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solitude (OP)
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October 14, 2014, 09:43:42 PM |
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If you have a fair amount of bitcoins is it stupid to keep them all on Bitcoin Core on a computer that's just about always online?
Even with a good password?
Do you think cold storage is essential?
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Hardly anyone speaks English on this forum.
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bitsmichel
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October 14, 2014, 09:44:33 PM |
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If you have a fair amount of bitcoins is it stupid to keep them all on Bitcoin Core on a computer that's just about always online?
Even with a good password?
Do you think cold storage is essential?
That depends on what you consider a fair amount of bitcoin. You could store them on multiple wallets or offline. |
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Buffer Overflow
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October 14, 2014, 09:46:13 PM |
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Offline armory, that's the way to go.
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URSAY
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October 14, 2014, 09:48:15 PM |
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Offline core. Export keys as needed.
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g27wr
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I like guns.
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October 14, 2014, 10:06:54 PM |
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I have two offline wallets that split my BTC between the two. If something happens to one, I don't lose them all.
I have my public addresses as 'watch only' so I can monitor the balances.
I have my private keys stamped into metal that won't melt if the house burned down.
AND I have paper copies in another location, split up so you need both parts to complete the key.
I'm HODLing long term, so I wanted to be safe.
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franky1
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October 14, 2014, 10:21:33 PM |
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I have two offline wallets that split my BTC between the two. If something happens to one, I don't lose them all.
I have my public addresses as 'watch only' so I can monitor the balances.
I have my private keys stamped into metal that won't melt if the house burned down.
AND I have paper copies in another location, split up so you need both parts to complete the key.
I'm HODLing long term, so I wanted to be safe.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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FattyMcButterpants
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October 14, 2014, 10:45:36 PM |
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If you have a fair amount of bitcoins is it stupid to keep them all on Bitcoin Core on a computer that's just about always online? I wouldn't call this stupid. I would say this is very insecure especially considering that you are using QT, as QT will broadcast the fact that you are someone that uses bitcoin (or at least is someone involved in Bitcoin) so potential attackers will know that you are someone they should target. By saying that you have a 'fair amount' you are implying that you have enough so that you would be negatively affected in a significant way in the event that your money were to be stolen. Even with a good password? A strong password is only one line of defense. You however must utilize other lines of defense as well. A strong password will not protect yourself against a keylogger of malware that can 'see' your private key when you temporarily decrypt it when you go to sign and push a TX. Do you think cold storage is essential?
Not necessarily however at the very least you should have your bitcoin stored on a computer that is not on a network that can be associated with Bitcoin use. As long as you are disassociated with bitcoin you will be somewhat safe as attackers will not know to attempt to attack, so if your money is stolen it would likely be the result of a more random attack. Most people however do believe that cold storage is essential as it eliminates the majority of risks of getting your bitcoin stolen |
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Lethn
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October 14, 2014, 10:48:36 PM |
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Any large amount of Bitcoins it is absolutely essential to keep it in cold storage and more importantly offline, a disconnected computer off the internet can't be hacked, first rule of a fight is don't be there, unfortunately many don't practice this and I'm still seeing topics of people screaming about how their coins got hacked despite using Tor etc. and they just don't take peoples advice, most likely because they think it won't happen to them.
It's fine leaving it online if you're going to spend it at some point or move it around but ideally if it's for long term storage offline is best.
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Meuh6879
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October 14, 2014, 11:00:51 PM |
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Do you think cold storage is essential?
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g27wr
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I like guns.
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October 14, 2014, 11:03:49 PM |
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I personally don't leave btc on an offline computer or a flash drive. My reasoning is that they're technology, and it tends to fail. What if that computer doesn't boot up one day, or what if it's somehow broken? What if you lose your flash drive that has your private keys, or what if it gets too close to a magnet?
What if the house burns down?
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Robert Paulson
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October 15, 2014, 12:06:30 AM |
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buy an old laptop.
format it.
install linux on it.
download, install and run electrum.
write on paper the 12 word seed electrum gives you.
memorize it and repeat it every day for a week.
destroy the paper.
keep the laptop powered down, never use it for anything except sending money with electrum.
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Beliathon
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October 15, 2014, 12:09:25 AM |
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Do you think cold storage is essential? Under 10 BTC not really 10+ BTC yes |
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g27wr
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I like guns.
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October 15, 2014, 12:19:16 AM |
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Do you think cold storage is essential? Under 10 BTC not really 10+ BTC yes What if BTC goes back to 1k per coin, does that change your opinion? I would imagine that many people who elect the cold storage option are looking to hold their BTC for a while in hopes that the price rises. I think that even if you have 1 BTC, it's important to secure it as best you can. |
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btcduke
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October 15, 2014, 12:27:35 AM |
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If you won't use your bitcoins for a while, it would be better to keep them in offline wallet.
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juju
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October 15, 2014, 12:47:19 AM |
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Offline armory, that's the way to go.
This and make sure to create backups of your keys, also don't put all your eggs in one basket. You might want to split your coins up over 2-4 wallets. |
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stevenh512
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October 15, 2014, 01:05:50 AM |
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What if you lose your flash drive that has your private keys, or what if it gets too close to a magnet?
Is that really an issue? I have dozens of flash drives, two of them have been near some pretty powerful magnets and they don't show any signs of damage. I can still read from them, write to them, reformat them and even boot an Ubuntu installer from them with no problems. I'm honestly curious about this, I know magnets will cause trouble for any kind of magnetic media, but I've never personally had any problems with flash drives. What if the house burns down?
Then you've also eliminated one of the more popular choices (paper wallets) as a viable means of cold storage, unless you keep your paper wallets in a bank vault (even a "fire safe" will not always protect paper locked inside). |
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spazzdla
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October 15, 2014, 01:18:55 AM |
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If you have a fair amount of bitcoins is it stupid to keep them all on Bitcoin Core on a computer that's just about always online?
Even with a good password?
Do you think cold storage is essential?
Cold storage is a MUST. |
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BittBurger
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October 15, 2014, 01:38:16 AM |
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AND I have paper copies in another location, split up so you need both parts to complete the key. There's an idea I haven't heard before. I might just try that. Even though I assume your private keys are BIP encrypted .... splitting them in half and putting them in two different locations is a pretty sick idea. -B- |
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BTCewdquestion
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October 15, 2014, 02:02:14 AM |
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I have my private keys stamped into metal that won't melt if the house burned down.
AND I have paper copies in another location, split up so you need both parts to complete the key.
I'm HODLing long term, so I wanted to be safe.
The metal is a great idea! What kind of metal, and how deep are the stamps? |
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g27wr
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I like guns.
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October 15, 2014, 02:09:11 AM |
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I have my private keys stamped into metal that won't melt if the house burned down.
AND I have paper copies in another location, split up so you need both parts to complete the key.
I'm HODLing long term, so I wanted to be safe.
The metal is a great idea! What kind of metal, and how deep are the stamps? It's actually two 10oz silver bars. The reasoning behind it is that it's something you're going to want to be careful protecting anyway, and the melting point of silver is around 1700 degrees F and a typical house fire burns around 1200 degrees F... Plus it's kinda neat  The stamped letters and numbers were hit relatively hard to make sure if the silver was scratched by something, everything would stand a great chance of being legible. |
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