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Author Topic: Yes - New here.  (Read 924 times)
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November 23, 2013, 10:58:03 AM

Yes. I am new here. I opened an account in a local broker (MTGox was hell - I wanted to open an account with them and they replied to my query after 3 days. I am glad I did not choose them.).

Well - the problem is, I do not trust these providers 100% - they are not regulated. I won't care if I lose my investment due to dropping price or collapse of bitcoin in general etc. because I invested only 7% of my money to bitcoin.

But if I lose it when the price is high, because of a hacker in the company or a malpractice (scamming?) I would do care a lot.

So I want to transfer the bitcoins to a new wallet I will create - so the full control will be mine.

I am new to this - so I do not want to make a mistake.

1. What is the official bitcoin wallet site that I can create a new wallet?
2. I have some relatively high amount for for me for such an unregulated market so I do not want to lose keys - because it is irreversible. How do you suggest me to store these? Creating many wallets and dividing among them? And how to store the keys etc? Not putting in the computer? If put in the computer - encrypted? With something like Truecrypt? Or not putting it in the computer at all?
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Bitcoiner, Crypto-anarchist and Cypherpunk.

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November 23, 2013, 11:09:32 AM



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November 23, 2013, 12:20:35 PM

I wouldn't use a online wallet at all.

Personally I would install a linux distribution like Ubuntu (LTS) or Mint that lets you choose "Encrypt home folder" during installation.
Then I would install bitcoind and let it sync with the bitcoin network -
Then install Armory and create a few accounts.
Then make a paper backup of each account . Optionally you can save those to pdf if you want to print them somewhere else, but remember to delete those pdfs after.
Then print the backups to paper and hide them somewhere safe.
Transfer your coins to the armory accounts.

You can delete the .wallet files of some or all of the accounts in the .armory folder if you don't want to have them around on your computer.
As long as you have the printed paper backups you can restore your accounts on any computer at any time.
You can even use them to restore your accounts on several computers if you so desire.

I'm sure there is other ways to go about it. This is just how I would do it.
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November 23, 2013, 01:28:45 PM

I would recommend only keeping what you want to use for trading on any exchange's online wallet. Also make sure you have 2-factor authentication enabled for login/withdrawals.

Welcome to the jungle! Cool
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November 23, 2013, 01:33:21 PM

Online wallets are for small amounts if anything at all, and certainly not for storage. Spending a few months (at a minimum) dedicating your reading to the central concepts of bitcoin, cryptography, and security including the tools therein would be a good idea, as even good suggestions won't bestow understanding upon you. If you want full control, you've go to know what you're working with, so make the commitment.

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November 23, 2013, 10:05:05 PM

"I do not trust these providers 100%"

thats good.

dont leave coins or money there. its still wild west.

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November 24, 2013, 02:09:54 AM

Paper wallet.

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
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November 24, 2013, 04:30:14 AM

Offline paper wallet

Armoury or bit

Localbitcoins to source coin

Good luck

The 4ner
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November 24, 2013, 04:37:35 AM

First, you should be getting started:
Then follow quoted steps below.

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