Bitcoin Forum

I'm new into crypto currency and was wondering which wallet I should use in terms of security.

I use a desktop wallet, since I can back up the balance.

Websites that are online wallets can lose your balance as its saved on a server. Even though the thought maybe unlikely, I`m just paranoid it can happen.

Desktop wallet are far more secure, well that mostly depends on you, but I use blockchains wallet. It's secure, simple and I'm not changing it. What wallet are you using atm?

I am using poloniex and block.io for now. But I was getting paranoid as my coins starts to grow. Additionally, I was having a trouble to log in on poloniex and my password was (or that's what I think) resetted itself or something.

Storing your coins (especially when you have a significant amount of them) on an exchange is a bad idea, as you don't have the private keys. The exchange could have disappeared at any moment like mtgox, and so it is better to store your coins in a personal wallet.

thank you. I will try blockchain.

Desktop wallets are much secure.. but i still prefer blockchain

I suggest using both.  Have a cold wallet for longterm storage.  Keep it safe and keep bulk of coins there.

And then use a online wallet such as blockchain for daily spend.  You dont want to have to use your cold storage wallet everyday so it can be usefull.

both, online for fast purchases and desktop for your "bank"

Offline.

I would suggest online for purchases and small amounts and cold storage (offline wallet) for savings. you should check out paper wallet. here is guide for paper wallet: http://www.btcguys.us/blog/how-to-create-bitcoin-paper-wallet-tutorial

Remember not to print your private keys on a printer that keeps data in memory. So use a dumb printer for paper wallets.

thanks for the link. gonna try that one too. Now, where can I find a dumb printer now?  ;D

I using online wallet that make me easy to transfer some btc
Can open from my mobile :)
For secure use security 2FA

I use desktop wallet only, and backup my wallet on 2 different drives and store them at 2 different location.

I don't trust ANY online services..

In terms of security, nothing beat Offline wallet, like paper wallet, etc.
For desktop or online wallet, i think desktop is safer cause using desktop wallet means you're having full control of your wallet.



2FA FAQ (http://www.cnet.com/news/two-factor-authentication-what-you-need-to-know-faq/)
I usually use my phone as 2FA, using Authy (https://www.authy.com/) apps.

now that you said that, I feel like being paranoid using online wallet. What is the best desktop wallet?

https://bitcoin.org/en/choose-your-wallet

There's a few desktop wallets to choose from. Electrum I've found the easiest to use (don't have to download blockchain) and Armory for security (paper wallets, multsig etc). Best to do your own research tbh

Desktop, but if you use an online wallet, use blockchain.info

A desktop wallet is always the better option (if you know how to keep your PC clean and safe).
If you don't have the private keys, you don't own those Bitcoins. It's that easy.

Store big buck in your offline wallet like qt and keep it encrypted or a paper wallet.
Gambling money or such that keep in your online wallet like blockchain with 2fa.

Good to know
thanks

I run a couple of faucets and keep enough to keep those going for at least a week in microwallet, outside of that I highly recommend keeping the majority of your funds in a cold storage wallet such as a paper wallet.

am using blockchain now. gotta set-up my desktop wallet soon.

If you have a lot of bitcoins then using Desktop wallet is highly recommended.

If you are just doing small transactions then online wallet like blockchain.info or coinbase are good with 2FA enabled.

You can use Online wallet like blockchain.info with 2fa enabled for very short amount of coins and for day to day transaction. After that comes the desktop wallet, again don't keep too many coins there, and use cold storage for holding the big amounts of coins.

For ex:

I keep about 0.01-0.05 on blockchain.info with 2fa enabled
0.06-0.2 on desktop electrum and anything above that I move to cold storage.

It depends on your needs. If you want to get your btc safe and secure (usually with big amounts), consider using offline wallets. But if you only need the coins for spending (usually with small amounts), consider using online wallets for faster moving of coins.

I prefer to use an online wallet than desktop wallet, more secure and easy to use, you can try blockchain info, you can transfer your bitcoin wallet without having to wait longer, just waiting for some confirmation only, and the cost of the transfer is not too large , I hope you are comfortable typing blockchain.info wear ...  :P

I personally prefer to keep it 80%-20%, 80% offline and 20% online...? when it comes to security offline wallets are lil more secure compared to online wallet but not totally secure , the best level of security one can find is paper wallet. and Don't choose an online wallet without 2fa or you'll regret sooner or later.

It really depends on your definition of online wallets. If the website have full control of your BTC (coinbase, online exchanges), you should try to minimize the use. If the website do not have control over any of your BTC (Blockchain.info), you have lesser chance of losing your BTC. Try to keep a large portion of BTC in a cold storage, small portion of it on online and desktop wallet as they usually will have lesser security.

Online wallets should only be used for small amounts of btc, Circle offers insurance on all deposits but I'd recommend reading all the small print before even considering sending large amounts. Personally I use blockchain.info for spending money and paper wallets for my 'savings'.

depend on what purpose ?
for invest in long time , keep that in desktop wallet.
for gambling ,trading etc use online service.

More safe are desktop wallets  ;D BTC Trezor  ;D

i would say online is better since no sync involved.

but storing longer term would move to desktop then upload on a cloud.

I personally use Online Wallet (blockchain.info) because I'am paranoid and I think my PC will stop at anytime and I will lose my bitcoin if the wallet is on desktop  :-[
But that dosen't change the fact that I think Offline wallets are much better for security.

Always a desktop wallet. I feel much safer having my coins close.

There are thin wallets like Electrum and Multibit in which you don't need to download all the block data.

Whether you are using blockchain.info or a personal wallet on your PC, you could and should create backups of your wallet. With the wallet backups, you won't lose your bitcoin when blockchain.info dies or when your harddisk fails.

I prefer desktop wallet then online, but make sure you have some anti-virus and scan if it has trojan...

Desktop wallet is my choice. No doubt about that.

It's so simple mate , the one you can control ;D obviously Offline Wallets (Desktop wallets)

Anti Virus does not guarantee that you do not get infected by trojan or other virus. There are plenty of fully undetectable viruses which means they cannot be detected. The best method is to verify and build the wallet yourself from source, I wouldn't download the wallet if its not open sourced.

My guide seems a little rushed.. if you could provide some feedback, it would be great!

Since I am paranoid, I am using the desktop wallet. Can't trust anyone with my bitcoin.

Im still setting up that wallet you have provided. Gonna send some feedback as soon as I make it running.

I am using an online wallet for my BTC and Coinbase is good for me this time because of phone verification and email verification :). It is working right now but we cannot believe on any one :P

I choose online wallet because it does not need to download
i use blockchain.info plus 2fa  :)

yeah, blockchain.info is more secure. :)

But you are still putting your money on someone else's wallet. The risk is there..

Blockchain.info wallet is NOT a shared wallet. That means, no one else have control to your wallet except you. The server have no decryption key, if you forget your password and don't have the passphrase for password recovery, your BTC is gone since they have no access to your wallet.

Have you tried it? Did you experienced any problem or the likes? Is it a hassle free transaction?

Still prefer desktop wallet over online wallet. Remember input.io?

I have tried it, so far no problem. :) Make a backup before start using it. Send the backup to your email and one .pdf backup(paper wallet). It would be good. It is best to store it somewhere safe and then delete the email.


Blockchain is different but still offline is better. ::)

   ~~MZ~~

How is block chain diffrent?

Like an offline wallet, you have full access to your wallet incl. private keys.


   ~~MZ~~

Comb. of onlines and electrum + paper wallets of course.

Online wallet and desktop wallet is dangerous, offline wallet is the best..

Online is more flexible, desktop is (with some cautions) more secure

One of bitcoin's selling point is decentralized trust - you don't have to trust anybody.
If you have an online wallet, you need to trust the service provider.  :)

At the moment, Im using blockchain and has no problem using it. I've already set up my desktop wallet and just saving more btc before transferring into it. One more concern is what will happen if my pc gets corrupted?

Hmm, this one caught my attention as I am using just free anti-virus and this would mean I only have limited protection. Now, would this require some programming knowledge? OMG, I hate being a noob but not even sure what open source is.

Having some programming knowledge does help but what you really need is a clean desktop that is free from trojan. Just don't download anything silly and you should be fine..

Open sourced means they allow you to view all the code and ensure that they don't include viruses or wallet stealer. If you don't install anything suspicious, you are fine. It is recommended to change your OS to ubuntu or any other Linux OS. Linux have less known viruses than Windows.

I prefer online Blockchain.info
Easy,fast,secure

sounds good to me, but as you may know, windows is more accessible (at least, from where I am). Anyways, thanks for the great input.


That means I should invest on some good anti-virus then.  :D cheers

Never store your bitcoin on a place that you don't have the private keys.
Blockchain.info or desktop wallets are alright, but the best option (in terms of security) is to get yourself an offline wallet.

Bitcoin Core is the way to go. You contribute one active node to the network. That's very important to the whole btc network.
If everybody runs a lightweight wallet, the network's gonna be more  vulnerable.

Very true, but lightweight wallets do play an important role to new bitcoin users.
It will be extremely hard to get new users to try bitcoin if they must first download 25 GB data and wait for hours (if not days) for the initial sync.

I think now it is way over 25 GB. In next update, 9.10 , this will be fixed. :D

   ~~MZ~~

I prefer online wallet wallet than desktops, due to more flexible wallet online, look more familiar and easy to use, only need a stable internet connection to use it, and of course more to have a high level of security compared to desktop wallet, hopefully this can last longer ...  ;D

Have been using online wallet and no problem so far..

That is only if you port forward 8333 TCP on your router. Most beginners don't bother to do that to become a full node. The network have no use for nodes which goes down often, network needs nodes which are stable and have high uptime.

You may put a small quantity of coins in an online wallet that you use daily, but preserve all the remaining in an offline wallet.

id go for desktop

Same here, have control over your coin feels much better..

Online over desktop cause I dowanna download the whole blockchain, it takes like 100 hours for me..

agreed, take so long to syncronize/download blockchain, i choose simple transaction using online wallet :/

You can use HD wallets like Electrum, MultibitHD(Beta), DarkWallet(Alpha - But its good!) or you can use KryptoKit.

    ~~MZ~~

I'd use Desktop wallet since you have more control on it mate
I'am personally using Electrum at the moment & it's very secure and simple to use ;D I simply like it

Using both desktop wallet and online wallet, just want to spread out my basket..

Seems wise.  But the risk of online wallets are your online provider will be compromised, while the risks of desktop wallet is that your PC will be compromised.  I do like Armory's "Deterministic" wallet however, where if you print out and save the initial seed, you can generate all private keys without having to backup the wallet every so often.  However, storing your coins on your desktop wallet does make you vulnerable to hackers, as evidenced every few days on this site when you get a user who logs in to post, for their first message, "I lost all my bitcoins due to [keyboard logger], [hack], [browser redirect, especially in Tor], etc etc etc".  Seems to me, no offense to diehard believers, that Bitcoin is still in the beta stage maybe even alpha stage.

Bitcoin is neither in Beta stage or Alpha stage. You are mistaken. If you really want a secure one, then you can use hardware wallet like Trezor or BTChip. OR you can use Bither wallet, and use Bither cold wallet on a cheap android device and then send all the BTC into the address generated. Then, install Bither on your mobile(Android or iOS) and select Bither hot wallet. Then just create watch only mode wallet on hot wallet for your Bither cold wallet, then you can make unsigned tx and then scan the barcode with Bither cold wallet and it will sign that tx, then again scan with hot wallet to push tx. Now your private keys isn't compromised here. Now what do you think about BTC?

   ~~MZ~~

If you are unable to store your wallet/private keys safely, it's not a Bitcoin related problem. You fucked up and that doesn't put Bitcoin anywhere. ;)

oh man, just when I think (well, thats what I beleive) that I already know at least 1/2 of bitcoin wallets, you just shattered it man. Now, Im all lost on what you were saying. Back to being noob again :)

Nice setup.  I personally don't like Android as it seems anybody can hack it, and if you lose your 'cheap Android device' you lose your money (like a USB stick--I have picked up an old USB stick from five years ago and found it no longer works).  But your system seems to work.  Nevertheless, I still say BTC is alpha/beta stage.
 

Make a paper wallet and store it at a safe place. True, there was a vulnerability which affected the randomness of the private key last year. It was fixed and the wallet now function well. You can't hack a Android unless you have a internet connection, keep your Android offline and create a wallet, not even the most professional hacker can hack it unless the RNG have vulnerability. I really wouldn't recommend storing bitcoin private keys on electronic devices as they have a huge potential to be damaged easily. Paper wallet are less likely to get damaged however.

Yeah I like the Armory Deterministic Wallet myself:  print and scan the initial seed, password protect the scan, email it to your Gmail, and you're pretty much set with your private keys, never having to backup. 

its ok to keep small amounts in online wallets so that you can easily purchase stuff when away from home. But desktop wallet is a lot better. You can also setup remote access of your desktop wallet so you can always access it wherever there is an internet connection. online is too dodgy...even the most secure exchanges/wallets get hacked from time to time.

Exactly. There are less than 7000 full nodes only now https://getaddr.bitnodes.io/dashboard/
I know that number sounds a lot, but it is indeed not, especially after considering bitcoin has a market cap of 5 billion USD.

Very interesting Mobius7.  I assumed that when I ran Armory, I was a full node.  But you are saying I have to fiddle with my router/firewall as well?  Interesting.  You are right, 7k full nodes is nothing.  I am in a developing country and maybe that's why I always have a hard time loading Armory (takes forever):  not that many nearby nodes.

TonyT

Ahm, how to set up a remote access of my desktop wallet? shall I use some kind of software for it?

In order to run a full node, your client should allow incoming connections rather than just outgoing connections.
I am not sure about Armory, but for bitcoin core, you need to open port 8333 to achieve that.

@klintay : What you saidUsing the pc remotely is a bad method. It is like an online wallet but in a different way. When you access remotely, your access are all synced with server especially thing you type and do with your mouse and keyboard. Even tour privat key can be taken easily. I think you understood what I said! :)

@ARadzi : You can use softwares such as Teamviewer but I suggest you not to set up your wallet in a way above user told it can be accessed with a remote software. :)

   ~~MZ~~

You can use both, bitcoin qt for desktop and blockchain for online, they are the best for me

Thanks for all the reply guys. I have already find what I want without being paranoid on something else. I have choosed to have both online and desktop wallet like the majority here advised. It was really a great help to get advised from you guys. Thanks to all. Cheers.

@Muhammed Zakir, i know what you mean. How about if you are using VPN as well to encrypt data will it offer more protection? What other steps can I take to improve security for the remote access method?

@ARadzi, yeah teamviewer is a good favourite like Muhammed Zakir said but there safety concerns as well.

i think its better to use an online wallet for example blockchain.info
because its much faster then the desktop wallet

the desktop wallet always needs to sync before it can work

but i think a desktop wallet is much safer then the online wallet!

I personnaly prefer desktop wallet like bitcoin core, you are not dependent of one site, you have your wallet on YOUR computer, I think this is an important advantage !

Desktop wallet. Mostly because you're at the mercy of the the service provider if you use an online wallet. But you have to be careful about security and make sure to backup so you don't lose your coins.

Prefer online wallet but spread out a few online wallet so you won't lose everything...

go with a desktop wallet.  :)

I like online wallet like coinbase or blockchain as I don't have much bitcoins to be afraid of stealing.

Agree, if you have a lot then desktop or cold storage is the way to go...

Not necessarily. There are thin desktop wallets like Electrum that don't require you to download the full blockchain but just the block headers.

Yeah, but most people only trust bitcoin-qt...

Yes, it will improve security. But it is just better to avoid it! ::)


;)

   ~~MZ~~

online wallets can be more anonymous, since you can create them using tor.

it is harder to do that using desktop wallets

Desktops wallets would offer a more secure wallet. Online wallets most of the time depend on a thrid party and is risky. But it is great for small amounts.

cold storage, aka a computer that you clean (format, rootkit removal etc), a fresh install, the wallet, encrypt the key, connect to the network, transfer from the source, disconnect. End. But I am a noob too, so there maybe better other ways, but online, you may be goxed:D. And to be goxed ain't cool!

It is not that hard.
You can use the argument -onion=<ip:port> for bitcoin core (https://en.bitcoin.it/wiki/Running_Bitcoin) and use the Tor server in https://bitcointalk.org/index.php?topic=113116.40 for Electrum.

The both are nice, desktop wallet is in your computer and its seems maybe more safe but its only impression, online wallet in also good.
Its just a question of preferance.

If you are not going to have much and you are going to use it,online wallet is ok
but if you want to keep it and your are going to have good amounts,desktop wallets

It depends on the use you are gonna do with your Bitcoins.

If you plan to hold them for a long period of time, the best thing is to download a desktop wallet like Electrum or Greenaddress and put them in a USB device.
If you wanna trade  and use your Bitcoins to buy online or offline maybe is better an online wallet like blockchain.info.

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Desktop wallet. Ive read something that online wallet is not safe as you think it is.

I use blockchain and is perfect for me. You can get wallet back ups also. It's my perfect choice. But you should still stay safe. Maybe use a sandboxed Web browser when using the online wallet

Agree, but you need to secure your desktop wallet too..

Desktop wallet they said is more safer compared to online wallet

I am currently using online wallet, is it advisable or not?

Depends which one and how safe you are with it. I like to use blockchain.info for money I will be spending frequently and have a desktop wallet on a safe computer for my savings.

A desktop wallet is generally going to be more secure then an online wallet, as you will generally have access to your private keys with a desktop wallet while you will not with an online wallet (blockchain.info being the exception to this - however blockchain does have it's own vulnerabilities)

If you were to use an "offline" wallet (eg cold storage) then your money will be much safer then either an online wallet or a desktop wallet, however you do have your own risks of not being able to access your money if you backup your wallet in too of an "exotic" fashion

desktop is more secure

in terms of security ? that would be Offline wallets , I recommend Electrum ;)
or you can use Hardware wallet .

A lot people lost their bitcoin from desktop wallet..

one thing that makes me paranoid to put it all in one wallet. any other suggestion?

You can create a cold storage wallet and transfer majority of your funds offline (60-90%) and make a desktop wallet with small percentage of coins enough for day use. It should be secure enough as long as you don't download and run softwares that are suspicious.

Use online wallets only for small sums, and keep the coins in there minimal amount of time. And watch out for online wallet scams, not all are legit.

Software wallet is a safe thing, or try paper and brain wallet if you're too paranoid.

Make paper wallets and store them in a safe box. Use several different addresses.

Brainwallet is a pretty bad idea IMO, as your brainwallet passphrase need to be long and random to be safe but human brain isn't good at producing random strings.

If you are going to store the several paper wallets in the same place (in your example, a safe box), it won't provide extra security. You either lose all your bitcoin in your several wallets, or you don't lose any of your bitcoin.

To make the paper wallets even more safe, you can employ BIP38 encryption (you need not only the paper wallet but also a password to spend the bitcoin) or create a m-of-n wallet and store them in different places (you need to have at least m different pieces out of a total of n pieces to spend the bitcoin).

Online wallet like blockchain.info

That isn't a good idea, IMO. Because if we didn't get m paper wallets, then everything will go. It is better to save BTC in different wallets and put it in different places. So even if 1 or 2 get lost, we can get the remaining ones. ::) :)

   ~~MZ~~

Currently, there is only one wallet like blockchain.info . ::)

   ~~MZ~~

No there are many online wallets but blockchain.info is the only trusted one and the longest running.....online wallets can be found inside coinbase too which is used by many just for hot wallets and not actually trading.

I think you misinterpreted it, wallets like blockchain.info do not store the user's private key and allow the user's to control their own private key instead of sending them all to one shared wallet like coinbase, giving the user no control over their coins as they have no private key.