A wallet backup protects your bitcoins against computer or software failure.It may also help you retrieve your funds after your device was stolen or lost.There are generally 3 ways to backup a Bitcoin wallet.Different software supports different methods.Make sure you're familiar with your wallet before loading it with bitcoins.If you lose the backup and can't access your wallet for some reasons, your bitcoins are permanently gone!Remember: Always encrypt your wallet with a strong password to make it more difficult for an attacker to steal your coins!Wallet.datThis method is used by Bitcoin Core (and few others) and comprises of backing up a wallet.dat file.It's a file that holds keys to spend outputs, addresses, transaction information, and other metadata such as contacts.It has a different location based on an operating system.Windows: %APPDATA%\BitcoinLinux: ~/.bitcoin/Mac OS X: ~/Library/Application Support/Bitcoin/ If you can't find the location please refer to this page.BackupLocate wallet.dat and copy it to another device only you have an access to.

It may be a USB drive, CD, another computer or your private home cloud storage.You may also copy it to a cloud storage such as Mega or Dropbox but make sure it's encrypted.Anyone that gets access to the unencrypted file will be able to steal your coins.Note: If you use Bitcoin Core make sure to backup wallet.dat file regularly after every ~100 transactions.This way you make sure you have backup of all wallet and change addresses.RestoreTo restore the backup, simply copy your backed up wallet.dat over an existing one in the bitcoin data location.BIP 32BIP 32 is a method of determining key pairs from a single seed.This seed is used to generate a master private key (xprv) which then can be imported to any BIP 32 compliant HD wallet.To backup your wallet either copy the master key to a text file and back it up to another device (encrypted of course) or create a QR code, print it and store it somewhere safe (e.g.vault).If you decide to store the master key as a QR code make sure to disconnect from the internet.To restore the backup, simply paste the xprv string to your wallet when asked to.We won't go into details because most BIP 32 compliant wallets also support the next feature.

If they don't, you may avoid using them.BIP 39BIP 39 describes a method of generating a mnemonic sentence - easy to remember set of words - that represents a seed which can be then used to determine wallet addresses (e.g.BIP 32).When creating a wallet for the first time, you're presented with the list of seemingly random 12 to 24 words.mine litecoin onlineThe more the words the bigger the security.Some wallets like Trezor let you choose the entropy yourself.ethereum hong kongBackupWrite down the words on a piece of paper in an exact order and store it somewhere safe like a vault.bitcoin pvpYou can split it to many papers and hide each piece somewhere else.As with the master private key, you may also want to print the words as a QR code.bitcoin privates geld

Note: If you have to store the mnemonic on your computer or a device connected to the Internet, make sure it's encrypted!RestoreTo restore the backup, open your wallet software and look for "New/Restore" feature in the menu.When prompted, type in the mnemonic from your paper in the exact order.The wallet will then determine the rest of your keys and addresses.It will also restore your transaction history from the blockchain but you won't see any metadata such as contacts or transaction labels.If you need them, you will have to backup a wallet data file too.bitcoin casino minecraftEach wallet uses different location and a file name and it's beyond the scope of this post to mention it all.litecoin 100 dollarsGet a FREE e-book: HOW TO SAFELY BACKUP YOUR CRYPTO SAVINGS Best PracticesWhen backing up your Bitcoin wallet make sure to follow these rules to avoid potential funds loses:Always encrypt your wallet with a strong password - Learn moreStore backups in multiple locations (CD, USB drive, paper, encrypted cloud etc)Encrypt online backups with tools such as GnuPG or VeraCryptBackup regularly when backing up a data file (such as wallet.dat) We hope you the post.

Please share it with your followers.Thank you for your support!Subscribe to our newsletter for weekly thoughts and tutorials.You'll receive a FREE e-book as a bonus!OKCoin: First Bitcoin Company to Openly Share Cold Wallet Security (self.Bitcoin)submitted by OKCoin has decided to openly share cold wallet security information.Through this transparency, OKCoin aims to assure users of the security of their funds.We hope this helps the industry be more open and welcome feedback and new ideas.Our security design philosophy Any equipment connected to the internet is inherently vulnerable.USB drives are unsafe as USB disks may be compromised with viruses.Such a USB virus may automatically record data in a computer network after it's inserted and steal the contents within.No security practice can be reliant on one individual.Any access to cold wallet must require confirmation of two authorized parties.Everyone has the potential to suffer from an unexpected event.Others need to be authorized to access offsite backups in order to ensure safety.

Individuals may be kidnapped, so important data must be saved in the highest security bank safe and require in-person access.Our security design protocol Private key generation and backup Generate 10,000 private keys and corresponding address on the completely offline computer.Add AES private key encryption on the completely offline computer.Delete the original 10,000 private keys.AES password to be controlled by two OKCoin company personnel in separate locations - one in OKCoin's Beijing office, one in a city on the West Coast of the United States.The two AES master password holders cannot use the same means of transportation at the same time.The address and encrypted private key on the offline computer are displayed in QR code format.The QR code of the address is scanned by another computer to publish the address of the cold wallet in order to receive deposits from our hot wallet.Each cold wallet address will be used only once.8.The QR code of the encrypted key is printed and stored inside a highly secure bank vault.

Even if the holder of the encrypted key was kidnapped, the document is secure as the holder must be present at the bank to retrieve it.The QR code of the encrypted key is stored and backed up - one in the bank safe in China, and another in a city on the East coast of the United States.Access to these two banks are granted to two separate people.These two people do not take transportation together.Those with access to the bank safes cannot be the same as the ones who control the AES password.Depositing bitcoins from online hot wallet to offline cold wallet Once public address of cold wallet is retrieved, deposits of bitcoins can be made from the hot wallet.For security reasons, each address cannot exceed 1,000 bitcoins.Each address will also no longer be used after a single outbound transaction.Retrieving bitcoins from offline cold wallet Send personnel to the bank safe near the office and retrieve the appropriate number of unused encrypted private keys.Scan the QR code of these keys into an offline computer.

The QR code is scanned into another completely offline computer.The holder of the AES master password decrypts the encrypted private key on a completely offline computer.The private key is scanned using QR code to import into another entirely offline computer.Signing trading on another computer completely offline, and after the transaction signature synchronized to a computer with internet broadcast transaction through USB drive.Highlights of the OKCoin security protocol The cold wallet addresses can only hold a limited amount of Bitcoins.Private keys are stored on completely offline computers.Certainty that the private key never had any contact with the internet or USBs.Encrypted private key paper document requires offsite backup, and is controlled by different people in different places.AES private key password shall also be controlled by different people in different places, and shall not be the same person with the master of the private key.Holders of the AES private key password and those with the ability to retrieve the encrypted private key are different people and in different places.