Bitcoin Question

EchoedTruth · #1 04-16-2013, 10:48 AM

OK so I'm a Bitcoin newbie, and I have a couple questions:

1. From what I can gather, I should use an offline wallet to store most of my bitcoins, and keep what I want to trade in an online exchange, i.e. Mt. Gox. - My question is - What is the best offline wallet to use, and is Mt. Gox good for keeping trade money in?

2. I have read of people losing their offline wallets to drive crashes, reformats, etc... could I keep my offline wallet in my google cloud drive?

Thanks!

Swish · #2 04-16-2013, 10:53 AM

I keep well away from Bitcoins. I love the concept but their value has spiked and dipped a few too many times. There was a rumour that the creator of Bitcoins owns something like 25% of the total circulation, which is probably the big banks spreading shit in fear of it.

Has anyone set up a Bitcoin mining rig? I find that kind of thing interesting [You must be logged in to view images. Log in or Register.]

Sorry Echoed, I'm not a user to be able to offer any advice...just adding what I've heard [You must be logged in to view images. Log in or Register.]

azo313 · #3 04-20-2013, 03:32 PM

Quote:

Originally Posted by EchoedTruth [You must be logged in to view images. Log in or Register.]

OK so I'm a Bitcoin newbie, and I have a couple questions: 1. From what I can gather, I should use an offline wallet to store most of my bitcoins, and keep what I want to trade in an online exchange, i.e. Mt. Gox. - My question is - What is the best offline wallet to use, and is Mt. Gox good for keeping trade money in?Thanks!

An offline wallet is the most secure way to store your coins. Just keep in mind that your system may have a trojan / virus / etc. that could compromise your wallet. The best way to store your wallet is on media that is NOT connected to the Internet with multiple backups. In addition, it should be encrypted. TrueCrypt is a good encryption program.

As for keeping money or coins in Mt. Gox, make SURE you use the Google Authenticator on your account. The 2-step authentication is the best way to ensure your account is secure from hackers. In addition, check out BitStamp.net -- their customer service is 100x better than Mt. Gox right now, and their site is more user friendly.

Quote:

Originally Posted by EchoedTruth [You must be logged in to view images. Log in or Register.]

2. I have read of people losing their offline wallets to drive crashes, reformats, etc... could I keep my offline wallet in my google cloud drive?

I think storing copies in Google Drive, Gmail, Dropbox, etc. is good but only if they are encrypted with a secure password. Try TrueCrypt. I would NOT store a non-encrypted wallet online.

Black Jesus · #4 04-20-2013, 03:38 PM

Bitcoins only known use is buying drugs from an internet black market.

I approve.

When they're low, you can buy up a bunch and wait for greater fool theory to happen and cash out big. Some guy on reddit took out $30k in credit card debt when bitcoins were like $20 a pop and then cashed out just $30k when they hit $100 or so. Then he sold the rest where they were like $200+ so he made like a bajillion dollars or something.