How to secure the bitcoin "life economies" ? The method.

[Meuh6879]

Hello, all members...  

Regulary, members of this forum ask "how can secure store the bitcoins ?"  
Well, the missing point is not a problem of "stolen" coin (or loosed coin) ... but, always, the choice of the software that it manage the "wallet" file.  

Bitcoin is a network, right ... but like other specialized tool, it need a main operating (and well maintaining) recognize software : bitcoin-core (or bitcoin-QT, the old name).  

In my opinion, private and public key is "hell" to complicate to re-read after a long time.  
So, for this thread, i have choose the "wallet" file generate by bitcoin-core software.
Please, use "encrypted" wallet to avoid a thrid party to easly use (and steal) bitcoins directly from you PC.  

You can choose other software but keep in mind that you MUST understand the "need to read" files that you saves.
Save is good ... but many people "think" that they always can retrieve (read) file in the future ... it's NOT TRUE.  
The other point is the ability to split files to avoid a HELL MASS DESTRUCTION of all coin.

In Bitcoin, store all coins in one adress is like running in rain : almost one time, you will be sick !  

---



1) Install Bitcoin-Core : https://bitcoin.org/bin/



2) Let the software retrieve the blockchain (take 48h max and 25Go at this 2014 calendar date)



3) Buy USB keys

It's important to buy "many" USB keys to store them is secury space ... or in multiples spaces (garden cabin, grandma house, church, at public library ...)



4) Now, the magic sauce to avoid "corrupted" files on USB Keys :



4-1) When you add a wallet file, create a folder ... each folders store the oldest wallets.
So, when you create the 4st folder in this list, it have the all previous wallet file store in the 1-2 and 3st oldest folders.

This is the view of the inside of 1 USB key ... the others USB key is exactly the same structure.





4-2) When you store file, it's important to do "archive protect structure" ... duplicate the same file is the key.
I use 7-Zip universal format to do this.





4-3) The final "duplicate method" is to store regulary a copy of a group of file ... this picture is simple to understand.





5) Optional securised system : in my opinion, if you have bitcoin ... you can buy a dedicated PC to install (and ONLY THIS) the bitcoin-core software.

Do this.

You don't want that your children play with malware installed game ... on a "money safe deposit PC machine".

Trust me ... all problem are always from a "family PC" because all human are different and don't care about security.
It's like when you work on a factory ... you don't car about read PPS at your desk because "you think" that the infrastructure of your business office is safe.

(Ah AH AH !)



6) In futur, when you have a corrupted USB key ... it's time to change all the 5 USB key buy in one shot.
It's impossible to have 5 USB key build in the same factory that it's fail in the same day.
All members that it have loosed coin ... it's because they have always 1 place of backup (mydocument folder).
It's stupid.
Don't be stupid with "your" money.
Be smart.
Buy many USB key to secure.
Place them in different space.



---



Please, post in this thread your method with a description to help beginners bitcoin members.  

[LiteCoinGuy]

or just buy some high quality usb sticks. end.

[minerpumpkin]

How the heck is anyone not obsessed with computers supposed to do this? Bitcoin needs to get more user-friendly. People need to be able to use it without being a nerd or a geek. This really is one of the reasons why it may ultimately fail - keeping Bitcoins safe has to be easier! Way easier than this!

[Plank]

Hello, all members...  

Regulary, members of this forum ask "how can secure store the bitcoins ?"  
Well, the missing point is not a problem of "stolen" coin (or loosed coin) ... but, always, the choice of the software that it manage the "wallet" file.  

Bitcoin is a network, right ... but like other specialized tool, it need a main operating (and well maintaining) recognize software : bitcoin-core (or bitcoin-QT, the old name).  

In my opinion, private and public key is "hell" to complicate to re-read after a long time.  
So, for this thread, i have choose the "wallet" file generate by bitcoin-core software.
Please, use "encrypted" wallet to avoid a thrid party to easly use (and steal) bitcoins directly from you PC.  

You can choose other software but keep in mind that you MUST understand the "need to read" files that you saves.
Save is good ... but many people "think" that they always can retrieve (read) file in the future ... it's NOT TRUE.  
The other point is the ability to split files to avoid a HELL MASS DESTRUCTION of all coin.

In Bitcoin, store all coins in one adress is like running in rain : almost one time, you will be sick !  

---



1) Install Bitcoin-Core : https://bitcoin.org/bin/



2) Let the software retrieve the blockchain (take 48h max and 25Go at this 2014 calendar date)



3) Buy USB keys

It's important to buy "many" USB keys to store them is secury space ... or in multiples spaces (garden cabin, grandma house, church, at public library ...)



4) Now, the magic sauce to avoid "corrupted" files on USB Keys :



4-1) When you add a wallet file, create a folder ... each folders store the oldest wallets.
So, when you create the 4st folder in this list, it have the all previous wallet file store in the 1-2 and 3st oldest folders.

This is the view of the inside of 1 USB key ... the others USB key is exactly the same structure.





4-2) When you store file, it's important to do "archive protect structure" ... duplicate the same file is the key.
I use 7-Zip universal format to do this.





4-3) The final "duplicate method" is to store regulary a copy of a group of file ... this picture is simple to understand.





5) Optional securised system : in my opinion, if you have bitcoin ... you can buy a dedicated PC to install (and ONLY THIS) the bitcoin-core software.

Do this.

You don't want that your children play with malware installed game ... on a "money safe deposit PC machine".

Trust me ... all problem are always from a "family PC" because all human are different and don't care about security.
It's like when you work on a factory ... you don't car about read PPS at your desk because "you think" that the infrastructure of your business office is safe.

(Ah AH AH !)



6) In futur, when you have a corrupted USB key ... it's time to change all the 5 USB key buy in one shot.
It's impossible to have 5 USB key build in the same factory that it's fail in the same day.
All members that it have loosed coin ... it's because they have always 1 place of backup (mydocument folder).
It's stupid.
Don't be stupid with "your" money.
Be smart.
Buy many USB key to secure.
Place them in different space.



---



Please, post in this thread your method with a description to help beginners bitcoin members.  

I would rather store my wallet into a external hard disk or onto several Usb sticks to avoid data corruption,That's all

[MyPotPlantDied]

or just buy some high quality usb sticks. end.

High quality usb sticks and paper backups are really all one needs!

[cyberpinoy]

High quality usb sticks and paper backups are really all one needs!

I have to agree, Using a fairly good USB drive would be suffice or if you are like me and have many wallets and like to store the whole APPDATA folder for each wallet a good external harddrive is fine.

One thing I am not sure about, maybe this is not happening but I think the Author "COULD' be a little misleading, I have to say i have never ever had a wallet.dat file come back corrupt. never. I have never had a wallet usb drive lock up and become corrupt either, not sure if its just me maybe I am lucky or something. What I have had is while moving appdata folders around I have had a few instances where it went to open the wallet and said the block chain was corrupt. (this usually happens if you try and copy your appdata folder manually while the wallet is still open, always close the wallet before copying the appdata folders) If this is the case your wallet.dat file is not the corrupted file, it is only your blocks and chainstate folder, and you can fix that by overwriting the appdata folder again. I always keep a current appdata folder for each wallet and an old copy, every 24 hours I close all my wallets and back them all up on my computer, once I reopen the wallets I then back up the back ups on both a USB flash drive dedicated for each wallet and also a external hard drive.

there is no need to be a complete computer geek to use bitcoins, safety is safety you would not leave your bank statement or bank book where people could access it would you, you would not put your online banking information visible where people can get access would you,  bitcoin wallets are no different, treat them as you would your fiat banking information.

[Beliathon]

How the heck is anyone not obsessed with computers supposed to do this?

You wait 1-3 years, when everything will be far more user-friendly.

[BurtW]

How the heck is anyone not obsessed with computers supposed to do this?

You wait 1-3 years, when everything will be far more user-friendly.

Why wait 1-3 years?

Use a deterministic wallet and then you never have to back it up.

I suggest the Trezor hardware deterministic wallet.  If you don't want to shell out the $119 bucks for the hardware wallet then pick one of the other software deterministic wallets and all you have to do is make copies of the seed and keep them secure, safe and secret.

Backup issue solved.

[herebittybittybitty]

Simpler method:

Paper wallet.

[justbtcme]

Or you can just memorize the whole private key LOL

[BurtW]

Simpler method:

Paper wallet.

Until you want to spend some of it.  

Trezor is as secure and also functions as an offline computer to sign transaction so you can spend your coins.

You never have to back it up and it discourages address reuse.

Best wallet at this time.

[SanMerryDro]

I like your USD keys, where to buy?

[herebittybittybitty]

Simpler method:

Paper wallet.

Until you want to spend some of it.  

Trezor is as secure and also functions as an offline computer to sign transaction so you can spend your coins.

You never have to back it up and it discourages address reuse.

Best wallet at this time.

Spending from a paper wallet is not hard at all.

Trezors are expensive... for normal expenditures it's not worth the money and effort. For long-term storage of large amounts, paper wallets are virtually free and safe as can be.

[Mars not Moon]

USB sticks is the best answer.

Thanks for other methods too.

[BurtW]

Simpler method:

Paper wallet.

Until you want to spend some of it.  

Trezor is as secure and also functions as an offline computer to sign transaction so you can spend your coins.

You never have to back it up and it discourages address reuse.

Best wallet at this time.

Spending from a paper wallet is not hard at all.

Trezors are expensive... for normal expenditures it's not worth the money and effort. For long-term storage of large amounts, paper wallets are virtually free and safe as can be.

How do you easily spend/move/sweep your BTC from a paper wallet without ever exposing the private key? 

The private keys never leave the Trezor and are never exposed - that is the purpose of the Trezor.  Trezor may be too expensive for storage and use of small amounts of BTC but for large amounts (10(?), 50, 100, 500, etc. BTC) it is perfect.  For small amounts the paper wallets are fine and as you said, free.

[Marlo Stanfield]

Or you could just use Electrum and write down twelve simple words. And never have to worry about USB keys or backing up wallet.dat files.

I don't understand why people insist on doing it this way. It's been years and very little has changed.

[Meuh6879]

I like your USD keys, where to buy?

eBay.

[4onesea]

I have stored my wallets on three usb keys from three different "high quality" companies, hoping that they are enough!

[SanMerryDro]

I like your USD keys, where to buy?

eBay.

thanks, I see it 

[cambda]

Trezors are expensive... for normal expenditures it's not worth the money and effort.

Yes, now. Hopefully the competetion get the price down next year(s). I believe only the hardware wallets will make the Bitcoins secure for average users, so nice to see we have first hardware wallet available