Litecoin wallet import private key

Storing any significant amount of bitcoins should be done offline. The easiest thing to do is get an old computer and keep it permanently offline. (You may use “dual boot” methods but that requires some technical expertise). An old laptop works well and can be loaded which is a free Linux operating system for older computers.

One method is to connect the computer to the Internet, install Lubuntu and . The permanently disconnect that computer from the Internet. Within Armory create a paper wallet and connect that computer directly to a printer. You can create a “watch-only” wallet that you can transfer to your online computer using a thumb drive. A “watch-only” wallet can only receive bitcoins, it cannot spend them because it does not contain the If a hacker were to get that file it does not matter because it can only be used to receive bitcoins. To spend bitcoins from the offline wallet a transaction is created offline and transferred to the online wallet via a thumb drive. Directions are provided in Armory wallet.

An offsite backup should also be kept in case the backups are destroyed or become inaccessible. Some people use a e-mail service such as gmail to store wallet in an encrypted form or some type of way that it is not linked to being a Bitcoin wallet. If the file is simply encrypted the problem is that the password must be remembered. If the wallet is inaccessible the bitcoins cannot be recovered.

Another, more complicated way is to use “split keys.” Keys can be split into 2 parts and combines to get the full private key. This does not mean simply dividing the key into sections, there is a mathematical relationship between the parts and the utility combines them. An example of how this could be used is that the owner has both parts of the key and can spend the funds at any time. Half the key could be supplied to the attorney handling his estate and half to his family. Only when the keys are combined can the funds be spent.