopiers even have a harddrive. If you are very paranoid, buy a old second hand computer and printer and use that to create offline wallets. Never go onto the internet with these devices again.

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September 21, 2016, 07:03:17 AM
 #17

I would simply get a hardware wallet. It allows for the safety of offline storage, while you still have access to your coins with a few clicks when you need it.

A Trezor, Ledger or Keepkey are all good products that will likely suit anyones need for safe storage.

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September 21, 2016, 07:37:42 AM
 #18

do not get me wrong. i have nothing against hardware wallets, but do you need them?
do not scare people into feeling like having them is a must. you can do a perfectly safe wallet on your own. it might be even safer, since you have to buy a hardware wallet online and how can you guaranty that you receive an original product and not some fake to steel your coins?

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September 21, 2016, 07:50:53 AM
 #19

Thanks for the great advise

I will download the bitaddress.org website as suggested and run it from an offline computer Smiley
i am happy that you get best answer from here . i want also suggest you that you should download myscellium wallet and create adress and with going in export option you can see baracode and also private key . you can use that baracode or private key for further use adress for spent btc .
so you should key print out of that private key .

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September 21, 2016, 08:08:27 AM
 #20

how can you guaranty that you receive an original product and not some fake to steel your coins?
That's why you should only buy new products from the official stores(trezor,ledger etc.) and avoid buying hardware wallets from untrusted sellers,it is highly unlikely one of these big companies will scam you and steal your coins.
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