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Author Topic: Where to safely store LTC for a long period of time?  (Read 2031 times)
Mitchow
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July 12, 2012, 06:41:02 AM
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Hey guys,

I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.

The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.

Should I leave my Litecoins in the online wallet I purchased them to?
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John (John K.)
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July 12, 2012, 06:46:34 AM
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Hey guys,

I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.

The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.

Should I leave my Litecoins in the online wallet I purchased them to?
If you meet with any startup problems, copy wallet.dat file out and reinstall bitcoin client. (https://en.bitcoin.it/wiki/Data_directory)
Replace the wallet.dat file back and try and see if it's working. If it's not, extract the privatekeys from the wallet to recover your coins. Storing in your wallet is generally safer then online wallet services, if you back them up adequately and encrypt them.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

Mitchow
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July 12, 2012, 06:50:11 AM
 #3

Hey guys,

I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.

The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.

Should I leave my Litecoins in the online wallet I purchased them to?
If you meet with any startup problems, copy wallet.dat file out and reinstall bitcoin client. (https://en.bitcoin.it/wiki/Data_directory)
Replace the wallet.dat file back and try and see if it's working. If it's not, extract the privatekeys from the wallet to recover your coins. Storing in your wallet is generally safer then online wallet services, if you back them up adequately and encrypt them.

Yeah, I've tried many recovery options, such as the ones you've mentioned, but without success unfortunately. I guess I'll just test the wallet.dat on another computer to confirm that the wallet.dat does in fact work correctly.
miracle.max
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July 12, 2012, 07:00:24 AM
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Hey guys,

I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.

The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.

Should I leave my Litecoins in the online wallet I purchased them to?
I think if I had a lot of money in BTC or LTC, I'd want a hard copy of the wallet as well, or at least a couple of digital copies burned to a CD and in a safety deposit box somewhere.

LTC: LePiC6JKohb7w6PdFL2KDV1VoZJPFwqXgY
BTC: 1BzHpzqEVKjDQNCqV67Ju4dYL68aR8jTEe
walruscode
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July 12, 2012, 07:19:56 AM
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You can make a litecoin paper wallet. Download https://github.com/jackjack-jj/pywallet, and do "python pywallet.py --otherversion=48 --dumpwallet", then copy the addresses and their corresponding private keys onto a piece of paper (either by hand or print it out).
pekv2
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July 12, 2012, 07:32:21 AM
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Make a container with true crypt, choose a password that you'll never forget, I mean never. Make three backups of it, one at home on a usb or cd, the other two, make two accounts, one at wuala and one at dropbox, create the passwords you would never forget for your accounts.

You'll have three successful backups. Also, I believe Lastpass has just made an attachment feature where you can make an attachment.
For lastpass, check out the link that states [Techniqes should be exercised in protecting your accounts] in my sig.

Edit:

That is so odd, walruscode. I just noticed you posted above me.
Mitchow
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July 12, 2012, 07:37:55 AM
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You can make a litecoin paper wallet. Download https://github.com/jackjack-jj/pywallet, and do "python pywallet.py --otherversion=48 --dumpwallet", then copy the addresses and their corresponding private keys onto a piece of paper (either by hand or print it out).

Ah, that's new to me, copy the private key to backup a wallet?

Would that work?

To recover the wallet, I assume that I would simply input my private key into that paper wallet application, and it would just generate my wallet that I previously had?
walruscode
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July 12, 2012, 06:58:11 PM
 #8

You can make a litecoin paper wallet. Download https://github.com/jackjack-jj/pywallet, and do "python pywallet.py --otherversion=48 --dumpwallet", then copy the addresses and their corresponding private keys onto a piece of paper (either by hand or print it out).

Ah, that's new to me, copy the private key to backup a wallet?

Would that work?

To recover the wallet, I assume that I would simply input my private key into that paper wallet application, and it would just generate my wallet that I previously had?

Private keys are used to generate bitcoin addresses, and to sign transactions. 1 private key will only give you access to 1 address, so if you have 7 addresses you want to store on a paper wallet as savings, you will need to write down their corresponding 7 private keys. When you want to move funds from one of these addresses, use "python pywallet.py --otherversion=48 --importprivkey Private_Key_Goes_Here" (can someone confirm that this works for litecoin?) on a temporary wallet.dat file, and then send what you want to send using the litcoin client.

Note: This, as well as what I mentioned in my previous post, should all be done on a computer that has never been and never will be connected to the internet. If it has been connected to the internet, you'll be defeating the purpose of having a secure paper wallet, because if your computer has a virus, your litecoins can be stolen while you are in the process of moving funds.
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