Chase bank for Bitcoin

[henryreardon]

I'm fairly tech savvy and my stash is only modest in size I think.  I currently use Blockchain wallet with offline encrypted keys in multiple redundant locations.

But I'll be honest I'm still nervous about the setup. 

Is there a reputed online bank that will store and insure my bitcoins?  I'd be happy to pay a modest fee for that security and peace of mind.

[drrussellshane]

No.

Hold them yourself.

Printing out private keys and burying them is one way.


If you have any bitcoin with a third-party holder, make sure that it is an amount that you can afford to lose.

[niothor]

And there were people saying that bitcoin will kill all banks....

[invisiblehand]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

[beetcoin]

OP you may be a little overanxious. stroke that boner and let the tension die down.

[BittBurger]

I currently use Blockchain wallet with offline encrypted keys in multiple redundant locations.

The safest thing you can do is use bitaddress.org to generate some paper wallets, print those out, then send your coins to the *LOAD & VERIFY* address.  This will pull all your coins offline, onto paper, and you can literally stick them in a drawer, or in a safety deposit box at a bank.  This is the best way.  (If you want to be even more secure, to go bitaddress.org, click the "Github Repository" link bottom right, then on bottom right of that page, click "Download ZIP".  Double click the main file in there, and it will load up the bitaddress.org website page *offline*.  Turn off your internet connection completely.  Generate Paper Wallets.  Print them.  Close the webpage.  Restore your internet connection.  If you want to be even more secure, do this on a laptop with a freshly installed operating system that has never been online.  Pull the zip file over to that laptop on a USB drive and load it up there.  This way you've never been online, and you're generating keys completely secure.  Print.  Done.)  

From all I've read, this is the only safe way to store your coins.  When you are ready to spend, you'll need to import them into BitcoinQT software, so its good to have that on hand.  Install it, and give it the 7 hours or so to download the whole blockchain record.  When you're ready to pull your coins into the wallet software and move them or spend them:  Bitcoin QT > Help > Debug Window > Console Tab >
Type this:  importprivkey typeyourlongassprivatekeyaddresshere "AnyLabel"  (no quotes)
Hit Enter.  Give it about 5 - 10 solid minutes to import fully.  Then you'll see your coins in Bitcoin QT and you can send out.
If you encrypted your paper wallet follow instructions here:  https://en.bitcoin.it/wiki/How_to_import_private_keys_v7%2B

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.
I recommend the paper wallet method above.  
I know people with hundreds of thousands of dollars in bitcoin and they use that method for security reasons.

Take the printouts and make multiple copies before you close the web page that generated them.  Keep some in your house safely in a ziplock bag (in case of water damage).  And take some to a safety deposit box or a safe location outside your house.  

[invisiblehand]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

[beetcoin]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

because you are entrusting your asset to a party that is outside of yourself. you are outsourcing them instead of managing it yourself (by keeping a cold storage wallet).

[Barek]

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Blockchain.info is a hybrid wallet (blockchain does not actually store the private keys), so it is much better than a typical online wallet. However, you are trusting them to not alter the Javascript that takes care of all the crypto. Theoretically, they (if compromised) could swap payout address right before the browser signs the transaction. There may be browser plugins that verify the browser code before it is executed.

Ultimately, you'll want to take the private key offline. See Armory for offline transactions.

[Hawker]

Upload to an exchange, for example gox with yubikey.  

[BittBurger]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Again,

It is bad to store any coins online, on any website.

That was the answer to your question.  

The potential weak point is that websites can be hacked.  Sorry.  Thought that was obvious in my response.

The statement "Can someone elaborate on blockchain.info" is a vague question.  Elaborate in what way?  Do you need the basics on what it is?

[niothor]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Third party , can be hacked or "hacked" like this one:
https://bitcointalk.org/index.php?topic=248803.0

If you really want to hear more about it , go to the service discussion.

[BurtW]

blockchain.info specifically:

They store an encrypted blob at their site which contains an encrypted version of your private keys.
They do not know your password that was used to encrypt the blob
Worst case someone hacks into their system and then takes all the encrypted blobs

Now they have your information, but it is encrypted.

They can now take their time and try to guess your password.  If they guess it your coins are gone.

But, as soon as your encrypted blob is taken you would be notified so you should be able to move all your coins off of those addresses on to new addresses before they guess your password.

So, use a very good password.

Does that answer your question?

[benjamindees]

Printing out private keys and burying them is one way.

Yes, and a very good way.  Just keep in mind the threats posed by metal detectors and ground penetrating radar.

[Minecache]

Ok is there a dummies guide anywhere to transferring my bitcoins from blockchain.info into a paper wallet at bitaddress.org? And I mean a really intricate guide anyone with whatever little experience can follow? Such as; Step1. first click here,
Step2. then load up this,
Step3. then blah blah blah...

[davidgdg]

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Its bad advice to store any coins online, on any website.

Again,

Can anyone specifically elaborate on blockchain.info and any potential weak points?

Pretty safe because your password is encrypted.  I think the only risk is a java hack at the precise moment you log-in. This is very unlikely.

That said, I would still not want to store large quantities of btc with any online wallet. One of life's great ironies is that the safest way to store this marvellous high tech digital currency is on a piece of paper ;-)

[drrussellshane]

Ok is there a dummies guide anywhere to transferring my bitcoins from blockchain.info into a paper wallet at bitaddress.org? And I mean a really intricate guide anyone with whatever little experience can follow? Such as; Step1. first click here,
Step2. then load up this,
Step3. then blah blah blah...

Here are a couple youtube videos.


I have not watched them, but they should give you a good idea.

https://www.youtube.com/watch?v=K0cGvUFBNEQ

https://www.youtube.com/watch?v=rYjH16zbf38

[BurtW]

BTW you can create your paper wallets at blockchain.info directly.

Go to the "Receive Money" tab
Scroll down to the bottom
Click on "More Actions"
Select "New Cold Storage Address"
Enter your password
PRINT OUT THE PAPER WALLET
Click on "I printed it"

You will now see a new watch only cold storage address in your list of addresses!

Also, I never use the web interface to access blockchain.info - use the plug in, it is more secure.

[davidgdg]

Ok is there a dummies guide anywhere to transferring my bitcoins from blockchain.info into a paper wallet at bitaddress.org? And I mean a really intricate guide anyone with whatever little experience can follow? Such as; Step1. first click here,
Step2. then load up this,
Step3. then blah blah blah...

There are two ways.

Method 1.

1. Download and save the bitaddress.org page as html
2. Disconnect your computer from the internet.
3. Reboot
4. Open the saved html file
5. Generate one or more paper wallets and print them out.
6. Reboot.
7. Go to blockchain
8. Transfer your btc to the public address on the paper wallet. This may require you to enter the public address manually or if you have a smart phone you can scan the paper wallet QR code.

Method 2.

For total security

1. Buy a USB key
2. Download  Ubuntu and save to key
3. Download bitaddress.org html and save to key
4. Set up your computer to boot off the USB key
5. Disconnect computer from internet.
6. Boot to Ubuntu off key
7. Run bitaddress.html in Ubuntu
8. Print wallet  (though nb not all printers work with Ubuntu - generic lasers tend to be better)
Then continue as per 6-8 above

 

[StarfishPrime]

Ok is there a dummies guide anywhere to transferring my bitcoins from blockchain.info into a paper wallet at bitaddress.org? And I mean a really intricate guide anyone with whatever little experience can follow? Such as; Step1. first click here,
Step2. then load up this,
Step3. then blah blah blah...

Many on the forums use these, great design:
 
www.bitcoinpaperwallet.com

USB storage works too and is convenient, but USB keys fail and can easily be corrupted.