Bitcoin Forum

Which types of wallet better for bitcoin? which wallet better for bitcoin secure

Bitcoin wallet can be classified into 2 namely:
1.   Hot Wallet
2.   Cold Wallet
HOT WALLET
 Is a wallet that is connected to the internet or that is online. A hot wallet can be accessed from anywhere in the world and from most internet enabled devices. For this reason, a hot wallet is susceptible to attack from hackers if it is not well secured. Maximum security on your Bitcoin can only be attained using a cold wallet.

Types of Hot wallet include:

Online Wallet or Web Wallet
This is the most common type of Bitcoin wallet. Just like the name implies, web wallets are hosted in the cloud by a third-party company. It has an advantage of being able to be accessed from location and from any web browser on most Internet-enabled devices. Examples of companies that provide web wallets include. Coinbase, Luno, Blockcahin.info etc.

Mobile Wallet
A mobile wallet is a wallet that comes as an application installed on our mobile devices, mainly Android, iOS and Blackberry. Most web wallet provided has a mobile wallet app which is synced to the online wallet.

Desktop wallet
Just like the mobile wallet above, desktop wallets are wallet application downloaded and installed on a personal computer or laptop.They are easy to use and available for the different operating system. Examples of desktop wallet include Amory and mSIGNA.

COLD WALLET
It is a wallet that is not connected to the internet and it is usually on a device or a paper. A cold wallet is the safest form of Bitcoin wallets. It is almost impossible to hack a cold wallet. The hacker would have to get hold of your device and your passkey to access your cold wallet which in this case would be a human error.
The idea is, for long-term storage, store your bitcoin in a cold wallet.
Also, Hot wallets are usually free while Cold wallets may cost to purchase the device.

Types of Cold wallet include:

Paper Wallet
The paper wallet is inform of paper which contain two things which are the public address to received bitcoin and private key to gain access to bitcoin and spend it. One of the advantages of the paper wallet is that it is not prone to attack from hackers since it is offline.

Hardware wallet
The hardware wallet is one the safest and convenient type of bitcoin wallet. It is advised that anyone having bitcoin for storage in excess of $1,000 in worth should have a hardware wallet. Hardware wallet comes in form of a USD stick. You simply plug it in your computer to access and send Your Bitcoins. The hardware wallet does not need to be plugged into a computer to receive Bitcoins.

So to choose the best wallet depends on the rate of transaction, size of transaction, Cryptocurrency exchange and storage.
•   Small and frequent transactions: Online wallets or Software wallets
•   Cryptocurrency exchange: Online wallet (but only the amount that you play with)
•   Occassional big transactions: Hardware wallet
•   Storage only: Hardware wallet or paper wallet

Cold wallet is the best for me. At least I never connect to the internet when I sign my transactions. This is the most secure way.

If you are looking for a wallet on your PC, then Bitcoin Core is the best if you got around 200GB free space of hard drive to spare. It is most secure and helps the network. However if you want a light wallet, you can just use Electrum. They are both open source.

For online wallets Coinbase and Blockchain are good wallets for storing the btc. If you have bulk qty or greater number of bitcoins with you then better to save it in offline. Also if you are keeping in online unless its very less qty ensure that you split the btc in different wallets just for safety.

I can't believe i just read that.
In which universe is bitcoin core the most secure wallet? - definetly not in this one.
Every desktop wallet contains the huge risk of being vulnerable to malware of any kind.
Whether if its malware which is directly aimed at this wallet, waiting for you to unlock it just to steal all of your coins, or
if its the 'every-day-'malware (steal clipboard, copy/paste virus, search for wallet files, ... ) which is going around in the wild for quite some time now.

A desktop wallet in a safe environment is fine when storing some coins.. but for anything which exceedes a multiple of the price of a hardware wallet
i wouln't trust any desktop wallet (or any (especially) windows pc).

For everydays use:
Mobile wallet / Desktop Wallet

For anything above X coins (replace x with the amount of coins you would not want to lose to a stupid script kiddy because of a windows or java exploit):
Hardware or Paper wallet
Hardware wallets cost about 60$+ but are pretty handy for everydays usage and Paper wallets are basically free but not that handy when spending funds from them.

My post clearly starts with "If you are looking for a wallet on your PC, then" :D
That is literally everything that is said before the quoted part, that you just sniped out and now the quote is out of context.
Context matters, bro. Don't snip out parts of my posts.

I think we all agree hardware wallets are the only really secure storage.
Mobile, PC, or online is more useful for spending, but you can transfer coins to those wallets in small amounts and reduce your exposure.

Along those lines I just finished searching hardware wallets. There are several, but it really comes down to just 2: The Trezor or Ledger Nano 2

Numerous reviews have pointed out that they are nearly identical in function. Trezor has a slight edge in a more mature interface, but it's slight. The only feature that I've found that is different is that Trezor allows you to create hidden wallets in addition to your regular wallet. This is a feature that might be useful if you were forced to give the password and open your wallet (such as police, border crossing, getting robbed at gun point etc.) You could open the standard wallet with no indication of any other storage. Only you know that it is there. That's a cool feature. Question is is it worth an additional $75

The Trezor  has recently gone up to about $150 (I see people mention it is $100, but not sure where). The Ledger is about $70

thanks a lot for the helpful info.
Could you give extended oveview for each one?

my secure wallet is a paper wallet,for daily trades i use mycelium phone app since a few years.never had any issues with my coins!but everybody works different, so choose your own way how u want to work with ur coins safe.

Thank you for sharing detail information about Bitcoin wallet. Really appreciate

 

I think you could use blockchain. It is an online wallet and I think it is easy to use as well as easy to spend and received bitcoin.  ;D ;D

If you don't use core, then they aren't your Bitcoins. It's the same as money deposited in a fiat bank.

If you don't want to tie up 200Gb, then run a pruned node. You lose a few functions, but save a lot of drive space. If you haven't got the drive space available, then use an external SSD.

Their are many wallet available in the market. For desktop wallet I would suggest you the bitcoin core. Bitcoin core is the first and original wallet. It is safe and secure but it required lot of space upto 65 GB. another is multibit. It requires only 30 MBs so you can use that. Talking about mobile wallet mycelium.mycelium is one of the safest and recommended wallet. you can surely go for mycelium. If you want online transection then you can go with bit go, green address. Hope it will help you  :)

I am using two wallets from online, both of them have my local currency which I can directly convert my bitcoin, coinbase and coins.ph. So far nothing bad is happening, that's why I guess it is secure. ;D

It depends on what you want to do.
If you want to buy BTC and hold it, a paper wallet is fine for you.
If you want to use it everyday to buy things an app in your phone would be perfect.
A combination of the above plus a wallet in your PC is the best option.
Avoid on line wallets, you don't own the keys and allways backup everything.

I do always forget about the pruned nodes. They are a better choice, but I wouldn't go that far as to say that you don't control your bitcoins. For online wallets, yes, but for open source light wallets like Electrum, you still control your bitcoins. Now the state of the network and the balance is not fully to be trusted, but using Bitcoin Core all your connections might be compromised as well. Not the same as new blocks would have to follow the difficulty for a while, but still possible.

It actually depends on your location, if you have a country-based bitcoin wallet, then I'd prefer you use it, for me I use coins.ph since I am a filipiino, and I live in philippines so which means that it would enable me to utilize my bitcoins because of the currency, and I'll be able to convert my bitcoins through peso, so I'd suggest finding a wallet that will suit you, and your IP ad

personally i prefer Mobile wallet,accessibility ,comfortability and
safety in one.just always make sure your mobile is safe and secure.i use
local wallet COIN.PH here in philippine.maybe you should find one too there
in your country for a better usages of you bitcoin.

The most of it I keep in Trezor hard wallet, I have some change on mobile JAXX wallet and EXODUS mac wallet.

 

I'm using electrum for years and still using it now, but this is just by having some coins. Like them, I will recommend using Hardware wallet or paper wallet and put that paper where your rats can't reach because some rats ate a part of my seed last month so be careful.


I'm just wondering what is the tenacity of hardware wallets in terms of long term use. Even flash drives have a limited time. It would be scary if one day your trezor have some "hardware error"  ??? ??? ???


Good line. I don't have enough knowledge on BTC core too, so that's it. I wonder if that core is consuming a lot of data, and what is the requirements of the PC to run that?
I'm willing to download this.

It is a good line, very eye catching, but a bit incorrect :D
As I said, you and only you still have full control of your coins when you are using Electrum and the drawback is not that big to be honest.
But it is a lot better to run Core for multiple reasons and security,privacy and helping the network is one of these.

Bitcoin Core takes few hundred MB of RAM and couple of tens of KB/s bandwith. The blockchain is around 170GB now, but it is always increasing so I would count around 200GB. However you can have a pruned node that can take as much as space as you define. It doesn't take much CPU power either and when it does it is usually small spikes every 10 minutes or so, when the new block comes.
It will just take some time to sync first time you start it as it needs to download and verify the entire blockchain. This is largely up to your CPU speed and it often take around a week.

for longtime holding use trezor or ledger

I've been looking into hardware wallets and I know I've had us sticks go bad before are any of these issues possible with a hardware wallet?

So I need to have a midrange-high CPU in order to run this ? (i7-i3)? And my computer will run for about a week? (what if i turn off the computer will it continue to sync the from the end when I turned off the computer?) I have a lot to learn on this one (may be a I should build a new computer rig again and subscribe for a more stable internet connection).

By the way I did some research on the requirements of the computer in downloading BTC core :

Minimum Recommended
Disk space. 145 GB.
Download. 500 MB/day (15 GB/month)*
Upload. 5 GB/day (150 GB/month)
Memory (RAM) 1 GB.
System. Desktop. Laptop. Some ARM chipsets >1 GHz.
Operating system. Windows 7/8.x/10. Mac OS X. Linux.

source : https://bitcoin.org/en/bitcoin-core/features/requirements
The requirements are not that expensive but the data is another story.

And yes based from what I've heard you can have some viruses but if you will run it on windows your computer anti virus might affect the performance.
So i need to run some linux (I need to learn).

Thank you for your answer by the way. It helps.

The crucial point is that you can use a hardware wallet for every day usage. It is pretty handy in accessing your coins and making transactions without
exposing your private keys. You can still sign transactions on an infected pc without your coins getting lost.
Standard flash drives can be written up to 1.000.000 times. Even if your usage exceeds this limit its still possible to just easily recover your coins from the
12/18/24 word seed phrase. And if you are performing this restoration also on a hardware wallet, your priv keys aren't exposed to theft anytime.
And this without any technical knowledge. So IMO hardware wallets do have quite some additional value.

I use a ledger nano and am very happy with it :)

Didnt use any other so cant comment on them.

Disk requirements are wrong there. Blockchain has increased since then. I wouldn't even bother without 200GB.

You don't need a good CPU, the most basic one that could run fine a decade ago for most common tasks would be sufficient.
It just might take a bit longer to do the initial sync. The requirements are most basic, you pretty much just need a normal PC, even an old one will do, as long as it wasn't from more the 10 years ago, I guess.

Running Windows is a whole other story that I can't help you with, as I haven't run Windows in years and never used it for Bitcoin.
You can install Ubuntu and you will see that it is nothing difficult, just a different Desktop, but using a command line would give you amazing powers that you could never have on Windows and it is very basic to use it as well.
You have plenty of tutorials on how to install Bitcoin Core on Ubuntu as well as do any other basic operations. You will not have a problem setting it up, I am sure.

You can stop Bitcoin Core at any time during an initial sync or not and it will normally continue once you turn it back on.

you are welcome

 i use electrum, because it uses servers that index the Bitcoin blockchain. No Lock-In. You can export your private keys and use them in other Bitcoin clients. No Downtimes

I think it's better to use mycellium bag, because mycellium wallet is a bitcoin mobile wallet that was awarded as "Best Mobile Application" from Blockchain. there are many other safe wallets but it all back again to the personal wants to use which wallet, but I suggest you to wear mycellium wallet.

I have heard a lot about electrum and got suggestions from fellow bitcoin users that electrum is really good but I have always used coinbase and will be using coinbase itself due to the simple and secure features of coinbase which is a user friendly wallet and you can easily retrieve your credentials unless like other wallets where it becomes almost impossible to retain the credentials if you forget that. Coinbase is the best wallet for me.

Considering worth and volatility of bitcoin its security should be factor to consider while storing bitcoin. 
 Who will be best person to answer this question will be?  Of course one who have in depth knowledge of blockchain.   I had this question  in mind for my own bitcoin and I asked one of my friend working at blockchainerz This is what he recommended: 

1. Who understand its product better? - creator right ?  likewise for cryptocurrency wallet provided by cryptocurrency itself is best.  So always go for bitcoin's core wallet.
2. There is issue Its not that much handy? -  No problem for transaction purpose you can transfer small amount whatever needed to your favorite 3rd party wallet get things done and restore back.
3. 3rd Party wallet is smooth and secure then why go back to core wallet? - Most of 3rd party wallets generated over exchanger's and  trading platforms don't provide you private key. That's only thing which makes you owner of coin stored on that wallet.  So avoid them as they are true owner of your coin if you are using it.


   I hope you got all details and recommendation , please let me know if anything needed

For me Bitcoin core is the secure wallet i have use,i am using this since i start her in cryptocurrency so far i've never encountered any issue about scam and hacked,but i am still exploring of any secure wallet than can be use alternate besides from Bitcoin core.

Thee are many types of wallet like mobile wallets,desktop wallets, paper wallets and hardware wallet etc.mobile wallets are use as application in mobilephones.if you want to use this type of wallet then i suggest you to zabpay and coinbase beacause both are very good and i personally use it.there are many types of desktop wallet but i suggest you to use Myetherwallet.com beacause you can also store any types of token into it.If we talk about the paper wallet then it has one public key for receive btc.And the safest wallet is hardware wallet beacause it's offline wallet so anyone can't hack it.if you have more btc and you need high security then i suggest you to use hardware wallet.

There are multiple wallets you can use for Bitcoin. However, it is better to keep an offline wallet in order for you to secure your Bitcoin or stash better and easier.

Just make sure that those people who want to use core have a large storage it will eat your storage day by day. And as a desktop app your PC can be infected with malware so this is not theat 100% safe wallet but a hardware wallet instead. Which you can use it whether a PC is infected or not. Just make sure that you're the only one knows the recovery phrases so yoi're fully secured.

I also prefer to store it offline when you have the huge number of btc. If its small number and you require it frequently then its fine to store under different wallets online. But if you are a long term investor then better to save it offline and ensure only the trusted person is known about it so that in case you are not there the other person can make use of it.

It is better and more secure if you can use the paper wallets. Actually it is more lazy thing to do.
So 2nd way, a hardware wallets is best option now a days. It is combine with technology and easy to use. So I recommend you to use a hardware wallet.

for the safest wallet I suggest to use nano leadger. nano leadgers include hardware shaped USB flashdisk and nano leadger is the most popular wallet because it is able to store two digital currencies ie bitcoin and electrum. Users can complete transactions on the screen of the device or by using a browser plugin, this product is very powerful and certainly very safe from hackers.

Blockchain is best among the apps

As of now I was new for this kind of job. I am reading for what best bitcoin wallet would i choose. Please give a legit bitcoin wallet.

paper wallet if you just plan to hold for a long time and use rarely

I think Blockchain is the best for Bitcoin but you must have to 2FA for reserve BTC. It is the original wallet for cryptrocurrency and others is a third party wallet.

Cold wallets are better and secure for bitcoin. As stated in one of the above post ( which give most important and detailed information about wallets and its types on the basis of securities and working ) cold wallets work offline and hence secure and not susceptible for hackers attack. Hot wallets work with online and from any part of world so they easily susceptible for attacks of hackers and hence one can loss bitcoin.

Jaxx is the world's driving multi-resource advanced wallet which stores both bitcoins and altcoins. ;)

In the Electrum window, click Wallet then Private Keys and after that Sweep. Glue the private keys from Bitcoin-Qt here. Check the subsequent exchange is alright and click Broadcast to clear from the addresses in Bitcoin Core to the Electrum wallet.
The exchange will be handed-off to each hub in the bitcoin network and ought to soon be noticeable as unsubstantiated in Electrum's window. It is probably going to soon be mined into a block giving it affirmations that make it an irreversible exchange.

for now im prefer using web wallet as blockchain .
2 years i use it . and now i check my wallet i still had $10 in there .

Ledger nano are so very expensive that only the rich can afford. It's really worth a dollar as it is considered as the most secured and private among other wallets that are available worldwide. Not to mention that it's easy and convenient to use, as you can carry it anywhere you go by accessing it through other computers or laptops by just plugging it into a USB. However, it's not advisable for starters or holders which doesn't have that much of Bitcoin to store. I will only use that kind of wallet if I am earning hundreds to thousands worth of BTC's every day through trading or a lot of my activities including work, were related to Bitcoins.

I Obviously agreed, and i think having a wallet depend on your goal or plans in cryptocurrencies. Moreover, I also think one needs to look for the following things when selecting a reliable Bitcoin wallet, irrespective of whether it is a software or a hardware wallet:
1.Control private keys – A wallet where you own and control your keys.
2.Backup & security features – Seed backup keys and pin codes.
3.Developer community – Active development community for maintenance.
4.Ease of use – Elegant UI for fast and easy use.
5.Compatibility – Compatible on different operating systems.
Now,consider these wallets : ladger nano,trazor,jaxx,exodus,coinbase etc.

 think we hardware wallets are secure ones and you can transfer coins to those wallets in small amounts and reduce your exposure.

What i have showed that they are nearly identical in function. Trezor has a more good interface. And it allows you to create hidden wallets in addition to your regular wallet. This is a big feature. But the problem is that trezor is more expensisive than other hardware wallets in the market. And you have online wallets like coinbase. But never forget to activate 2FA for thore otherwise wallets may be hacked

 There are different types of wallet for the Bitcoin to my point of view electrum software wallet is most welcome type of wallet better for bitcoin. In electrum wallet the users control their private keys and that is safe and reliable wallet.Since bitcoin is a digital decentralized currency no other governing parties interfere in bitcoin we should know about the reliability and safety of the wallet we choose .There is also  paper wallet that is also a safe and reliable one.

I think it's a wallet
As the name implies, this is a document with all the information you need to create the private key to store your Bitcoin. This type of offline storage gives you complete control over your Bitcoin.

In all of these options, paper seems to be the choice of the 1980s, but that's the safest way to keep it, that's the type of wallet you should use when you want to store any kind of money. In particular, Bitcoin.

Im using the ledger nano s and am really happy with it. I would suggest this as a wallet in case you dont have one.

Tnz for this information I am so glad to know this wallet

I find myEther, Electrum, Coinbase and Localbitcoin wallets are standard to use. Once you set up all required security options, you will much safer. We have paper wallets and hard device wallets like Trozor and Ledger Nano wallets. Every wallet has its own specification and features to safeguard your money. Its us our responsibilities to be more cautious.

Blockchain wallet as seems to be a good one. I am using blockchain and Coinbase wallets. Recently i opened an account with MyEtherwallets. MyEtherWallet is designed to accept ERC-20 token. This is really a good feature. Segwit address are bound to be taking less transaction fees with high transaction speed. This is the reason Electrum was downloaded.

Blockchain is the best for Bitcoin. It is my opinion.

I wouldn't call coinbase and localbitcoin (web-)wallets as 'standard to use'.
The standard should be to have access to the private keys. And to be the only one who is able to access them.
With webwallets you are giving the full control to the sites operator. Its not only another attack vector. You are completely relying on them to secure your (potential) coins.

Paper/Hardware/Desktop/Mobile wallets are necessary to store coins safely.

There are different types of wallets hardware wallets and software wallets to store bitcoins and receive bitcoins but one should always keep in mind not to hold or store bitcoins in any exchanges as online exchanges can also act as wallets, exchanges can be used only to buy crypto coins or to transfer to fiat currencies or local currencies.

I choose mobile wallet because as an employee I cannot update the price value always because of my work.Like coins.ph this is the wallet I trusted and checking my phone immediately when the price goes down.Easy and fast to transfer my money when I needed it ,also I can pay my bills here and utility bills also.