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Author Topic: HOWTO: create a 100% secure wallet  (Read 275354 times)
c1010010
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April 04, 2013, 03:13:48 PM
 #2061

I follow this in some ways... but not entirely.

The main thing I do is that I have a safety wallet, and a spend wallet.  Simple enough to implement.

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April 04, 2013, 03:36:29 PM
 #2062

what happens though if your live image gets lost or corrupted? You should have it backed up in multiple places. I back up mine online, offline, and on paper(Passwords that is).
Azure
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April 04, 2013, 04:15:59 PM
 #2063


Entertaining

 Cheesy
bitcoinloser
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April 04, 2013, 07:10:23 PM
 #2064

hi,

two years ago i bought a load of bitcoins and stored them offline,
unencrypted, following the exact process outlined in the original post in this thread.

today i decided to sell them. so i retrieved my wallet.dat file from storage.

then i downloaded the bitcoin client. then i pasted my wallet.dat in the correct place and let it run for 8 hours until it
had synced. it was just about to finish syncing when i got the
error message saying "file corrupt. salvage failed."

then i tried to see if i could upload the file to a blockchain wallet.

i got an error message saying something along the lines of "invalid file
type or incorrect password, no keys uploaded."

so there must be something wrong with my wallet.dat file. but i have no
idea how it became corrupted and what I can do about it to recover my
bitcoins.

i am pretty tech savvy, as far as using windows goes. but when it comes to
playing around in linux and source code, i have no idea. (i use an ubuntu
machine for all my bitcoin work.)

any suggestions would be gratefully appreciated...
wgrand
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April 04, 2013, 08:06:53 PM
 #2065

good guide, thx!
gacbmmml
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April 04, 2013, 08:16:14 PM
 #2066

hi,

two years ago i bought a load of bitcoins and stored them offline,
unencrypted, following the exact process outlined in the original post in this thread.

today i decided to sell them. so i retrieved my wallet.dat file from storage.

then i downloaded the bitcoin client. then i pasted my wallet.dat in the correct place and let it run for 8 hours until it
had synced. it was just about to finish syncing when i got the
error message saying "file corrupt. salvage failed."

then i tried to see if i could upload the file to a blockchain wallet.

i got an error message saying something along the lines of "invalid file
type or incorrect password, no keys uploaded."

so there must be something wrong with my wallet.dat file. but i have no
idea how it became corrupted and what I can do about it to recover my
bitcoins.

i am pretty tech savvy, as far as using windows goes. but when it comes to
playing around in linux and source code, i have no idea. (i use an ubuntu
machine for all my bitcoin work.)

any suggestions would be gratefully appreciated...
You need two things... your wallet.dat AND your private keys. So if you're missing your private keys then you might be out of luck accessing that wallet. Of note, just because a wallet.dat is "unecrypted" doesn't mean that it still doesn't use private keys for access.
bitcoinloser
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April 04, 2013, 09:42:19 PM
 #2067

i don't understand. your wallet.dat IS your private keys.

i followed the instructions to the letter from the original post that started this thread. so i'm not sure what you're talking about....
not_sure_105
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April 05, 2013, 12:40:26 AM
 #2068

Need some kind of noobs video guide for this, I don't understand a word of it  Cry

I second that.  All this talk of live cd's, Ubuntu, Linux, windows is evil, etc is making no sense.  It seems that along with learning how to use bitcoins comes learning computer programming.
DavidAU
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April 05, 2013, 03:30:57 AM
 #2069

I'm using paper wallets created through blockchain.info, can someone explain the extra security in generating logging in via offline mode and disconnecting internet before generating the address? If someone managed to gain access to my account wouldn't it still be pointless without my private key?
minternj
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April 05, 2013, 04:42:49 AM
 #2070

Good tutorial.

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https://bitcointalk.org/index.php?topic=709114.0
Mylon
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April 05, 2013, 08:41:24 AM
 #2071

Good tutorial.
Let me improve that for you:
   "Awesome Tutorial!"

The moment I got some BTC to spare I'll definitely donate some to the guy who made this Cheesy

"All Your Base Are Belong To Us" by CATS
Primrose
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April 05, 2013, 09:47:19 AM
 #2072

Hi

I am a newbie and I have installed bitcoin qt wallet on my laptop.
I did this before discovering these forums.
I have not yet secured it and have got no bitcoins or made any transactions, but since reading this post https://bitcointalk.org/index.php?PHPSESSID=9fjpqnfrrleq40pbu8q9t4ig96&topic=17240.msg222383#msg222383 I am a bit worried that I have made myself vulnerable and would love to know what I can do to make my laptop secure again.

Many thanks
Mylon
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April 05, 2013, 10:12:23 AM
 #2073

Hi

I am a newbie and I have installed bitcoin qt wallet on my laptop.
I did this before discovering these forums.
I have not yet secured it and have got no bitcoins or made any transactions, but since reading this post https://bitcointalk.org/index.php?PHPSESSID=9fjpqnfrrleq40pbu8q9t4ig96&topic=17240.msg222383#msg222383 I am a bit worried that I have made myself vulnerable and would love to know what I can do to make my laptop secure again.

Many thanks
Pretty simple, create a secure wallet using the tutorial at the start of this topic. This should be your savings account. (you never want this file on a networked computer) (this is also the account with the big amount of money you have, preferably multiple sharing this amount (so if you happen to accidentally lose one, you don't lose all your money))

The wallet on your laptop you can use as your "spending account".

The simplest way to put it is, any wallet you have an a networked computer or at some service, you should handle like your real wallet. (don't put all your money in it, etc. accept risk of loss / stolen)
Besides those you should create a very secure wallet (not networked, preferably offline/paper) which would be the same as your savings account (hence put it in a big bank vault or something) (protect these wallets, which at some point might contain a lot of money, like your life-savings account, and think what you would do to protect your life-savings account.)

Personally, I have 500 saving account addresses, 50% of these is hard-copy paper. Stored at several locations. (bank safety-deposit boxes are great, as they are also fire resistant, and you can put all those papers in there, if you encrypt it, they will still need a pass-phrase to get to the BTC's) The other 50% is on USB / Flash drives, bought specifically for this purpose, which have not been used for anything else. These are also stored in vaults on hard to get locations, spread out. Every single address, I can get to in at least 3 different locations, so technically I shouldn't be able to lose my private keys.

The only problem is, due to the nature of BTC you preferably only want to use an address once. (to keep anonymity up) So after 500 txns I run out of addresses, and I have to visit all my backup locations again to update their backups. (with extra newly generated addresses)

You can take this up any scale you want... or down if you like. Though looking at that the fact that a BTC is currently 100 euros... Hackers are going to try more often to steal bitcoins, and the only way to really protect from a hacker, is making sure the data is not networked in any way. (aka offline) So the better sense of security you have now, the less amount of surprises you'll see in the future. (you other wise might find out at some point... that one of your accounts is empty... while you didn't spend any.)

"All Your Base Are Belong To Us" by CATS
CBit
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April 05, 2013, 12:30:10 PM
 #2074

Got a Q: is it generally a slowish process to send money from the kind of offline wallet described in the OP? I've read people talking about the bitcoin client syncing something and that taking many hours. I'm not too savvy in this field...

I try to keep my coins liquid, I want to be able to sell them fast. If I deposit coin to an offline wallet using the live-CD/USB-method, does it generally slow down the flow of my BTC?

If yes, then am I correct when thinking that setting up a whole computer never connected to internet would be a better option? Meaning, having the bitcoin client installed all the time?

Thanks. Still quite baffled by this security aspect.
btcminer021
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April 05, 2013, 01:03:25 PM
 #2075

Too much work. Why not use a web-based service like blockchain.info?

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MikeMark
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April 05, 2013, 01:22:34 PM
 #2076

Too much work. Why not use a web-based service like blockchain.info?

The blockchain.info wallet is great for everyday use, and for keeping track of BTCitcoins in your safe offline savings, but don't use it as safe savings store.

The Path of the Just is as the Shining Light...
drewz
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April 05, 2013, 01:37:33 PM
 #2077

i myself use a mac, i know there ware some account stealer for osx also, but still is much more safe than windows.
Mylon
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April 05, 2013, 01:43:22 PM
 #2078

Got a Q: is it generally a slowish process to send money from the kind of offline wallet described in the OP? I've read people talking about the bitcoin client syncing something and that taking many hours. I'm not too savvy in this field...

I try to keep my coins liquid, I want to be able to sell them fast. If I deposit coin to an offline wallet using the live-CD/USB-method, does it generally slow down the flow of my BTC?

If yes, then am I correct when thinking that setting up a whole computer never connected to internet would be a better option? Meaning, having the bitcoin client installed all the time?

Thanks. Still quite baffled by this security aspect.

What you have to keep in mind, is you have your spending account, and saving account.

Saving account, you basically want to put this on paper and put it in a safe deposit box in a bank. (why, unless you are planning to spend major money, you shouldn't have to access this account, hence it will be only once every couple of weeks/months, putting it on paper basically guarantees that hackers will not be able to get to it, but thieves will, hence the safe deposit box)

Your spending account could be anything, online service (not recommended) or a multi layer encryption on a computer/hardcopy.

The idea of the spending account is, to have the quick access to your money, without suffering to much risk of losing money. For example, a hacker will not easily go for a single bitcoin, but if he knows you have a 1000 bitcoins in your wallet on your computer... In the end as long as the hacker is good enough... it will get hacked... the only way to completely prevent hacking, is either non-networked, or hard-copy. Hence your 1 to 10 BTC are easy to keep in any wallet, (atm) but the moment you start talking about bigger money, you have to start thinking about good to great security.

So yes, if you want a saving account (in a bank) you want to be able to access often, thats a hassle. If you want to be able to get access to a lot of coins without really locking them up, spread them over your addresses, thats why you can generate basically unlimited addresses. Keep in mind though, that hardcopy is still a very smart thing to do. As if somebody hacks your wallet with all your keys... the spreading over address is useless. (mutliple wallets is what you want)

If you thinking about moving them back and forth over the currency market, then it all depends how much you are willing to invest. (note that the initial registration for fiat(usd, euro, pounds) to bitcoin and vice versa is an hassle that takes a couple of days) Haven't gotten into that yet, and not really sure yet how to do that... because when their end up a lot of money in the wallet... I would kinda want a second pc, non-networked, who would print out my private keys, which I would just have to scan on my regular pc with the QR code, to do the payments. (and if becoming that big of a trader, a VPN connection or something like that to the exchange network would be really nice too... so the chances of Man in the Middle attacks are slim to none too)

Think of your wallet as digital gold, keep in mind that hackers are able to get into any computer that is on the internet, as long as they have a big enough incentive (enough money). And then start thinking about how you want to secure your digital gold, so it stays easy access for you, but impossible / near impossible for hackers / thieves. Here it all comes down to what are you willing to sacrifice for safety of your wallet.


"All Your Base Are Belong To Us" by CATS
bitcoinburnol
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April 05, 2013, 04:14:43 PM
 #2079

thanks for the info.

this is really helpful.
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April 05, 2013, 04:46:36 PM
 #2080

Also if you are VERY paranoid, then you could have Virtual Machine inside Virtual Machine, protecting your stuff.
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