How To Set Up Secure Bitcoin Savings Account

Tody, I will tech you 14 ways to set up secure bitcoin account

  1. download and install TrueCrypt
  2. open dropbox account (or some other free backup account)
  3. get a small empty USB drive, get a safe, safe deposit box in your bank, etc…
  4. create a truecrypt disk with image stored on this USB drive so that all bitcoin files and datadir and
    therefore wallet.dat are on this truecrypt disk and make a .bat or .sh file which starts bitcoin client from this USB drive.
  5. make sure that you will NEVER forget the password for this truecrypt drive but it is still very strong (forgot the password = lost all the money)
  6. close/dismount truecrypt disk
  7. make a copy of truecrypt disk image to your system
  8. put USB drive under the mattress, into your safe, into safe deposit box, in a bottle dug into a hole in your garden etc…
  9. store image of truecrypt disk to dropbox/carbonate/etc
  10. store image of truecrypt disk to your email gmail/hotmail/whatever
  11. send a copy of truecrypt disk to your friends who keep their emails forever etc…
  12. test that your “savings account” works by sending some money to it, than downloading/restoring the truecrypt image, mounting it, running bitcoin client from there, letting it to catch up with the blockchain and verifying that transaction you sent while it was offline is in.
  13. send money which you want to be safe in your “savings account” to it occasionally even while it is offline
  14. every once in a while mount the truecrypt image to catch up on blockchain and verify that it works (this also help to ensure that you do not forget the password), than back it up again to all the usual places.
  15. Every time before you type in your password(s) make sure that your system is secure, i.e. nobody is eavesdropping on you.

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