Silk Road forums

Discussion => Security => Topic started by: painbow on September 10, 2012, 09:26 pm

Title: Would blockchain wallet be good enough storage for your average joe buyer?
Post by: painbow on September 10, 2012, 09:26 pm
Blockchain seems to be pretty secure and they do offer online back-up option to either dropbox, email or google drive.

I'm aware that the safest option would be storing locally in my computer but I don't want to go through all the hassle.

I probably wouldn't have more than 50 BTCs at a time.  Do you think I would be okay to just use blockchain to hold my coins?
Title: Re: Would blockchain wallet be good enough storage for your average joe buyer?
Post by: angelkiller on September 11, 2012, 01:49 am
Yes.
Title: Re: Would blockchain wallet be good enough storage for your average joe buyer?
Post by: LamarSmithRTX on September 11, 2012, 04:28 am
Why not just keep your coins on your SR account? It's a pretty secure e-wallet that hasn't had any security scares besides the occasional brute-force; and also a bitcoin tumbler. If you deposit coins to your address in your account page and withdraw them to another wallet, they come from a much larger address that's rolling withdraws from the site. Your coins are then kept at that address you originally sent to so for 'plausible deniability' your coins haven't even moved since the package came.
Title: Re: Would blockchain wallet be good enough storage for your average joe buyer?
Post by: sqlinjection on September 11, 2012, 04:39 am
Blockchain seems to be pretty secure and they do offer online back-up option to either dropbox, email or google drive.

I'm aware that the safest option would be storing locally in my computer but I don't want to go through all the hassle.

I probably wouldn't have more than 50 BTCs at a time.  Do you think I would be okay to just use blockchain to hold my coins?

It's quite secure. Enable two-factor authentication (kinda like the PIN you have here at SR, without it you cannot modify your wallet or send money) and make some backup copies of your private key (SECURE backups that is, not in a text file in a shared folder).

If you want even more security look into their off-line mode and "watch-only" features, the former allows you to use your wallet w/o being connected to the internet and the latter puts the onus of storing the private key on you (so it's not stored on the server).

Honestly, I love blockchain.info - only hot wallet I use, rest of the money is in cold storage. If you can break into my safety deposit box and crack the wallet password, you deserve my meager amount of BTC.