How to Create and Use an Offline Bitcoin Wallet aka Cold Storage with Electrum

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Bitcoin Core gives you increased security and privacy at a cost. You need to take responsibility for the security of your bitcoins, meet higher minimum system requirementsand beware of some possible problems. No matter what Bitcoin software you use, you should never buy more bitcoins than you can afford to lose.

Bitcoin is still an experimental system and bitcoins remain a risky investment. Bitcoin Core puts you in charge of your wallet, which means your bitcoins are at risk unless you complete certain tasks:. Make sure bitcoin core offline wallet wallet is secure. Setup an offline wallet cold storage for significant amounts of bitcoins.

Allow your heirs to receive your bitcoins if you die or become incapacitated. Bitcoin Core configuration options. Bitcoin use is prohibited or restricted bitcoin core offline wallet some areas. Worse, some providers may terminate bitcoin core offline wallet connection without warning because of overuse.

We advise that you check whether your Internet connection is subjected to such limitations and monitor bitcoin core offline wallet bandwidth use so that you can stop Bitcoin Core before you reach your upload limit.

Several people have placed parts of known computer viruses in the Bitcoin block chain. This problem mostly affects computers running Windows. Bitcoin Core powers the Bitcoin peer-to-peer network, so people who want to disrupt the network may attack Bitcoin Core users in ways that will affect other things you do with your computer, such as an attack that limits your available download bandwidth. By default, you need to backup Bitcoin Core after every transactions. This includes both transactions you send as well as payments you request whether or not you actually received the payment.

For example, you need to backup after sending 33 payments and requesting 67 payments even though you only received 60 payments. Bitcoin Core can be configured to allow you to go more transactions between backups. See the -keypool setting. Anyone who gets access to your wallet can steal your bitcoins. The first line of defense against this is encrypting your wallet, an option from the File menu in the graphical interface. However, encrypting may not be enough if your computer becomes bitcoin core offline wallet by malware.

Learn about offline wallets for security bitcoin core offline wallet this type of attack. In addition to securing your wallet, you also need to keep your backups secure.

Anyone who gets access to them can also steal your bitcoins. Computers that connect to the Internet are frequently hacked or infected with bitcoin-stealing malware. Computers that never connect to the Internet are a much more secure location for your bitcoins. Bitcoin Core can be run on an always-offline computer, creating an offline wallet also called a cold wallet. Bitcoin core offline wallet offline wallet will securely store the private keys, while a separate online Bitcoin Core wallet will send and receive transactions.

Creating and signing offline transactions. Previous Feature Privacy Next feature User interface.

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The cold wallet is created by running Bitcoin Core in an offline Tails session. Once created, keep the wallet cold - never enter the passphrase within anything other than an offline Tails or similar session. You will also need the Bitcoin Core binaries, which you can get here. On a modern computer and decent USB drive I find it stable, quick-booting and responsive. The first time you boot into Tails, create an encrypted persistent storage partition on the USB drive - this is straightforward, just follow the instructions here.

KeePassX is actually bundled with Tails. Boot into your Tails USB disk. At this point, Bitcoin Core will have created two receiving addresses that are managed by the wallet. Access these addresses via the Bitcoin Core File menu:.

Two unnamed accounts are created by default during wallet setup. The API still has lots of references to accounts - for example, to list out addresses, the getaddressesbyaccount method is required.

If you were to send funds to a public address controlled by this wallet, they would be irretrievable. You can open a wallet by passing in the -wallet option when opening Bitcoin Core - BUT the wallet must be located in the Bitcoin core data directory. You can add a symlink to set this up:. If required, you could dump the private keys of the cold wallet. Access to the private keys equates to full control over the Bitcoin. On the plus side, you could store these keys on paper which would ensure that you will always be able to import keys.

Personally, I have decided not to backup private keys - instead relying on multiple copies of a cold wallet encrypted with a strong passphrase. The wallet can then be safely stored online, since it is effectively useless without the encryption passphrase. Note that if someone gained control of your encrypted wallet without the passphrase, although they would not be able to transfer funds they would be able to access your transaction history.

The passphrase should be stored securely for example, in multiple copies of an encrypted KeePassX database in more than one location. To do this in Ubuntu:. This will load your cold wallet into your Bitcoin Core client. This article describes how to: Create a cold-storage wallet using Bitcoin Core in a live offline Tails session Generate and collect public Bitcoin addresses for the cold wallet Manage the wallet and wallet passphrase The cold wallet is created by running Bitcoin Core in an offline Tails session.

Open a terminal and cd to the Bitcoin Core binaries directory: Access these addresses via the Bitcoin Core File menu: Save the generated wallet to your persistent volume. You can add a symlink to set this up: Transfer Funds Transfer Bitcoin to one of the public Bitcoin addresses managed by the cold wallet.

Backup Private Keys If required, you could dump the private keys of the cold wallet. To do this in Ubuntu: Encrypt wallets with a strong passphrase Secure your passphrase and your wallet - there is NO password reset option if you forget!