“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

Satoshi Nakomoto

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Keep Your Bitcoin secure offline

by | Dec 5, 2024 | Learn Bitcoin

Create a cold storage device from an old phone.

Now if you have an old phone that you can keep offline – then it’s as good as a cold wallet.

On your old phone turn on the WIFI and download a new wallet from here – https://blockstream.com/green/
You can of course do that with your current phone. But that would be a hot wallet. (Less secure)

Follow these steps

  1. Go online on old phone and download a new wallet from blockstream link
  2. Set up wallet on this device.
  3. Click Restore wallet if you already have a private key – (if not click new wallet)
  4. Then enter your 12/24 words to bring your bitcoin across OR Scan the Private key from your paper wallet.
  5. Now switch the phone off keep offline.

Want to be able to send bitcoin to your offline wallet without having to compromise your security then do this:

Set up a watch only wallet

  1. On your current phone you can set up a watch only wallet so if you get more bitcoin you can send it deep into cold storage to your old phone via your new phone.
  2. Keep a backup of the private key somewhere safe Just in case of hardware failure

Also note that The wallet on the new phone won’t have your private key so therefore you cannot spend your bitcoin from your current phone.

Once you have done that, it is as good as cold storage hardware wallet and means your bitcoin is secure.

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