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Author Topic: Safest storage for bitcoins?  (Read 1425 times)
Red
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April 17, 2013, 02:37:01 AM
 #21

put them on paper wallet and in a safe under your bed

<Irony>
I find humor in the advice to store bitcoins printed in ink on arbitrary bits paper! Isn't that the kind of money we're all trying to get away from? (Sarcasm)

I recommend you have your private key engraved onto a bar of gold. Only then will your value truly be safe!
</Irony>
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bryankfurw05
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April 17, 2013, 02:38:43 AM
 #22

lol yeah. back to past

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Epicurus
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April 17, 2013, 02:42:18 AM
 #23

The real answer depends on how much you're trying to protect. If you're an adult with any substantial portion of your wealth in bitcoin, keep your keys in cold storage in different physical places. A fireproof safe is not good enough. Put it there, and then also store it in a safe deposit box in a bank in a different town from you.
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April 17, 2013, 02:47:21 AM
 #24

Quote
Safest storage for bitcoins?

Make a tattoo of your private key on your penis, and tattoo of blockchain on your ass. All of us will be safe.  Grin

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sajuukar
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April 17, 2013, 02:51:50 AM
 #25

Is it possible to find out one's private key with the Qt wallet?
dirtriderdan
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April 17, 2013, 03:43:18 AM
 #26

I would agree that paper is the best form of cold storage.  You can put on flash drive and keep off the grid, but I've had those corrupted before and then your wallet is gone.  Best to print out QR code (or better yet private key string in case you can't find QR reader) and drop in a fireproof safe  -- assuming you have enough to worry about.

Good advice.  Plus the hard copy will last a lot longer in a fire in a safe than the flash...though at that point it may be the least of your concerns...
Red
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April 17, 2013, 04:53:43 AM
 #27

Since this is a noob thread let me reinforce this one very important concept.

Transfer the coins you want to store into a NEW address. Then print out the private key to that new address and store it ONLY offline. Delete it COMPLETELY from your online computer. If anyone suspect has ever had access to a particular private key (wallet), never again consider it safe. Move the coins to a new address to be sure.

Don't presume that having an offline backup means your coins are safe. That only keeps them safe from your system crashing. That doesn't keep your coins safe from theft, hackers, viruses, trojans, etc.

If you want to keep some coins safe and some available for purchases or trading make sure you have them at different addresses. Keep one private key ONLY OFFLINE. Keep the other on your computer but print out a backup copy ALSO.
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April 17, 2013, 04:55:32 AM
 #28

Paper wallet or cold storage on some USB.

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Epicurus
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April 17, 2013, 04:57:58 AM
 #29

Since this is a noob thread let me reinforce this one very important concept.

Transfer the coins you want to store into a NEW address. Then print out the private key to that new address and store it ONLY offline. Delete it COMPLETELY from your online.

If anyone suspect has ever had access to a particular private key (wallet), never again consider it safe. Move the coins to a new address to be sure.

Don't presume that having an offline backup means your coins are safe. That only keeps them safe from your system crashing. That doesn't keep your coins safe from hackers, viruses, trojans, etc.

If you want to keep some coins safe and some available for purchases or trading make sure you have them at different addresses. Keep one private key ONLY OFFLINE. Keep the other on your computer but print out a backup copy ALSO.


Thanks!

So you're suggesting that we split our coins? Have one private key that is only offline (presumably backed up physically in at least two secure locations) that we store the bulk of our bitcoins there? And then have another private key that does reside on our computer (along with a print-out backup) where we store any balance that we want to trade with or actually buy things with?
Red
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April 17, 2013, 04:59:05 AM
 #30

So you're suggesting that we split our coins? Have one private key that is only offline (presumably backed up physically in at least two secure locations) that we store the bulk of our bitcoins there? And then have another private key that does reside on our computer (along with a print-out backup) where we store any balance that we want to trade with or actually buy things with?

YES! Exactly correct!
Epicurus
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April 17, 2013, 05:18:14 AM
 #31

So you're suggesting that we split our coins? Have one private key that is only offline (presumably backed up physically in at least two secure locations) that we store the bulk of our bitcoins there? And then have another private key that does reside on our computer (along with a print-out backup) where we store any balance that we want to trade with or actually buy things with?

YES! Exactly correct!


Very helpful, thanks much!
Grox
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April 17, 2013, 05:21:47 AM
 #32

Write down each character of your private key on a sticky note and place them around your house. Create puzzles and clues to help you put them in the right order.
skyhenge
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April 17, 2013, 05:34:38 AM
 #33

Quote
Safest storage for bitcoins?

Make a tattoo of your private key on your penis, and tattoo of blockchain on your ass. All of us will be safe.  Grin

that's funny but it won't work for us gals
enigma1265
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April 17, 2013, 05:35:10 AM
 #34

Paper wallet...no debate
Software2
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April 17, 2013, 05:39:12 AM
 #35

Backups. So many backups.
richgene
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April 17, 2013, 06:39:05 AM
 #36

Anyone interested in knowing more about wallet security should check out this thread:

https://bitcointalk.org/index.php?topic=17240.0

~richgene
JohnVision
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April 17, 2013, 06:52:59 AM
 #37

The safest and simplest solution is to simply get an accout at The Bank of Bitcoin thebankofbitcoin.com and store them in "Paper Vaults."  They are essentially the same as a paper wallet, but they are super-easy to create and the bank's Paper Vault interface makes it easy to spend directly from your Paper Vault from any internet connected device.  It's the only service I use
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April 17, 2013, 07:06:03 AM
 #38

I found a video walkthrough of making a Paper Wallet on YouTube here: http://youtu.be/wfMHsLXx_qM

Financial empowerment back to the people.  The common man now has the power to create value and exchange that value as they see fit without any Central Agency debasing and eroding that value exchange by endlessly printing money with no underlying value.
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April 17, 2013, 07:40:16 AM
 #39

Papar wallets are good.
Brain wallet backed up with http://passguardian.com/ are good too.
I would use the both.

I would split my bulk bitcoin in several paper wallets and some brain wallet.
n691309
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April 17, 2013, 07:48:20 AM
 #40

The safest place for Bitcoin is spend it. Paper can be burn, USB,CD,DVD medium will stop work in 10+ years


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