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Would you mind telling me what is the best introduced approach to secure the private key in the wallet and a transaction which is done using Bitcoin? I do not want to use a separate hardware, I am seeking for the best software based approach to protect the private key.

Thanks in advance

Best Regards

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    Not sure what you mean by "best". Put the private key on a piece of paper, lock it in a bank vault, surround it with armed guards and sharks with frickin' lasers? – Nate Eldredge Jul 9 '15 at 3:58
  • Hi, Thank you. Yes, cold storage is a good idea, however my mean is securing the private key during the signing process of the transaction. I need to know what is the best way to protect the private key during this process? – Mary Jul 9 '15 at 11:40
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Hm. Rather strange question you ask.

First of all: it depends mostly on the infrastructure you use for your bitcoin-client.

If your OperatingSystem is compromised, you probably can't guarantee security of your privateKey at all.

The Bitcoinclient supports a very strong encryption of the wallet (and ofc the private Key) since like 2 years natively.

I guess if you are paranoid and want extra security, use a VirtualMachine, install some hardened Linux-OS (DebianStable?), there make a TrueCrypt-Container with a hard password and install your Bitcoinclient there.

Ofcourse, as mentioned earlier, you can't be more secure than making an offline-wallet. Remebering your key instead of writing it down could also serve as the absolute security feature. - but i guess you don't want to go that far? :)

i saved my keys in a TrueCryp-container encrypted with sha512 and used a strong password - after this, backup copies of this container wherever you want, so you don't lose it. sha512 is not even crackable for the NSA.

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