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Author Topic: Holding Bitcoins in a USB  (Read 1238 times)
lord bookington
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June 15, 2011, 05:11:02 AM
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I have 100 bitcoins sitting in Mt Gox that I want to send to my Bitcoin client on my home computer, after I have done this I intend to go into the directory and copy the wallet.dat file onto a couple of memory sticks (encrypted etc). Then I'm thinking I will remove the bitcoin program, making sure to delete/shred the appropriate files. This will leave me with just my memory sticks with the wallet.dat file on them.
Is this a safe way to protect my coins?
When I want to use my coins again can I just download Bitcoin on any computer and then copy over the wallet.dat file (from the memory stick) into the new Bitcoin Client directory? Is it really that simple? Will the new client then show my 100 Bitcoins?

Thanks!
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Dude65535
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June 15, 2011, 05:22:58 AM
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If your computer is not currently infected that will make your bitcoins as safe as the thumb drives and password are.

You can even send additional bitcoins to the same bitcoin address and when you next restore the wallet and download the block chain you will find your bitcoins waiting for you.

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lord bookington
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June 15, 2011, 05:28:28 AM
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so to restore the wallet just get a new client, delete its wallet.dat and load your old wallet.dat on? does it rescan/download the blockchain automatically when I do this?
mellowhead
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June 15, 2011, 05:37:22 AM
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The newest client will update the blockchain and give a bajillion confirmations on the transactions in the restored wallet file. Also will update any transactions in the blockchain since the wallet was last opened.

11 Cheers for binary currency!
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lord bookington
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June 15, 2011, 05:42:27 AM
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Appreciate your help!
Ukigo
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June 15, 2011, 06:49:19 AM
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But IF your USB sticks will become broken ( say after couple of years ) You will LOOSE all your BTC (
I think it will be smart to save those enc. wallets on different offline pieces of media.
Say, write 2 DVD-R disks + store additional copies at offline USB HDD.
It will be much more reliable IMHO.

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byronbb
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June 15, 2011, 09:15:54 AM
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Do you really need your 100 coins to be accessible at all times? It is a good idea to backup your wallet but if your machine is ever compromised they can be stolen. I hold my main coins in an encrypted wallet that I store on another drive and offline in a gmail account. Also remember if you send or receive any coins to or from that wallet the backups are useless. The NEW wallet is all that matters.

mellowhead
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June 15, 2011, 04:48:59 PM
 #8

Also remember if you send or receive any coins to or from that wallet the backups are useless. The NEW wallet is all that matters.

False. You can deposit to an "offline" wallet as much as you want without updating the wallet. When you restore it, the client will update the transactions it as it downloads the blockchain.

11 Cheers for binary currency!
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