Bitcoin Forum

Hi All,

This hasn't really been explored in depth from what I can see after spending the last few hours sifting through many posts in various sections of this great forum. Needless to say I spend 99% of my time reading and 1% posting - so I thank everyone in advance for their contribution to what I feel is a much needed topic of discussion.

I would like to please get some comments/dialogue on the following queries:

1. What is the 'best' wallet to mine directly to? I'm talking about an address that doesn't change that you can point your workers to or get pool payouts sent to **Loaded question with no definitive answer I know but there are so freaking many it's insane to have to choose from all of them there must at least be a top ten list somewhere that has been thoroughly thought out and explored from every angle**. So for a top ten list I'd like to explore hardware based, app based, desktop based, online hot wallets, exchanges, just leaving the coins in the pool itself for a long period of time, others?

2. The highest level of security and most stable/long lived wallet to mine to? Two factor authentication, seeds, backing up private key to an encrypted text file, cold storage detached from the internet, etc. Obviously there has to be good security. How can you mine to a hardware wallet like the ledger or trezor without leaving it plugged in all the time? What about the issue of micro payments screwing everything up?

3. Mining altcoins vs. bitcoins? Some wallets can't handle more than one currency and others only deal with a few - so now we have to split choices depending on what exactly is being mined...  ??? edit. I will repost this in the altcoin forum to not clusterfuck this already info loaded post  ;D

It seems like there are new ones coming out all the time - everyone has their favourite - there isn't one wallet that can do everything - and wallets of choice frequently come and go... Security issues pop up and then there's the whole BTC August 1st issue coming up, and ETH pow->pos issue coming up....

Can this community please help me out and then I will finally be able to get some sleep? These things all keep me wide awake at night...

Thanks in advance for everyone's contribution,

-jd

The wallet you chose isn't related to mining. In other words, the fact that you're mining or not shouldn't affect the wallet you chose.
Unless you don't mine with a pool and need to run a full node, which I don't recommend to a beginner.

Choosing a wallet is a lot about your needs and how you plan to move your funds after you mine them.

It's usually a balance between security and ease of use.

This is a good answer - thank you for this :-)

I like jaxx but saw the following:

Can I point my mining rig payouts to Jaxx?
Decentral   Jaxx Knowledge Base   FAQ
No, Jaxx is a lightweight wallet that is not designed to receive mining payouts. We do not recommend pointing any mining rig payouts to Jaxx as it may cause issues on your end as well as potentially causing issues on our end. One transaction sent from your pool is actually composed of several "micro-transactions" that may cause complications.If you click on the transaction ID of one of your payouts, you'll see that there's several inputs as well as outputs so it's not a simple send / receive transaction that Jaxx is designed for. Please redirect your mining payouts as soon as possible and wait for a new update to rectify this issue.

and

https://steemit.com/cryptocurrency/@steemitguide/jaxx-security-and-exploit-allows-easy-extraction-of-the-jaxx-s-wallet-12-word-backup-phrase

"Jaxx Developers say they are ‘Very Comfortable’ with how their Wallet works, regardless of this Security Flaw"

Unauthorized access to your Device Allows Hackers to retrieve your 12-word backup phrase, Vx Labs continued, they can easily recover your wallet and steal your money

“With the 12 word backup phrase, they can later restore your wallet, including all of your private keys, on their own computers, and then proceed to transfer away all of your cryptocurrency.”



So am currently investigating exodus and coinomi - any experience or comments on these two? :-)

Yes I would stay away from any wallet that's online.
You want something where only you control the private keys.

Here's a list of wallets that have stood the test of time and that I have used myself.

Light: Electrum, Multibit
Full node: Bitcoin Core, Armory

Thank you unholycactus I will check out multibit it's a new one I am not familiar with - I am aware of the others and currently investigating :)

Thank you again for your response I really appreciate your input :-)

Have a nice day! Good karma to you!

-jd

If you have at least 300 GB free in your hard disk I would suggest you to download the Bitcoin core wallet. I say 300 GB so you can be ready even for next year when the size of the blockchain will grow more than it is actually at about 150 GB. It is one of the most secure wallets which is free. It takes time to download and sync but once it is done it is worth every minute you spent syncing it.

Done. Revamping my setup to allow for the extra space and the backup of that space. Appreciate the comment re:

What will happen to coins in the bitcoin core wallet after August 1st?

Your time and help is duly noted and very much appreciated. Good karma to you  ;D

All the very best and kindest regards,

-jd

Coins in the bitcoin core wallet will remains same, only potential change regards value; however, actual coin quantity remains unchanged.