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Paper/Cold storage of alt coins

Discussion in 'CryptoCurrency' started by ajadams, Jun 7, 2017.

  1. ajadams

    ajadams Newbie

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    Hi, I've put bitcoins in cold storage in the past and am considering buying Ether and some other currencies. I'm wondering if all/most cryptocurrencies require the same method as bitcoin to put them in cold/paper storage or if they differ much. You need a different wallet for most types of currencies, right? And is the process of putting the alt-coins in cold storage the same for all coins- or are there big differences? For example, do you put ripple and ether in cold storage in the same way that you'd put bitcoin in cold storage?
     
  2. TeslaFan

    TeslaFan Junior Member

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    Cold storage just means you use a computer that is clean and off the ineternet to create the wallet then print the info on paper so that address and key has never touched the internet. Usually they use Linux since ti's more secure then windows or mac. I have never done it I use exodus and android wallets and split up the coins but i do plan to put some in cold storage at some point to have a backup but i'm not there yet.
     
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  3. Henry IV

    Henry IV Jr. VIP Jr. VIP

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    Pray tell, do you withdraw all your money and hide it in sacks under your cloth sack bedding? I think not. Don't over engineer a solution to simple computer security
     
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  4. ajadams

    ajadams Newbie

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    I don't understand... what do you think its the right way to engineer the solution?
     
  5. ajadams

    ajadams Newbie

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    hmmm makes sense. so the computer can be a new computer than goes online after the keys are created as long as the keys dont go online?
     
  6. Henry IV

    Henry IV Jr. VIP Jr. VIP

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    I'm saying it's unnecessary really but the answer to your question is yes, the process is the same
     
  7. JV1999

    JV1999 Power Member

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    This makes no sense because you need to encrypt & add your wallet and its addresses to the internet in order for them to work?

    I just did this right now with my new LTC wallets. (not cold storage) but it requires a network connection to make your addresses legit. (at least I think so?)

    Maybe I'm wrong, but maybe not because when I encrypted my wallet, I got a message saying all other backups are now obsolete. That means the encryption was registered onto the blockchain, so I have a feeling that you do need the internet when creating a cold wallet. Then after you're done encrypting and generating addresses, you can store the wallet in your mp3 player or porn folder without having to have it touch the internet ever again. Then u can just send coins to the generated addresses.