External Storage of Coins
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@rds hahah I think I just linked it above
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This post is deleted!
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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
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@Energy password/passphrase in BURST is your private key. If someone knows your BTC private keys (even if you have them in a hardware wallet) they can move funds from your account as well, at the end of the day they are in the blockchain right? The point here is to have a connection to a Burt account without compromising your private keys i.e. not having to copy/paste it every time you want to access to your wallet, but rather using a "human action" the computer recognizes by pressing a button on your ledger or trezor.
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@rnahlawi said in External Storage of Coins:
@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.
@rnahlawi good to know they offered you that option. I was considering to get in the near future a ledger NanoS for safe keeping of my other crypto. I do not really have much at the moment, but I am going to be moving up more and more in the near future. I definitely want to be my own bank :) Now I do not know how similar to BTC Burst is in order to implement this, I was referring though to the link above to Trezor as they will make available this Trezor Core, so that developers can help in there and implement their own firmware for the device if they want to, which I find really nice indeed. If I could I would do it, but I am not a coder XD
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@vExact Its totally different from BTC. The idea of Hardware wallet is to protect your private keys (Passphrase in Burst case) from malware of theft, you may view your wallet with any wallet interface but cannot make transactions without presence of the Hardware key (Trezor, Nano, etc).