External Storage of Coins
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@gumbogumbo you refer to a hardware wallet like trezor, nano ledger S, etc... There are no such a things for burst yet. However I am sure there could be developed an option in the short term to have perhaps a paper wallet, but I am not sure how that could work out.
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All I know is you can however, the fee to request any coin is too much
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@gumbogumbo couldn't you just store your encrypted passphrase on a thumb drive?
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@gumbogumbo ah ok, I got it now. You want to generate the address offline. This might interest you then: http://forums.burst-team.us:4567/topic/3838/regarding-the-recent-theft-of-burst-accounts
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@k.coins said in External Storage of Coins:
@gumbogumbo couldn't you just store your encrypted passphrase on a thumb drive?
Read my post on security in the "general discussion".
That doesn't work unless there are a lot of account numbers. How many are there?
Are all passphrases mapped to a unique account or are there potential collisions were two different passphrases can generate the same account number?
Can the AIO wallet software be run on an air gapped computer to generate a passphrase that has never been exposed to the internet (security threat)? If not the encrypted passphrase on a USB drive may have already been compromised. Some thieves will wait until an account/address has a significant amount of value in it before it is attacked.
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@rds hahah I think I just linked it above
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@gumbogumbo said in External Storage of Coins:
I saw that right after my last post. Thank you for sharing.
So..short answer is that we don't really know if it is possible without more information? Any devs know the answer?
See the reply to thread http://forums.burst-team.us:4567/topic/3838/regarding-the-recent-theft-of-burst-accounts by @damncourier. Light has been shed.
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@gumbogumbo You can never have offline storage with Burstcoin. You are thinking of Bitcoin when you say storage, Burstcoin differs from Bitcoin as it's not stored in a single place. You see Bitcoin has a ledger on every transaction that occurs but the coin's them selves are stored on your hard drive or some offline storage as you mentioned. Burstcoin is a giant ledger of payments, the balance from each account is derived by following the path of each fraction of a coin going in and out of accounts. So overall Burst is literally stored on the blockchain itself rather than a hard drive you need to backup or put in safekeeping. The only thing you need to use your coins is the database (db) downloaded and the password to the account you own.
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All hardware you need is a sheet of paper.
First and most important thing of all:
You need a clean system. Run your antivirus before or use a VM / Linux if you have the technical skills.Generate the twelve words from the wallet passphrase generator. Write down these 12 words on the sheet of paper. Add another random word for paranoia ;)
Log in the wallet with the 13 words. Get your Burst ID and go to a faucet.
With the Burst of the faucet make an outgoing transaction.Log out and log in again by typing from your paper wallet. Does that work you have successfully made a paper wallet.
Don't use this account on a daily basis and make sure that next time you use it you have a clean system.
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@AngryChicken, respectfully disagree. Blockchain is blockchain. There are no coins per se to store, just access to addresses that can provide output (coin) for use to the person who holds the private key. I don't see any difference regarding the ability to create offline storage between Burst and BTC, as @daWallet says above.
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@daWallet doesn't offline storage mean if you lose the device you lose the coins stored in the memory? If your were to lose you passphrase then ya you lose your coins. But I think theirs a difference between a secret offline pass vs the data of coin being located on a single device. Correct me if i'm wrong.
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@AngryChicken I've never dived into Bitcoin as much as in the concept of Burst but I'm very sure the concept is the same.
Hardware wallets actually store the private key, which gives you access to the coins. The coin balance itself is saved distributed at thousands of nodes.
In everyday words you "store the coins" in your wallet but in reality you store the access to your coins.Edit: Advanced Hardware Wallets have more protection layers, so even on a compromised sytem you have a better chance not to lose your private key to an attacker.
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@Burstde I'm looking for the article that mentioned the cost and ca n't find it thought 47,000 dollars to add a coin comes to mine but need to back it up with the article I read
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I saw this recently:
https://blog.trezor.io/trezor-security-beyond-bitcoin-c99f27b18b6b#.5d88a4ct8
Could it perhaps be an option to implement a hardware option for burst?
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@vExact I contacted Ledger in the past to add Burst to their NanoS and they replied as follows:
"If BurstCoin is a clone of Bitcoin then we can add it quite easily.
But it's still some work and we'd need to get some commit from the BurstCoin community to buy products (a minimum of 100 units is usually needed to justify adding a coin)"I'm willing to buy couple of them, lets start a thread to collect the 100 and get support of developers with Ledger guys to add Burst.
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You are not understanding that bitcoin and burst are 2 totally different things, what is saved in a purse by hardware in bitcoin is a backup, something that does not exist here since you only need a password to access your account from any wallet.
You want to protect your password, buy a usb memory, in text file copies the password, then encrypt it and protect it with password and only connect it to the pc when you need it and disconnecting after using it
