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Author Topic: Cold storage question  (Read 607 times)
minarchist
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July 25, 2013, 09:16:03 PM
 #1

I am new to bitcoin and purchased BTC a few days ago.  For now, I have the funds on a wallet at blockchain.info, but I have a very strong desire to move them to cold storage as soon as possible.  I came across Bitcoin Armory, https://bitcoinarmory.com/.  The cold storage scheme recommended involves putting their software onto both your offline and online computers.  I have two laptops (along with a nine year old desktop in a box), one of them that is my own and is four years old and the other that belongs to my employer (I telework) and for which I do not have admin permissions for installing software.  Obviously, I intend to use my own computer as offline storage of the private information, but I was wondering if I could use my blockchain.info wallet in place of installing Bitcoin Armory on the online computer.  I know that blockchain.info lets you have watch-only wallets and do importations, so is it possible to modify the recommened setup on Bitcoin Armory's site by using my online wallet in place of installing their software on the online computer? 
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EmperorBob
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July 25, 2013, 11:48:15 PM
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The way cold storage works is by making the online computer generate an unsigned transaction, then making the offlline computer sign it.
Your issue will be with getting blockchain.info to actually generate such a thing. I've looked through their faq, and can't find info on how to do it.
There may be better hope in getting armory to run on your machine without needing elevated privileges. It depends on which permissions you have on that laptop.

EDIT:

This may work better for you: https://blockchain.info/wallet/paper-wallet-tutorial-web
etotheipi
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July 26, 2013, 12:08:32 AM
 #3

The way cold storage works is by making the online computer generate an unsigned transaction, then making the offlline computer sign it.
Your issue will be with getting blockchain.info to actually generate such a thing. I've looked through their faq, and can't find info on how to do it.

Blockchain.info cannot create unsigned transactions of the form required for Armory offline-signing.  You need to run Armory on both online and offline computers.  The online computer can verify payments and monitor your wallet balance.  You use online Armory to create the transaction the same way as you would with a regular wallet, but the output is unsigned.  You get it signed by the offline computer before broadcasting/finalizing it.

I created a standard for this (BIP 10) but no one else adopted it.  Thus, you have to use Armory on the online system if you're going to use it on the offline system. 

Founder and CEO of Armory Technologies, Inc.
Armory Bitcoin Wallet: Bringing cold storage to the average user!
Only use Armory software signed by the Armory Offline Signing Key (0x98832223)

Please donate to the Armory project by clicking here!    (or donate directly via 1QBDLYTDFHHZAABYSKGKPWKLSXZWCCJQBX -- yes, it's a real address!)
minarchist
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July 26, 2013, 12:18:18 AM
 #4

The way cold storage works is by making the online computer generate an unsigned transaction, then making the offlline computer sign it.
Your issue will be with getting blockchain.info to actually generate such a thing. I've looked through their faq, and can't find info on how to do it.

Blockchain.info cannot create unsigned transactions of the form required for Armory offline-signing.  You need to run Armory on both online and offline computers.  The online computer can verify payments and monitor your wallet balance.  You use online Armory to create the transaction the same way as you would with a regular wallet, but the output is unsigned.  You get it signed by the offline computer before broadcasting/finalizing it.

I created a standard for this (BIP 10) but no one else adopted it.  Thus, you have to use Armory on the online system if you're going to use it on the offline system. 

If I plan on only adding to my balance for the foreseeable future, and not spending (e.g., I am a long-term investor), could I still use the method that I outlined in the OP to have a watch-only wallet on blockchain.info (and by the time that I'm ready to spend, I'll have a third laptop (e.g., a second personally-owned laptop) onto which I can put Armory, and then use that as my online computer from which I can spend funds)?
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