Please help - backup questions

[DrBitcoin]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

[Dannie]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

As long as you have the backup wallet file and your encryption password, your bitcoin is not lost.

Of course, if your computer HDD die right after step 1 or step 2, you would be in trouble lol.
I hope you won't be that unlucky.

[GAML]

yes if the hard drive dies and you do not have a wallet back up file then you lose all of your coins.  Copy and back up the wallet file regularly and keep a copy in multiple places; for example usb pen drives and external hardrive.

[mufa23]

As long as you don't create new addresses, or change anything with the wallet, you can go ahead and back-up the wallet right now. Then send the Bitcoin(s) to that address later.

You can always back-up the wallet again after you send the coins. Shouldn't matter either way. But you can get the back-up done now instead of later (when you might not have a working PC)

[freedomno1]

Always make a backup put it on a USB stick and make sure it's also secured in case something happens to your Mac

[DannyHamilton]

If you continue to use the Bitcoin-Qt wallet after you back it up, you'll need to create a new backup on a regular basis.

With default settings, the Bitcoin-Qt wallet only backs up enough to recover the next 100 addresses used.  Bitcoin-Qt uses a new address every time you click the "New Address" button, but it also uses an new address (which it keeps hidden from you) every time you send a transaction.

[MonkeyDOH]

Yes Drbitcoin you will lose every single bitcoin if your iMac drops dead so use an online storage to avoid that.

[MicroGuy]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

Since your actual coins are stored on the blockchain and not your computer, the flash/dropbox backups will keep you safe.

[Colin Miner]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

If you have a valid backup of your private keys (e.g burn wallet.dat to a CD), then you are covered.

You do realise your bitcoins are stored on the bitcoin blockchain and not on your computer or anywhere else? Your bitcoins don't get 'lost' when your computer crashes, they are still where you left them. Its just you loose the private key that give you access to the bitcoins on the blockchain.

[DrBitcoin]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

If you have a valid backup of your private keys (e.g burn wallet.dat to a CD), then you are covered.

You do realise your bitcoins are stored on the bitcoin blockchain and not on your computer or anywhere else? Your bitcoins don't get 'lost' when your computer crashes, they are still where you left them. Its just you loose the private key that give you access to the bitcoins on the blockchain.

So I physically have to find the wallet.dat file and drag it to a usb drive? It isn't enough to click "backup" and rename "untitled.dat" to something like "bitcoinbackup.dat" and save that to a usb? Is that the same thing?

[DrBitcoin]

If you continue to use the Bitcoin-Qt wallet after you back it up, you'll need to create a new backup on a regular basis.

With default settings, the Bitcoin-Qt wallet only backs up enough to recover the next 100 addresses used.  Bitcoin-Qt uses a new address every time you click the "New Address" button, but it also uses an new address (which it keeps hidden from you) every time you send a transaction.

Woah what? Damn this shit is confusing. So if I backup once a week, is that enough? Is it ok to backup over and delete the old backups or should I save them all?

[Tammy Chan]

Woah what? Damn this shit is confusing. So if I backup once a week, is that enough?

It depends.
If you generate more than 100 new addresses (including new change addresses) in a week, then you will need to backup more often.

Is it ok to backup over and delete the old backups or should I save them all?

It is okay to delete old backups, as long as you have the new backup.

[BlockChainLottery]

I have small amounts of Bitcoins scattered between Coinbase, Blockchain.info, cryptsy, and several paper wallets. I have decided to do the following:

1) consolidate all Bitcoins into the Bitcoin.qt client
2) turn the encryption on (and store that password in a safe place)
3) backup my encrypted wallet to my Dropbox.com account
4) copy backup to a flash Drive

I am running a very old 2007 iMac computer. Any day it could drop dead. If I do all of the following, and my iMac drops dead, will I loose my Bitcoins?

Thanks!

If you have a valid backup of your private keys (e.g burn wallet.dat to a CD), then you are covered.

You do realise your bitcoins are stored on the bitcoin blockchain and not on your computer or anywhere else? Your bitcoins don't get 'lost' when your computer crashes, they are still where you left them. Its just you loose the private key that give you access to the bitcoins on the blockchain.

Yes, it is no coincidence that it's called a private 'key'.
That string of characters gives you access to your coins, the amount of coins is stored in the block chain.

Woah what? Damn this shit is confusing. So if I backup once a week, is that enough?

It depends.
If you generate more than 100 new addresses (including new change addresses) in a week, then you will need to backup more often.

Is it ok to backup over and delete the old backups or should I save them all?

It is okay to delete old backups, as long as you have the new backup.

He's right. So:
making payments + making new addresses > 100     =>      make new backup

I would delete the old backup right after making the new one. Or just keep them all, the files aren't that large.

[DannyHamilton]

If you have a valid backup of your private keys (e.g burn wallet.dat to a CD), then you are covered.

You do realise your bitcoins are stored on the bitcoin blockchain and not on your computer or anywhere else? Your bitcoins don't get 'lost' when your computer crashes, they are still where you left them. Its just you loose the private key that give you access to the bitcoins on the blockchain.

So I physically have to find the wallet.dat file and drag it to a usb drive? It isn't enough to click "backup" and rename "untitled.dat" to something like "bitcoinbackup.dat" and save that to a usb? Is that the same thing?

If you are using Bitcoin-Qt, then clicking "backup" in the program menus is the same thing as dragging the wallet.dat file to copy it.  Actually, the "backup" menu option is safer.  If you try to drag the wallet.dat while Bitcoin-Qt is running you risk copying it while it is in an inconsistent state and ending up with a damaged backup.

[DannyHamilton]

If you continue to use the Bitcoin-Qt wallet after you back it up, you'll need to create a new backup on a regular basis.

With default settings, the Bitcoin-Qt wallet only backs up enough to recover the next 100 addresses used.  Bitcoin-Qt uses a new address every time you click the "New Address" button, but it also uses an new address (which it keeps hidden from you) every time you send a transaction.

Woah what? Damn this shit is confusing. So if I backup once a week, is that enough?

That depends on how many addresses and transactions you are using per day.  If you create a business that results in sending over 100 transactions per day, then a weekly backup won't be enough.  If you generate 1 new address per week, and send 2 transactions per month, then backing up once a year will be enough.

Is it ok to backup over and delete the old backups or should I save them all?

Generally, I recommend keeping an approximate count of the number of times you've clicked the "New Address" button as well as the number of transactions that you've sent since the last backup.  When the sum of those 2 numbers is approximately 25 or 30, it's a good time to create a new backup.

Then I recommend keeping the 3 most recent backups at all times.  That way if the most recent backup is lost, damaged, or otherwise unusable you'll still have another backup or two that you can use that will have access to all your bitcoins.