Quote from: DogaMKD on December 08, 2017, 05:54:31 PM

Quote from: camaxide on December 08, 2017, 05:47:20 PM

I wanted to compress it in order to give it encryption with a password, so it can't be stolen

I have a question, if u got few wallets for different coins, if u use same password is it possible some problems to occur ?

Please dont do this

Quote from: camaxide on December 14, 2017, 09:39:53 AM

Quote from: odolvlobo on December 12, 2017, 12:07:43 AM

First, some terminology. You (probably) did not write down your "private key". If anything, you wrote down the wallet's "seed". The seed is the random list of words that is used by the wallet to generate private keys. The reason for writing it down is that if your wallet is lost or destroyed, it can be recovered using the seed. Note that the seed must be protected because anyone that has it can take all of your bitcoins.

If you are not using the HD mode, then I don't know what you wrote down, but backing up the wallet is important.

So I never need to actually backup or write down the actual private key? It's the seed (12 - 24 words) that needs to be written down?

After reading and researching I've decided to get a hardware key - instead of running offline ubunto or having an offline computer.. a hardware key is cheaper as well as easier it seems.

With an hardware key I get a 24 word seed with the ability to add a 25'th word (passphrase) of choice - this should mean that I can always recover my seed as long as I have the 24 words - and even if someone else gets a hold on the 24 word seed they cant use it - since they need the 25th word (passphrase) which wont be written down anywhere.

I think this should be a quite bulletproof way of doing it..?

Now the only 'issue' is that I'd anyway have to send coins back and forth between the private account and exchange wallets for trading. as I want to be able to have a system where the exchange "locks" the coins until payment is received to ensure safe and secure trades.

This is a very good problem to have - especially because my main hang up is that I over trade these kinds of things - So its always good to further separate me from my coins =D