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Tomshwom's Advanced Crypto Security Guide (Part 3) - Creating a Secure Wallet

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We're finally going to create a customizable wallet solution that is cheap, secure, and not too complicated. While simply following the steps in this guide will give you a wallet that is resistant to malware and other online threats, it does not guarantee total security of your funds. To be truly secure, you must practice good security and follow the guidelines for how to actually maintain and use the wallet.

I highly recommend looking at part 1 of this guide to better understand security and privacy in cryptocurrencies.

If you're wondering about the security of existing wallet solutions, see part 2 of the guide.


First, lets get clarify some terms I'll be using:

  • Wallet & address - the address refers to the public key portion of the cryptographic key-pair referenced by the blockchain, wallets are address managers that keep track of public/private keys.

  • Cold storage - cold storage refers to a wallet that is never connected to an online system. Generally, funds are placed into cold storage and not removed for long periods of time (for security reasons).

  • Hot wallet - hot wallets are the opposite of cold storage. They are stored on online devices are should be used for "fast & loose" transactions, not secure storage.

  • Air-gapped - systems that are physically separated from any network that is linked to the internet are considered "air-gapped". For security, all devices used on air-gapped systems should be limited to that system's offline network. That means no sticking USB drives that were previously in your online computer into your offline systems, and it's not recommended to use devices that were once on your offline network on your online one since exploits can originate at a pre-user stage.

  • Hardware wallet - hardware wallets are physical devices that manage addresses with the use of software.

  • Paper wallet - paper wallets are physical storage of address information such as private keys. Software wallet - software wallets exist on online systems connected to the internet.


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