hot wallet safety newb question

[XxNickxX]

Hi, i'm completely new to bitcoins and have some basic questions. I've tried using the search functions but can't find some basic info. I don't understand why there isn't a sticky better explaining exactly what you should/ shouldn't do with a hotwallet. Yes i understand the best way to store bitcoins is in cold storage but there's going to be a lot of people storing they re bitcoins in hotwallets. Let's say someone created a wallet on a live computer with armory or electrum. Let's assume there was no keylogger/ trojan/ virus, is that wallet safe if it's never used to send bitcoins? If someone managed to steal an encrypted wallet.dat file can they steal the bitcoins without the password?

I think there's going to be a lot of people with a similar computer knowledge or less to myself ( I know what I need to know to for basic things like downloading torrents etc). There's got to be an easier way to get this info if more people are going to be using bitcoin.

thx.

[torontocoinexchange]

These are some good questions and I'd like to know the answers as well.

[nahtnam]

Hi, i'm completely new to bitcoins and have some basic questions. I've tried using the search functions but can't find some basic info. I don't understand why there isn't a sticky better explaining exactly what you should/ shouldn't do with a hotwallet. Yes i understand the best way to store bitcoins is in cold storage but there's going to be a lot of people storing they re bitcoins in hotwallets. Let's say someone created a wallet on a live computer with armory or electrum. Let's assume there was no keylogger/ trojan/ virus, is that wallet safe if it's never used to send bitcoins? If someone managed to steal an encrypted wallet.dat file can they steal the bitcoins without the password?

I think there's going to be a lot of people with a similar computer knowledge or less to myself ( I know what I need to know to for basic things like downloading torrents etc). There's got to be an easier way to get this info if more people are going to be using bitcoin.

thx.

It would be hard to crack a wallet.dat (assuming the password is good). Also for the wallet to be the safest, you would have to disconnect the computer from the internet. Personally instead of storing the bitcoins that I dont want to use on a computer, I would suggest making a paper wallet.

[XxNickxX]

It would be hard to crack a wallet.dat (assuming the password is good).

lets assume the password is good. so if i have a hotwallet but never send bitcoins never had a virus/ keylogger your saying it is possible to steal my bitcoins. how hard is it? likely? possible? almost impossible?

Also for the wallet to be the safest, you would have to disconnect the computer from the internet. Personally instead of storing the bitcoins that I dont want to use on a computer, I would suggest making a paper wallet.

yes as i mentioned in the original post i understand this but the reality is that as bitcoins become more popular theres going to be a shitload of people storing they re bitcoins in hotwallets. i find it shocking that there isnt a sticky with more info about this subject for newbies.

ignoring virus/ keyloggers and assuming the hotwallet has never sent bitcoins how safe is it? how can it be attacked/ manupilated?

[nahtnam]

It would be hard to crack a wallet.dat (assuming the password is good).

lets assume the password is good. so if i have a hotwallet but never send bitcoins never had a virus/ keylogger your saying it is possible to steal my bitcoins. how hard is it? likely? possible? almost impossible?

Also for the wallet to be the safest, you would have to disconnect the computer from the internet. Personally instead of storing the bitcoins that I dont want to use on a computer, I would suggest making a paper wallet.

yes as i mentioned in the original post i understand this but the reality is that as bitcoins become more popular theres going to be a shitload of people storing they re bitcoins in hotwallets. i find it shocking that there isnt a sticky with more info about this subject for newbies.

ignoring virus/ keyloggers and assuming the hotwallet has never sent bitcoins how safe is it? how can it be attacked/ manupilated?

1. Extremely hard, since they would have to brute force the password to try to crack the hash.

2. It would be around 9/10 as it is nearly impossible to hack it unless you download a virus and what not. Its 9/10 since someone can literally walk up to your computer and send the bitcoins elsewhere. The best is a paper wallet stored in a bank safe.

[oyeTorry]

It would be hard to crack a wallet.dat (assuming the password is good).

lets assume the password is good. so if i have a hotwallet but never send bitcoins never had a virus/ keylogger your saying it is possible to steal my bitcoins. how hard is it? likely? possible? almost impossible?

If you had no virus or keylogger and you make strong passwords to your wallet, it is almost impossible to steal your bitcoins even if your computer get compromised later. But once you type your password when unlocking your wallet (when sending bitcoins) and your computer is compromised you might lost your bitcoins

[XxNickxX]

Its 9/10 since someone can literally walk up to your computer and send the bitcoins elsewhere

im a total newb, i have not done any transactions yet but from watching a youtube video i was under the impression that everytime you want to send bitcoins you had to enter your password. is this incorrect?

[nahtnam]

Its 9/10 since someone can literally walk up to your computer and send the bitcoins elsewhere

im a total newb, i have done any transactions yet but from watching a youtube video i was under the impression that everytime you want to send bitcoins you had to enter your password. is this incorrect?

Im not sure. Why not try it out?

[freethink2013]

i was very confused at the start too.

don't put your coins in an online wallet. there's plenty of good wallets for windows. I use multibit but there's armory and electrum too.

once someone has your wallet they can send you money anywhere but to get to your wallet they need to either access your pc in person or remotely.

If you have a  password for your wallet once you open it (give the password) then the password isn't required until you close and open it again. You don't need to send your password everytime, you just need your password to open your walklet.

[DeathAndTaxes]

Its 9/10 since someone can literally walk up to your computer and send the bitcoins elsewhere

im a total newb, i have not done any transactions yet but from watching a youtube video i was under the impression that everytime you want to send bitcoins you had to enter your password. is this incorrect?

If your wallet is encrypted then yes you need to provide password to send (but not receive) coins.

[XxNickxX]

If you had no virus or keylogger and you make strong passwords to your wallet, it is almost impossible to steal your bitcoins even if your computer get compromised later. But once you type your password when unlocking your wallet (when sending bitcoins) and your computer is compromised you might lost your bitcoins

thanks this answers my original question very well

If you have a  password for your wallet once you open it (give the password) then the password isn't required until you close and open it again. You don't need to send your password everytime, you just need your password to open your walklet.

is opening/ closing, lets say armory, the same as opening closing your wallet?

[freethink2013]

If you had no virus or keylogger and you make strong passwords to your wallet, it is almost impossible to steal your bitcoins even if your computer get compromised later. But once you type your password when unlocking your wallet (when sending bitcoins) and your computer is compromised you might lost your bitcoins

thanks this answers my original question very well

If you have a  password for your wallet once you open it (give the password) then the password isn't required until you close and open it again. You don't need to send your password everytime, you just need your password to open your walklet.

is opening/ closing, lets say armory, the same as opening closing your wallet?

pretty much. armory is like word but instead of opening docs it opens wallets.