HOWTO: create a 100% secure wallet

[astraldust]

Great Info. I however take backups on my Raid storage.

[1713942018]

1713942018

[1713942018]

1713942018

[angelgeeks]

Sounds like you've put a fair amount of thought into what you've put up here and I appreciate that. Thanks!
I noticed the Winkelvoss (sp?) twins are storing their bitcoin stuff in traditional banks and in different cities to boot. Given their Harvard education and resources available to them, I suspect they are doing the "right" thing.

I wouldn't be surprised to learn that about 5% or more of all bitcoins are either lost (forgotten passwords or keys), destroyed (harddrives and other media destroyed), forgotten about or people died without telling anyone what they had and an estimated 1% or less due to theft.
I tend to think that all those harddrives people have stored their bitcoin data on have a fairly predictable failure rate which over time can add up to some serious losses. I like you think of using some type of redundancy and even preferably some different types of media for storage e.g. paper ledger, usb flash drive, physical container, etc. is the way to go and I also like your idea of keeping a small wallet for small purchases and a larger more secure wallet for larger amounts.

Again...Thanks!

[bobdude17]

Good info.

[angelgeeks]

I was just wondering how all this might fit in with the thoughts some people have when it comes to the "Mark of the Beast" being required by anyone who wishes to buy or sell.
Do you think there is there any chance that this could bitcoin movement will eventually require a implant or "mark" which will have a corresponding scanner to verify identity for the use of bitcoins, etc.? Thanks!

[alexcamp]

Is there an Armory client for the Litecoin wallet?

[StarbucksShop]

Well in your opinion what is the best wallett

[algaidaman]

Thanks, I haven't thought about the keylogger problem. I'll be moving my file to a usb live distro asap.

[slappo]

Might just have to do this today...

[Launebaer]

thx man, great input!

[arch]

Thanks. Nice Guide!

[110240]

If I download a litecoin wallet on one computer and start mining.
Can I simply download another litecoin wallet and start mining on another computer?  How would it know to put funds into the same account?

If I delete my wallet, but have a backup saved on a usb, how can I open the usb copy?

[dotbitme]

Securing your Bitcoins:

• Download Truecrypt, create a 1MB Truecrypt volume, use a four word password: http://preshing.com/20110811/xkcd-password-generator
• Stop your Bitcoin client and locate the wallet.dat file, copy it into the Truecrypt volume
• Save a copy of the Truecrypt volume on Dropbox, Google Drive, Skydrive, Gmail and on your local disk
• Test using the wallet.dat file from your Truecrypt volume in a new Bitcoin client install. Works? Delete the original wallet.dat and all unencrypted versions.

This is, IMHO, the easiest and best way to secure a wallet with "savings" that you are not going to use regularly.

Regards,
Tagide

[kurezza]

backtrack would be best for good encryption and keeping everything safe

[hammz]

Isn't it possible for a virus to sit, and wait for the Bitcoin client to unlock the private key when it connects to the block chain to make a transaction?

Is that memory location randomized by the Bitcoin client each time it runs?  Would it matter?

The wallet.dat file can be encrypted a zillion different ways, but at some point doesn't it have to be fed into the block chain naked so to speak?

...and if it's a key logger as well?

What then?

[SAQ]

This sounds a bit extreme. I mean, I and I am sure everyone else use online banking everyday. So why is such crazy security needed for the wallet when you just need an antivirus to log onto your bank?

[islandx]

Thanks it was helpfull

[hammz]

This sounds a bit extreme. I mean, I and I am sure everyone else use online banking everyday. So why is such crazy security needed for the wallet when you just need an antivirus to log onto your bank?

The bank has ways of tracing transactions, and getting your money back.  The security level at banks is a lot higher than a random computer sitting on desk somewhere.

Once it's gone nobody is going to do anything about it because they can't.

[mtl325]

thanks!

[Jahare]

This was a good read.  I use the dual wallet, one as savings locked away and work through the day to day wallet.

[stripe]

Definitely helpful. Thanks