How do you store your bitcoin hoard?

Trezor
30%
3
Paper wallet generated by Bitaddress.org
20%
2
Paper wallet generated by Piper Wallet
10%
1
Another kind of paper wallet
10%
1
Ledger
No votes
0
Paper wallet pdf encrypted in a computer folder
10%
1
Keepkey
No votes
0
Bread Wallet
No votes
0
Mycelium
No votes
0
Airbitz Wallet
No votes
0
Coinbase
No votes
0
Copay
No votes
0
Blockchain.info
10%
1
Circle
10%
1
Green Address
No votes
0
An exchange
No votes
0
Another online wallet
No votes
0
 
Total votes: 10
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Windowly
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How do you store your bitcoin hoard?

Wed Dec 02, 2015 12:58 am

I'm curious what are the main ways people store their bitcoin hoards (in contrast to bitcoins for spending).
Last edited by Windowly on Wed Dec 02, 2015 2:45 am, edited 2 times in total.
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 1:18 am

I'm curious what are the main ways people store their bitcoin hoards (in contrast to bitcoins for spending).
Should have check-boxes instead of radio buttons. Allow multiple choices rather than just one. I use multiple options for the HODL. But I also spend like crazy!!

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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 1:32 am

I guess the people with large holdings are not going to tell you how they store their money. You should maybe rephrase how they would recommend to safely store coins and allow for multiple options.

I use mycelium for spending and Trezor for infrequent use. Of course I have made a backup of the seed key.

I would also be interested in whether people have a kick the can plan. What happens to their bitcoins if they die today? Who has access?

Or what happens when your house burns down and your computer and paper backup are destroyed?

Unfortunately answering these questions also opens up a risk for theft.
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 2:33 am

I guess the people with large holdings are not going to tell you how they store their money. You should maybe rephrase how they would recommend to safely store coins and allow for multiple options.

I use mycelium for spending and Trezor for infrequent use. Of course I have made a backup of the seed key.

I would also be interested in whether people have a kick the can plan. What happens to their bitcoins if they die today? Who has access?

Or what happens when your house burns down and your computer and paper backup are destroyed?

Unfortunately answering these questions also opens up a risk for theft.
Oh good point. I thought maybe having a poll versus answering on an individual basis might make more people comfortable.

I'm not too worried telling people how I store bitcoin because even if they know there is no way they can hack it. (And Windowly is not a name I go by offline.)

(I generated paper wallets with an offline version of bitaddress.org and then store the pdfs in a folder encrypted with TrueCrypt. So far I'm pretty happy with how I am storing it when I think about the potential attack vectors and I've also built in redundancy so that I can't loose the file or passwords easily., However when my hoard grows more I might want to get a simple airgaped computer and run tails on it.)

I like your way of phrasing the question though.

Your second question is also fascinating. I've used Shamir's Secret to split (again offline) the password for encrypted folder into 5 of 8 pieces. I have given the eight pieces to family members and close friends who I trust in different areas of the world, so that if I do kick the can or gain total amnesia, they'll be able to recover the bitcoins.

Everyone who has one of the 8 pieces of the password also has a copy of the encrypted file as well, so they just have to get together with four other people to open the file. I trust them not to collude (admittedly a weakness in this setup) but one of the nice things about doing it this way is that even if any of their computers gets hacked and the password stolen it won't help because the hacker would have to hack 5 of them.

I also communicated the passwords either in person or through encrypted OTR so that none of them could be copied by a third party in the case my communications were monitored.

I might be paranoid but I think we all agree that for bitcoin it saves to be a bit on the cautious side.
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 2:44 am

I'm curious what are the main ways people store their bitcoin hoards (in contrast to bitcoins for spending).
Should have check-boxes instead of radio buttons. Allow multiple choices rather than just one. I use multiple options for the HODL. But I also spend like crazy!!
In that case do whatever method has the most bitcoins (hopefully it's not an equal amount each way).
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 2:56 am

The best solution that I can think of is the following:

Use Shamir's secret to generate an x of y secret that unlocks the funds of an empty address.

Keep your funds in some setup (Trezor, airgapped pc, whatever you prefer).

Whenever a transaction comes in, you would go to your offline system and create a time lock (now + 5 years or whatever you prefer) that sends the incoming funds to the empty wallet. Encrypt this transaction as to not expose the public key to the world just yet and send it to your trustees.

Now, if you die, your next of kin can access the funds once the time lock has expired. If you are still alive at that point you forward the funds to another address and create a new time lock transaction.

This stops people from colluding to steal your funds but allows access after death (or long term disability).

But it requires manual action each time you receive money or spend money.
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 3:12 am

The best solution that I can think of is the following:

Use Shamir's secret to generate an x of y secret that unlocks the funds of an empty address.

Keep your funds in some setup (Trezor, airgapped pc, whatever you prefer).

Whenever a transaction comes in, you would go to your offline system and create a time lock (now + 5 years or whatever you prefer) that sends the incoming funds to the empty wallet. Encrypt this transaction as to not expose the public key to the world just yet and send it to your trustees.

Now, if you die, your next of kin can access the funds once the time lock has expired. If you are still alive at that point you forward the funds to another address and create a new time lock transaction.

This stops people from colluding to steal your funds but allows access after death (or long term disability).

But it requires manual action each time you receive money or spend money.
Wow that's a pretty good idea. Is there a way to use do timelocks easily with any of the wallets?
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 3:25 am

I have not seen this implemented in standard wallet software.

I can build this quite easily using bitcoinJ - maybe I should. But I am currently busy with another exciting idea that - if no one pokes any major holes in it - will be posted on this forum as it is bitcoin related.
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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 4:34 am

I would also be interested in whether people have a kick the can plan. What happens to their bitcoins if they die today? Who has access?
We are actually covering the "Dead Man's Box" next week in our Bitcoin Meetup!! (at least I think that's what it's called)

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Re: How do you store your bitcoin hoard?

Wed Dec 02, 2015 5:34 pm

you can find an overview of Hardware Wallets here:

beginners-help/overview-bitcoin-hardwar ... -t200.html

personally u use several methods. Trezor, Paper Wallets, Armory and Xapo.
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Re: How do you store your bitcoin hoard?

Wed Dec 09, 2015 9:42 pm

Where do you store cash at home?

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Re: How do you store your bitcoin hoard?

Wed Dec 09, 2015 10:45 pm

Where do you store cash at home?
I keep it near the front door in a box clearly labeled CASH. Who doesn't?
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Re: How do you store your bitcoin hoard?

Thu Dec 10, 2015 2:56 am

Hello NSA , that you?

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Re: How do you store your bitcoin hoard?

Thu Dec 10, 2015 3:41 am

Some related questions - How much of your bitcoin hoard do you store in any one particular wallet solution? Is it better to split it up between hardware, software, online and paper wallets? How much is too much to store with any single solution?

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Re: How do you store your bitcoin hoard?

Fri Dec 11, 2015 10:39 am

Where do you store cash at home?
I keep it near the front door in a box clearly labeled CASH. Who doesn't?
What is cash? :D :roll: :lol:
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Re: How do you store your bitcoin hoard?

Fri Dec 11, 2015 11:22 am

Some related questions - How much of your bitcoin hoard do you store in any one particular wallet solution? Is it better to split it up between hardware, software, online and paper wallets? How much is too much to store with any single solution?
yes, i would split funds always and use several methods.

1/3
1/3
1/3

or

1/4...


it is very unlikely that you will lose all your coins if you do it this way.
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