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RE: Cold Storage - How To Create A Bulletproof Bitcoin Wallet
Thank you Niko for going all the way to explaining this.
I'm just wondering why did you go to detour over starting Ubunto from a USB stick. Never had anyone telling me this yet.
Yes it is a detour indeed, but a necessary one.
We want to create a wallet that is 100% not compromised. You could have the following malware already present on your computer, such as: keylogger, trojan, backdoor logs etc. There may be background services running on your PC that you are completely unaware of. Alternatively somebody could be monitoring your network and reading the packages you send.
Therefore we create a fresh system on USB, that is independent of your current computer system, which guarantees that it is free of virus. We launch it "live" from a USB to because in this mode no data gets saved. After shut down, all your activity will be lost.
The only place where your private key now exists, is on the paper wallet, there is no online or even digital copy stored anywhere if you follow the procedure.
That is as secure as you can get.
PS: I'm not making this up. The procedure is proposed in the book "Mastering Bitcoin" by Andreas Antonopoulos, but I wrote this tutorial to show exactly how this can be done in practise.
Thanks for the detailed answer.
It makes complete sense to me, haven't done any paper wallet yet.
I'm kinda concerned about printing, I don't have a printer myself can use the one at work though. You mean it should be connected to the of by usb cable ?
Yes, you can print at work, but use the USB cable. Do a test print with a different document first. Remember: if print attempt is unsuccessful, the printer stores the job in memory; Then your colleague could suddenly pick up your wallet, when the printer suddenly resumes printing. Don't show the print out to anyone. This solution is most suitable for long-term storage. It is recommended, that when you withdraw, you should take out all BTC at once and make a new wallet. So it is not convenient if you plan on doing many transactions.
Alright. Thank you.
Always wanted to try this, something to do for the holidays