Bitcoin Wallet on a USB Stick – Multibit
Mutlibit is a so called “thin client”. Basicly a Bitcoin Wallet that does not need to download the entire blockchain in order to function.
Let´s download Multibit to a usb drive
Vist Multibit.org and download the version for your operating system. There are Windows, Mac and Linux versions.
Plug in your usb stick to your computer. Then unzip the multibit zip file to the usb stick, this should be drive D: , E: , or F: on a windows computer.
Now that you have unziped multibit to your usb stick you are going to need to do one slightly technical thing, but do not worry it is easy! Open the file called “configuration.md” in notepad or notepad+
The configuration file is just telling us how we can set up multibit in different ways. By default multibit stores your private keys on your computer in the “appdata” folder. We want to change that so that the program stores our keys on the usb drive instead. So we are going to create a file named “Multibit.Properties”
Open up a new empty file in note pad. For windows type in:
In this example E: is my usb stick and Mutlibit is the name of the folder on the usb stick where I unziped multibit. You might need to change this to D,E,F or G depending on your computer and operating system.
Mac and Linux users follow the directions located in the Confiuration file.
Now double click multibit.exe
Great! now you should see the multibit wallet. As you see in the middle there are different “tabs” kind of like in an internet browser. We are now in the “Send” tab and could send someone some bitcoin by putting their address in the space marked “Address” and then pressing send.
Now we want to securely generate some private keys. Go to the “Request” tab.
Before we start generating private keys and creating passwords DISCONNECT from the internet
Now press “new” and generate a new private key.
Ok great, now we have generated a private key while being offline. Now lets add a password to this private key. Make sure this is a good password but also one that you will remember. If you forget or lose the password then you will not be able to use the coins that are asigned to this key! On the positive side, if somone manages to steal your private keys, or usb stick, then they will need this password to spend the coins.
Go to File-Add Password, then you will see the tab where you can create a password.
Now send a small ammount of bitcoin to yourself.
When you are finished you can put the usb stick somewhere safe.
You should also back up your private keys. You can go to Tools-Export Private keys
Then you could save this file to smart media card or another usb stick so that you have a back up.
Keep in mind that usb sticks have a limited life span! Always back up and check your usb sticks to make sure everything is ok.
This is not true “cold storage” BUT it is better than just saving your keys on a computer that is connected to the internet. You could call this “warm storage”.