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Author Topic: Best way to store and forget btc?  (Read 7128 times)
revv
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November 01, 2013, 08:16:16 AM
 #1

I plan on investing 5-10k into btc and am wondering what would be the best way to store and forget about them?
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November 01, 2013, 08:32:03 AM
 #2

I plan on investing 5-10k into btc and am wondering what would be the best way to store and forget about them?


Paper wallet is best, print it and put it into safe box.

                               
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laowai80
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November 01, 2013, 08:46:49 AM
 #3

Now, how safe is the safe box, that is the question ) This is not to say that this approach is bad, but just to stress that there is no 100% safe method, that's all.
Rluner
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November 01, 2013, 09:11:25 AM
 #4

Similar topic here:-

https://bitcointalk.org/index.php?topic=321588.msg3445153#msg3445153

Here is more good advise:-

https://en.bitcoin.it/wiki/Securing_your_wallet
Cubic Earth
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November 01, 2013, 10:32:52 AM
 #5

OP, I a sending you a pm with the method I use.  I still need to finished editing it before I publish it.  If you can follow it, it is airtight.

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LiteCoinGuy
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November 01, 2013, 11:51:22 AM
 #6

paper wallets or several usb sticks / cds with password in different locations.

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November 01, 2013, 02:30:08 PM
 #7

etch the private key into a piece of metal.. EG like dog tags. then store them safely.

paper doesnt have to burn, it only needs to become sooted, brown or crumble to dust which can happen at lower temperatures then a direct flame

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November 01, 2013, 03:26:49 PM
 #8

What I did was print out an armory paper backup, split it in two pieces and putting one in a bank vault and the other in a fireproof safe. If one of them gets compromised the coins will be safe. And ofc I also have backup truecrypt files with the encrypted wallet as well. Which means the backups are double  encrypted.

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November 01, 2013, 03:30:28 PM
 #9

Paper wallets and backup wallet.dat on USB/CD a few times, just to be safe..
Nailed it.
If you are worried about theft, Put all said wallets into a floor-bolted pysical fireproof safe

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November 01, 2013, 03:42:59 PM
 #10

https://bitcointalk.org/index.php?topic=126834.msg1346721#msg1346721

these coins have mini paper wallets, which can go through the wash and not be damaged
Its a neat alternative to paper wallets, and a fun way of storing bitcoin
the only security concern is the fact that Casascius and I had access to the private key.

Edit: these coins do not have holograms on the back, which makes them affordable

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November 01, 2013, 04:03:54 PM
 #11

Here is what I did:

Materials Needed:

1. Bitaddress.org saved html file (to access while disconnected from internet)
2. Linux or non windows operating system
3. Webcam/camera
4. TrueCrypt

Steps:

1. Print all of your paper wallets, using non-windows operating system or clean Ubuntu live cd
2. Take pictures of your paper wallets
3. Download TrueCrypt, make a encrypted file.
4. When choosing a password for your TrueCrypt file, think of a easy to remember 8-9 word phrase, add that phrase to Bitaddress brain wallet creator, take the private key, and use that private key as the password to your encrypted file.
5. Add the pictures into the encrypted file
6. Burn truecrypt traveler exe, bitaddress.org html file, encrypted file, onto a CD/DVD.

Technically this way your Bitcoins are still secured via private key and not a brainwallet password, but if you have access to the encrypted file, you can use a brainwallet password to unlock your encrypted file.

Optional: Take the CD/DVD, create it into .iso image, upload to your Google account for easy access in the future. (Still deciding the risks involved with this)
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Reverse engineer from time to time


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November 01, 2013, 04:06:19 PM
 #12

I plan on investing 5-10k into btc and am wondering what would be the best way to store and forget about them?
1. Buy coins.
2. Send them to 1BitcoinEaterAddressDontSendf59kuE.
3. You can now forget about them.

BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2
CurbsideProphet
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November 01, 2013, 05:40:09 PM
 #13

I plan on investing 5-10k into btc and am wondering what would be the best way to store and forget about them?


Paper wallet is best, print it and put it into safe box.

I would also laminate the paper wallet to protect from the elements/degradation.  Cypherdoc also suggested laminating it between a piece of construction paper so the private key cannot be seen, which is also a good idea.

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November 01, 2013, 06:48:09 PM
 #14

One safe deposit box with a memory stick with the private key in, another one in another bank with the encrypted public key? (If you're that worried about a major bank heist)
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November 01, 2013, 07:13:09 PM
 #15

this is the best way

http://lockmycoins.bitcoininformation.info/
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November 01, 2013, 10:01:22 PM
 #16

Option A:

Put it on an encrypted USB stick, and attach that to your dog's collar.


Option B:

Bury the encrypted USB stick in a waterproof container in the yard.






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November 01, 2013, 10:06:21 PM
 #17

Option A:

Put it on an encrypted USB stick, and attach that to your dog's collar.


Option B:

Bury the encrypted USB stick in a waterproof container in the yard.

I can only imagine the classified ad if things went awry in a few years with option A:

"Lost dog, 10,000,000 $ reward for safe return with his collar intact."

Bitcoin: the only currency you can store directly into your brain.

What this planet needs is a good 0.0005 BTC US nickel.
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November 01, 2013, 10:06:43 PM
 #18

you all forget that it also has to be safe from the user's forgetfulness

it has to have some backup options too

dog's collar? what the hell are you thinking? And if it runs off or something? Same goes to other examples.


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November 01, 2013, 10:10:53 PM
 #19

guys, you're going too far, it's enough that you have your wallet.dat stored on 2-3 computers which are linux.

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November 01, 2013, 10:40:50 PM
 #20

Does anyone know if you can print a paper wallet from bitcoin-qt client and if so how?
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