Question about storing bitcoin with a private key.

I’m looking to move my bitcoin off CoinBase to an address that I can hold the private key for.

Am hoping to get some advice from you all, or confirmation that this plan will work:

  1. Use an offline copy of to generate an Address+PrivateKey combo. Place both into an encrypted file, and store copies of it in multiple physical locations.

  2. Slowly buy bitcoin using CoinBase, and periodically send them to the address generated from Step1.

  3. Visit to see that transactions from CoinBase completed successfully.

  4. After 10+ years, buy whatever the newest Ledger hard wallet is available, and “sweep” the bitcoins from my address into the new hard wallet.

I’m not looking to be trading/selling/using it anytime within the next 10 years, so the idea is to have the simplest setup that doesn’t require maintaining any hardware/software wallets for the next 10 years while I slowly accumulate bitcoin. I won’t have to install any software, or update hard wallet firmware or anything like that.


Is an Address+PrivateKey all that is needed to sweep the coins from my address into a new Ledger or a software wallet when the time comes?

submitted by /u/guryfitze
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