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Author Topic: HOWTO: create a 100% secure wallet  (Read 249574 times)
UniverseMan
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June 23, 2011, 06:05:55 PM
 #201

Questions:

1. Is it be possible to create a second partition on the USB drive in order to store any install files and such? I'm imagining that partition 0 has the bootable Ubuntu Live environment and partition 1 has bitcoin install file, truecrypt install file, etc. This is so that you do not need to redownload the install files every time you want to use the wallet.

2. Do I need to wait for the blockchain to download every time I want to send coins from my savings wallet? Or if a partitioning scheme like I mentioned in 1. above works, could I somehow keep the downloaded blockchain stored in another partition and only need to update it when I boot Ubuntu? If that is possible, how would I do that?

3. Let us say I boot Ubuntu from my USB drive, install bitcoin and such, then mount a truecrypt container with my savings wallet inside. Do I then copy the wallet.dat into ~/.bitcoin to use it, or should I make a link (using "mklink" as discussed above) to the file inside the mounted truecrypt container? (I don't actually know how links like that work, so this question might not even make sense.)

Thanks to anyone who can answer my questions. I know how to do the Ubuntu Live install and all that, but I want to make sure I know how to juggle all the other files and things I will need.
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June 23, 2011, 11:54:29 PM
 #202

Interesting. Thanks for the info.  Smiley
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June 24, 2011, 12:58:53 AM
 #203

Very helpful. Thanks for the posts!
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June 24, 2011, 02:26:43 AM
 #204

Thanks!  Was curious on what exactly to backup.  Simple to follow to boot.
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June 24, 2011, 02:56:38 AM
 #205


1. What you'll do is the following: Create a live-CD or a bootable USB with your OS of choice on it. I suggest using the Ubuntu LiveCD.


This.
Albeit surely not as secure as FreeBSD or OpenBSD, Ubuntu is definitely one of the easiest, specially for those who are "coming from Windows".

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June 24, 2011, 02:59:24 AM
 #206

Rather than TrueCrypt or LUKS partitions, just symmetrically encrypt your wallet.dat file.

$ gpg -ca wallet.dat

which will produce wallet.dat.asc . Just delete your wallet.dat after use (not the -.asc). You'll need to periodically create a new symmetrically encrypted version before each 100th transaction and back it up.

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June 24, 2011, 04:34:46 AM
 #207

Very good thread!

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June 24, 2011, 04:44:58 AM
 #208

Great guide. Very helpful.
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June 24, 2011, 05:49:17 AM
 #209

am i missing the point and cant i just put the bitcoins on my usb stick and then keep my usb stick in my safe ?!?!
thus having no need for a e-wallet ?!?!
cheers dom

The problem with that is when you need to access your wallet you will be putting it back on the same system that might have trojans already. The reason we use a bootable edition of Ubuntu is because it's clean and you get a brand new OS every time. That way every time you go to use your wallet, it's at no risk of any Trojans.

I have a detailed guide on my site in case you feel a little bit overwhelmed.

http://startbitcoin.com/how-to-create-a-secure-bitcoin-wallet/

-Think

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June 24, 2011, 02:35:54 PM
 #210

Another thing that's useful for long term storage is using Shamir's Secret type splitting to break the wallet into several parts. This requires that some given number of parts (you choose) are recoverable and can be joined back into the secure file.

With this method any part is useless alone, and any several parts is also useless but if you have the correct number of parts (or more) then it can be reversed and used again. This is really good for organizations who want to enforce that several people need to come together to agree to access the wallet. Or when you want to store parts in various public places but be sure that if you lose some you can still recover.

eg. Split in 5, with 3 required parts. Then you can put them in some places and as long as someone doesn't get 3 out of 5 they can't use the data. There are Shamir programs for most OS. I've used the one for Ubuntu from the repos successfully.

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June 24, 2011, 03:53:52 PM
 #211

100%? seriously?

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June 24, 2011, 05:05:51 PM
 #212

Thanks for all your advices.

–and 4 posts… Am I allowed to go and play with the grown ups now…?–

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June 24, 2011, 06:53:48 PM
 #213

thanks for the clarification!  Great HOWTO!
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June 24, 2011, 11:38:34 PM
 #214

Quote
Quote from: onis_uk on June 23, 2011, 05:46:00 pm
am i missing the point and cant i just put the bitcoins on my usb stick and then keep my usb stick in my safe ?!?!
thus having no need for a e-wallet ?!?!
cheers dom

No because the Bitcoins are not in your wallet.dat file. Your wallet.dat is a key allowing you to access your Bitcoin account data in the Block stream...

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June 25, 2011, 02:02:21 AM
 #215

Excellent tutorial, thank you

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percymate
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June 25, 2011, 02:47:41 AM
 #216

Just use GPG encrypt wallet.dat on wallet's that you are not using.
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June 25, 2011, 07:23:50 AM
 #217

I don't trust putting my wallet.dat on a physical medium becuase that can be lost or destroyed. What I did was encrypt my wallet.dat with http://www.aescrypt.com/ which is free and then sent it to myself on gmail.com.
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June 25, 2011, 10:47:36 AM
 #218

Great guide! Can't be too careful 'these days' Smiley
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June 25, 2011, 02:42:33 PM
 #219

Will definatly take advice from this guide.

Encrypting a pendrive as we speak.

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June 25, 2011, 08:44:11 PM
 #220

What exactly is "grandma style"?

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