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Author Topic: Electrum Cold Storage  (Read 524 times)
eXpl0sive
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June 16, 2017, 01:09:17 PM
 #21

I'm not much familiar with Electrum, but do you have addresses on the "Addresses" tab?

Everything works exactly as you said, thank you very much. I did all the steps and am about to format the laptop for the second time to close the case.
I will be keeping the only-watch wallet on my online PC though, is that completely safe and work the same as checking up a transaction on blockchain?

Yep, watch address works exactly like you said. Enjoy and welcome to the club!

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June 16, 2017, 01:18:50 PM
 #22

I'm not much familiar with Electrum, but do you have addresses on the "Addresses" tab?

Everything works exactly as you said, thank you very much. I did all the steps and am about to format the laptop for the second time to close the case.
I will be keeping the only-watch wallet on my online PC though, is that completely safe and work the same as checking up a transaction on blockchain?

Yep, watch address works exactly like you said. Enjoy and welcome to the club!

Thanks again, appreciate everything!
eXpl0sive
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June 16, 2017, 01:24:08 PM
 #23

Bonus tip:

Electrum has one more useful feature. In future if you decide to spend some BTC from your cold wallet, you don't need to actually transfer that wallet to a "hot" PC (which is connected to internet).

You can actually keep your wallet offline, sign a transaction from that, take that transaction on a USB flash drive, and broadcast it from a "hot" PC.

This way, your wallet never touches a hot PC, so there's no risk of any wallets to be hacked or malware attacks.

Google for the exact procedure.

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June 16, 2017, 04:50:07 PM
 #24

If you are only interested in cold storage for bitcoin you can save yourself the hassle and just get a Digital BitBox hardware wallet for $78 shipped. I just set a friend up with one and it is very nice, the co-founder of the company is a Bitcoin Core developer.

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July 10, 2017, 10:52:37 PM
 #25

It is possible for the host machine to infect the virtual machine, its harder the other way round. Anyways, it is possible for the malware to record the screen and get your 12 word seed. Use one of your pendrives to run a live copy of Tails and you will be fine.

You can do whatever you want with the VM and the pendrive, just remember the 12 word seed. It is the most important thing in the Electrum cold storage. Pen drives can be prone to failure so I don't really recommend using them.

So just download Tails and do exactly the same thing just with cold wallet(no internet) on Tails and watch-only on a PC that's online.
Then store the wallet file on pen drives and remember + save the 12 word seed on a piece of paper in case of emergency.

That's gonna work and will be safe, right? Also, just wondering if the 12 word seed is the only thing that is required to get into a wallet, then isn't that not so safe?
There has to be at least 50-100 milion of people using etherum so it shouldn't be so hard to get into at least 1 wallet with random 10-20 combinations you write, no?
Yup,, just boot tails as a LiveCD. The 12 words seed is all you need to get into your wallet.

You're not the only one that thinks that way so I'll break it down for you, its quite simple. For a 12 word seed, there are 2049 possible english words. With the English words, there are 2049^12 possible combination of seeds. Assuming I can bruteforce seeds at 1 million seeds per second, I can run through 3.1536x10^13 seeds per year. I'll be able to run through the possible seeds in 1.7365884x10^26 years. In comparison, we have  7.5 x 10^18 grains of sand on earth.

Hey, i just remembered your calculations and was wondering about one thing.
Technically even if you can run through 3.1536x10^13 seeds per year, if you consider that there may be around 10 milion of electrum wallets set-up with different seed phrases it only makes it 3153600 seed phrases to go through to find at least one working wallet.
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