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Author Topic: How would you store >100 Bitcoins?  (Read 42311 times)
MasterOwel
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August 05, 2014, 01:32:48 AM
 #81

I would probably do what I do currently with my addresses (or at lease the ones with the larger amounts).

I have a Raspberry Pi computer set up in my house connected only to our network, except once a week I have it connect to the internet to update the blockchain and all my balances. Were I to have 100BTC I would put 5BTC in different addresses and save backups to my private thumb drive. The Pi is reserved only for bitcoin related things and so I'm not worried about getting a virus, because you really have to try to get infected when using Linux distros.

Uh... let's see about unforseeable circumstances.

Robber: You really think they would steal a Raspberry Pi? I have that one covered. Also the Pi is hidden since I always just SSH into it.
Corrupt Card: No problem, I have backups on my thumb drive.
Broken Thumb Drive: I have one of those micro's that're about twice as long as a finger nail. If it got corrupt, well I don't really have a solution if the Pi is gone too.
Have To Skip Country: I DID say I have a small thumb drive. Not too hard to conceal.
zy02264
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August 05, 2014, 01:38:50 AM
 #82

I put 80% of my coins to a bunch of bitcoin banks (4-5) to generate interests while reducing systematic risk.
And put the rest into Blockchain for daily use like Bitbet.
jonald_fyookball
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August 05, 2014, 02:03:36 AM
 #83

I put 80% of my coins to a bunch of bitcoin banks (4-5) to generate interests while reducing systematic risk.
And put the rest into Blockchain for daily use like Bitbet.

so 80% of your coins you don't control directly?  hardly seems like reduced risk.

MNDan
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August 05, 2014, 03:21:57 AM
 #84

After a bunch of research, this is what I am doing for my little bit of coin:

Go to https://www.bitaddress.org/ and create a BIP38-encrypted wallet - then you don't have to worry so much about hiding the wallet. Just don't forget/lose your password!

Creating and loading the wallet -

1) Save to my HD the bitaddress.org URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate my encrypted paper wallet via the bitaddress.ord URL (running standalone). You can print a bunch of different wallets off at once onto a sheet or two of paper. Then you can have all your coins in the first one, and when you spend some you move the "change" to the next one down the list.
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, I can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send my bitcoin to the public key of my paper wallet, starting with a small amount and confirming it got there via blockchain.info.

Getting bitcoin back out of the wallet -

1) Using the block chain app on my android tablet, scan the encrypted private key of the paper wallet (I could also use the bitaddress.org code offline to decrypt it manually also).
2) The app will ask for the key I used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable.
3) Sweep the wallet into my blockchain online wallet.
4) Send any bitcoin that I don't want to keep online into the next wallet in the list.

This is really easy, foolproof as long as you use a password you will never lose/forget, and it doesn't depend at all on USB sticks or other tech to store the wallet. And you can give copies to friends/family without worry since it is useless without a password. Just make sure your password is fairly sizable so brute force can't crack it.
btcguys
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August 05, 2014, 04:13:58 AM
Last edit: August 21, 2014, 01:32:13 AM by btcguys
 #85

I would use my guide to create many different offline wallets: http://btcguys.us/blog/how-to-create-bitcoin-paper-wallet-tutorial  Grin
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August 05, 2014, 08:06:31 AM
 #86

cold storage but 10 copies of it.... encrypted
that would do the job for every danger

What about the danger of forgetting/losing your encryption key?

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
sandykho47
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August 05, 2014, 09:25:01 AM
 #87

If me :
1. i will create some wallet.dat (5 - 10 wallet, and every wallet contain 10 - 20 address)
2. then i archive every wallet.dat with best secure security with very simple password
3. then i save that to some USB disk drive, portable HDD & trusted cloud server

Kemampuanku Tidak semua orang memiliki dan dapat melakukannya . Tidak memakan kaum sendiri . dan mempunyai kode etik yang tidak masuk akal.
Ludi
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August 05, 2014, 09:26:19 AM
 #88

I'd be really nervous holding that much. Not even sure if I'd want that ammount. If I had though I'd store it on paper wallets with several copies as backups.

juicyjuice87
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August 05, 2014, 11:08:49 AM
 #89

In your mums gapping vagina
Jamie_Boulder
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August 05, 2014, 11:45:21 AM
 #90

Spread your BTC over several wallets as suggest above, or perhaps 1 main wallet and several decoy wallets which you would use for spending.

The main wallet would have a computer dedicated to it and only be used for transactions sent to the spending wallet.

gtraah
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August 05, 2014, 11:52:40 AM
 #91

Here is a very simple and secure way
Do you know what any of those words mean?

So many people have lost bitcoins because they tried to roll their own overly-complex cold storage.

Yes and yes

and its much more simple than you think, just took long for me 2 explain without leaving anything

I do have a few normal usb backed with the normal QR and key... as a 4th backup... So I have fail safe.. there is no such thing as complex with my setup its more of a thief deterrent.
TheBullOfWallStreet
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August 05, 2014, 11:54:17 AM
 #92

Buy a TREZOR if you are not used to make paper wallets.
Soros Shorts
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August 05, 2014, 11:58:10 AM
 #93

I have a Raspberry Pi computer set up in my house connected only to our network, except once a week I have it connect to the internet to update the blockchain and all my balances. Were I to have 100BTC I would put 5BTC in different addresses and save backups to my private thumb drive. The Pi is reserved only for bitcoin related things and so I'm not worried about getting a virus, because you really have to try to get infected when using Linux distros.
What client are you using on the Pi, and what memory storage are you using? How long does the Pi take to download and parse a large block. I am very interested in this solution if I could figure out how to overcome the performance problems.
MasterOwel
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August 05, 2014, 06:21:44 PM
 #94

I have a Raspberry Pi computer set up in my house connected only to our network, except once a week I have it connect to the internet to update the blockchain and all my balances. Were I to have 100BTC I would put 5BTC in different addresses and save backups to my private thumb drive. The Pi is reserved only for bitcoin related things and so I'm not worried about getting a virus, because you really have to try to get infected when using Linux distros.
What client are you using on the Pi, and what memory storage are you using? How long does the Pi take to download and parse a large block. I am very interested in this solution if I could figure out how to overcome the performance problems.

I use Electrum, and so the blockchain download isn't an issue.
For memory I can just use the on board SD card (16 GB) and then a thumbdrive to transfer files back and forth.
escrow.dude
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August 05, 2014, 10:20:44 PM
 #95

If me :
1. i will create some wallet.dat (5 - 10 wallet, and every wallet contain 10 - 20 address)
2. then i archive every wallet.dat with best secure security with very simple password
3. then i save that to some USB disk drive, portable HDD & trusted cloud server

What would the point of creating so many wallets/addresses be? If you used multiple passwords then you would have a greater chance that you lose some amount of your bitcoin from forgotten passwords. If you used the same wallet password then your coins would not be any more secure.
DannyElfman
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August 05, 2014, 10:22:00 PM
 #96

I put 80% of my coins to a bunch of bitcoin banks (4-5) to generate interests while reducing systematic risk.
And put the rest into Blockchain for daily use like Bitbet.

What bank pays interest on bitcoin?

All that do are/were scam. So I got bad news for you!

This spot for rent.
justusranvier
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August 05, 2014, 10:46:28 PM
 #97

What bank pays interest on bitcoin?

All that do are/were scam. So I got bad news for you!
What are you talking about?

Bitcoin Savings and Trust had such a prestigious name - they were honest, right?
Possum577
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August 05, 2014, 10:52:07 PM
 #98

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.

Where do you store the 10 to 20 public/private keys? The security comes in part from spreading the balance out over multiple wallets but more so in how you protect the access to each wallet.

DannyElfman
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August 05, 2014, 10:53:58 PM
 #99

What bank pays interest on bitcoin?

All that do are/were scam. So I got bad news for you!
What are you talking about?

Bitcoin Savings and Trust had such a prestigious name - they were honest, right?

Yeah. They all have such shiney and trustworthy names:

Coinlendes, Neo and Bees, Bitcoin Savings and Trust, Pirate Investments....

This spot for rent.
elliwilli
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August 05, 2014, 11:06:14 PM
 #100

for each 10 bit coins a separate wallet, each one stored in a separate encrypted partition/USB
Then i would back 1/4 up to MEGA, 1/4 to Google drive 1/4 to Dropbox and the rest in paper wallets.

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