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Why do you need a cold wallet for your Bitcoins?

Imagine the following scenario:

Your PC gets compromised. You do not notice it. You secured your wallet with a password which is sufficient? Does not matter, the attacker installed a keylogger. He only needs to sniff your password next time you do a transaction.

Because the attacker is friendly enough (and because this is a theoretic scenario), he only stole 1 BTC out of your wallet and left a note on your desktop:

Thanks for making it so easy. Better use a cold wallet next time!

Of course, there is some emphasis added. But keep in mind that there sometimes is not even the need to install a keylogger, e.g. because of completely unsecured wallets.

If you have the chance, why not harden your Bitcoins?

Like with many security improvements there is some initial and regular work involved, but it’s quite easy if you have a bit of technical knowledge. With my project PiceCold you sign the transactions on an offline Raspberry Pi. Thus, your private keys are on a machine which no attacker from the internet can access. But keep in mind: You still have to protect yourself from attackers who might have physical access.

Additional hardware is needed though - it’s much more practical to control the Pi without always connecting it to a separate monitor: The user interface is a Display-O-Tron which is a simple but fancy multi-colored LCD with controls (a joystick on the original DOT and capacitive touch buttons on the newer HAT version).

Want to make a PiceCold?

 Visit the GitHub project!