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Author Topic: HOWTO: create a 100% secure wallet  (Read 249467 times)
Richy_T
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November 02, 2012, 12:04:29 AM
 #1081

aren't sites like blockchain or instawallet secure aswell?

That's exactly the question. How much do you trust them? Even if they're "smashing chaps", that doesn't preclude them from making a mistake. Of course, you may make a mistake too so how much do you trust yourself.

The security ultimately resides in access to the private key. If only you have access to it, that's about as secure as it's possible to get.

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mintcoin
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November 02, 2012, 06:53:21 AM
 #1082

aren't sites like blockchain or instawallet secure aswell?

As long as you use the zerotrust method i.e. have the private keys yourself then they're fine.

But imo people shouldnt worry too much about bitcoin security - its far more secure than nearly all other forms of online transctions e.g. Paypal, moneybookers. The main problem is the flucuating exchange rate...

But this doesnt mean you can then use your bitcoin client on a comp which is used by other people who moght get it infected - still use a livecd.

The main problem though is that you have to trust the liveCD to not suddenly become infected...
Kazimir
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November 02, 2012, 11:43:27 AM
 #1083

why not just use an anti keylogger program ?
such as?

In theory, there's no difference between theory and practice. In practice, there is.
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arco1
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November 02, 2012, 06:21:16 PM
 #1084

why not just use an anti keylogger program ?
such as?
I am interested also.  All the keylogging software I have used has been too troublesome, given its effect on slowing down my pc.
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November 02, 2012, 06:34:07 PM
 #1085

why not just use an anti keylogger program ?
such as?

On-screen keyboards (Windows or Kaspersky)? KIS also comes with anti-screen-dump tools, I think, though I don't currently own a KIS licence/copy myself.

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Monkey1
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November 02, 2012, 08:24:35 PM
 #1086

Ive said it several times but the most secure solution is Armory!  Goole it, download it, make an offline wallet and off you go.

TraderJoe42
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November 04, 2012, 06:46:58 PM
 #1087

How paranoid is all of this?  or in other words, would it be reasonably safe to just use the bitcoin.org wallet on a PC if you aren't storing a small fortune in bitcoins?
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November 04, 2012, 06:56:34 PM
 #1088

How paranoid is all of this?  or in other words, would it be reasonably safe to just use the bitcoin.org wallet on a PC if you aren't storing a small fortune in bitcoins?

This, if you're reasonably confident you're not already infected with malware. The theft cases I've read on here have involved unencrypted wallets left floating around, but even so, you can't be too careful, and storing large quantities of BTC (certainly 1000s, even 100s if not for immediate use) in "cold wallets" offline is strongly advisable per the information provided in this thread.

I think the pertinent point is that users understand the endemic risk, not that they're bound to get robbed if they have BTC100+ on their live computer!

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Bart31
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November 04, 2012, 08:19:23 PM
 #1089

Everyone has an old computer somewhere. Just reinstall that one cleanly, install AV software on it and only use it for bitcoins. If you do not use that computer for surfing or other things, it is perfectly secure for storing your wallet. Have bitcoin-qt on there and - if you have a lot of bitcoins - store them in Armory on that PC. Use that for your savings.

You can have a bitcoin-qt on your everyday-use computer for your pettycash. If you are a miner, let the pool send the credits to your pettycash account. When there is some value in there, send it over to you dedicated savings BTCPC.

If you need some bitcoins for spending, just send it from your savingsBTCPC to your everydayPC's pettycash wallet and do your payments with that one.

With Armory, you can even PRINT ON PAPER your private keys. No more backups, you have your private key printed out! (or save it on a dedicated USB stick you do not use for other things).

What if all your systems die on you? Get a new computer, install bitcoin-qt. Let it update the bitcoinchain (yes, wait a couple of days, unfortunally). Install Armory and fill in your private keys from the printed paper. Your back in business.

If you make sure your bitcoin-qt wallet on the savingsBTCPC is empty (ie, all is in the Armory) and you have little or none BTC in your pettycash PC (or have a backup of the wallet.dat), you do not lose a dime.

Onlinewallets, suite yourself. I do not want to be depending on third parties security settings. I want to have it in my own control. Ok, I have some BTC and Euro's at MTGOX. I know.... but that's just my pettycash.


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November 05, 2012, 08:10:28 AM
 #1090

Having lost a few bitcoins when I rebuilt my laptop without saving off the dat file -  Huh D'oh! I have taken these precautions this time thanks for the simple instructions and guide Smiley
MinorMiner
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November 05, 2012, 02:45:42 PM
 #1091

Great Info...

However, as I am not a wealthy man in bitcoins, I still use blockchain.info 's wallet, as it appears to be pretty secure to me.

If I however be wealthy in btc's, I will surely add more protection to my money.

Thanks.

blockchain.info works for me too Smiley .. nice and simple I find. What you can also do is make a private key for an address that you only keep locally safe (written on paper in safe deposit box even). The corresponding address can be added as a 'view only' address in blockchain.info. You can then send coins TO that address, but cannot be sent FROM that address without the super-secure private key. So periodically you can secure a number of coins.

All contributions gratefully received 1G6Wia22Jnpz2DUisA5EoAC6KJ7MHm6QyP
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November 06, 2012, 08:01:07 AM
 #1092

Great guide, I really needed some guidance on this issue.
tjohej
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November 06, 2012, 11:56:34 AM
 #1093

At the very least, I've avoided using online wallet services after reading about btc thefts.  So the argument about keeping those savings accounts on physical media and physically locked in a safe is not a bad one to make.
Maybe it would be smart to have a locked safe, but nothing in there. When the thief comes they steal your whole safe and take it with them only to find it is empty once he/she cracks it open at home.
Then you as a smart person has a usb stick somewhere that nobody else would even dream of where it could be.

I don't say you should use this technique, because if everybody used it then the thief would not look for the safe, but though again you could be fooling around and then have it in the safe, making the thief look stupid(while he/she avoids searching the safe).

What about that combined key thing, where for example your key from your cell phone gets combined with the key from your computer bitcoin client key into one whole that signs important transactions?
I think it has been implemented in bitcoind, but how to use it in an easy to understand way? I don't know. Isn't that called "Multisignature transactions"

There may still be hope for the 1st decentralized cryptocurrency which is Bitcoin. How to approach different subjects is key to progress.
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November 06, 2012, 06:38:31 PM
 #1094

Very usefull information. Thank You

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JoeBlack123
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November 07, 2012, 01:08:29 AM
 #1095

Will give it a try. Thank you.
Annie1989
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November 07, 2012, 05:04:26 AM
 #1096

Thanks for this, with all this confusing stuff it makes me feel safer knowing i am doing things right.
Haole
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November 07, 2012, 02:44:47 PM
 #1097

If you're on a Mac and not a software engineer, forget about creating a bootable USB drive using Ubuntu.

Apparently, the concensus and my personal experience is, it doesn't work.

How about someone update this tutorial to save more newbies from spending hours and hours pointlessly trying to create a bootable Ubuntu USB drive on OS X?  Beuller... Beuller...

"The future isn't what it used to be." - Yogi Berra
BTCHybrid
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November 07, 2012, 03:57:16 PM
 #1098

Thank you ! This helped al ot  Grin
WH401
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November 07, 2012, 10:07:35 PM
 #1099

Thanks for the information  Smiley
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November 08, 2012, 09:32:45 AM
 #1100

Warning: many laser printers save printouts in digital form to an internal hard disk.

You might want to consider this when printing a paper wallet.

1FPwsMACGqCFtAxpMVHznHe7TkrHMRxB6M GPG key.  Only civil and rational replies accepted.  If you can't follow this flowchart or engage in verbal abuse, I'll point it out and add you to my ignore list.
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