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Design Objectives
Serverless Bitcoin Wallet - Offline Vault - BA.net

If you don't have the private key, you don't own Bitcoin. If you store the key on someone else's server, even if encrypted, your key is not safe. Be you own bank.

Private Key Loss is Catastrophic

The primary problem is that losing a key means that all bitcoins stored with that key are lost forever. The way to deal with this is:

  • Create keys frequently and destroy them as soon as they are no longer needed

    Mitigate risk by having more keys for shorter durations

    A more secure mitigation against key loss is to generate new addresses/keys frequently, use them for specific operations, and then destroy them.

    For example, when traveling, create a new Travel Key and use that until you are back home. That way if anyone compromises your travel laptop or phone they only breach the compartment for the duration of your travel.

    The impact of the compromise is contained by the limitation on the utility of the key.

    For storing bitcoins create a cold paper wallet. You can create your address/key on a computer with no internet connection. Air gap computer running the ba.net serverless wallet.

    Do not trust servers with your keys

    If you don't have the private key, you don't own Bitcoin. If you store the key on someone else's server, even if encrypted, your key is not safe. Be you own bank.

    Backup your keys in different locations. You can keep them encrypted with a password.

    Why Offline Bitcoin ? Computer security is hard. Physical security is much easier to accomplish.

    Using Offline Bitcoin allows you to store your wealth securely in an offline va\ ult. Your own vault that you control physically.

    You can transfer needed amounts to online wallets on your phone or computer.\ Bitcoin is just like cash, you should only carry around spending money.

    Serverless Wallet Simplicity Advantage

    Spend Your Bitcoins using the Send Bitcoin Option. Remaining change will be sent back to the sending bitcoin address (source address).

    This allows you to make the backup of your key at the creation time only. As opposed to backing up your wallet all the time on a downloaded wallet. Downloaded wallets create a new change address for each transaction. This is the reason for confusion and the need of constant backups.

    The BA.net serverless Wallet needs only one backup when you create it!

    Downloaded Wallets Limitations You can download a bitcoin client and import your private key. Note that on downloaded bitcoin clients, usually remaining change goes to a new address. That is why Satoshi recommended never to delete a wallet!

    These kind of wallets need to be backed up regularly. Our Serverless Wallet does not have this limitation. It can be backed up upon creation only.

    Using a simple adress / Private key pair with BA.net solution. Simplicity is security, as private key loss, or backup failure is catastrophic.

    Bitcoin Address and Private Key Reuse When you reuse your Bitcoin Address you reveal your balance and transaction history of that address to your counterparty. Losing financial privacy.

    Another un-desirable problem is that for each use there is a hash signature on the blockchain generated with the private key. There is a theoretical attack exploting information from this signatures. This attack has not been seen yet, but it could be possible. Yet Satoshi's coins are also vulnerable to this, so you are probably safe :)

    So both for privacy and security, bitcoin addresses should not be reused. Especially for large amounts of coins.

    For offline cold wallet storage the simplicity of having only one address/key to backup is important. As well as not having any more change addresses to add complexity. Once the coins come out of cold storage it is best to not reuse addresses though.




  • Bitcoin Offline Vault Wallet BA.net eBook Paperback Book
  • Offline Transaction Howto
  • Serverless Design Objective
  • Bitcoin Wikipedia
  • Bitcoin History



    Zcash Mining Calc . Zcash Mining OS

    Price . Portfolio . Menu . FREE