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Cold Storage Solutions?

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CoinAdd1ct

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I have been researching cold storage solutions. I would really like a hardware solution, but have yet to find one in production. Next best IMO is a paper wallet printed on some sort of card. I am considering Bit-Card's from http://www.bit-card.de/ . They are inexpensive, and sound like they are very secure. I cannot find many reviews or anyone that is / has used them.

I would love some opinions from everyone! Open to other solutions other than the above.

Posted on August 3, 2014 at 5:54 PM

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• irnhnve

  

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  A bit-card is really just a paper wallet that you didn't generate yourself and therefore less secure. Paper wallets are, in my opinion, the best cold storage method since there is no electronic component that could fail and you can also make as many copies as you want while encrypting the private key using BIP 38.

  Posted on August 3, 2014 at 6:38 PM
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• heunland

  

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  If you are looking for a hardware solution, I would recommend you look into the Trezor device which just went on sale at https://www.buytrezor.com (no waiting or pre-ordering) for the bitcoin equivalent of $119. I just ordered mine. I would be happy to share my experience as soon as I get this gem into my hands, but I am sure you can find other people´s reviews around the bitcoin forums pretty easily. Besides, I am expecting it to take 1 to 2 months to get the package, considering the usual slow delivery times to Mexico from anywhere. Another hardware solution which is apparently in the works but still under development is the smartcard based Prismicide Hardware Wallet. They are running a Indiegogo campaign for that right now at https://www.indiegogo.com/projects/prismicide-world-s-most-secure-bitcoin-hardware-wallet-and-anti-prism-platform/x/4206576?sa=0&sp=0. A bit more expensive than the Trezor and a slightly different approach (private key stored in the smart cards rather than inside the device itself). Of course if you don´t want to spend that much money, there is always the mycelium entropy, which is a small USB device that uses hardware based entropy to generate printable Bitcoin paper wallets without the need of using a PC (plugs directly into the printer). The mycelium folks are also running a very successful Indiegogo campaign for this device right now at https://www.indiegogo.com/projects/mycelium-entropy/x/4206576?sa=0&sp=0 where you can pre-order one for $40.

  Edit: I just noticed on another thread that OP is already aware of Trezor. But I leave the info and link here for other interested readers.

  Posted on August 3, 2014 at 9:03 PM
  Last Edited: August 3, 2014 at 9:30 PM
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• heunland

  

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  In addition to the hardware options I mentioned in my last post, there is also the Cryo Card Cold Storage Card, a ceramic-glass etched stainless steel hardware wallet with BIP 38 encrypted private key, as well as the nickel coated brass ceramic-glass etched Cryo Coin Cold Storage Coin(also with BIP 38 encryption), both available at https://www.cryobit.co for $30 each. According to their website, these are fireproof and floodproof.

  So it looks like we are getting quite a few options for safely storing our bitcoins!

  Posted on August 3, 2014 at 10:06 PM
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• CoinAdd1ct

  

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  @heunland In addition to the hardware options I mentioned in my last post, there is also the Cryo Card Cold Storage Card, a ceramic-glass etched stainless steel hardware wallet with BIP 38 encrypted private key, as well as the nickel coated brass ceramic-glass etched Cryo Coin Cold Storage Coin(also with BIP 38 encryption), both available at https://www.cryobit.co for $30 each. According to their website, these are fireproof and floodproof.

  So it looks like we are getting quite a few options for safely storing our bitcoins!

  Thanks for the replys!

  I am aware of the trezor, and it looks great. It is not cheap though, and will be a bit before I get one. I have seen another stainless cold storage card before, but this from from cryobit.co I have not seen. Thank you for the link, those look great.

  The plastic cards are subject to fire, but a fire proof safe is not too hard to come by. Most safes that are fireproof are not waterproof. This is a problem with paper wallets, as when the firemen come, the paper may not burn, but if it gets wet...

  The bit-card is cheap, and if they can be trusted in what they say they sound perfect. I am not sure if the tech aspect of their product is what they say it is. Thoughts on the topic are encouraged.

  Posted on August 3, 2014 at 11:27 PM
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• cyberclones

  

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  A inexpensive method I use is I picked up a UbiSlate 7Ci from Datawind for about $50. As long as the coin has an android wallet you can store them on the tablet. I keep the tablet powered down and most of the time if I don't plan on using it for awhile I also drain the battery.

  I still keep paper wallets for the addresses in a safety deposit box as a backup in case the tablet goes or someone steals it. If it ever does get stolen I feel confident that I can get my paper wallets and move the coins before the person is able to crack the login password and then wallet password.

  This may not be as usable as something like a trezor but it does the job for me.

  Note: I did have to play around with it to install some of the wallets as they wouldn't install some straight from the play store but wasn't something that took me hours to more like added 4-5 mins total.

  I should also note that it took almost a year to get mine shipped but you should be able to do this with any cheap tablet

  Posted on August 4, 2014 at 12:04 PM
  Last Edited: August 4, 2014 at 12:16 PM
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• PRISMicide

  

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  Hi,

  I am from the team behind the PRISMicide project... and partof this team also made a cheaper solution called HW1. See www.hardwarewallet.com. HW1 USB cards are already available. We used them on daily basis.

  If you want a cheaper solution than the whole PRISMicide solution, just order the "E" package there : http://igg.me/at/prismicide It is only 50$ and you'll have two HW1 : one smart card based secure storage and a backup card.

  (By the way, Trezor should not be considered as a secure product, I can't say more for now and won't argue but you've been warned)

  Posted on August 4, 2014 at 2:21 PM
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• CoinAdd1ct

  

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  @prismicide Hi,

  I am from the team behind the PRISMicide project... and partof this team also made a cheaper solution called HW1. See www.hardwarewallet.com. HW1 USB cards are already available. We used them on daily basis.

  If you want a cheaper solution than the whole PRISMicide solution, just order the "E" package there : http://igg.me/at/prismicide It is only 50$ and you'll have two HW1 : one smart card based secure storage and a backup card.

  (By the way, Trezor should not be considered as a secure product, I can't say more for now and won't argue but you've been warned)

  I would very much like to here a interview on a future episode of Let's Talk Bitcoin, so that we all may learn about this project.

  Posted on August 4, 2014 at 10:11 PM
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• PRISMicide

  

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  You should ask him about that :)

  Bitcoin Security, on the client side, really need secure elements....

  Posted on August 5, 2014 at 2:11 AM
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• heunland

  

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  @prismicide ...(By the way, Trezor should not be considered as a secure product, I can't say more for now and won't argue but you've been warned)

  @prismicide, I appreciate you joining the discussion, and as I stated in a previous post, I think your cold storage solution has a lot of potential. However, I don´t think its appropriate to make unfounded accusations about the security of a competitor´s product without backing it up with proof.

  Should you have discovered a security issue with the Trezor device, I am sure everyone would appreciate it if you used proper channels to let SatoshiLabs (makers of the Trezor) know about it so they can address and fix the issue asap. In fact, according to their website, SatoshiLabs has a bounty program in place to reward anyone who can find and properly document such a security fault. You can report the issue at http://satoshilabs.com/security/. Thank you for your important contribution to the Bitcoin community.

  Posted on August 5, 2014 at 6:05 PM
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• PRISMicide

  

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  @heunland

  ...and that's exactly what we did. A first security report has been done to Trezor team and that's why Nicolas Bacca (co-founder of PRISMicide and founder of BTChip) is credited on the satoshi labs security web page you gave :) Trezor acknowledged this first "hmm...problem" and made a first patch for that. So if you got a Trezor device, update your fimware, we can't say more for now.

  Posted on August 6, 2014 at 2:48 AM
  Last Edited: August 6, 2014 at 2:55 AM
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