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Is Dash-core more secure than electrum dash for long term storage?

Discussion in 'Electrum Wallet Support' started by Lord Of The Internet, Nov 22, 2016.

  1. Lord Of The Internet

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    If it is, can someone tell me why?
     
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  2. tungfa

    tungfa Administrator
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    from a n00b perspective it definitely is

    i can cold store my wallet.dat / double encrypt that (save in multi drives and locations) and feel double save :rolleyes:
    i like electrum for daily in/outs but do not use it as a 'savings account'

    that is me personal - the pros can propably tell u the tech background of the pro and con much better ;)
     
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  3. Lord Of The Internet

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    thanks tungfa.

    i'm also looking into getting a hardware wallet. i'm wondering if trezor is my only option for dash.
     
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  4. tungfa

    tungfa Administrator
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    anytime
    trezor, keepkey,.... and i believe even others will be available
    but they need 12.1 to work (again) - electrum issue as far as i know
     
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  5. Bridgewater

    Bridgewater Well-known Member
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    Electrum allows you to use a 12 word mnemonic to backup your wallet(s). For cold storage, you don't need an installed electrum anywhere. You just need those 12 words, plus a password for each individual wallet you make. Restoring is very quick, since there is no full blockchain synchronization.

    When all you have are words to backup, you can get pretty creative with how you want to hold them for cold storage. You can hide part of the sentence in location A and part of it in location B. You could make a cypher and hide the encoded text somewhere. You could memorize all the words and not use any backups besides your brain. Wallet.dat are susceptible to file corruption, and flash drives degrade. Also, you can take a look at the "Cryptosteel" product for a long term degradation-proof, fire-proof way of backing up your mnemonic.

    And last but certainly not least, with Electrum you can use multisig! There's nothing better than multisig for cold storage. You can use 2/2,or better yet 2 of 3 (or more) in which case you store one seed yourself, have a trusted friend store the other for you, and have a backup in a safety deposit box in case one of you kicks the bucket or house burns down, etc. Any two of the three wallets (mnemonic seed+pwd) will be able to authorize a spend. Many more options for cold storage security exist with Electrum.
     
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  6. tungfa

    tungfa Administrator
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    tx for the details
    good to know

    me as a n00b likes to 'secure' something physical (wallet.dat)
    helps my brain and is not too theoretical (as 12 words only) :rolleyes:
     
  7. Bridgewater

    Bridgewater Well-known Member
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    Understood. That's exactly why wallet.dat is the prime target of crypto-thefts--it's easy. Also not nearly as secure if someone gets ahold of one of those flash drives and runs decryption software on it.

    I can't believe I forgot to mention the other prime benefit of Electrum-Dash! Offline transaction signing. You can generate an Electrum-Dash wallet on a completely offline computer for signing transactions, and use an internet-connected computer to broadcast them.

    See my older post on this here https://www.dash.org/forum/threads/secure-place-to-store-dash-besides-qt.7609/#post-83705.

    Basically it already has the functionality of a HW wallet where you can still spend from the cold wallet without compromising its password/private keys. You do need a second computer, though.
     
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  8. pin0de

    pin0de New Member

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    Well for me Trezor and Electrum DASH have not been a good option. Trezor no longer works with Electrum DASH on OSX and I have not been able to access my DASH for several months now.
     
  9. tungfa

    tungfa Administrator
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    sorry to hear - that really sucks
    this is a 12.1 issue and will be fixed when 12.1 launched
     
  10. Lord Of The Internet

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    At this time, I would not recommend trying to use electrum-dash with Keepkey either ... at least on windows.

    The installation instructions have a lot of errors and I cannot get it to work properly.

    I'm hoping everything will work better after 12.1 is released.