Installing BitKey

Insert a password to encrypt the wallet. If this password is forgotten, the wallet can be regenerated anyhow, thanks to the seed. Now the offline wallet is set up. Now you must generate the public key that you will use on the online computer for all the rest. You will see a string of letter and numbers starting with zpub. This string must be copied and pasted in a txt document that will be saved on the Desktop, since this string will be used on the everyday use computer, the one that will be connected online.

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You can now close Electrum, eject the USB flash drive and reconnect the computer to the internet. Start Electrum again. The online wallet has been set. That is correct: this wallet lacks the key for the signature that is stored in the USB flash drive. Nothing special. CDROMs are naturally read-only and tamper resistant. It expects your flash drive to be vfat formatted.

This is the standard format for store bought drives. If this isn't the case, BitKey may have trouble detecting your drive. In this mode, the desktop background is green mnemonic for cool and safe.

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In this mode, the desktop background is blue mnemonic for cool and informative. If the instructions are carefully followed, cold storage modes creates an airgap which ensures that your wallet's private keys are never loaded into RAM on a computer connected to the Internet. In hot online mode, the private keys are known to a computer connected to the Internet. This is the most convenient mode because you only need one computer. You need to trust that your copy of BitKey hasn't been tampered with and that the original signed BitKey image hasn't been compromised.

If you use a network enabled app e. In this mode you don't use BitKey or any hardware wallet type device. Your wallet's private keys are stored on your phone or PC and known to an Internet enabled device that is vulnerable or will be sometime in the future to the efforts of thieves who would like nothing more than to steal your Bitcoin.

You rely on the magical power of wishful thinking. You're not important enough to get hacked and any opportunistic malware infection you do get is not going to include any Bitcoin stealing functionailty. Good luck! Hardest to use but leaves no trace of wallet keys in any storage medium. Minimizes trust in BitKey. Your wallet keys are only stored in your head. This workflow is inspired by how Jason Bourne stores his Bitcoin.

Unfortunately, Warpwallet makes it foolishly easy to skip the part where you input your e-mail as salt. Providing a salt mixes it in with the passphrase you provide. Non-experts may not realize how important this is.

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  8. Without the salt, attackers can attempt to crack all Warpwallets simultaneously. With a salt, they have to divide their cracking power amongst a list of suspected e-mails. Cracking a million salted Warpwallets is a million times harder than cracking a million unsalted Warpwallets.

    Using a salt gets you much more security risk free. There are no privacy implications and your e-mail is never exposed anywhere. In fact, you can use any e-mail you want, as long as you're sure you won't forget it. Humans are poor sources of randomness and much more predictable using statistical models than they think. Technology is ever moving forward and cracking techniques always get better, never worse. You may not be familiar with the state of the art, so be extra careful. The ideal passphrase is 6 to 8 truly random diceware words. If you're going to try and come up with a random passphrase yourself, be paranoid.

    They really are out to get you. At least use zxcvbn to measure passphrase strength. It's not perfect, but it should give you a clue.

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    You'll want at least 65 bits of entropy for a salted warpwallet, especially if you are going to be storing funds long-term. More wallets are lost to routine forgetfulness than sophisticated theft. If you're not continually accessing your Warpwallet there is a very high likelyhood you will eventually forget your passphrase after a few months or a few years. You only need to forget a single character for your wallet to be lost forever. This risk needs to be balanced with the risks of making a paper backup.

    What is a hardware wallet

    Consider making a paper backup of your passphrase and destroying it only when you are absolutely sure you will not forget it, then use spaced reptition learning to ensure it stays in memory until you want to access the funds. This step is easiest to do from an Electrum watch-wallet on a PC, but you can also do it from BitKey:. Insert USB stick where you stored unsigned transaction. Copy to RAM and remove from disk:. Scan qrcode of signed transaction with phone and broadcast transaction to network.

    It offers the user control of private keys, an easy to use interface, and passcode support. Bitcoin Wallet is more secure than most mobile Bitcoin wallets, because it connects directly to the Bitcoin network. Bitcoin Wallet has a simple interface and just the right amount of features, making it a great wallet and a great educational tool for Bitcoin beginners.

    One last thing to keep in mind when it comes to bitcoin wallets is that there is a difference between a wallet and a bank. Some Bitcoin users view Coinbase as a Bitcoin wallet, but companies like this operate much more like banks. The private keys are what users need to protect to safely use the Bitcoin network without getting robbed. When you hand someone else control over your private keys, you are essentially making a deposit at that financial institution — much like a deposit at any bank. Don't store coins on exchanges!

    Ledger Nano S Tutorial : Setup and Guide (Hardware wallet)

    Control your own private keys. This is not to say that bitcoin banks are inherently bad. Companies like Coinbase have done wonders for bringing more users into the ecosystem. Understanding how bitcoin wallets work is an important aspect of safely using this new technology.

    Bitcoin is still in its early years of development and wallets will become much more user-friendly in time. Our bitcoins are only safe if the private key was generated securely, remains a secret, and--most importantly--is controlled only by YOU! Here are two examples where users got ripped off by leaving bitcoins in the care of a third party:. With Bitcoin you have the privilege - but also the responsibility - to safeguard your own money.

    What are the Safest Ways to Store Bitcoin?

    There have been countless scams related to Bitcoin that could have been prevented had people not entrusted others with their bitcoins. Whether your on an exchange or using a wallet, this section will give you some tips on how to secure your cryptocurrency in ways you may not have seen before. From changing your mobile network to encrypting your internet connection - these tips are actionable and easy to implement quickly.

    The migration of value into the digital realm brings with it new challenges in terms of best security practices. As with any unit of value, there is always someone, somewhere that seeks to extract this value for their own ends, whether it be through coercion, social manipulation or brute force. This guide is intended to provide a broad overview of the best practices for securing your crypto assets.

    While most of these steps are not mandatory, following them will greatly increase your financial security and peace of mind in the crypto world. Starting from the ground up, password complexity and re-use are two major pain points that many average users do not consider adequately. As you can see by this list , average password complexity still leaves a lot to be desired. The less complex your password is, the more susceptible to hack your account is.

    Cold storage - Bitcoin Wiki

    If you use the same passwords, or even slight variations of the same passwords across multiple accounts, your chances of compromise are greatly increased. So what can you do? Fortunately the fix for this is relatively easy. If this seems daunting to you, consider leveraging a password manager such as LastPass or Dashlane that will assist in password generation and storage. In most cases however, all a hacker needs is access to your emails in order to reset account passwords that may be tied to it.

    So, if you are like most people and have an email address that has been active for years, with a weak login password, your chances of being hacked are much higher. Services like ProtonMail and Tutanota are free and offer end to end encryption without sacrificing usability mobile app availability etc.