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Author Topic: want to buy & hold bitcoin & ethereum - software choices  (Read 1681 times)
feh
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June 02, 2017, 01:47:55 PM
 #21


Just wanted to provide an update - I have successfully purchased bitcoin and ether on coinbase.com. After purchase, I then send/transfer ether to an ethereum wallet on my linux laptop using myetherwallet.com. I send/transfer bitcoin to my bitcoin wallet on my linux laptop which is running Armory. Both wallets are backed up via paper and a USB drive.

Just wanted to know if anybody sees a problem with this procedure, or if I can consider this an appropriate setup. Thanks!
You should be good. I’m assuming that the “Linux Laptop” is the mostly offline computer of yours, otherwise there would be a risk of hacking/malware obtaining your private keys. Regardless, it’s still a pretty foolproof setup.

Thanks for the reply.

The linux machine is not strictly offline. Given it is a linux machine, I'm not too concerned about hacking/malware. This machine also is not used all that often.

Related question - where are the private keys stored? Are they in the respective wallet files themselves?
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JGoRed
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June 02, 2017, 01:54:37 PM
 #22

Thanks for the reply.
The linux machine is not strictly offline. Given it is a linux machine, I'm not too concerned about hacking/malware. This machine also is not used all that often.
Related question - where are the private keys stored? Are they in the respective wallet files themselves?
It the private keys can be obtained from the wallet files, however you would need the password (assuming that you encrypted the private keys, which I would highly recommend) to actually obtain the private keys.
*Edit: Grammar
feh
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June 02, 2017, 02:02:21 PM
 #23

Thanks for the reply.
The linux machine is not strictly offline. Given it is a linux machine, I'm not too concerned about hacking/malware. This machine also is not used all that often.
Related question - where are the private keys stored? Are they in the respective wallet files themselves?
It the private keys can be obtained from the wallet files, however you would need the password (assuming that you encrypted the private keys, which I would highly recommend) to actually obtain the private keys.
*Edit: Grammar

Yes, both wallets are encrypted, so I consider the existing security sufficient, although not perfect.

Thanks for all your help.
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June 02, 2017, 02:27:06 PM
 #24

You already have a lot of great answers here, but I want to share another very easy non technical way for cold storage.

1 Go to https://www.myetherwallet.com/
2 Follow the directions! (Super simple)
3 Print out your public/private keys and QR codes (They format nicely and look great once you print it out).
4 Deposit funds to your public key.
5 Check https://etherchain.org/ for your account balance by entering in your public key in the search box.
6 **optional (HODLLLLL)
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