Then, input the public key obtained in STEP 3 and wait for sync between wallet and bitcoin network, the bitcoin balance of the wallet will be displayed. Select “Use a master key” instead of “Create a new seed” on the Keystore interface. STEP 5: Create watch only wallet on this online computer. This step is relatively easy since it only needs to download and install Electrum wallet on another computer accessible to network. STEP 4: Install Electrum wallet on one online computer. Now, let’s conduct one offline transaction. It’s known as “cold wallet” because it never accesses to online when transaction is conducted. Now, we have a computer never access to network which owns one Electrum bitcoin wallet as well as some bitcoin private keys and corresponding bitcoin addresses. Copy the public key and save it to a text file. STEP 3: Get the public key from the menu “Wallet – Information”. In practice, the private keys should never be revealed to anyone. The private keys and corresponding bitcoin addresses are stored in the wallet of the computer never access to network. The “Addresses” window shows all the addresses of the wallet. When Electrum first runs, it automatically creates some bitcoin addresses. For installation procedures, please refer to article Intro and Tutorial for Bitcoin Light Wallet Electrum: Install Electrum bitcoin wallet offline (take Electrum as an example, other light wallets such as Multibit can also be used). Here we take a computer installed with Ubuntu as an example. Make sure that the computer cannot access to network. STEP 1: Find a new computer or an old computer with formatted hard disk. Now, we’d like to give the most basic introduction of cold wallet step by step by graphics as well as ways to create a cold wallet never access to network and conduct a bitcoin transaction offline. As Xu Mingxing, creator of Okcoin, has said, “the key (for bitcoin cold wallet) is never to be connected to network.” Has cold wallet anything to do with passwords? Or the boss never knew what cold wallet was. The public can’t help asking how come the bitcoins were stolen even being stored in cold wallet? Bitcoin is still safe enough? The boss of BTER exchange repeatedly claimed in media reports that “passwords have been cracked”. Understanding BIP39 and Your Mnemonic Phrase Ģ.In the Lunar New Year holidays of 2015, the Year of Goat, it’s reported that the cold wallet of BTER, one of China’s largest exchange of Altcoin, was cracked and 7170 bitcoins were stolen by hackers instantly with a heavy loss of more than 10 million RMB. If you lose control of the recovery words and private keys, hackers could drain the hardware wallet.Ĥ. To reuse the hardware wallet, after confirming it has a zero balance for all coins, reset the hardware wallet to a new set of recovery words.
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