Is it not the case that one can back up their BC wallet into a locally encrypted... | Hacker News

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		dajohnson89 on Nov 12, 2013 \| parent \| context \| favorite \| on: $4.1m goes missing as Chinese bitcoin trading plat... Is it not the case that one can back up their BC wallet into a locally encrypted file, in the event that their online wallet is compromised? I'm a user of coinbase, and have a local backup. I was advised to do just this: take a backup of my wallet, just in case something bad happened to the server. That way, I have legal recourse if push comes to shove.

sneak on Nov 12, 2013 [–]

If your online wallet is compromised and the coins are transferred to new keys, ten backups of the keys that USED to own those coins will be insufficient.

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