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Author Topic: HOWTO: create a 100% secure wallet  (Read 249830 times)
Kazimir
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November 14, 2012, 09:19:22 AM
 #1121

Wouldn't it be secure enough just to park your coins at a reputable exchange such as Mt Gox?
NO of course not!

1. Mt Gox is not reputable at all (they have been hacked before). And having lotsa users or "being big" does NOT AT ALL automatically imply trustworthiness.
2. If they suddenly decide to shut down because they have enough funds and can retire, you're boned.
3. If one of their employees fucks up and causes a database crash or accidentally leaks some passwords or SQL credentials, you're boned.
4. If one of their employees turns out to be corrupt and disappears with your coins, you're boned.
5. When storing coins at Mt Gox, you don't own the private keys, and you have essentially no control over your coins whatsoever.
6. You're making yourself dependent on one random single foreign entity. You'd have to trust them completely, based on hardly anything.

One of the great things about Bitcoin is you don't need to trust anybody. You need to trust mathematical principles.

I store my private keys in an encrypted archive (with a password that I will always easily remember, yet is impossible for anyone to guess or brute force) and I stored this archive on several places online and offline.
It doesn't get much safer than that.

In theory, there's no difference between theory and practice. In practice, there is.
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acin8001
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November 15, 2012, 03:39:55 AM
 #1122

Thanks for the post, a very good read & solid info. Saved me some time on this task.
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November 15, 2012, 07:49:19 PM
 #1123

Is it safe to backup my wallet on dropbox?
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November 16, 2012, 08:02:06 PM
 #1124

i would advice to backup the wallet also on usb key/sd card, it is safe, but dont make it necessarily obvious the thing you are uploading is your wallet. on the other hand, wallet without a password is completely useless and if your pw is complicated enough, it would take 1000 years to crack it, so..
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November 17, 2012, 12:48:55 PM
 #1125

postcount++

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cho
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November 17, 2012, 01:43:51 PM
 #1126

Thanks to the original author for this thread

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November 17, 2012, 01:48:39 PM
 #1127

Thank you for this!
Eskimo
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November 17, 2012, 02:50:54 PM
 #1128

Thank you for this!

Thanks to the OP
joshblum87
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November 18, 2012, 03:34:32 AM
 #1129

I want a secure wallet
hashkey
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November 18, 2012, 09:35:35 AM
 #1130

Hello, I got some questions that I would be thankful if someone would shed a light on it for me:

aiwk171 has mentioned on the OP that:

Quote
But how can I haz my money back?

Okay, for those of you who didn't guess it yet: Whenever you want to make a transaction from your savings-account to someplace else, get your wallet.dat out of the safe, boot up your liveCD (don't you dare using your regular OS after all this work, or I'll come beat you up personally) and do the reverse: Install bitcoin again, install the encryption-software if necessary and copy your wallet.dat where it belongs.

Here are my questions:
  • Does that mean that I have to wait for hours/days for the bitcoin application to be updated before I can check its balance or make some transaction?
  • Can I just copy the contents of the bitcoin directory (.lock, blk0001.dat, blk0002.dat, blkindex.dat, db.log, debug.log, peers.dat) to the bitcoin directory of the Ubuntu live cd to make the update procedure faster?


nr
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November 18, 2012, 09:50:50 AM
 #1131

The brainwallet concept is very ground braking and cool.
Kazimir
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November 18, 2012, 02:03:57 PM
 #1132

Is it safe to backup my wallet on dropbox?
HELL NO! Well unless you encrypted it with a strong password. But Dropbox (i.e. their employees) can access your data. And depending on where they host their data, so can the particular 3rd party hosting / cloud storage company (maybe Amazon or whatever).

Not saying these companies are untrustworthy, but you simply don't want to take this risk. Especially because IF your coins disappear, there's no way to proof it was them.

Wuala.com (an alternative to Dropbox) is safer because encryption occurs client side there.

Then again, you shouldn't have an unencrypted wallet on your PC anyway. Suppose someone breaks in and takes your PC. Or you lose your laptop or whatever. Simply do NOT mess around with your money.


In theory, there's no difference between theory and practice. In practice, there is.
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EVE_ISK
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November 18, 2012, 07:53:26 PM
 #1133

Best way you be to just memorise if you can Wink

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sebamatusr
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November 19, 2012, 08:46:55 PM
 #1134

Best way you be to just memorise if you can Wink

I assume you're talking about the passphrase, well that's not entirely adecuate, because id something were to happen to you, nobody is going to be able to take the money from your account, so you can write it down and put it in a safebox, where your family can access it and in case of any sudden death, they will be able to use the money.
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November 20, 2012, 07:44:55 PM
 #1135

Thank you for all the excellent information in this thread. This is useful information for new people interested in bitcoin as me.
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November 20, 2012, 08:39:33 PM
 #1136

Brainwallets are a great idea; just don't forget the phrase if you are storing a lot of money!
xaidin
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November 20, 2012, 09:54:02 PM
 #1137

Cool
IRCCo Jeff
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November 21, 2012, 04:02:50 AM
 #1138

I would agree that the best practice is to keep your wallet on media not connected to the internet for routine storage (and have backups)

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anaalius
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November 21, 2012, 11:16:46 AM
 #1139

I am hoping Bitcoin QT clients encryption is safe enough for the time being while I only have minimal bitcoins but it looks like ill have to look into wallet security a lot more.

Im guessing there would be a way to have my wallet stored on a usb stick for saftey

|| 1Cq7gLuCYFMV32gLGCymDATd119uR2JcpJ - BTC || MhHxwqCGoS1M5N2H5cTbRkUjfn1ajxWGz - LTC || DExne8hxAFHSHBZVBKwYfgpw7gfexLcHbs - Doge ||
Dm5f6qZjs4WdQYcbeKfj5Jr1XeoSGyyiGx - Cagecoin ||
hashkey
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November 21, 2012, 06:38:13 PM
 #1140

I am hoping Bitcoin QT clients encryption is safe enough for the time being while I only have minimal bitcoins but it looks like ill have to look into wallet security a lot more.

Im guessing there would be a way to have my wallet stored on a usb stick for saftey

There is a way. And it's already been discussed on the thread's OP.  Undecided

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