Bitcoin Forum

Other => Beginners & Help => Topic started by: randy8777 on November 29, 2014, 10:14:37 PM



Title: wallet security
Post by: randy8777 on November 29, 2014, 10:14:37 PM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?


Title: Re: wallet security
Post by: virtualx on November 29, 2014, 10:40:53 PM
You can have a wallet in custom hardware, on your desktop, web wallets, on your mobile and there are paper wallets. Each solution has its own risks. Your desktop could be vulnurable to virusses and trojans. A paper wallet on the other hand, could get broken if not laminated. Always make sure you have an official wallet and create backups.

Personally I would not recommend mobile phone or desktop for holding large amounts of bitcoins.  Web wallets could be a major risk, because you have to trust the someone else takes care of the security and does not run off with your bitcoins.

You may also like an article i wrote: http://talkera.org/wpTalkera/best-bitcoin-wallet/ (http://talkera.org/wpTalkera/best-bitcoin-wallet/)


Title: Re: wallet security
Post by: Kprawn on November 30, 2014, 12:46:33 PM
Buy a Trezor  ;D

Yea, everything you do on your computer can be cached or recorded and trojan's and phishing software can catch your keystrokes, thus gaining access to your passwords.

The best option would be, to keep the coffee budget online and the Lamborghini budget offline {Paper wallets}    ;D ;D


Title: Re: wallet security
Post by: Testing123 on November 30, 2014, 01:16:12 PM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?

Cold storage and Trezor are the best in terms of wallet security. You could put most of your bitcoin there, and keep a small amount of bitcoin on a hot wallet for your daily use.


Title: Re: wallet security
Post by: fast2fix on November 30, 2014, 02:46:20 PM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?
nothing is safe lol.. If you can't buy a hardware wallet, then protect your account/wallet by 2fa or sms code. use blockchain online bitcoin wallet it has very good security.


Title: Re: wallet security
Post by: LiteCoinGuy on November 30, 2014, 04:29:31 PM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?

Cold storage and Trezor are the best in terms of wallet security. You could put most of your bitcoin there, and keep a small amount of bitcoin on a hot wallet for your daily use.

https://www.bitcointrezor.com/

start with little amounts of BTC and learn how to handle.


Title: Re: wallet security
Post by: Sharky444 on December 02, 2014, 08:32:24 AM
There is no 100% safety. Even when using a brainwallet, at some time you will need to type it in if you want to move BTC to a hot wallet, and at this point there is potential for hacking.


Title: Re: wallet security
Post by: Soappa on December 03, 2014, 06:37:13 AM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?

Bitcoin on address (not wallet) with outgoing tx is theoretically less safe as its public key (not private key) becomes public.
So it is better to never re-use address. It gives you slightly better security and more privacy.


Title: Re: wallet security
Post by: randy8777 on December 03, 2014, 02:13:40 PM
thanks for all your comments. i will purchase myself a trezor wallet. at this point is the best solution.
i have now 0.33 bitcoin and will store it there.


Title: Re: wallet security
Post by: FUR11 on December 03, 2014, 02:19:00 PM
If it is for long-term storage, you're totally safe with a paper wallet that has been created on an offline machine that never connects to the Internet again. If the randomness is derived from a non-deterministic source, you should be really really fine, even without buying a trezor. A trezor is very nice for people who actually do transact their BTC on  a regular basis.


Title: Re: wallet security
Post by: randy8777 on December 03, 2014, 11:37:45 PM
If it is for long-term storage, you're totally safe with a paper wallet that has been created on an offline machine that never connects to the Internet again. If the randomness is derived from a non-deterministic source, you should be really really fine, even without buying a trezor. A trezor is very nice for people who actually do transact their BTC on  a regular basis.

i want for longterm holding. but what if that paper wallet gets wet or thrown away by mistake?


Title: Re: wallet security
Post by: rz20 on December 03, 2014, 11:42:57 PM
One of the best ways to secure your wallet is using the Electrum wallet software. This will generate a wallet with a seed of 12 words you can use to recover your wallet in case your computer fails.


Title: Re: wallet security
Post by: Minnlo on December 04, 2014, 05:53:08 AM
If it is for long-term storage, you're totally safe with a paper wallet that has been created on an offline machine that never connects to the Internet again. If the randomness is derived from a non-deterministic source, you should be really really fine, even without buying a trezor. A trezor is very nice for people who actually do transact their BTC on  a regular basis.

i want for longterm holding. but what if that paper wallet gets wet or thrown away by mistake?


You can make a few backups of your paper wallet. Also, you can laminate the papers to make it water-proof and more durable.


Title: Re: wallet security
Post by: HeroCat on December 04, 2014, 08:17:19 AM
I think blockchain wallet is the best, for additional safety you can use BTC Trezor for larger BTC amounts. And think also on online wallet advantages over desktop wallets - are you be happy, when your desktop wallet will stretch keys for let say 3 hours.  ;)


Title: Re: wallet security
Post by: LewiesMan on December 04, 2014, 12:54:13 PM
Buy a Trezor  ;D

Yea, everything you do on your computer can be cached or recorded and trojan's and phishing software can catch your keystrokes, thus gaining access to your passwords.

The best option would be, to keep the coffee budget online and the Lamborghini budget offline {Paper wallets}    ;D ;D

I always wanted to ask: how does a trezor work?


Title: Re: wallet security
Post by: spazzdla on December 04, 2014, 02:17:13 PM
There is no 100% safety. Even when using a brainwallet, at some time you will need to type it in if you want to move BTC to a hot wallet, and at this point there is potential for hacking.

Store your BTC on multiple encrypted paper wallets then when you pull one in you intend keeping the BTC from the one paper wallet as "spending" BTC.

Again however yes nothing is 100% safe is should be crystal clear police can do whatever they feel like so torture to get your BTC is very likely.. :S.  Act dumb if anyone ever questions you.. I have a feeling dark dark times are coming.. pretend you lost all your BTC when they come.


Title: Re: wallet security
Post by: Buziss on December 05, 2014, 09:50:39 AM
I always wanted to ask: how does a trezor work?

To send bitcoin with Trezor, you just need to connect your Trezor to your computer and push a button to confirm the transaction. The private keys and transaction signing are done within the device.
You can find the details in http://doc.satoshilabs.com/trezor-faq/


Title: Re: wallet security
Post by: newflesh on December 05, 2014, 10:16:02 AM
Learning how to make paperwallets (securely) should be very high on your priority list when storing substantial amounts of btc.

There's a lot of information about different wallets here: https://bitcointalk.org/index.php?board=37.0


Title: Re: wallet security
Post by: randy8777 on December 06, 2014, 12:28:41 AM
i have been reviewing different paper wallet tutorials and it is not that hard.
i will cover the paper wallets in plastic for extra security.


Title: Re: wallet security
Post by: spazzdla on December 08, 2014, 06:28:51 PM
i have been reviewing different paper wallet tutorials and it is not that hard.
i will cover the paper wallets in plastic for extra security.

Make multiple copies.  With bitaddress.org you can encrypt them as well.  I have mine in different cities as well..


Title: Re: wallet security
Post by: SirChiko on December 08, 2014, 08:24:56 PM
i was reading something about wallets with outgoing transactions are less safe?

so if i use my wallets it is less safe. what is best wallet?
If you are storing coins that you don't plan to use for some time then paper wallet or usb wallet that isn't plugged in is the best choice.


Title: Re: wallet security
Post by: randy8777 on December 08, 2014, 10:07:49 PM
how long do usb sticks last without connecting? can you leave it a few years aside without using?


Title: Re: wallet security
Post by: LFC_Bitcoin on December 08, 2014, 10:57:36 PM
I know you can use blockchain.info but how many wallets have an 'import private key' option so you can transfer your entire paper wallet balance to an online or desktop based wallet?

I'm just preparing for the future because blockchain.info can't be the only option incase it ever goes down.


Title: Re: wallet security
Post by: Amph on December 09, 2014, 09:03:23 AM
electrum is pretty safe, but i prefer core

just put all your btc in a cold storage


Title: Re: wallet security
Post by: sgk on December 09, 2014, 09:48:24 AM
i want for longterm holding. but what if that paper wallet gets wet or thrown away by mistake?

Create a paper wallet, also put password-protected wallet file on a USB drive.
Store both of these in a bank locker.


Title: Re: wallet security
Post by: Peter882 on December 10, 2014, 08:34:10 AM
I know you can use blockchain.info but how many wallets have an 'import private key' option so you can transfer your entire paper wallet balance to an online or desktop based wallet?

I'm just preparing for the future because blockchain.info can't be the only option incase it ever goes down.

You can import private keys to all those common wallets like Bitcoin Core, Electrum, MultiBit and Armory. So you shouldn't need to worry about that.


Title: Re: wallet security
Post by: LFC_Bitcoin on December 10, 2014, 09:16:57 AM
I know you can use blockchain.info but how many wallets have an 'import private key' option so you can transfer your entire paper wallet balance to an online or desktop based wallet?

I'm just preparing for the future because blockchain.info can't be the only option incase it ever goes down.

You can import private keys to all those common wallets like Bitcoin Core, Electrum, MultiBit and Armory. So you shouldn't need to worry about that.

Thank you.