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Author Topic: securing the coins with a savings account  (Read 567 times)
martinus
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June 17, 2011, 05:29:55 PM
 #1

Hi, I wonder if this would be a good/save idea to use bitcoins more securely:

1. Create a wallet with bitcoin
2. Write down it's address
3. Encrypt this wallet (e.g. 7z with encryption), and send it to yourself via email. This will be the 'savings account'.
4. Delete the wallet from your computer
5. Create a new wallet, this will be your 'portemonnaie'
6. Whenever you want to save some coins securely, send them to the address of the 'savings account'.

As I see it, this way you can secure most of your money, and when the computer get's compromised, the intruder cannot get to the savings account.

Will this work? Or is it possible that transactions to the 'savings account' will get lost, when you do not actually use it in the bitcoin client?

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martinus
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June 17, 2011, 07:45:05 PM
 #2

oops, Ive just seen that exactly this is described in the HOWTO: create a 100% secure wallet document.. Smiley
Stephen Gornick
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June 17, 2011, 07:52:01 PM
 #3

Hi, I wonder if this would be a good/save idea to use bitcoins more securely:

1. Create a wallet with bitcoin
2. Write down it's address
3. Encrypt this wallet (e.g. 7z with encryption), and send it to yourself via email. This will be the 'savings account'.
4. Delete the wallet from your computer
5. Create a new wallet, this will be your 'portemonnaie'
6. Whenever you want to save some coins securely, send them to the address of the 'savings account'.

As I see it, this way you can secure most of your money, and when the computer get's compromised, the intruder cannot get to the savings account.

Will this work? Or is it possible that transactions to the 'savings account' will get lost, when you do not actually use it in the bitcoin client?

Close, but still vulnerable.

> 1. Create a wallet with bitcoin

When you created the wallet, it writes that data to the filesystem.  Unless that is an encrypted filesystem, even after deleting that file there is wallet data left unencrypted on the filesystem.  See:
 - http://en.bitcoin.it/wiki/Securing_your_wallet#Making_a_secure_workspace

> 3. Encrypt this wallet (e.g. 7z with encryption

I don't know 7zip's encryption.  If it allows multiple encryption methods, only a method that is considered secure method should be chosen.

Bunghole
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June 17, 2011, 08:02:20 PM
 #4

A big improvement would be to create the wallets on a virgin non-networked computer or in a Live CD environment.  And check the balance using Block Explorer.

7-zip does have an AES-256 option.  I use it often - it's a good value considering that it's free.
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