Follow These 3 Ways To Store Bitcoin Offline In Cold Storage
Bitcoin’s streak of breaking its own record price has been relentless for the past few months, with the cryptocurrency climbing over Rs. 9 lakh) from having been less than $800 (about Rs. 51,600) this time last year.
One thing is clear, is that those with a big stake in Bitcoin need to keep it safer than it is right now. After all, it’s real money that’s at stake.
It has been seen that the most convenient way to store Bitcoins is by using an online wallet. With an online wallet, you can easily do the transaction with your money or turn Bitcoins into alternative cryptocurrencies such as Ethereum, Monero, Litecoin, and others.
However, it has been reported that the Bitcoin wallets for a quite some time now has been facing multiple hacks in the past, so it’s worth going the extra step to secure your funds.
And so currently the option is ‘cold storage’ which stores your Bitcoins offline away from any Internet access and here’s a list of few ways that how you can do it in.
The easiest way to take your Bitcoins offline is by using paper and a printer, here’s how you can make that possible. Firstly visit Bitcoin.com paper wallet or Bitaddress.org page. Then save the page as an HTML file. After saving the page close the window and also disconnect your computer from the internet.
Open up the saved local version of Bitcoin.com paper wallet or the other one and create a whole new Bitcoin address.
Once you have a pair of keys and QR codes, print the page. After printing of the page is done you can now use the new public address/ QR code to transfer Bitcoins.
BitKey is basically a free bootable Linux distro that you can write to a USB drive or CD-ROM. Plus, it can run live from computer’s memory (RAM) so you can eject the drive/ disc once it’s running. The first step is to visit the BitKey website to download the OS image. From the website, you can directly Click the Download button.
After clicking the button you’ll have to choose between USB and CD-ROM. Now burn a CD with your favourite program, or use a utility to write the BitKey ISO to a USB drive. Boot into BitKey by using your computer’s advanced boot function.
If the boot is successful, you can use BitKey to create a paper wallet, and you can even use the Electrum client to create an offline wallet.
BitKey provides three operation modes – cold-offline, cold-online, and hot-online – which define whether the computer is offline and air-gapped.
Now this kind of wallet generates an address by using a memorised passphrase and so is known as brain wallet. WarpWallet takes that a step further with an additional piece of data such as your email address,
The wallet uses this way so that all the data will store right in your head, which means you don’t have to take care of a piece of document, as long as you don’t forget the passphrase.
To get started on WarpWallet visit the WarpWallet’s official website and there make note of the SHA-256 sum in the URL. Save the page to your computer as an HTML file, and then send it directly to a USB drive. Boot up a bootable Linux distro and then copy the HTML file over to BitKey.
Now generate a passphrase that works on an entropy algorithm, anything will work with 58 bits or more of entropy is very secure. Use the passphrase in HTML file and your email address as “salt”. Scan public key QR code with phone and transfer it to a device with Internet.
You can now transfer Bitcoin from your online wallet/ exchange to your WarpWallet address.