Mass bitcoin adoption hinderance...wallets!

[buddhacoiner]

Hi everyone, first time post.

I have been educating myself extensively on bitcoin, with zero prior knowledge of its existence 10 days ago.  I would like to suggest that a vast majority of the world's population will not be able to get to the level of understanding that I currently have, and THAT, itself, is very limited.  And even though I have come to the point of understanding bitcoin fundamentals to a level with which I now feel comfortable wiring money to Mtgox and downloading the bitcoin-qt client (my computer needed over 12 hours to catch up to all the blocks!) I remain super confused as to how to appropriately secure my wallet.  At this point I have 0 bitcoins and have not attempted to work with any wallet.

Am I safe to assume that since I downloaded the bitcoin-qt client onto my desktop that I have had for 5 years (which is likely riddled with trojans, malware, etc, or whatever all that shit is called) I should not continue further with it?

Do I really have to purchase a brand new cheap notebook, install Linux, and use the TOR browser (also something I had no idea about 10 days ago) and then download the bitcoin-qt client again (i don't have a problem with the very latter, as I want to use the bitcoin-qt for my wallet), and back it up onto a USB stick?

Is this the absolute safest method?


btw, have you checked out the bitcoinity chart today (April 1st)?  love it!   https://bitcoinity.org/markets  (a few links too  )

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[aquarius]

you can use this wallet "Electrum" that is very easy and secure to use https://bitcointalk.org/index.php?topic=100502.0 http://electrum.org/

or, you can use the wallet at blockchain.info


with these two, you don´t need to download or sync with the blockchain

[bb113]

You can follow the directions here (you really only need to do it once):
http://localbitcoins.blogspot.fi/2012/11/start-your-own-money-press.html


I would generate a bunch of addresses, print them out, and also print to file and save encrypted on a flash drive that you never plug into a computer that goes online. Also copy and paste a list of only your bitcoin addresses (without the private keys) to a second flash drive (this is kind of a pain, bitaddress.org should add this feature...).

Start your infested computer normally, buy your bitcoins*, get your address list from the second flash drive and send small amounts (eg one bitcoin each) to your addresses. Check by looking up the address on blockchain.info.

When you want to spend some. Create a "my wallet" https://blockchain.info/wallet/ and import the private keys of whichever addresses you want to spend from. Send from there.

*I would also set up some sort of two factor authentication (eg google authenticator on your phone) for whatever exchange you use.

One problem with the boot cd is that your printer may not work and you have to install drivers which is probably above most peoples heads. I had to do this, I'm not sure how common the problem is.

[coqui33]

Listen to Aquarius. The Satoshi client is for use by programmers, not end-users. To add to what Aquarius said, the most straightforward wallets for day-to-day minor spending are the blockchain.info website or the BitcoinSpinner app in your Android smartphone or tab.

You must understand the function of a keypair as a piggybank. The address part of a keypair is public, and anyone with that address can deposit money into the keypair. The keypair's private key is known only to the owner, and only someone who knows the private key can take money out of the keypair.

With that in mind, all you need in order to receive and spend minor money is a one-keypair "wallet" either in the blockchain.info website or in the Android BitcoinSpinner app.

On the other hand, for serious nest-egg savings (say, over 100 BTC), I would generate a fresh standalone keypair via either the bitaddress.org website or the Android “Bitcoin Address Utility” app. I would then send newly acquired bitcoins from wherever you buy them into the address of the standalone keypair. Guard the keypair's privkey with your life and keep it secret. Treat it like the access number to an anonymous offshore bank account. Do not import it into any wallet until you need to spend it.

[Lieutenant_Bob]

I agree with the notion that Wallets and security will be a cumbersome task to overcome. Imagine someone putting their lifesavings into Bitcoin, and trusting the hosting of the coins to blockchain.info, or even worse, trusting it to yourself!

Whenever I get to a computer I dont own myself, I normally see all sorts of malware, adware and NO backup whatsoever..

What do you guys propose if you where to buy ex. 10.000 BTC and store them privately?


/Bo

[Sage]

Agreed...

More stupid-simple, one-click wallet solutions need to be created.

Too many newbies are going to lose their coins because they just don't understand how to secure and backup their wallets.

[knight22]

Here some good stuffs for getting started:

http://bitcoin.cbtnuggets.com/

[buddhacoiner]

Thank you everyone for your input, much appreciated!  And Sage, yeah, we have to keep in mind that as the bitcoin community grows, eventually the mass majority will be idiots in regard to this technology, to put it bluntly...myself included.  Anyone above the age of 45 was only introduced to email in their early twenties.  Facebook is a big stretch for many older people.    For mass adoption and the ultimate scalable success of bitcoin these things have to be considered.