ed1973 (OP)
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December 11, 2013, 10:50:15 PM |
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Hello, My name is Ed and I am 40 years old. I learned a lot about Bitcoins and see that many websites have a technical approach and non-technical approach in explaining how Bitcoins work. Also many sites there is a difference between a objective and subjective approach of explaining the details. I am the kind of person who wants to know exactly how things work. In my work I also attended a 2 week course to protect agains hackers, and learned about public and private keys. I have the following questions: 1) I found out that the website www.bitaddress.org is the most simple way to generate a bitcoin address and a private key. However, it's a website accessed by the internet and by using a web browser, using an operating system. From my mind, the most secure way of generating bitcoin addresses with the private keys, is on a standalone computer, with no internet access and without any wifi/bluetooth adapters in it. Is there a way to generate my own bitcoin addresses with private keys on a standalone computer ? After that I will print out all the output to paper and destroy the standalone computer. 2) I like the thing about being anonymous. Not that I am trying to hide something, but I do not like the fact that I need to prove that I have nothing to hide. I know that all the transaction data can be accessed by the website http://www.blockchain.info . You can see exactly how many bitcoins belong to an address and all of the transactions. But let's say, I have a piece of paper with my bitcoin address and private key, I walk into a store and see a product which has a price of exactly the same amount of bitcoins, which is stored on that bitcoin address. Can I just give that paper to that person behing the cashing desk in order to get my payment accepter ? And how long does it take, before I can walk away with the bought product ? I can understand that the owner of the shop, who accepts payment in bitcoins, wants to know for sure that he or she owns the bitcoins. 3) I see a lot of people standing up, saying something about the future of bitcoins. As a result of that the value of the bitcoin in Euro's or Dollars, will vary a lot. What do you think about people who are trying to predict the future about bitcoins with big words ? Or is it just all speculation ? Or do you think there are too many powerfull people who try to say something, don't have any idea they are talking about ? Hopefully you give me a lot of info I can think about the coming days. Thanks a lot in advance, Ed |
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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zubelutte
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December 11, 2013, 11:21:43 PM |
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1) I found out that the website www.bitaddress.org is the most simple way to generate a bitcoin address and a private key. However, it's a website accessed by the internet and by using a web browser, using an operating system. From my mind, the most secure way of generating bitcoin addresses with the private keys, is on a standalone computer, with no internet access and without any wifi/bluetooth adapters in it. Is there a way to generate my own bitcoin addresses with private keys on a standalone computer ? After that I will print out all the output to paper and destroy the standalone computer.Ha, reminds me of movie "Mission impossible"  Remove HDD and boot OS from live CD. No need to destroy the computer this way unless your very paranoid  |
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DeathAndTaxes
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Activity: 1218
Merit: 1079
Gerald Davis
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December 11, 2013, 11:25:24 PM |
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1) I found out that the website www.bitaddress.org is the most simple way to generate a bitcoin address and a private key. However, it's a website accessed by the internet and by using a web browser, using an operating system. From my mind, the most secure way of generating bitcoin addresses with the private keys, is on a standalone computer, with no internet access and without any wifi/bluetooth adapters in it. Is there a way to generate my own bitcoin addresses with private keys on a standalone computer ? After that I will print out all the output to paper and destroy the standalone computer. All of the generation is done client side. You can (and probably should) save a copy transfer it to an offline computer (or disconnect the computer from the internet) and generate your paper wallet. The generation doesn't require any internet access. Destroying the computer is likely overkill. As pointed out if ultra paranoid make a Linux Boot OS on a Live CD and include the (offline copy ) bitaddress webpage. Boot, generate, power off. |
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mstang83
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December 11, 2013, 11:29:38 PM |
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You would never share your private key with anyone. With that key anyone can control any bitcoin associated to it.
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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December 12, 2013, 12:53:15 AM |
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2) I like the thing about being anonymous. Not that I am trying to hide something, but I do not like the fact that I need to prove that I have nothing to hide. I know that all the transaction data can be accessed by the website http://www.blockchain.info . You can see exactly how many bitcoins belong to an address and all of the transactions. But let's say, I have a piece of paper with my bitcoin address and private key, I walk into a store and see a product which has a price of exactly the same amount of bitcoins, which is stored on that bitcoin address. Can I just give that paper to that person behing the cashing desk in order to get my payment accepter ? And how long does it take, before I can walk away with the bought product ? I can understand that the owner of the shop, who accepts payment in bitcoins, wants to know for sure that he or she owns the bitcoins. If you dont want your balance to be online, use coinbase. Since they have internal transactions, they dont get logged on the blockchain so its impossible to know what your balance is exactly. No you cannot give the piece of paper since you might have a copy of the private key. If you have the private key, you can just use it to send the btc to another address before the cashier can do it. |
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ed1973 (OP)
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December 12, 2013, 10:37:59 PM |
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Thanks a lot for answering me, it clearifies a lot for me.
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jixin55
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December 13, 2013, 09:41:47 PM |
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1) simply access the website bitaddress.org,
then disconect from the internet.
then generate your private key.
now store your private key offline somewhere.
now close your browser.
now reconnect to the internet.
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ed1973 (OP)
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December 17, 2013, 10:35:56 PM |
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@jixin55 :
It seems to be very safe, but how do I know for sure that there is no virus/malware/spyware on my PC, which is checking exactly what I am doing ?
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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December 17, 2013, 11:17:45 PM |
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@jixin55 :
It seems to be very safe, but how do I know for sure that there is no virus/malware/spyware on my PC, which is checking exactly what I am doing ?
Download Ubuntu. Burn it to a disk, and boot from it. Then click the button that lets you try it out (don't install it). Then do as mentioned above. |
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lambdaE
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December 17, 2013, 11:47:07 PM |
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1) simply access the website bitaddress.org,
then disconect from the internet.
then generate your private key.
now store your private key offline somewhere.
now close your browser.
now reconnect to the internet.
Not much safe, download bitaddress.org to usb stick, remove HDD, remove lan cable and boot from live Cd, then generate your private key in offline |
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nahtnam
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Activity: 1092
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nahtnam.com
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December 18, 2013, 12:03:48 AM |
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1) simply access the website bitaddress.org,
then disconect from the internet.
then generate your private key.
now store your private key offline somewhere.
now close your browser.
now reconnect to the internet.
Not much safe, download bitaddress.org to usb stick, remove HDD, remove lan cable and boot from live Cd, then generate your private key in offline I would say that thats a little too extreme! |
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jongameson
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December 18, 2013, 12:19:14 AM |
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I would say that thats a little too extreme!
Just whatever you do, don't make a password so f'in complex u wanna crack your head open after u can't memorize it the next evening |
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monbux
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Activity: 1736
Merit: 1029
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December 18, 2013, 12:22:28 AM |
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2) I like the thing about being anonymous. Not that I am trying to hide something, but I do not like the fact that I need to prove that I have nothing to hide. I know that all the transaction data can be accessed by the website http://www.blockchain.info . You can see exactly how many bitcoins belong to an address and all of the transactions. But let's say, I have a piece of paper with my bitcoin address and private key, I walk into a store and see a product which has a price of exactly the same amount of bitcoins, which is stored on that bitcoin address. Can I just give that paper to that person behing the cashing desk in order to get my payment accepter ? And how long does it take, before I can walk away with the bought product ? I can understand that the owner of the shop, who accepts payment in bitcoins, wants to know for sure that he or she owns the bitcoins. If you dont want your balance to be online, use coinbase. Since they have internal transactions, they dont get logged on the blockchain so its impossible to know what your balance is exactly. No you cannot give the piece of paper since you might have a copy of the private key. If you have the private key, you can just use it to send the btc to another address before the cashier can do it. Although, this may be a cool way of payment in certain situations. It would be a lot easier for you to just send them the bitcoins through a transaction, and you wouldn't need to kill a part of a tree. Handling your private key to them will not negate the fact that you can easily copy it down more than once, or it could just be a fake. |
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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December 18, 2013, 12:28:45 AM |
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2) I like the thing about being anonymous. Not that I am trying to hide something, but I do not like the fact that I need to prove that I have nothing to hide. I know that all the transaction data can be accessed by the website http://www.blockchain.info . You can see exactly how many bitcoins belong to an address and all of the transactions. But let's say, I have a piece of paper with my bitcoin address and private key, I walk into a store and see a product which has a price of exactly the same amount of bitcoins, which is stored on that bitcoin address. Can I just give that paper to that person behing the cashing desk in order to get my payment accepter ? And how long does it take, before I can walk away with the bought product ? I can understand that the owner of the shop, who accepts payment in bitcoins, wants to know for sure that he or she owns the bitcoins. If you dont want your balance to be online, use coinbase. Since they have internal transactions, they dont get logged on the blockchain so its impossible to know what your balance is exactly. No you cannot give the piece of paper since you might have a copy of the private key. If you have the private key, you can just use it to send the btc to another address before the cashier can do it. Although, this may be a cool way of payment in certain situations. It would be a lot easier for you to just send them the bitcoins through a transaction, and you wouldn't need to kill a part of a tree. Handling your private key to them will not negate the fact that you can easily copy it down more than once, or it could just be a fake. Yes. Maybe in the future there will be some sort of system where you can transfer btc on the spot and securely. That way no one is at (unfair) loss. |
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sammacitto
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December 18, 2013, 12:38:04 AM |
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just create a new address for each transaction for send and receiving if you want
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gongomanny
Sr. Member
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Activity: 301
Merit: 250
Ɓιтcσιη
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December 18, 2013, 12:39:53 AM |
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1) simply access the website bitaddress.org,
then disconect from the internet.
then generate your private key.
now store your private key offline somewhere.
now close your browser.
now reconnect to the internet.
Not much safe, download bitaddress.org to usb stick, remove HDD, remove lan cable and boot from live Cd, then generate your private key in offline I would say that thats a little too extreme! I heard people suggesting destroy the laptop and printer after the private key is printed I would say this is extreme! |
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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December 18, 2013, 12:41:12 AM |
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1) simply access the website bitaddress.org,
then disconect from the internet.
then generate your private key.
now store your private key offline somewhere.
now close your browser.
now reconnect to the internet.
Not much safe, download bitaddress.org to usb stick, remove HDD, remove lan cable and boot from live Cd, then generate your private key in offline I would say that thats a little too extreme! I heard people suggesting destroy the laptop and printer after the private key is printed I would say this is extreme! Ya, but there is no need of taking out the hdd. Obviously you have to take out the lan cable. Also you can pretty much use the browser in the live cd and disconnect from it once you load the site. |
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gongomanny
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December 18, 2013, 12:52:29 AM |
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Ya, but there is no need of taking out the hdd. Obviously you have to take out the lan cable. Also you can pretty much use the browser in the live cd and disconnect from it once you load the site.
You can, unless you get hacked and infected while downloading the page. |
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elove123
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December 18, 2013, 12:58:35 AM |
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Hi Ed my name is Ed too
I think there is a lot of overkill on this. I've been involved with IT since 1986 and one thing I know of a fact is that hacking takes time and money. NO one is going to spend more time and money then it would take to mine bitcoin just to grab a few mBTC's. If your wallet is off-line don't worry about it. All this "booting" and other nonsense is just not necessary. Just place your wallet in an external HD and disconnect whenever you are not using it. Then let time take care of security. Meaning that this is open source, better security options are and will be developed as bitcoin matures. Just make sure you have a good password.
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