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Author Topic: How to 100% Secure Bitcoin from Thieves / Hackers / Government???  (Read 360 times)
BTCEnthusiast2
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August 28, 2019, 05:23:37 PM
Merited by vapourminer (1)
 #1

I'm trying to improve/perfect as much as possible the security of my Bitcoin.

My current security is:

1. Use Ledger Nano S to store keys
2. Have 24 word back-up phrase stored in multiple hidden locations that no-one will find
3. Only access my BTC on hard-line internet connection (no wifi to stop hackers intercepting)
4. Only access my BTC on a computer that I rarely use and update the virus software to stop trojan horse/remote access.


I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

Thanks for any comments or suggestions.
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August 28, 2019, 05:30:25 PM
 #2

Mine are:
-I have stored my coins in a 2/2 multi sig wallet. Two keys are in two different device. I printed the keys and stored them in two separate place.
-I have a ledger wallet but I do not use it for bitcoins anymore. I have few alts and I am using the ledger for them

I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

I think someone with better knowledge will answer this.

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avikz
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August 28, 2019, 05:33:12 PM
 #3

Till the time you have your seed words, you are good!! The private keys are actually derived from your seed words. So if Ledger nano s goes out of the business, you can simply use your seed words to restore your wallet in any other wallet service provider that lets you control your private keys.

You can also refer to the below thread,

https://bitcointalk.org/index.php?topic=3345224.0

Hope this helps!

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August 28, 2019, 05:36:14 PM
Merited by Duzter (2)
 #4

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
LedgerWallet (the company) does not have access to your private keys, not now, not ever.
The point of a hardware wallet is that the keys are only stored on that specific piece of hardware, they are not shared, they are not accessible from the outside.

If LedgerWallet (the company) goes out of business, their software companion to the Nano, Ledger Live, would likely stop working.
You would not get any more firmware updates and might not be able to install new currencies on your ledger without some workaround.

However, there are a lot of third party wallets integrating with the Nano, those will continue to work regardless. Electrum would be one that comes to mind for Bitcoin. Mycelium works with the Nano as well, IIRC.
Even if this wasn't an option, you could still use your mnemonic phrase (the 24 words) to restore your private keys in another kind of wallet.
(eg import them into Electrum directly, instead of connecting Electrum to the Nano)

In conclusion: LedgerWallet (the company) going out of business will likely decrease the usability of your Nano, but it will never leave you without access to your funds.

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August 28, 2019, 05:51:03 PM
 #5

Thanks for the advice guys, that makes a lot of sense.
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August 28, 2019, 06:01:24 PM
 #6


I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

Thanks for any comments or suggestions.
Once you have the keys of your wallet or addresses then it do belong on your forever and no one can take it from you hence Ledger company doesn't hold up
they keys and anytime you can import it on a wallet using up those seeds so this issue wont really be a bothersome incase the company would vanished unexpectedly.
How to secure up your Bitcoin 1005? theres no such thing yet anything do still have the risk on losing.Putting those coins in ledger and keep it away from people awareness is already enough and its up to your diligence on how you would keep up your keys safely without being compromised by other parties.

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August 28, 2019, 06:19:33 PM
 #7

Just always put in a safe place your passphrase and password in your LedgerWallet. If you can afford another wallet much better if you split into 2 LedgerWallet. Remember that don't put all your eggs in one basket, you should keep into another one. As of now, that is the best option in storing Bitcoin, so it's our responsibility to keep them in a safe place. Nevertheless, Lutpin has a good suggestion importing to another bitcoin wallet and restore if ever LegerNano company will go out business. We should always be careful always by our fund.

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August 28, 2019, 06:21:13 PM
 #8

The Ledger Nano you have brought from them isn't dependent on the company's success financially in fact your Ledger Nano will work independently as long as you have the keys for it. If something like that happens that a hardware wallet is dependent on the company or somehow have access to your wallet nobody will be buying in them in the first place because you are just like storing your cryptocurrencies on an exchange that there is a possibility that it will be lost in the future due to them being hacked or being bankrupt. Only downside is you won't have firmware updates from them since they have shutdown in your scenario but I doubt users even frequently bring up there wallet just to update it.

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August 28, 2019, 06:39:30 PM
 #9

I'm trying to improve/perfect as much as possible the security of my Bitcoin.

My current security is:

1. Use Ledger Nano S to store keys
2. Have 24 word back-up phrase stored in multiple hidden locations that no-one will find
3. Only access my BTC on hard-line internet connection (no wifi to stop hackers intercepting)
4. Only access my BTC on a computer that I rarely use and update the virus software to stop trojan horse/remote access.


I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

Thanks for any comments or suggestions.

1. Im not very familiar about Ledger nano but having used Trezor, the keys are stored internally in the hardware wallet, so even if the Nano company goes out of business the hardware wallet should still work and it will still contain your keys in it. Meaning you will be able to use them normally.
I would also suggest you to buy a second ledger nano, and just leave it somehwere, just in case you lose the main device. Then with your 24word backup you will be able to recover them on the new wallet.

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August 28, 2019, 06:45:22 PM
 #10

4. Only access my BTC on a computer that I rarely use and update the virus software to stop trojan horse/remote access.

anti-virus = digital snake oil


real 4. Install secure operating system on computer (i.e. not Windows)
5. Install & configure MAC package (mandatory access control)


step 5 isn't easy, but either you want secure Bitcoins, or you don't

Vires in numeris
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August 28, 2019, 07:12:59 PM
 #11

You could have 3 parts of your keys buried/hidden in different places. It is more like multisig addresses. You could also have multiple addresses for different amounts of Bitcoin, just in case if someone like a kidnapper, who knows you own alot of Bitcoin demands for your private keys or forces you to transfer your Bitcoin to him/her. You could just give him/her the private keys with least amount of Bitcoin.



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Rainbot
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lolxxxx
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August 28, 2019, 07:15:21 PM
 #12

I really do not know why you guys have that levels of security I had used blockchain.info before but never had any security issues stored a lot of money there but never used anything except 2fa (email and password) that is it.

Actually, you give open holes to hackers otherwise it is not traceable or hackable...
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August 28, 2019, 07:16:29 PM
 #13

Apart from all these process of using different wallets for securing the funds you should also have the responsibility that you're a cryptocurrency user. You should not reveal to outsiders that you are a bitcoin user, because in these days of increasing hack and crimes happening to steal bitcoins what we reveal as a pathway and keep on following you.

Totally agree that you shall not really tell anyone your direct involvement with bitcoins.. Especially when the bitcoin price is increasing and its becoming a tp story in the news.

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August 28, 2019, 07:19:35 PM
 #14

I really do not know why you guys have that levels of security I had used blockchain.info before but never had any security issues stored a lot of money there but never used anything except 2fa (email and password) that is it.

Actually, you give open holes to hackers otherwise it is not traceable or hackable...

Its not always a good idea to keep your crypto on sites that have your private keys. Its always safer to just have a hardware wallet, or at least have the coins in your own wallet and then only use the online services such as blockchain.info (or why not bitvalve.com)  Cheesy

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August 28, 2019, 07:21:31 PM
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 #15

100% is not possible as long as computers are involved.

Also if bad people know about you having a lot of Bitcoins, they could use traditional methods, like torturing etc.

Bitcoin is not a bubble, it's the pin!
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squatter
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August 28, 2019, 07:38:01 PM
 #16

My current security is:

1. Use Ledger Nano S to store keys

Consider one thing: Ledger incorporates closed source elements in both the hardware and firmware of their wallets. You are putting a lot of trust into a third party.

I prefer to use a fully open source wallet and a fully air-gapped cold storage solution.

Like AGD mentioned, many people only consider physical key security. They often neglect to secure themselves from the $5 wrench attack. Part of your security model should involve being private and not discussing your cryptocurrency holdings. Greed is a powerful thing.

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August 28, 2019, 07:39:34 PM
 #17

I really do not know why you guys have that levels of security I had used blockchain.info before but never had any security issues stored a lot of money there but never used anything except 2fa (email and password) that is it.

Actually, you give open holes to hackers otherwise it is not traceable or hackable...

Its not always a good idea to keep your crypto on sites that have your private keys. Its always safer to just have a hardware wallet, or at least have the coins in your own wallet and then only use the online services such as blockchain.info (or why not bitvalve.com)  Cheesy

But I never had any problem because I have never shared any info with anyother person even didn't tell about single transaction... So I keep my self secure.

P.S: So you are marketing your site nice, Why don't you look at my services? maybe I can help you market your site https://bitcointalk.org/index.php?topic=1405017
amyshek1979
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August 28, 2019, 07:50:03 PM
 #18

As I remember Ledger is non-custodial so they don't own your keys. If I'm wrong, tell me guys.
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August 28, 2019, 08:19:21 PM
 #19

As I remember Ledger is non-custodial so they don't own your keys. If I'm wrong, tell me guys.
Nope, you're correct. You're the one in charge of your keys if you're using any hardware wallet.

I actually do keep some coins in Blockchain.io and some other wallets for daily use, but I keep the majority of my funds that I'm not actively using in my Ledger Nano S and Trezor devices. You ideally should not be keeping funds long-term on these wallets, but they're just fine if you want a temporary place to keep your coins. At the end of the day, there's really no perfect solution to securely storing your coins, but some are better than others. I like using hardware wallets as they're relatively simple to use and provide decent security.
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August 28, 2019, 08:51:44 PM
 #20

As true as 'ledger does not have your keys' may be at this point. Remember that much of their hardware and software is proprietary and closed source. We don't fully know what the software and hardware does or is capable of doing.
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