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[crypto Security] What Does It Mean To Take/keep Bitcoin Offline?

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Jan 18, 2018.

  1. Prezzy

    Prezzy Leader Protector

    Hello jackobians. am sure that many of us have heard about OFFLINE BITCOINS. I have heard about it as well but i still don't quite understand what it means on the LIGHT technical aspect.

    But what does that really mean? that's the question am hoping that we will answer through this thread!

    @zedzed @Barnabias @gbolahan
     
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  3. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    I think we can relate it to cold storage; storing on paper wallet,hardware and on wallet your control the private key
     
    Prezzy likes this.
  4. Prezzy

    Prezzy Leader Protector

    ACCORDING TO INFORMATION I FOUND

    Cold storage in the context of Bitcoin refers to keeping a reserve of Bitcoins offline. This is often a necessary security precaution, especially dealing with large amounts of Bitcoin.
    For example, a Bitcoin exchange typically offers an instant withdrawal feature, and might be a steward over hundreds of thousands of Bitcoins. To minimize the possibility that an intruder could steal the entire reserve in a security breach, the operator of the website follows a best practice by keeping the majority of the reserve in cold storage, or in other words, not present on the web server or any other computer. The only amount kept on the server is the amount needed to cover anticipated withdrawals.

    Methods of cold storage include keeping bitcoins:

    • On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)
    • On a paper wallet
    • On a bearer item such as a physical bitcoin.
    • Use a offline Bitcoin Hardware wallet
     
  5. Prezzy

    Prezzy Leader Protector

    am not sure this is among bro. i think i will report back to this thread by tomorrow after i must have researched more
     
  6. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

     
    Peterosunkoya likes this.
  7. Peterosunkoya

    Peterosunkoya Leader