HOWTO: have a safe BTC storage w/o - encryption, backups, or a "clean" computer!

[bitlotto]

This is meant for having a secure savings account without having to be an expert in computer security. It's safe and reliable. You protect your key more in an old school way in the "real world" as apposed to "digital space".

This app generates: Bitcoin address along with it's matching secret private key that you can use in the future to "unlock" the BTC. Until it's stored on a computer it's safe from online threats because it has never been online. It's like generating a new address but in an isolated environment. A "clean room" if you will. You then import the key when you want to spend it.

1. Get a Live Linux CD ISO image. Ubuntu is probably the easiest to use.
Can get at: http://www.ubuntu.com/download/ubuntu/download

2. Download BOTG (Bitcoin-Off-The-Grid) at: http://www.bitlotto.com/botg0.1.1.tar.gz
MD5: da7b36c1fd22d44cc62dd76f9e1aa072
(It's just a script. Source code can be read if wanted - Eventually, some Bitcoin specific distributions may include it)

3. Copy botg0.1.1.tar.gz onto a USB stick

4. Burn ISO image and leave CD in computer tray, then unplug computer from Internet

5. Reboot computer

6. Once the Live CD is fully booted insert USB stick

7. A window will probably open showing what's on the USB stick. If it doesn't, somewhere on the menu bar should be an icon to open USB stick.

8. Double click botg0.1.1.tar.gz and it will open. Click extract. Extract to home folder. (It will probably have a house icon)

9. Go back to file browser and click the "Home" button.

10. Double click botg.sh and select "Run In Terminal" OR Open Terminal program and type: ./botg.sh

11. Write down private key to unlock Bitcoin address along with the matching Bitcoin address

12. Reboot

13. THAT'S IT!


The address you record at the end will be the address you send BTC to. Because it was run off of a Live CD, no traces of the keys will be on your computer. It can't spread the key anywhere because there is no Internet. Because it was a Live CD, no operating system viruses will be able to spy on you while you are making the key. Not even a hardware keylogger would work for you aren't ever typing the key out! When you reboot everything is cleared and *nothing is left on the computer*. There is nothing to backup. Nothing to encrypt or safely make sure it's somewhere on a computer. All you need to is to keep the piece of paper safe. Instead of viruses, your risk will be someone finding that paper or it getting destroyed. Just be sure to think about what would happen if your house burned down or you hide the paper in something that could get stolen!

To access your money, right now it takes a bit of work. You currently have to patch Bitcoin to import it. It's coming down the feature pipeline and will probably show up soon. The private keys are very similar to what BitBills, casascius's paper wallet, etc are doing.

So far, I've made over 500 keys and have successfully imported them into Bitcoin without any error.


-the only risk computer wise is some type of BIOS virus - these are EXTREMELY rare. -if you have a small fortune and the tiniest risk is unacceptable, you could buy a brand new, cheap computer - run program - then destroy computer so it never goes online again - BUT that's kind of extreme!! LOL.

[Rodyland]

What is the output of this, besides the public key, that lets you effectively recreate the private key?

[bitlotto]

What is the output of this, besides the public key, that lets you effectively recreate the private key?

It ouputs:
-Bitcoin address for saving
-a key to "unlock" address both in hex and base58

Real output of one run:

Address: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4
Key: (edit - missing key - I pasted the address again) or 6a5e1b88a98239348fe0ce4494479b9c59789af8dd6f409e5811a1e434611091

Any money sent to that address can be moved only if you have the key. To spend it you would import it into a wallet as one of your addresses. Until you need to spend it though, it can remain offline as long as you want. That way no one can steal it.

[bitlotto]

Now part of Linuxcoin! Just download and your ready to go.

To run:
cd /opt/BOTG
./botg.sh

[Anonymous]

Someone could sell powerful magnets  that you use to destroy hard drives so you can be certain they cant be recovered. I find an angle grinder also works wonders. Can you buy thermite on silk road?


 

[wujh]

If the bitcoin have to be this difficult to keep it safe, there's no future of the currency.

[bitlotto]

If the bitcoin have to be this difficult to keep it safe, there's no future of the currency.

It's actually quite easy. This is for lot's of money. It's way easier than trying to figure out how to safely store millions in cash without using a bank. 

[kjj]

Someone could sell powerful magnets  that you use to destroy hard drives so you can be certain they cant be recovered. I find an angle grinder also works wonders. Can you buy thermite on silk road?

Hard drive media is made with very high coercivity oxides.  A field capable of damaging the domains inside the case is likely to cause about as much physical damage as the angle grinder.

And you don't need silk road for thermite.  Skylighter sells both of the parts you need.  Pro tip: you don't want the aluminum to be too finely ground or it'll flash instead of melt.

[marcus_of_augustus]

It ouputs:
-Bitcoin address for saving
-a key to "unlock" address both in hex and base58

Real output of one run:

Address: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4
Key: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4

What are you saying here? The bitcoin public address and the key to "unlock" address is the same thing?

edit: it must be a typo ... running the script yields a "private" key base58 beginning with a "5" as it should. Not such a good "example" demo, huh?

[Rodyland]

It ouputs:
-Bitcoin address for saving
-a key to "unlock" address both in hex and base58

Real output of one run:

Address: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4
Key: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4

What are you saying here? The bitcoin public address and the key to "unlock" address is the same thing?

Woah, that can't be right. 
The key must be the second bit that he posted. 

[bitlotto]

It ouputs:
-Bitcoin address for saving
-a key to "unlock" address both in hex and base58

Real output of one run:

Address: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4
Key: 1QAueRC2LqquRmu5S3XMknyu7SyWUCMkY4

What are you saying here? The bitcoin public address and the key to "unlock" address is the same thing?

Woah, that can't be right. 
The key must be the second bit that he posted. 

Ya copy paste error. They begin with 5.

Eg:
5J4UwdpTuoM9jfwsu5QBRu5N1oNEdTkm6VUSU7HSXXubJmE5i9B
Address: 187qQqQruJqFQQLxAbDF4gfMLeryPirQSb

Dang it. Ya, not a good example if it's wrong...lol

[jkminkov]

what if your dog chews that CD/DVD

[bitlotto]

what if your dog chews that CD/DVD

After you wrote down the keys? Then your good!

[drrussellshane]

I presume your post tells me how to come up with "private keys", but how can I import those "private keys" into a wallet so the coins can be spent?

[bitlotto]

I presume your post tells me how to come up with "private keys", but how can I import those "private keys" into a wallet so the coins can be spent?

Right now it's not part of the default client. You have to add the "export/import" patch and compile it. Or visit Bitbills.com and I think they offer the daemon for download. You then import the key. Right now it still works for savings. In the future it will be easy to import.

[bitcoinminer]

+1

Great post.  Glad those still happen occasionally here.