Can my Bitcoins be stolen?

[FatherMcGruder]

Bitcoin currently is like an unbreakable titanium chain linking two computers but attached each end with cotton thread.

And fiat currencies are like chains with similarly weak links at either end and a middleman who keeps adding more links?

[Gavin Andresen]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

[FatherMcGruder]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

I'd like to add that nothing about Bitcoin precludes the features that Gavin mentioned. It's an open source project, and someone just has to program them.

[Garrett Burgwardt]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

As I've mentioned in other threads - a bitcoin wallet isn't that big - you could easily print it out with a high quality printer and some fancy software, then store it in a bank.

[myrkul]

Bitcoin currently is like an unbreakable titanium chain linking two computers but attached each end with cotton thread.

And fiat currencies are like chains with similarly weak links at either end and a middleman who keeps adding more links?

This is like saying gold is flawed because someone can mug you.

[Scarecrow]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

Its encouraging that you take this problem seriously rather than some on this forum that would rather blame any weakness on the end user. I really don't think anyone can be 100% sure that their PC is totally free of malicious software if they have been online or plugged in a memory devices from other PCs.

A password would substantially protect your wallet.dat and it could be made less intrusive if it was only required to SEND coins. Also if an eight character password is used, the client should ask for three random characters input via drop down lists on screen (no keyboard entry). Also password input should be limited to two attempts per minute. And the icing on the cake would be an alert message if two simultaneous connections exist of the same wallet so the real owner (with the complete password) could send their coins to safety before the crook can get the full password.

While not 100% secure it would make collecting the complete password to steal coins extremely difficult. I hope further debate could contribute to the development of the Bitcoin client and the USB backup routine you refer to would be a massive usability enhancement.

[Scarecrow]

Bitcoin currently is like an unbreakable titanium chain linking two computers but attached each end with cotton thread.

And fiat currencies are like chains with similarly weak links at either end and a middleman who keeps adding more links?

Yes sure thing but the Open Source community can do thousands of times better than proprietary systems. Open Source wouldn't be proud to have developed another version of MS Windows. 

[Scarecrow]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

As I've mentioned in other threads - a bitcoin wallet isn't that big - you could easily print it out with a high quality printer and some fancy software, then store it in a bank.

I don't see how printing your wallet.dat would help to protect you from theft of your coins.

[Scarecrow]

Bitcoin currently is like an unbreakable titanium chain linking two computers but attached each end with cotton thread.

And fiat currencies are like chains with similarly weak links at either end and a middleman who keeps adding more links?

This is like saying gold is flawed because someone can mug you.

Agreed, I am so convinced of Bitcoins potential that I want to see it develop into the best possible payment system. No excuses by saying the competition can't do that either!

[myrkul]

Agreed, I am so convinced of Bitcoins potential that I want to see it develop into the best possible payment system. No excuses by saying the competition can't do that either!

Well, what you waiting for?

Get coding!

[Scarecrow]

Agreed, I am so convinced of Bitcoins potential that I want to see it develop into the best possible payment system. No excuses by saying the competition can't do that either!

Well, what you waiting for?

Get coding!

If I coded so much as a comma in the Bitcoin Client, the whole system would crash and fall apart. Coding is just one of the millions of things I can't do. 
I could print fiat currency though - any dummy can do that.

[myrkul]

If I coded so much as a comma in the Bitcoin Client, the whole system would crash and fall apart. Coding is just one of the millions of things I can't do. 

If you can type, you can code. Programming is a skill, not an inborn trait, you simply need to learn. The fact that you mastered english grammar tells me that c++ grammar is not beyond you. If you must decline on inability to code, say it right:

"Coding is just one of the million things I do not have the dedication to learn"

[Garrett Burgwardt]

If there is a virus on your computer, and your bitcoins are stored on that computer, then there is nothing the bitcoin software can do to prevent that virus from eventually stealing your coins.

That said, allowing you to 'lock' your coins with a password, and requiring that you enter that password to send coins, is high on the list of things I'd like to see bitcoin do.  That would make it harder for a virus to steal your coins.

But even then, a smart virus could lay in wait until you typed your password to unlock your wallet and take that opportunity to either capture your password or send the coins to a bad guy.  If you can't trust your computer, don't store your life savings on it (and yes, bitcoin software also should make it easy to save some of your bitcoins on USB sticks or CD-R disks so they can be stored safely in your safe deposit box at your bank).

As I've mentioned in other threads - a bitcoin wallet isn't that big - you could easily print it out with a high quality printer and some fancy software, then store it in a bank.

I don't see how printing your wallet.dat would help to protect you from theft of your coins.

This was assuming you're holding onto the wallet.dat as a long term value storage option - print out the wallet, mark down the addresses, and delete the original file. Then store someplace safe Easy to deposit coins to the wallet, but hard to withdraw.

[myrkul]

This was assuming you're holding onto the wallet.dat as a long term value storage option - print out the wallet, mark down the addresses, and delete the original file. Then store someplace safe Easy to deposit coins to the wallet, but hard to withdraw.

Or, for that matter, burn the thing onto a CD, place the disk in a safety deposit box, and delete the original.

If there's enough demand, a 2-d barcode format suitable for printing a wallet and rapidly scanning it back in can and will be developed. That way, you can have the relative permanence of paper, and the ease of digital data.

[Scarecrow]

This was assuming you're holding onto the wallet.dat as a long term value storage option - print out the wallet, mark down the addresses, and delete the original file. Then store someplace safe Easy to deposit coins to the wallet, but hard to withdraw.

Or, for that matter, burn the thing onto a CD, place the disk in a safety deposit box, and delete the original.

If there's enough demand, a 2-d barcode format suitable for printing a wallet and rapidly scanning it back in can and will be developed. That way, you can have the relative permanence of paper, and the ease of digital data.

Are we re-inventing the banknote here? 

[N12]

Are we re-inventing the banknote here? 

No. It’s just the key to your BTC wealth.

[Garrett Burgwardt]

This was assuming you're holding onto the wallet.dat as a long term value storage option - print out the wallet, mark down the addresses, and delete the original file. Then store someplace safe Easy to deposit coins to the wallet, but hard to withdraw.

Or, for that matter, burn the thing onto a CD, place the disk in a safety deposit box, and delete the original.

If there's enough demand, a 2-d barcode format suitable for printing a wallet and rapidly scanning it back in can and will be developed. That way, you can have the relative permanence of paper, and the ease of digital data.

The point is that high quality paper and ink will decay far slower than any optical media.

[BitterTea]

The point is that high quality paper and ink will decay far slower than any optical media.

Additionally, you don't have to worry about not being able to find a CD-ROM drive when you fetch the stored keys out of your safety deposit box.

[randomproof]

What if someone else just so happens to randomly generate the same keypair and someone else?  Like what if someone where to setup their machine to do nothing but generate keypairs until they found one that matched an account with coins in it?  Hell, while your at it, same all the keypairs you make and check them periodically for matches.

[error]

What if someone else just so happens to randomly generate the same keypair and someone else?  Like what if someone where to setup their machine to do nothing but generate keypairs until they found one that matched an account with coins in it?  Hell, while your at it, same all the keypairs you make and check them periodically for matches.

This is about as likely as a black hole appearing in your bedroom. Unlikely in the extreme, but still technically possible. Not much need to worry about it until a black hole actually does appear in your bedroom.