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View Full Version : Offline "Cold Storage" Encrypted Bitcoin Wallets (Like storing your own physical metal)




muh_roads
03-18-2013, 05:14 PM
I see a lot of people concerned about Bitcoin being hacked. The system itself can't be hacked because of its P2P open-source nature. But I understand why people are concerned.

Yes online wallets and exchanges can be attacked. That is what Government and hackers will go after since BTC is the largest threat to central banking right now. Luckily few in Government seem to care about BTC atm.

As such people should invest their time into understanding cold storage encryption like the Armory Wallet...
It is like storing your metals at your own house.
http://bitcoinarmory.com/using-offli...ets-in-armory/ (http://bitcoinarmory.com/using-offline-wallets-in-armory/)

That way you don't have to worry about government and hackers trying to take down your online wallets. Keep your private key on an offline computer that never touches the internet and your public online key as a deposit (watch only) wallet.

If your offline computer dies or gets stolen you can just install the software on a different computer. Then use your paper wallet that you first printed when setting this up (and/or your usb wallet) to see your funds on the network and transfer them to a new wallet. The computer that is stolen should have a strong encrypted password anyway so you are given plenty of time.

This is how long it takes to crack a strong offline password...
http://howsecureismypassword.net/

muh_roads
03-20-2013, 02:06 PM
So no gold bugs that are curious about BTC found this valuable? It is the equivalent of holding your own.