ArcCsch (OP)
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Activity: 224
Merit: 117
▲ Portable backup power source for mining.
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November 08, 2016, 12:53:25 PM |
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I am considering to buy bitcoin in tangible am mounts, (more than the couple of mBTC I made at a faucet) andneed a way to store them, I have access to 3 computers (and 1 printer) and my scheme goes as follows:
Generate 3 independent long strings (50 rolls each) key strings using dice.
On each computer, go offline, generate a key-pair (prferably use different software for each), encrypt the private key with one of the strings, go online, and print the result.
Combine the addresses into a 3/3 multi-signature address.
Place the 3 private keys, with their respective key strings, in an envelope.
To receive coins, have them sent to the multi-signature address.
To spend coins, decrypt one key (offline, preferably on the same computer that generated it), sign the transaction, delete the decrypted key, send it to the second computer, go offline, decrypt the key, sign it, delete the decrypted key, repeat this for the third computer, and broadcast the transaction.
Is this a good way to store coins? I am not clear on some details, how do I preform this procedure? Is it a good idea to test the set-up with pocket change and reuse the same keys for large amounts?
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