How to create a secure ‘Cold Storage’ Bitcoin Wallet using Bitkey
After Buying or Mining Bitocoins We need a secure storage where we can store Our bitcoins Safely and Protect it from Hackers after
the Hacking attack in 2004
In this guide you'll learn how to boot Bitkey to create a 'cold storage' offline Bitcoin wallet, which is never directly connected
to the internet. This protects it both from online hackers and malware designed to exploit Microsoft’s Windows operating system.
You'll also learn how to set up an online 'watching' wallet which you can use to view your balance and previous transactions. Your
watching wallet can also be used to send Bitcoins by generating a special 'transaction' file, which you can then sign using the cold
In order to get started, all you need are three empty USB sticks of at least 4GB capacity. You'll also need a way to clearly tell
these apart: for example, you could purchase USB sticks which are different colors.
You need to follow these important steps very carefully
1. Create BitKey Installer
Open your web browser and navigate to https://bitkey.io/. Click the 'Download' button then click on 'Bitkey ISO' to download the CD
If you're running Windows 10 and your machine has a DVD burner, you can write this to a blank disc by inserting it, right clicking
the file and choosing 'Burn Disc Image'.
If you have no DVD drive, you can create a bootable USB stick using the file you just downloaded. The easiest way to do this in
Windows is to use the program Rufus. Follow the instructions on the website to do this.
Once you've created your boot medium, save any important files. Windows users can then restart to the 'Advanced Startup Options'
screen and choose the DVD or USB stick from there. If you're using a Mac hold down the Alt key on startup to show the boot menu,
then double click on the external disk.
2. Remove and insert USB keys
Once the Bitkey boot menu shows, choose the first option: cold-offline (green). True to its name, once the desktop loads you'll see
the background is green. This signifies that the cold-offline version of Bitkey is not connected to the internet so can't be hacked
If you're using a USB stick to boot Bitkey, remove this now and put it in a safe place. Next, insert a separate, blank and formatted
USB stick into your machine. Ideally use a brand new USB drive for this.
Juggling USB sticks can be confusing. As we mentioned at the outset, Bitkey recommends color-coding your USB sticks. The one you
just removed will be called 'Red' (feel free to mark it with some red tape or a pen accordingly). The new, blank stick you're
inserting is will be known as 'Black'. You should only ever insert the 'Black' USB stick when booted into the cold-offline desktop.
3. Set up your cold wallet
Click the blue Electrum icon at the very bottom left of the screen. You'll first be asked to set a passphrase to protect the wallet
files you're about to create. Enter a suitably long passphrase and click 'OK'.
The Electrum install wizard will now launch. Leave the default options checked and click 'Next'. Electrum will now display a dozen
random words. This is what’s known as your 'wallet generation seed'. Make sure to write this down and put it in a safe place. Click
'Next' and retype your seed to make sure you have it written down correctly. Click 'Next', set a password specific to this wallet,
then choose 'Next' again. Electrum will now launch
4. Export Payment Address and Public key
As soon as your Electrum wallet opens, click on the 'Receive' tab. Make a note of your 'Receiving Address'. You'll need to provide
this address to anyone who's sending you BTC. If you already have an existing Bitcoin wallet, scan the QR code to send your funds
here. As the wallet is offline, don't worry if your balance doesn't display right away.
Next click the 'Wallet' menu and choose 'Master Public Keys'. You'll need this to create an online 'watching' wallet in the next
step so you can view your balance.
Either write down the master key carefully or scan it using a QR code app on your phone.
5. Create Watching Wallet
Close down Electrum and use the icon at the bottom-right to shut down the machine. Ignore the warning about your session being
'non-persistent' as you've saved your wallet data to the USB stick. Be sure to remove the 'Black' USB drive and put it somewhere
Reboot the machine and choose the second boot option: cold-online (blue). Now you need to insert another new USB drive, which we'll
name 'Blue'. This will be used to store your watching wallet settings.
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