Bitcoin Forum

Okay...

So I just moved from a normal QT wallet on my computer to the blockchain wallet.

I have it on my android tablet now, and a backup on google drive.

How secure is it? And how many if you are using it?

~Hamuki :)

Lots, it is probably the most used wallet out there.


There is a long list of people loosing their bitcoins for one reason or another, in one memorable event recently an anonymous user exploited their week key generation and snagged a few hundred bitcoin.  He later gave them back but it was memorable.

EDIT: Here is a link about that memorable event http://dcmagnates.com/blockchain-info-hacker-johoe-returns-255-btc-says-1019-addresses-compromised/

What O_O

Someone stole over 100 BTC and then gave it back? :O

That is the first time I have heard that happen.
He should have gotten a prize for giving them back and pointing out the flaw.

(I do not encourage illegal activity)

Yeah, I just edited my post with a link, here it is http://dcmagnates.com/blockchain-info-hacker-johoe-returns-255-btc-says-1019-addresses-compromised/

Damn..

That is the first BTC hacker I have seen doing something good.
I hope more will follow what he did and point out the flaws instead of exploiting them.

Does it make you think twice about your wallet choice?  I can google up a few more eye openers if you want ;) .

Hahah...

Well, aslong as my wallet is secure, then I dont see a problem..

I got 2 factor security on, with google auth.

But that wont help if my private key is public.

https://github.com/bitcoin/bitcoin.org/pull/663

^^ That is a long list of reasons that your wallet is not as secure as you may think.  It was generated with there was the unanimous dicision bit bitcoin developers to pull it off the bitcoin.org official site.

Still keen on using it?

Wait... What O_O

How secure is this wallet if you look at others like coinbase or my normal QT wallet.

What would you suggest?

I want to have my coins with me. (On phone, Tablet and computer)

Check out this https://bitcoin.org/en/choose-your-wallet

A LOT of thought goes into reviewing those wallets to be included in the bitcoin.org website (that is the "official" bitcoin site).  To be fair though, perfect security is very hard to achieve (if not impossible) and all implementations have drawbacks.  If you click on the wallets you will see their pro's and con's.

Have a good browse and make an informed decision that is right for you.

I just dont get this...

Lets say I keep using the blockchain wallet...

Why should anything happen?
Or is it a hacking attack I should be in fear of?

In the end it is totally up to you, I am not going to make the decision for you but here is an analogy for you;-

If that wallet was a car it has a long history of blowing up and killing everyone inside.

If you would buy a car like that, go ahead, but don't come running to me when you are all exploded and dead :P .

Nothing would happen just make sure you have 2FA + Antivirus and don't visit malicious websites. Or if you have huge amount of Bitcoins use a different PC/Laptop only to access your funds at BC.  :)

A lot can happen, it's not all about the client. blockchain.info always can be hacked even if you have 42FA in your account.

so I suggest at least electrum to use if the user don't want to mess with the gigabytes of blockchain data but using a 3rd party service is a big NO.

Ill take the chance.

You aint living if you arent taking risks! xD

#YOLO..

I might switch to something else later on... :P

Google drive is not as secure as you'd think.
I've heard stories about Dropbox. And Google drive works the same. Really...
At least try to use a cloud that keeps your data encrypted on their servers (Tresorit, Spideroak).

In a perfect world that'd be true, but realistically speaking it's too optimistic.

There's always a delay in the cat-and-mouse game of malware vs antimalware. Sometimes it's days, and sometimes it's months... antimalware is never 100%.

Also, just for the record Blockchain.info's 2FA is almost useless when it comes to protection from malware. It's perhaps useful against online brute-forcing, but that's about it.


Yup, in which case your wallet is only as safe as the strength of your password, so use a really good one (https://dl.dropboxusercontent.com/u/209/zxcvbn/test/index.html) (even less safe if an attacker replaces the JavaScript app with one that steals bitcoin).


Good advice.

It is as secure as their server is secure. Also, you rely on single point (bc.info) so if they fail to provide service you wouldn't be able to spend your coins. (SPoF)

i have always used BC.info its safe enough to keep small funds and can be accessed from almost any device. I also take care and use secure browsers to access my wallet

There are many reasons to avoid Blockchain.info, but to be fair this isn't one of them. As long as you back up your wallet (whenever you create a new receiving address), you can regain access to your funds should they one day disappear.

I use block chain for my small amount of bitcoins. I am sure lots of people do the same.
When thinking of how secure you have to think of a few things. How many bitcoins am I holding? Is it worth it to be extra cautious for this amount? If so then you should first off get rid of the backup on google drive. It is much safer to put the backup on a new flash drive that is cheap then to upload it to the cloud even if it is google. Also blockchain has had multiple cases of people loosing bitcoins. If you are truly concerned about the security of your bitcoins and you have a lot then a paper wallet may be the safest place for you to store the bitcoins.