What Is The Best Way To Store Your Bitcoins Offline?

[doldoltom12]

I will make sure to update this post using your suggestions that you post here. I want to make sure that this post is a reference to all new bitcoin users who want the best way to secure their new bitcoins.

I've made some big profits recently trading/flipping coins and i want to cash out and convert this profit to bitcoin, but I'm not sure how to store the new bitcoins safely.

I have some ideas about securing my bitcoins, but I'm not sure if they are good enough. I'm only interested in ways to store my bitcoins securely so if it even means that I will not be able to spend them easily, that's fine because I'm planning to keep them in cold store for a very long time, since I'm buy nature a bitcoin HODLer.

I have an old laptop that I'm no longer using, so it's okay to use it for just Bitcoin. I don't want to use a hardware wallet like trezor or other similar wallets.

1) Download the Bitcoin core wallet on my old laptop and create a lot of bitcoin addresses, back-up the wallet into multiple CDs, copy those addresses on a USB stick and transfer them to my Desktop computer that has an internet connection. This way I'm able to fund those Bitcoin addresses without having the private keys or the wallet.dat file on an online computer.

Note that I won't be able to let the computer to fully sync with the network, so is it safe to create multiple Bitcoin address this way even if it the Bitcoin-core hasn't fully Synced yet? Also is it safe to use old versions of Bitcoin-core like version 0.11.1 ?

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

3) Download a paper wallet script and use it to generate multiple address, store these addresses and their private keys in multiple CDs and copy the addresses to a USB stick to transfer the addresses to my desktop computer so I can send my earned bitcoins there. My question is, which paper wallet script should I use and can I really trust it?


I will update this post to make sure that contains all information for anyone who's wondering about securing his bitcoins offline.

[TryNinja]

Note that I won't be able to let the computer to fully sync with the network, so is it safe to create multiple Bitcoin address this way even if it the Bitcoin-core hasn't fully Synced yet? Also is it safe to use old versions of Bitcoin-core like version 0.11.1 ?

Yes. It's safe to create a wallet without being fully synced. Also, it would be better to use the latest version of Core.

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

You can fully trust Electrum. First, you are offline anyway, so you wouldn't have any problems on Electrum sending your private-key over the internet. The problem with old versions is always any security issue or critical bugs. Do some research to see if the version is functional and you will be ok. But always, it's better if you just use the latest version.

3) Download a paper wallet script and use it to generate multiple address, store these addresses and their private keys in multiple CDs and copy the addresses to a USB stick to transfer the addresses to my desktop computer so I can send my earned bitcoins there. My question is, which paper wallet script should I use and can I really trust it?

That's the best and safest I can think off: https://www.bitaddress.org/
You can even download their source and generate an paper wallet with your self-hosted script: https://github.com/pointbiz/bitaddress.org

[serhishulak]

This topic will usefull too
https://bitcointalk.org/index.php?topic=1911604.0

[BitcoinNewsMagazine]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

[doldoltom12]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I read somewhere that there there were some issue with a hardware wallet, I don't remember which hardware wallet was it, but I think it was trezor.

[Iranus]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I read somewhere that there there were some issue with a hardware wallet, I don't remember which hardware wallet was it, but I think it was trezor.

Using a TREZOR, I can say that it's working very well for me and that I haven't had any issues.  I've downloaded the recent software update and received significant amounts of BTC as well, no problem.

Ordinary PCs aren't very secure if they're connected to the Internet, and hardware wallets are much easier to get than a fresh PC, so it makes more sense IMO.

Due to a couple of things related to hardware wallets though (you give them your address for shipping, and you get the opportunity to upgrade with Satoshi Labs' software), paper wallets are still the most obvious choice.  Just don't knock hardware wallets because they're very good for everyday spending.

[Qartersa]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I read somewhere that there there were some issue with a hardware wallet, I don't remember which hardware wallet was it, but I think it was trezor.

Using a TREZOR, I can say that it's working very well for me and that I haven't had any issues.  I've downloaded the recent software update and received significant amounts of BTC as well, no problem.

Ordinary PCs aren't very secure if they're connected to the Internet, and hardware wallets are much easier to get than a fresh PC, so it makes more sense IMO.

Due to a couple of things related to hardware wallets though (you give them your address for shipping, and you get the opportunity to upgrade with Satoshi Labs' software), paper wallets are still the most obvious choice.  Just don't knock hardware wallets because they're very good for everyday spending.

I agree. These are your best bet to guard against any attack you don't want. Having hardware wallets don't share what they have inside. So even if you use them on a virus infested computer you have, it will still store your coins safely. Though if you're just storing less than a bitcoin then I think you're fine with just a basic pc wallet. You can also try out a iOS wallet, as iOS are pretty solid secured systems.

[szpalata]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I agree with you you that electrum is quite unique and best fit for offline storage, it has variable transactions fees just like blockchain.info and very secured especially if you have the latest version always running. I will recommend it any day.

[Scorpion]

My way:

Use bitaddress.org and download the client-side version. Make a encrypted Bitcoin wallet and print three or four copies. Go to office supply shop or arts and crafts store and buy laminating sheets, laminate your copies and store each one in different secure safe spots that you trust.

[DoublerHunter]

The best, secured and also cheapest way to store my bitcoins offline is to just make a paper wallet because it is just a very easy to generate and you only need a piece of clean paper, a printer and a laminator (if you want more durability) then after that you will just create and laminate your paper wallet and store it on a safe place where you only know it or by your family.

[BTCLovingDude]

your methods are good enough. i have only two things to add:
1. there is no reason for using old versions. the old versions had bugs and can even be missing some critical parts. for example i believe Electrum 1.9.8 generates uncompressed private keys. this is outdated and will lead to bigger transaction sizes. also i may be wrong but the transaction with old versions used to use a high S value which is rejected by the new version.

2. no matter what method you chose, make sure to test it first. don't just send everything you own there.
for example make the offline electrum or paper wallet or ... then send a small amount to it. 0.001BTC would do. then turn everything off and come back the other day and spend it. if everything was smooth and you had no problems then send everything there.

[Vaskiy]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I agree with you you that electrum is quite unique and best fit for offline storage, it has variable transactions fees just like blockchain.info and very secured especially if you have the latest version always running. I will recommend it any day.

I too suggest electrum wallet usage to be the secure way of holding your bitcoin. Specifically when you plan to hold the bitcoins offline. This has the good features as well has got the ease of importing the bitcoins. Other than this generating paper wallet and keeping it secure is the best way to save bitcoins.

[megynacuna]

From the OP I guess the Bitcoin core wallet stands up tall among the other options so just try to make up hard drive space and always ensure it is synchronized with the latest core version.

[OROBTC]

...

The EASIEST way is to use of one of the various hardware wallets out there.  I have used, and liked:

-- Trezor
-- Ledger Nano
-- DigitalBitBox

All three have worked fine, but I prefer the last one the best. 

YMMV

[BitcoinNewsMagazine]

Digital Bitbox is cool (I have one) but Trezor is most versatile. Also the only one you can buy without a wait right now. Trezor devs have been through fork scares before and will update the firmware if needed. You can expect Ledger and DBB to do the same. DBB is sold by a Core developer.

[bitllionaire]

You should not use an outdated version of Electrum. You will have problems sending and fee estimates will be too low. Newest is 2.8.3 at Electrum.org. Electrum explains how to use two computers (one always offline) for cold storage here. Almost no one bothers with this setup anymore since hardware wallets are more secure and inexpensive. Get a hardware wallet.

I agree with you you that electrum is quite unique and best fit for offline storage, it has variable transactions fees just like blockchain.info and very secured especially if you have the latest version always running. I will recommend it any day.

yes that is right electrum is the best option, the most secure and convenient. specially if you are holding  a big amount of bitcoin, you can keep secure your biitcoin there as compare to online wallet.

[majdoso]

i don t know really how to store bitcoins offline.
i don t know even what it means and i don t care about that ...

[fabrizoc]

I will make sure to update this post using your suggestions that you post here. I want to make sure that this post is a reference to all new bitcoin users who want the best way to secure their new bitcoins.

I've made some big profits recently trading/flipping coins and i want to cash out and convert this profit to bitcoin, but I'm not sure how to store the new bitcoins safely.

I have some ideas about securing my bitcoins, but I'm not sure if they are good enough. I'm only interested in ways to store my bitcoins securely so if it even means that I will not be able to spend them easily, that's fine because I'm planning to keep them in cold store for a very long time, since I'm buy nature a bitcoin HODLer.

I have an old laptop that I'm no longer using, so it's okay to use it for just Bitcoin. I don't want to use a hardware wallet like trezor or other similar wallets.

1) Download the Bitcoin core wallet on my old laptop and create a lot of bitcoin addresses, back-up the wallet into multiple CDs, copy those addresses on a USB stick and transfer them to my Desktop computer that has an internet connection. This way I'm able to fund those Bitcoin addresses without having the private keys or the wallet.dat file on an online computer.

Note that I won't be able to let the computer to fully sync with the network, so is it safe to create multiple Bitcoin address this way even if it the Bitcoin-core hasn't fully Synced yet? Also is it safe to use old versions of Bitcoin-core like version 0.11.1 ?

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

3) Download a paper wallet script and use it to generate multiple address, store these addresses and their private keys in multiple CDs and copy the addresses to a USB stick to transfer the addresses to my desktop computer so I can send my earned bitcoins there. My question is, which paper wallet script should I use and can I really trust it?


I will update this post to make sure that contains all information for anyone who's wondering about securing his bitcoins offline.

I have been hearing people ask the best way to store their bitcoin offline, though I don’t know much about how storing it offline is going to work, I just know that people around me use paper wallets to store their coins.

[chocolah29]

My way:

Use bitaddress.org and download the client-side version. Make a encrypted Bitcoin wallet and print three or four copies. Go to office supply shop or arts and crafts store and buy laminating sheets, laminate your copies and store each one in different secure safe spots that you trust.

I still haven't use bitaddress.org even though my friends tell me to use this but I'm quite hesitant. Maybe some time I'll try to download it and follow what you've said. Thanks anyway.
Currently, I'm using electrum and this is the most trusted wallet for me and so far I don't have any complains like it's running smoothly with me.

[yishak]

2) Instead of Bitcoin core, I will use Electrum on this offline laptop and do the same thing as above. The problem here, is can I trust Electrum? and also I will be using an old version of electrum 1.9.8, so is it to use this old version?

electrum is a lot better than bitcoin core (only interms of size since its super lightweight ). I have been using electrum for quite a long time and I am satisfied with it. I have never had any problems with electrum so yeah you can trust electrum.