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Author Topic: Safest place to store bitcoins?  (Read 3920 times)
norgenorge
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September 03, 2013, 12:00:41 AM
 #1

Im currently running a business where i take payments in bitcoins. Luckily for me business is good for the time being. I would like to just keep my money in bitcoins, but now i feel like i need to consider the safety of my coins. What is the safest option for someone who is not a computer wiz?
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grue
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September 03, 2013, 12:05:00 AM
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1. save https://bitaddress.org/ to a usb stick
2. go to a secure workstation and disconnect it from internet
3. load up the saved webpage and print off a few paper wallets
4. stash your bitcoins in those paper wallets

It is pitch black. You are likely to be eaten by a grue.

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September 03, 2013, 12:06:18 AM
 #3

I just have my bitcoins on multibit with a password on it. This gives a double security. I would avoid any of the online wallets because if the site goes down so does your wallet. Store in on your computer or a usb flash drive and your good to go
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September 03, 2013, 01:45:44 AM
 #4

What grue said.

Although mine is modified to use the vanitygen address generator, and I make it spit out compressed keys.

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September 03, 2013, 03:17:25 AM
 #5

1. save https://bitaddress.org/ to a usb stick
2. go to a secure workstation and disconnect it from internet
3. load up the saved webpage and print off a few paper wallets
4. stash your bitcoins in those paper wallets

this is a good idea ^^
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September 03, 2013, 09:22:51 AM
 #6

Paper wallet is the best way to go, preferably in some durable format if you intend to store them long term.

I just have my bitcoins on multibit with a password on it. This gives a double security. I would avoid any of the online wallets because if the site goes down so does your wallet. Store in on your computer or a usb flash drive and your good to go

Your coins are just as vulnerable on your PC or a USB stick as they are an online wallet. One drive crash or Bitcoin sniffing virus and you are SOL. An offline paper wallet (preferably stored in a real firesafe or off site) is the safest way to store Bitcoins. Best practice is to keep most of your stash offline until needed, and keeping some online as a hot fund for purchases. Keeping all of your coin hot is inviting problems. They can't steal from the blockchain itself, but they certainly can use security holes to wipe out wallet accounts.

https://bitcoinpaperwallet.com/

http://piper.pw/

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September 03, 2013, 09:33:19 AM
 #7

Depends on what you are trying to accomplish.

In your brain might be the best if you can remember a phrase.

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wopwop
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September 03, 2013, 09:53:51 AM
 #8

Deep inside your rectum
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September 03, 2013, 09:57:09 AM
 #9

Deep inside your rectum


 Grin Grin Grin   I opened the thread to type that! 


get your private key tattooed onto your inner lip (backwards so it can be read in a mirror) and your wallet address tatooed to your Palm ---- You'll never lose it again ever.

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September 03, 2013, 11:08:16 AM
 #10

get your private key tattooed onto your inner lip (backwards so it can be read in a mirror) and your wallet address tatooed to your Palm ---- You'll never lose it again ever.
What happens if your key got compromised and you need a new one? You'll have to remove the old tatoo first, or your could just tatoo another hidden body part.

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September 03, 2013, 11:46:25 AM
 #11

Deep inside your rectum

thats the best idea i heard so far. very safe!

kik1977
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September 03, 2013, 01:05:55 PM
 #12

1. save https://bitaddress.org/ to a usb stick
2. go to a secure workstation and disconnect it from internet
3. load up the saved webpage and print off a few paper wallets
4. stash your bitcoins in those paper wallets

this is a good idea ^^

+1, That's what I do.. plus on the usb stick I put a live version of Ubuntu

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September 03, 2013, 06:22:54 PM
 #13

Bitcoin Armory running on an offline computer, with a couple copies of backups printed and stashed in safe places. You can create a new bitcoin address for every new deposit you receive (thus not showing that you have a lot of coins), and you can still safely spend them when you need to without any exposure to hackers.

davidgdg
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September 03, 2013, 06:52:28 PM
 #14

1. save https://bitaddress.org/ to a usb stick
2. go to a secure workstation and disconnect it from internet
3. load up the saved webpage and print off a few paper wallets
4. stash your bitcoins in those paper wallets

this is a good idea ^^

+1, That's what I do.. plus on the usb stick I put a live version of Ubuntu

This is what I did, too. But it is a bit more technical than the original steps 1. to 4. Like the OP I am not a computer wiz. The additional step took me a couple of hours to sort out. You have to find out what Ubuntu is and what version to get,  download it, get the computer to boot off it, work out how to run bitaddress.org via Ubuntu, and finally get the printer to work with Ubuntu. The last step was particularly frustrating (!!!). Definitely safer though if the OP has time and is not computer-phobic.

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davidgdg
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September 03, 2013, 06:53:25 PM
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Deep inside your rectum

thats the best idea i heard so far. very safe!

Unless you are passing through a UK airport  Sad

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Valle
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September 03, 2013, 09:39:52 PM
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This is what I did, too. But it is a bit more technical than the original steps 1. to 4. Like the OP I am not a computer wiz. The additional step took me a couple of hours to sort out. You have to find out what Ubuntu is and what version to get,  download it, get the computer to boot off it, work out how to run bitaddress.org via Ubuntu, and finally get the printer to work with Ubuntu. The last step was particularly frustrating (!!!). Definitely safer though if the OP has time and is not computer-phobic.

It can be done more easily and safer - take paper wallet for android and write down a generated key. Just make sure that device is not rooted to prevent external access to app memory. Oh, and the minikey could be tattooed faster and more easily than a QR ;-)
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September 03, 2013, 11:22:04 PM
 #17

I still say that encrypted software wallet like Multibit is better than paper wallet.  Of course back it up...on the cloud, on multiple USB sticks or microSD cards, etc.  As long as it is encrypted with something like PGP or True Crypt, you can name the container anythign you want and no one would know it's bitcoin and even if they found out, they couldn't do much because PGP has not been cracked.

Paper wallet can be found and seized and if it's not encrypted, then there go your BTC.
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September 03, 2013, 11:44:40 PM
 #18

I still say that encrypted software wallet like Multibit is better than paper wallet.  Of course back it up...on the cloud, on multiple USB sticks or microSD cards, etc.  As long as it is encrypted with something like PGP or True Crypt, you can name the container anythign you want and no one would know it's bitcoin and even if they found out, they couldn't do much because PGP has not been cracked.

Paper wallet can be found and seized and if it's not encrypted, then there go your BTC.

But a keylogger or malware can steal your password when you decrypt it.

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September 03, 2013, 11:46:43 PM
 #19

The only keylogger possible on a not rooted phone is keyboard, so it is pretty safe to use default keyboard. And it is much easier to have offline small android than an offline PC/MAC.
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September 03, 2013, 11:48:17 PM
 #20

Oh, you are about an encrypted wallet. It's correct.
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