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A common strategy is to keep a separate secure "Savings Wallet". Here's one way to do it: Make a new wallet with a receiving address you note down somewhere,
by shazow 15y ago
A common strategy is to keep a separate secure "Savings Wallet".
Here's one way to do it:
Make a new wallet with a receiving address you note down somewhere, compress/encrypt the wallet file with the strongest password you'll remember, shred evidence of the unencrypted file, put the encrypted file on a few USB sticks, and hide them. You can put one in a safety deposit box, if you wish.
Now this is the beauty of Bitcoin:
You can continue sending money to the receiving address of your Savings Wallet without ever opening it and firing it up. Someday, perhaps after the financial apocalypse, you can decrypt your wallet file, open it, and your client will start downloading all the transaction history from your peers which will eventually accumulate all the savings you've sent to it. Then, you can start spending them.