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storage options?

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Comments

  • Registered Users Posts: 1,678 ✭✭✭ Selik


    Why risk writing them down at all? Just take a picture or screenshot of the words and either print this out or keep the photo file somewhere very safe then delete original photo. I've heard of a few cases where people have lost alot of funds by writing down their see incorrectly.


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    Selik wrote:
    Why risk writing them down at all? Just take a picture or screenshot of the words and either print this out or keep the photo file somewhere very safe then delete original photo. I've heard of a few cares where people have lost alot of funds by writing down their see incorrectly.

    Wallets specifically advise against this


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    Selik wrote: »
    Why risk writing them down at all? Just take a picture or screenshot of the words and either print this out or keep the photo file somewhere very safe then delete original photo. I've heard of a few cases where people have lost alot of funds by writing down their see incorrectly.

    Yeah, specifically I don't want digital copies of them.


  • Registered Users Posts: 1,678 ✭✭✭ Selik


    I get what you're saying but if your print the photo then destroy the digital copy you are in the same place except with no chance you wrote the seed down wrong. Whatever works for ya though 🙂


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    Selik wrote: »
    I get what you're saying but if your print the photo then destroy the digital copy you are in the same place except with no chance you wrote the seed down wrong. Whatever works for ya though 🙂

    Unless your device is compromised, or you have automatic backup to the cloud somewhere which is compromised.


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  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    Nano S arrive today and so far I hate it.

    The apps are all separate, there is the manager app, the BTC app, the ETH app (which I can't get to work) these are all Chrome app bty (prob desktop versions too).
    You have to delete some currency support in order to create room for others, not much good for me, I bought it because I thought it supported about 20!

    The 24 word check is just a check of two words after it spits out the 24 words, so not as complete at the trezor.

    The pin is done on device, which some may like. but given the way the trezor does the pin I can't imagine Nano is any more secure because of this.


  • Registered Users Posts: 2,656 ✭✭✭ thunderdog


    Getting to the stage now where I need to consider some proper storage options. I currently have 11 different coin types spread across 6 different exchanges. The coins (or I suppose the iou of the coins) are still on the exchanges. With a varied portfolio of coins, what is the most suitable safe storage option?


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    I've now got both and my feeling so far is that I'd want my coins on a trezor.
    Problem is it only supports 5 coins. Nano s supports more but not at the same time. So looks like you can only have about 6 on the Nano S but they support more diverse coins.

    I prefer the look and feel of the trezor HW & SW but I have a lot of atc coins so need the Nano to support those. Nano are not native apps either, so all have to be used seperatly, can't have an overview really, have to open one wallet at time. I'm defo not sold on it.

    If I were you I'd check which coins you have and if the HW supports them.

    I went down the road of getting both and feel pretty good about that decision.

    One thing I will say is get them off the exchange asap. trying to cash out of bitfinex and no movement for over 24 hours,


  • Registered Users Posts: 1,223 ✭✭✭ pro_gnostic_8


    I've now got both and my feeling so far is that I'd want my coins on a trezor.
    Problem is it only supports 5 coins.
    Hey Craig, be aware that as well as those five main coins, your Trezor will also hold all ERC-20 coins/tokens by using the MEW interface.

    Below is a list of ERC-20 tokens compatible with Trezor.
    https://etherscan.io/tokens


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    Anybody know what happens if coin is sent to the trezor and it's not plugged in/active at the time?


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  • Registered Users Posts: 60 ✭✭ covfefe


    Anybody know what happens if coin is sent to the trezor and it's not plugged in/active at the time?
    Coins are never sent anywhere, they remain on the blockchain. Your wallet/device is just the custodian for the keys that give you access to the coins on the blockchain. That's the reason why if someone else gets your seed/keys they can access your Bitcoin, even if they don't have your device.


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    ok, you are of course correct, what I mean is if I send my 'private keys' to the wallet from an exchange while my wallet is offline, what happens?


  • Registered Users Posts: 60 ✭✭ covfefe


    ok, you are of course correct, what I mean is if I send my 'private keys' to the wallet from an exchange while my wallet is offline, what happens?

    You don't send anything to your wallet, no keys are sent and no Bitcoin is sent. All that is done is the ledger (the blockchain) has address balances updated.

    What happens is you have the blockchain, that contains all addresses, addresses have balances on them and have a public and private key. Your Bitcoin address is a hash of the public key and can be thought of as your PO box and the private key as the key to that PO box.

    When you withdraw Bitcoin from an exchange to your wallet, firstly prior to that the Bitcoin resides on an address on the blockchain that the exchange has the key to. What is really happens when you ask the exchange to send Bitcoin from their wallet to your wallet is:
    1. You tell the exchange the amount and the address to send it to
    2. The exchange will create a transaction saying deduct X from my address and add X to the customers address (ignoring fees/change)
    3. The exchange will sign that transaction with their secret private key, this will let the rest of the world know that they control that address.
    4. The exchange will broadcast the transaction.
    5. That transaction will be included in a block by one of the miners next time they solve a block (fee dependant).
    6. The blockchain is updated to show that your address has that Bitcoin now

    This all takes place online, no keys are sent anywhere, they are just used to create and sign transactions.

    On the flip side of that, if you want to send coins to the exchange it's the exact same process in reverse. So the exchange gives you their address, you create a transaction with the amount and the destination address, and you sign that transaction with your secret private key. Then you send that transaction to the internet to get picked up by nodes and miners.

    To specifically answer your question, it doesn't matter if your wallet is offline when receiving as long as you know the address.


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    covfefe wrote: »
    You don't send anything to your wallet, no keys are sent and no Bitcoin is sent. All that is done is the ledger (the blockchain) has address balances updated.

    What happens is you have the blockchain, that contains all addresses, addresses have balances on them and have a public and private key. Your Bitcoin address is a hash of the public key and can be thought of as your PO box and the private key as the key to that PO box.

    When you withdraw Bitcoin from an exchange to your wallet, firstly prior to that the Bitcoin resides on an address on the blockchain that the exchange has the key to. What is really happens when you ask the exchange to send Bitcoin from their wallet to your wallet is:
    1. You tell the exchange the amount and the address to send it to
    2. The exchange will create a transaction saying deduct X from my address and add X to the customers address (ignoring fees/change)
    3. The exchange will sign that transaction with their secret private key, this will let the rest of the world know that they control that address.
    4. The exchange will broadcast the transaction.
    5. That transaction will be included in a block by one of the miners next time they solve a block (fee dependant).
    6. The blockchain is updated to show that your address has that Bitcoin now

    This all takes place online, no keys are sent anywhere, they are just used to create and sign transactions.

    On the flip side of that, if you want to send coins to the exchange it's the exact same process in reverse. So the exchange gives you their address, you create a transaction with the amount and the destination address, and you sign that transaction with your secret private key. Then you send that transaction to the internet to get picked up by nodes and miners.

    To specifically answer your question, it doesn't matter if your wallet is offline when receiving as long as you know the address.

    Thanks for this post, very through. Can I ask one more question.
    So the record on my device get updated when I plug it in so the coin shows up there?


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