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Author Topic: paper wallet storage  (Read 1387 times)
fred21
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May 30, 2017, 08:25:17 PM
 #1

Hello,

I plan to create a paper wallet with encrypted private key.

I plan to store it in three different places :
-online (google drive or else...)
-on usb disk
- on a piece of paper

I don't want to keep it only at home on a piece of paper. this is why I will store it digitally.

is this risky as I will still encrypt the private key with strong password?

thanks
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May 30, 2017, 08:30:33 PM
 #2

I think it's safe enought that way. The only problem is if you forget your password.
But if you want to forget about the paper for the long-term, I think you should only encrypt the information you are going to store in the cloud and leave the physical paper unencrypted if you can keep it safe.

Maybe store multiple copies in safe places like a bank.

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May 31, 2017, 01:33:28 AM
 #3

It's pretty sure that is a risk specially on a piece of paper because it can be lost or the worst is to be stolen or even usb drive because in anytime it lost or damage.

There's nothing possible if you are the target of a hacker or intruder that they can do everything they want because they know key encryption and other possibilities to hack your account.




                                 
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May 31, 2017, 02:06:16 AM
 #4

It's pretty sure that is a risk specially on a piece of paper because it can be lost or the worst is to be stolen or even usb drive because in anytime it lost or damage.

There's nothing possible if you are the target of a hacker or intruder that they can do everything they want because they know key encryption and other possibilities to hack your account.


For me if you create that paper wallet on three different places be sure that you keep your key safe it is depend on you on how you kept it just a risky a little of thus usb disk or piece of paper in case it damage or lost.

                                 
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May 31, 2017, 02:53:10 AM
 #5

As long as you are using a secure password and a strong encyption, I think this should be safe. Storing an unencrypted physical copy as suggested above is probably wise in case you forget the password in the future. You'll just want to ensure you have appropriate physical safeguards to prevent theft.
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May 31, 2017, 04:24:00 AM
 #6

just learn what a strong password means. this may not be an issue for you but i have seen many people who think their password is strong while it really isn't. there are so many articles online about it.

for instance something like "remember remember the fifth of November" may seem like a long and strong password but it can easily be brute forced in a second Smiley
something like "fg$2DblW&pfn#2SmTp" is a strong password Cool

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May 31, 2017, 06:08:50 AM
 #7

If I can make a little suggestion. then I would suggest that you break it up a little. Store 50% of the private key in one location and 50% at the other location or method, but make sure you have 4 methods to do this. A example :

50 % of private key A - Online
50 % of private key B - Usb disk
50 % of private key A - On a piece of paper < laminated >
50 % of private key B - Safe deposit box

A copy of the whole address & private key for all of you paper wallets should be saved at the safest location as a backup. If anything happens with any of the above methods, you will still have a backup. < Suggestion - Time capsule under ground >

The reason : If any option is breached, nobody will be able to do anything with 50% of a private key. ^smile^


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May 31, 2017, 07:35:31 AM
 #8

Just make sure you won't forgot you password. Some people thought they would never forget, but when they wanted to move the coins, they realized they didn't remember.

Consider backuping the password, or find a way to recover or regenerate it if you forget. Consider this as some kind of math exercise and you probably get a good and safe way to do it.


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May 31, 2017, 12:20:47 PM
 #9

I am maintaining my paper wallet since last year and I think the safest way to maintain is to create multiple copies is multiple formats and keeping it at secure place. I have my copies on paper (good quality paper and maintaining it like museum grade security), disk drive (again museum grade security) and even in a flash drive. Make sure you are using BIP-38 encryption too so that even if you lose your wallet in worst case then no one would be able to recover your funds.

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May 31, 2017, 12:25:16 PM
 #10

If you're worried about the security, check out this thread:

https://bitcointalk.org/index.php?topic=1014202

A member put 1 BTC on a paper wallet whose private key he encrypted using the password  "zLwMiR". He then posted the encrypted private key right on this forum, clearly indicating the password was 6 random characters. I didn't bother to re-read the whole thread, but IIRC, he even gave some extra tips.

After 2 years, nobody managed to decrypt the key and sweep the 1 BTC.

That being said, related to digital thefth, it's always more secure digitally to keep private keys on airgapped machines or offline media... But doing this will probably decrease your physical security (losing keys in a fire, physical robbery,...)

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May 31, 2017, 01:25:46 PM
 #11

I don't think cloudstorage is safe. I don't recommend to use them because its not safe enough to store your private keys. Maybe paper and hardware wallets are your best options. It's better if you place them to safe deposit box. I think you're at the maximum level of security. But still its up to the person who keep the private keys.


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May 31, 2017, 06:55:43 PM
 #12

agree the cloud storage is not much safe. also be carefull with storing on flashdrives, if they are not powered for 1-2 years data can be irrecoverable.

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CryptoRama
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May 31, 2017, 09:18:51 PM
 #13

Just have paper wallet, and plus if you want digitally so bad, put it on USB drive, not online, because it's a risk...

except if you have more than one wallet, then storage one there one there one there...

Velkro
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May 31, 2017, 09:37:50 PM
 #14

is this risky as I will still encrypt the private key with strong password?
Depends on encryption method. Some encryptions are easy to break, so stron password doesn't matter then.
That is real problem.

Im using paper wallet WITHOUT encryption because its physical backup, when im using physical backup with password... i can forget password so it doesn't make sense for me personally.

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June 01, 2017, 01:05:20 PM
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Quote
is this risky as I will still encrypt the private key with strong password?

If your password is quite complicated, than you can hold your keys online. But still remains a risk that somebody hacked your online storage, download and brutal forced you encrypted file. We can not discard the moment of forgetting the password to your keys. Maybe you should keep one copy with no encryption in the safest offline place you could imagine.

CryptoRama
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June 02, 2017, 09:38:54 PM
 #16

One question, are all wallets including paper, on blockchain or how it is storaging them coins?

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June 02, 2017, 10:22:50 PM
 #17

One question, are all wallets including paper, on blockchain or how it is storaging them coins?

your question is unclear to me.
onurgozupek
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June 02, 2017, 10:26:40 PM
 #18

One question, are all wallets including paper, on blockchain or how it is storaging them coins?

Blockchain only holds transactions. Your Bitcoins are located in your wallet. When you need to transfer them you need to send transaction to blockchain. You can send partial amount from your paper wallet....

CryptoRama
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June 03, 2017, 08:54:02 PM
 #19

One question, are all wallets including paper, on blockchain or how it is storaging them coins?

Blockchain only holds transactions. Your Bitcoins are located in your wallet. When you need to transfer them you need to send transaction to blockchain. You can send partial amount from your paper wallet....

So what are you saying the block chain have only info about all the transactions, you only need a program to see, send, receive... to restore wallet you only need keys obviusly...

Thank you,  something there wasnt clear to me, I'm so dumb now I see how much xD

Why partial?  So it's like limited?  Or did you just make an example?

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June 04, 2017, 12:39:19 PM
 #20

It was an example. You don't have to send all Bitcoins in paper wallet Smiley That means you can store all your Bitcoins offline...

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