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Author Topic: Best way to store and forget btc?  (Read 7130 times)
westkybitcoins
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November 01, 2013, 10:46:35 PM
 #21

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

This.

Once you start approaching $10K worth of value in bitcoins, and plan to store them and forget them for while, I don't see any good reason NOT to have several (ideally non-rusting metal) plates etched with your keys (in plaintext.)

Distribute the copies in at least a couple of different physical locations too, places either you own or completely control, or with someone you completely trust.

Always, always remember: it's digital CASH. Protect it like cash.

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November 01, 2013, 10:50:06 PM
 #22

Nice question


i lost 4x walet for 6 or 8 months  Roll Eyes

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Cubic Earth
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November 01, 2013, 10:58:52 PM
 #23

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

This.

Once you start approaching $10K worth of value in bitcoins, and plan to store them and forget them for while, I don't see any good reason NOT to have several (ideally non-rusting metal) plates etched with your keys (in plaintext.)

Distribute the copies in at least a couple of different physical locations too, places either you own or completely control, or with someone you completely trust.

Always, always remember: it's digital CASH. Protect it like cash.


The private key should be split into at least two parts.  In you example, 1/2 of the key on each metal plate, and of course stored in separate locations.

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adamstgBit
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November 02, 2013, 12:13:11 AM
 #24

If you want to go full geek you do encrypted paper wallet with brain wallet backup

1) memorize a strong password.
2) https://www.bitaddress.org/
3) encrypt the private key bitaddress generates
4) print.
5) ?
6) Profit!

edit: make damn sure to use a very very strong password for brain wallet.

seafarer124
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November 02, 2013, 05:15:53 AM
 #25

is Electrum OK to use?

Store your seed/password and then delete client from your computer.

When you want to use again just download Electrum again.
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November 02, 2013, 06:41:44 AM
 #26

Whatever you do make sure to VERIFY that you can import the private key again.

Mycelium let's you hold your private keys private.
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November 02, 2013, 07:32:17 AM
 #27

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...

Bitcointalk member since 2013! Smiley
TheButterZone
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November 02, 2013, 08:18:57 AM
 #28

The idea with the dog tag is also very good, but I think it's too expensive...

If you order one online, they're around $10 USD, probably around the same for one of those dogtag machines at Walmart. You'd need to trust that no copy is kept or transmitted at that moment, though. The other way is to buy dogtag blanks online, and a upper/lowercase letter and number punch kit for $50-100 and pound them in yourself.

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November 02, 2013, 08:25:15 AM
 #29

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...

A few bucks on a dremaltool(sp) to engrave it yourself.
Radelderth
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November 02, 2013, 08:27:51 AM
 #30

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

bitcoin-qt, email it to yourself the backup files and set a reminder 10 years later.. Delete your bitcoin-qt after that Smiley

User705
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November 02, 2013, 08:32:17 AM
 #31

Best way.  Send them to me and I promise to forget that you did so.   Wink
2nd best way if you are planing to store it on any metal medium or in similar fashion consider altering some digits so even if someone finds it they can't just take your coins.  BTW altering 1 digit isn't enough as I learned  https://bitcointalk.org/index.php?topic=316979.0
seafarer124
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November 02, 2013, 08:42:38 AM
 #32

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...

A few bucks on a dremaltool(sp) to engrave it yourself.
Good idea, could engrave on a piece of stainless steel, drill a hole in the steel and screw it to somewhere hidden in your home.
justusranvier
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November 02, 2013, 08:47:19 AM
 #33

stainless steel
Better: http://www.mtialbany.com/metals/inconel/
TheButterZone
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November 02, 2013, 08:49:03 AM
 #34

My brother has a B&D dremel knockoff. I wonder which bit is the engraver one that keeps it from spinning out of control.

LiteCoinGuy
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November 02, 2013, 10:40:28 AM
 #35

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...


I have cd roms that are 20 years old and working. Nothing is 100% safe but it wont happen
That several cds and usb sticks are damaged in 5-10 years. Dont buy the cheap ones.

porcupine87
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hm


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November 02, 2013, 10:59:49 AM
 #36

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

Yeah if you want to forget them send them to me Wink

I stored once 5btc:
2way: I made a brain wallet with bitaddress.org and stored the private key in an text file and put in a Truecrypt container. And saved the bitaddress.org.html.

Point of failure: password. I took the first letters of one of my all time favorite songs + two numbers. 

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
BitchicksHusband
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November 02, 2013, 12:13:52 PM
 #37

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...

I have burned CDs that are almost 20 years old that still read perfectly.  I don't buy the whole CD degradation thing.  I had a batch of bad CDs that degraded almost immediately (first year).  Other than that, they all work still.

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dsattler
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November 02, 2013, 05:00:06 PM
 #38

Don't use a CD or DVD because they are not robust enough! You don't know if you can read them properly in 10 years. I wouldn't even recommend USB sticks, they can die too (maybe cheap interface electronics). Make a paper wallet and copy the wallet.dat several times to a SD card from a decent manufacturer (I recommend sandisk).

The idea with the dog tag is also very good, but I think it's too expensive...

I have burned CDs that are almost 20 years old that still read perfectly.  I don't buy the whole CD degradation thing.  I had a batch of bad CDs that degraded almost immediately (first year).  Other than that, they all work still.

If you want to stick to CDs, have a look at this: http://www.mdisc.com

The "M-Disk" features a stone-like surface and should last 1000 years!  Shocked

Bitcointalk member since 2013! Smiley
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November 02, 2013, 05:02:30 PM
 #39

What do you guys think of these ...

http://www.bit-card.de/cards/passphrase-protected-cards-two-factor/passphrase-protected-wallet-cards.html


Are they secure?

By secure, I mean in the process of generating the password/private key using a so-called verification key.

Are keyloggers the only thing to worry about?

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November 02, 2013, 05:07:59 PM
 #40

Safepaperwallet.com

Hardfork aren't that hard.
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