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July 26, 2013, 08:38:29 PM |
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I intend to be a long-term Bitcoin investor, and add funds to my wallet every month, and not spend any of it for a long time. I have two laptops, one of which is four years old, and onto which I downloaded Multibit yesterday. After that, I turned off auto-connect to a wireless network, and created a wallet offline. I then transferred the entirety of my funds from my blockchain.info wallet to the address of this offline wallet, and verified that everything went well via blockchain.info. I copied the private key of my new wallet from the old laptop to a thumbdrive, then put said thumbdrive in a safe place, then printed the private key from the laptop, and then put the printout in a safe place as well. I will continue to buy bitcoin via localbitcoins.com and immediately transfer them to my offline wallet using its public key. As I said, I have no desire to spend any bitcoin for a while. As far as I can tell, this is extremely secure, as long as no one steals the thumbdrive, printout, or my old (and now permanently offline) laptop. Yes, the disadvantage is that I cannot spend anything for as long as I keep the private key wholly isolated from the Internet, but as a long-term investor, this doesn't bother me.
What are your thoughts on my analysis?
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