Moving my bitcoin to proper cold storage

Shire Cryptocurrency Community
#1

I have bitcoin that I bought back when it was $13 or so, and again when it was around $100, and it’s sitting in Bitcoin-QT 8.5 on a laptop I’m simply not using. If I launch it with internet turned off, it says it’s trying to verify blocks, rather than let me see what my options are.

What’s the best way to slip the bitcoin that are there straight into cold storage without “showing up” on the blockchain and/or internet as that wallet? Is there some way to get all the key info I need without the app, or what should I do? Do I need to update it and let it touch the internet? Will my bitcoin show up somewhere if I do? I think I’d rather stay “in the dark” (I have other wallets with small amounts.)

I want to weather all storms as long as possible without incurring what the Feds would consider a tax liability or gaining a lot of attention from potential hackers, so I can get to my funds when I want them, or when it’s “safe” from encroachments, etc. Also want to keep my Bitcoin Cash available to me. Any views on that? Paper wallet? (Not sure that full client can do a paper wallet.) Hardware wallet? Hybrid multiple thumb drive solution?

Thanks!

#2

My understanding is your bitcoins always have to be somewhere on the ledger. You can generate a wallet that no one knows you have, but as soon as you send the BTC to that wallet, the wallet exists on the network, though no one necessarily knows it’s yours.

If your current QT wallet is on a linux laptop you’ve been in physical possession of, then there’s very little chance it’s been compromised. You can always put that wallet.dat file in “cold storage” by encrypting it and keeping it in multiple safe locations.

Note, I’m not a bitcoin engineer, so I’m not sure if that’s what you were looking for.

#3

Thanks Ian,

It’s Mac OS X Intel (don’t think there are any PowerPC wallets—someone was working on one), and the machine has been offline for a long time. I want to safely move it, but I don’t want to pop up on anyone’s RADAR. One thing I don’t know about is, if I update to bitcoin core and run it, does my “activity” show up? I presume it just looks at the chain and verifies that the coins have not been spent. I’m good with that. I’d like to get to a position where I could do a paper wallet, hardware wallet, etc.

Of course, I could copy wallet.dat to multiple places in encrypted form. Would be nice to be able to “verify” it without “showing up” somewhere, though, is the meat of the issue. Also, wondering if wallet.dat is the same format everywhere for all versions, or whether there’s a “conversion” process. I’m certainly not foolish enough to try updating without first backing up!

#4

I don’t know enough about how the software works, re: IP addresses. I’d say connect to a VPN first to be absolutely sure, then let the QT get caught up.

#5

I’m concerned QT might have security issues. I’ll have to look into that first, I guess. Secondly, I suspect ones wallet doesn’t show up if one doesn’t make any transactions, so it’ll still look dormant to the blockchain. Just don’t know if it gives away any useful information, and don’t really want to fire it up without knowing that.

As for VPN, I had trouble running QT behind a VPN (can’t remember what it complained about.) I’ll probably be better off looking into updating to the latest Core wallet, but I’ll scrounge the FAQs and ask a few questions in that community first, when I’ve come up with intelligent questions to ask (not that hard, just have to compose them.)

#6

If you’re gonna move the BTC out, don’t forget you also should move your BCH right after.

#7

Yeah, I’m gonna HODL that for a while, thanks. :slight_smile:

BTW, that’s something I DO know. If you grab your BTH, you’ve put a fingerprint on BTH blockchain with those keys, so people know you’re live on the 'net. Suggest not messing with that if you wish to HODL.

#8

I’m feeling a lot better. As a paranoid software type who suddenly had a lot more at stake than he did before, I wasn’t feeling like taking a lot of chances.

I did two separate backups of the laptop, then pulled the entire directory, including wallet.dat, onto an external drive. I signed up for ProXPN (the page for the FTL deal was still up, but didn’t work—I did find a decent coupon online) and ran it on a different machine. I downloaded the Bitcoin Core client (still called Bitcoin QT v0.14.2) on that machine and let it start building a wallet on the external drive. I replaced the files it created on the external drive with the files from the laptop, and ran the Bitcoin Core client again, and it didn’t even say anything about the files. It simply started updating them from 2013. Says it’ll take another 17 hours, which sounds pretty decent through VPN.

Guess I was worried for no reason, but I would be devastated if I lost those bitcoin. BTW, the $25 worth of BTC I donated to FTL in 2013 are worth slightly more now. :wink:

#9

Hey, thanks! :sunglasses:

#10

Yeah, just happened to see that transaction on the screen, which I’d forgotten, so I thought I’d calculate it just for kicks. :slight_smile:

BTW, no chance of finishing in hours after all. 40% so far, and now the estimate is still days. Maybe I’m being throttled, but I’ve never heard of Centurylink doing that.