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Author Topic: Unobtanium Wallet Back-Ups 101  (Read 3885 times)
IMZ
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November 13, 2014, 03:40:57 AM
 #1

Introduction: welcome, newcomers! Many crypto communities offer little help to the uninitiated -- but not Uno!! We are strongly committed to 'tech support.' So, ask, ask, ask!


This is Benefactor

https://bitcointalk.org/index.php?topic=527500.4040


‘This is how you should do it:


1.  Start a new wallet.

2.  Add a bunch of receive addresses, (like 20, more than you think you need for a loong time.)

3.  Download blockchain.

4.  Encrypt wallet.

5. MAKE A BACKUP.
5.5  Optional:  Make additional backups as needed and store in safe places.

6.  Test wallet by receiving a small amount, ( < 0.11 UNO.)
6.5  Test wallet by sending that amount.

7.0 Optional for long-term wallet.  (Ignore this step for your petty cash hot wallet(s).):  Create a list of the receive addresses, so you can send to them.  List must have addresses perfectly copied - no errors!
7.1 Optional for long-term wallet.  (Ignore this step for your petty cash hot wallet(s).):  Take wallet completely offline.  {Programs/Roaming/Unobtanium} move all directories if you know what you are doing!  Your cold storage wallet doesn't have to be online for the blockchain to know those addresses are receiving additional funds while it is offline.  Just check the blockchain, not your cold storage wallet, to verify you have the funds.  Worst case is you only need the private keys on your backed-up wallet.dat file.  (Also make sure you never get confused which wallet.dat goes to which wallet, and don't overwrite them, etc.)

8.  Optional, but mandatory if applicable:  If you EVER add a single new receive address or change the passphrase or de-encrypt, you need new backups.

9.  Send funds to existing, backed-up receive addresses, and enjoy your Unobtanium!!!’

This is Mike

https://bitcointalk.org/index.php?topic=527500.4060

‘Well, transactions don't matter as those are stored inside the blockchain. But if you add or remove a send or receiving address, then yes, backup! The sending addresses don't matter much, but if you have a bunch, then having to re-enter them at some point sucks 

Also, NEVER keep an un-encrypted copy around!

If you create a new wallet, the initial wallet.dat will always contain the first receiving address, un-encrypted. Suppose you back that up and then encrypt the wallet.dat, and back that up as well. Now you send 100UNO to your default address, thinking you are safe because the wallet has been encrypted. But the original wallet.dat still exists, contains the same private key and is not encrypted.
Anyway, now you have 100UNO in the first address. You add a second address and send 15UNO to that. And someone else sends you 20UNO to your first address.
You wallet shows you have 135 UNO. You backup the wallet (do it once in a while anyway)

Now someone finds your unencrypted wallet.dat and imports that into his wallet application. He now has full access to the original address as that is stored inside the wallet.dat without password or anything! After syncing he sees 120UNO and sends them to another address. You lose the coins! Your wallet will show the transaction, 120UNO out, and 15UNO remain because the un-encrypted wallet.dat does not contain a private key for the second address that was added later so the thief does not have access to that.

Hope this sheds a bit of light on the importance of encryption and backing up  ’
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November 13, 2014, 11:38:42 PM
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This is Ian Ridgwell, Post 4095

Regarding backup procedure.

Backup work load should be proportional to risk. Backing up after each transaction should not be an issue as long as your equipment is reliable. I'd hate to be running a point of sale running a backup process after each sale. It's dependent on individual usage and environment.

Step 1. Research and decide upon a backup procedure that adequately fits the situation at hand.
Crypto's are a new one for me and I'm only 90% happy with my current scenario (I have to many alts it can be a pain to keep up), though I'd still rather have them in my hands than a web wallet. Community is great, take advantage of that shared knowledge and experience. If you have the time, always lean towards more backup.

Step 2. Have reliable equipment.
I use SSD's in all my computers to eliminate shock damage, though the downside is a less recoverable media in case of equipment failure. I maintain regular hardware tests to compensate. The cost is higher but it lowers risks considerably. You wouldn't cross a desert in a 10 year old voltswagon which might die any moment. Don't store your wealth on a 10 year old ex government laptop which might die at any moment. If you don't have the cash to completely replace, consider always keeping your Hard Drives Fresh and never let them cook in overheating scenarios.

Step 3. Backup to alternate reliable equipment.
I have a double USB backup used alternatively. It's relatively cheap and easy, though the Bitcoin block chain might be a problem soon.

Step 4. Backup to alternate reliable equipment in an alternate physical location.
I have an external SSD for this part. This is intended to be my cold storage unit. Robust and shock proof it will stay in an alternate location. I also have a NAS which will when enough funds justify the effort and maintenance be part of a live backup system which can store the most precious of data live in cloud storage.

Step 5. Test your backup process.
No point doing all this work if your doing it wrong. Make sure it works. Test with small amounts.

As a side note some of my wallet backups are not encrypted. This is really bad, don't do this. Always encrypt. I saw it said earlier but it should be re-iterated. If someone gets hold of an old backup file (you throw out a computer, someone hacks drop box) they can unlock your new protected super secure encypted wallet (not really but they get access to the money and completely ignore your new better backup habits). If like me you think the risks are low and you don't hold a lot of coin remember when you do hold a lot of coin and the risks become greater to move to a new address. Send your coins to yourself at a new address. As a tech guy I am surprised by how much stuff people leave on old hardware. I'm surprised we haven't heard a story about how a tech guy found a cache of bitcoin son somebodies pc yet. Though they might not be so quick to brag about it
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November 15, 2014, 05:31:41 AM
 #3

Great advice. Thanks, guys.

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