Bitcoin Forum

I am currently using blockchain info

I just want to ask, is there any possibility that blockchain will cease its operation? What will happen to my btc with them?

If you have the private key you control the money. Bitcoin does not depend on blockchain.info but to control your money you need the private key.
In such situation you could upload your private key into a desktop wallet.

export your wallet keys, then you can use it in another wallet.

Download the backup wallet. You can import it on multibit wallet.

They have the keys too.

They might transfer your coins before you do

Blockchain.info is generally regarded as the best online wallet.  However, as others have noted, you've got to control the private keys.  While BCI allows you to do this, other local clients are considered even better.

Good Luck!

Loosing Bitcoins with an online wallet provider will always carry risks. But with Blockchain, I think the odds of them losing your coins are negligible. Paper wallets are a nice way to store Bitcoins if you're concerned about security.

Transfer only enough coins for daily use, onto these online wallets service providers.
Put your savings into paper wallets in cold storage.
The moment you expose the private key, on these sites, it is accepted that it's compromised. ^Frown^

If you have the backups of your blockchain wallet then you're safe. :)

Use offline wallets like multibit, which are fast and don't depend on 3rd party like blockhachain.info

There's a possibility it will cease operations, there's a possibility it gets hacked.
Relying on others to keep your money safe is not a great idea imho.

You should keep some change wherever you think it's better for you - blockchain, or even better multibit - and the big bucks in a very safe place, like offline-generated paper wallets, small-medium amounts on each wallet.

What if you wallet is not backed up?

There are possibility, blockchain got hacked, ceo or worker run away with money etc.

They DO NOT have the unencrypted version of the private key. To spend the Bitcoins, you need a unencrypted version of the private key. In this case, blockchain.info only have a encrypted backup of your address which means they cannot spend your Bitcoin as they do not log passwords on the server.

Local hosted/cold storage solutions will always prevail but yeah blockchain is secure/trustworthy IMO.

Yes, it is possible. If you have your wallet backup, you can import your private keys to any other client and you won't lose your bitcoin.

True, the encryption and decryption are done on the client side but not the server side, so the site don't have your private keys.

But if you have leaked your wallet identifier and password (by phishing emails or by keylogger), the person having your credentials can transfer your coin.

There is not possibility that blockchain cease the operation

You can download the backup and import it on multibit, Based on their website they claim they store your wallet in encrypted form if the hacker hacks the website they cannot access your wallet. But my suggestion do not put all your bitcoins in blockchain.info. The best storage for bitcoins is bitcoin core wallet with clean and isolated pc intended for use only for bitcoin.

The best storage for bitcoins is bitcoin core wallet with clean and isolated pc intended for use only for bitcoin.
[/quote]

Thats the thing, most users wont bother doing that as it takes time and knowledge to set up and use properly. I just 2fa all my accounts.