How would you store >100 Bitcoins?

[justusranvier]

I would just do 10 paper wallets with 10 Bitcoins in each - there is no real need to diversify wallet types, just diversify the coins

With 10 paper wallets you risk them being destroyed. You also have the problem of not having a true hot wallet in order to send bitcoins on the fly with unless you carry the paper wallet in addition to your phone and scan in the key.

That's exactly why deterministic wallets were invented.

You create one offline, print m-of-n paper backups of the seed, then you can have as many addresses as you could ever want and your backups are valid forever.

[1714960106]

1714960106

[1714960106]

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[1714960106]

1714960106

[Zohann]

~80% in 1 brain wallet, ~10-20 btc in Coinbase/Armory or similar trusted 3rd party.

Armory does not belong in the same category as Coinbase.

Coinbase is a Bitcoin bank that takes your actual coins and gives you bitcoin IOUs for them.

Armory is the best cold storage solution for holding your own coins, better than brainwallets or paper wallets by far.

I concur with the above. I use armory, and just send fractional bitcoin to my android mycelium wallet for daily spending.  I did just buy a Trezor yesterday, so I'll be using that once it arrives.

[juju]

Not that I have that many (I wish!), but how would you store >100 Bitcoins? The easy answer is just to say "create 1 offline/cold wallet and put them all in". But what about risk management? IE how do you store a very large value of coins while managing risk against hackers, forgetting passwords, the obvious need for at least 1 hot wallet, portability, easy of use, house fires, EMP bomb's (lol), or if a foreigner had to flee a country while taking no assets etc etc.

I'm looking for real responses and ideas. Please keep the trolling to a minimum

Do not store your coins in an online wallet, if you decide too remember its now possible for someone to take your coins in this scenario. Do not generate Private Keys on a machine that is connected to the the internet, its possible someone has a copy of your private key. If you generate a Private key offline, format the machine after offline and or remove this HD and lock it up/destroy it.

I would keep ~50 on a machine with an offline Armory wallet, the other 50+ would use an address that is generated on a machine that had its hard drives disassembled and destroyed. Take these Private keys generated on the machine sans HD, then hammer the private keys into a piece of Copper and Brass, write it down on a piece of paper, save it encrypted with PGP on a bunch of different USB Drives, 3 backups per type of usb drive. Put all of them in sandwhich bag and put it into a fire/waterproof safe.

None of your keys should be able to be compromised at this point except if they physically attack you, also if your storing 50+ coins offline make sure you use an address that has not spent any coins before.

As a rule of thumb if I am storing a new block of coins, I tend to buy a new drive or a brand new small/cheap netbook or similar type of device for the generation of the address and for the storage of the  key. Disabling network devices etc before hand...

[Omikifuse]

Do the domic o'brien 's memorization course, then memorize your private keys and rest assured no one will find them.


Or just generate the private keys in an offline computer, then write them down where no one will find them

[jonald_fyookball]

~80% in 1 brain wallet, ~10-20 btc in Coinbase/Armory or similar trusted 3rd party.

Armory does not belong in the same category as Coinbase.

Coinbase is a Bitcoin bank that takes your actual coins and gives you bitcoin IOUs for them.

Armory is the best cold storage solution for holding your own coins, better than brainwallets or paper wallets by far.

Electrum is my favorite cold storage solution.

Brain wallets have advantages and disadvantages.  "better" depends on your point of view.

[oceans]

100 bitcoins is a lot. I only wish I had that many myself to be honest that would be quite impressive.

In answer to your question if I had 100 bitcoins I would definitely choose to store them in an offline cold wallet and store around 10 bitcoins in one wallet before opening another wallet to do the same as previous.

[beetcoin]

can't you just do a paper wallet with phrases that you create yourself? i'd do that, and split the coins into 25 BTC chunks.

[Minecache]

I'd love to have this problem.

[Ringumbau]

On a buried hardrive.

[bitcoinbitcoin]

Hello, can you Armory guys please explain why Armory is safer than Electrum?
They both have deterministic offline wallets, from "trusted" devs.

Electrum is easier to use, but if it is not 100% safe, then i will quit using it.
Would you store 1,000+ btc in Electrum?

Please explain     Thanks!

[TimS]

I'd be comfortable using Armory with an offline computer for the cold storage, but the difficult part would be where to store the backup(s). Maybe do e.g. a 3-of-5, where I keep two parts at home, one at a safe deposit box, and two kept by (separate) trusted family or friends.

[Houseman]

~80% in 1 brain wallet, ~10-20 btc in Coinbase/Armory or similar trusted 3rd party.

Armory does not belong in the same category as Coinbase.

Coinbase is a Bitcoin bank that takes your actual coins and gives you bitcoin IOUs for them.

Armory is the best cold storage solution for holding your own coins, better than brainwallets or paper wallets by far.

Armory for cold storage I agree, control both your public and private keys.

[colinistheman]

every 5 or 10BTC ... use a new wallet.
i do this.

when you pay ... seller don't know if you have more than 5 or 10 BTC.

I also do this exact same thing. I have wallets of various sizes between 2 BTC, 5 BTC, 10 BTC. Never larger than 10 btc.

That way when it comes time to spend, I can pick the closest wallet size to what I need the BTC for, and leave the rest safe and untouched.

[shawshankinmate37927]

Not that I have that many (I wish!), but how would you store >100 Bitcoins? The easy answer is just to say "create 1 offline/cold wallet and put them all in". But what about risk management? IE how do you store a very large value of coins while managing risk against hackers, forgetting passwords, the obvious need for at least 1 hot wallet, portability, easy of use, house fires, EMP bomb's (lol), or if a foreigner had to flee a country while taking no assets etc etc.

I'm looking for real responses and ideas. Please keep the trolling to a minimum

On an encrypted paper wallet generated by a Piper Wallet with backup copies stored in alternate locations.

[bg002h]

Three good options, all reasonably secure...
1) if you've got $120, get http://www.bitcointrezor.com
2) if you've got $40, get https://www.indiegogo.com/projects/mycelium-entropy
3) if you've got skill and time or need true institutional level security, get https://bitcoinarmory.com

If you have $0 and no free time/skills:
4) print off a few private keys: https://www.bitaddress.org/bitaddress.org-v2.9.3-SHA1-7d47ab312789b7b3c1792e4abdb8f2d95b726d64.html
5) Make an encrypted disk image to hold a newly created wallet using an offline computer...write down some addresses in the wallet, send funds to addresses once you've stored a copy of the encrypted disk image in many places.

I am really amazed at how many options there are these days. 5) used to be the only way...and that actually does take a fair amount of time of you don't have a computer that won't wver touch a network again.

[lyth0s]

Thanks guys, I've gotten some really good replies. My only question at this point is, why does everyone suggest Armory over electrum? Is there any good reason for this or just preference?

[jonald_fyookball]

Thanks guys, I've gotten some really good replies. My only question at this point is, why does everyone suggest Armory over electrum? Is there any good reason for this or just preference?

Not everyone does. 

I suggest electrum.   and yes,  I believe it is preference.

[zhinkk]

Honestly, please someone tell me how wrong this is: I would create an electrum wallet. Memorize the seed. Repeat it to myself everyday. and ALSO keep it on a piece of paper in two different locations in a safe or so.

[justusranvier]

Thanks guys, I've gotten some really good replies. My only question at this point is, why does everyone suggest Armory over electrum? Is there any good reason for this or just preference?

Con: Electrum has a very primitive and unpolished UI.

Pro: It does require you to download the entire blockchain to use

Con: Not downloading the entire blockchain yourself means you're reliant on other servers to be able to use your wallet and you have less privacy.

Armory requires more resources, but it has a much better backup system, and makes complicated tasks easier.

[shawshankinmate37927]

Honestly, please someone tell me how wrong this is: I would create an electrum wallet. Memorize the seed. Repeat it to myself everyday. and ALSO keep it on a piece of paper in two different locations in a safe or so.

I don't think I would record the entire seed in plain text on paper anywhere.  Maybe write down questions that only you and those you trust (heirs) would know the anwsers to, which would make up the seed.