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When you wish to sign a transaction, it is sent to the hardware wallet that signs it WITHIN itself, so the keys never leave it. Many have a screen to also show what address the transaction was signed for. Ledger do ship to most countries.
The multisig vault is not the holy grail but this does encrypt a shared key with a passphrase that is sent to your machine for decryption to be signed along with coinbase's key. The printed user key can be given to coinbase if you forget your passphrase. You can use the user key with your passphrase to decrypt it without coinbase. Privacy levels are lower with coinbase and these do differ from their normal 'vaults'.
I will admit coinbase stopped working for ages and their support went quiet and I could not decrypt my vault for ages, I got fed up and used the printed encrypted shared key and user key to move my coins after two weeks of waiting.
Hardware wallets are the way forward and I think in some ways they are more secure than a paper wallet as they are useless to anyone finding them, the handwritten seed (Stored in multiple locations) can act as a defacto 'paper' wallet and is easier to import!
A wallet such as trezor and ledger nano S are as good as an offline system in my book and more secure than a paper wallet for the reasons described in the post above me for security and Ledger HW 1 is a close contender, equal to the first two when used with a smartphone as a second factor screen. I say close because advanced malware after 10 or so transactions could decipher enough of the security card to bypass it. The ones with a screen or after the smartphone is set up bypass this vulnerability.
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They won't disappoint! Write multiple copies of the seed after set up and store them securely, and you're golden!
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This should be sticky, I have been reading of too many cases of loss of funds. For anything more than daily change, hardware wallets are a no brainer. This article is why: http://betbybitcoin.com/protecting-your-bitcoin-holdings-betbybitcoin-special/This article is exclusive, but the information it contains is so important and while I spend so much time emphasizing security here, I feel it is a must to follow this advice. If anyone does wish to buy a hardware wallet, do use the link in my sig  As I do get commission for it. I do not expect any donations but if your going to order one anyway I wouldn't say no to a commissioned sale! Please, please give this a read and make up your own minds. I have presented hyperlinks of real situations in this article. It is so important. The cheapest Hardware wallet is less than £20, coinbase multi sig vault is FREE minus one or more paper printouts of the shared and user key. It is worth the investment. And not just limited to Bitcoin. |
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For small payments this is where the lightning network or even Litecoin would be good for. I have switched to LTC with a couple of my clients because of the TX fee problem in BTC, as we transact across borders we use cryptocurrency heavily!
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I have used ledger products and have been impressed. Ledger Nano or Trezor should be equal, I prefer ledger just for the preferred product shape. I read somewhere keepkey has a small vulnerability but don't count me on it as I did not verify the information.
Just store multiple copies of the seed SAFELY or maybe even load the same seed onto multiple ones then your golden!
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I never had that many coins in my wallet, to lose them due to trojan infection. Also, never stored any of my coins in my laptop or mobile. I have always used Blockchain.info to store my coins. That eliminates the risk of losing coins as a result of virus infection.
Using online wallet... HW wallets for the win, online wallets are asking for trouble I was infected by something that nabs coins but was saved due to the use of hardware wallets which act as a trusted device to sign transactions within them. |
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definitely keep your private keys squirreled away! Keep a backup of them
Maybe show him that there are debit cards visa and mastercard such as wirex for Bitcoin now...
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First off I'd like to say that I'm impressed that this topic has brought in legendaries like yourself Philipma, Kano, and johnybravo to comment, very exciting  And I'm not saying that I know more than you guys, because I'm nowhere in the realm when it comes to writing code etc, I just wouldn't know where to start. I'm simply hosting a p2pool node near westhash for people who would like to rent from there to mine on p2pool and need a node that's close since latencies are very important on p2pool. And I do agree that it's possible that nice/westhash has block withholders even though I can't prove it either even after spending 877btc using their service, in time of bad luck it always makes you wonder. https://blockchain.info/address/3PvtPj8Zk2fGTjKfSNjjbxMGVfi6U52GW8However I do disagree that changing the address that I'm mining to won't affect my luck whether that is for the better or worse. Here's why. If I mine to the same address I can expect some very lucky blocks and some very unlucky blocks, I don't remember if it was Kano or CK who said that after 100 blocks you should be at or near 100℅, I think it was Kano who said that when he was taking about nicehash withholding blocks. But one of those two said that before. So, with that said, if nicehash isn't withholding blocks then I can expect very close to 100℅ return after 100 blocks mining to the same address, doesn't it make sense then that if I change addresses after each block is found that after 100 blocks my average could just as likely be 0 as it could be 1000? And that it will be determined partly by my luck as to which addresses I picked and at what time I chose to use them? I know the prohashing forums have also mentioned symptoms from nicehash of abnormally low 'luck' describing how shares that found blocks were not submitted https://forums.prohashing.com/viewtopic.php?t=968&start=10 |
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Desktop wallets are good for say £1 - £50, anything higher, hardware wallet. It is simply a no brainer
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I am glad it only took a loss of 0.01 to learn the lesson and not thousands. DO NOT USE ONLINE WALLETS!!!!! I mean it from the bottom of my heart and soul. Unless YOU are the only one with the private keys you are using to sign, they are not their coins. Maybe its due to all the scorpio in my zodiac chart, but I do not handle the risk well of anyone else holding my private keys for any reason. If I transfer funds to my bitcoin debit card, I do it in small lots at a time. For long term storage: Use either 1. If you must use online, a coinbase multisig vault, remember your passphrase and keep the paper backup of the vault safe. You still have control of the keys due to the multisig set up. Plus with the paper backup user key + shared key coinbase can use the user key to restore your vault without your passphrase by combining with their key (it is a 2 of 3 multisig). If they go bust, then use the user key and shared encrypted key outside of coinbase to move your coins. If they are hacked, they wont have your shared key due to the passphrase encrypting it which coinbase servers never see. 2. A ledger HW1 wallet (£20) keep the seed safe as its your backup, set it up on a trusted computer only! and no malware can get at the keys they are stored inside the device. The seed has saved my bacon once, treat it like a 'paper' wallet and have multiple copies stored securely. 3. A TREZOR Wallet (£80) same thing, with a screen authenticator 4. Electrum Multisig using a HW wallet to sign, or the 2FA electrum wallet. 5. A paper wallet (more inconvenient) DO NOT FOR ANY LARGE AMOUNTS OF BTC USE AN ONLINE OR BASIC DESKTOP WALLET! I use a ledger wallet, I add the addresses as a watch address in electrum so I can just send money to it easy without having to plug it in and I only plug it in when I want to send funds from it, and use an electrum wallet for a 'hot' wallet. Hardware wallets are the way, seriously. Even better than paper wallets in my opinion as you can store multiples with the same seed, and the seed acts as a 'paper' wallet in and of itself. I beg of anyone reading this, hardware wallet. (Ledger, Trezor), I implore you! The more people do this, the harder it is for a hacker to steal hard earned funds... Do not use a black arrow hardware wallet, probably has a backdoor in it after what they did to their customers... https://bitcointalk.org/index.php?topic=1455319.40Use of 2FA for exchange accounts, multisig vault in the case of coinbase and HW wallets (as I signed transactions while infected before I realized), saved my bacon, I am not kidding, for me it was so much money, money I later cashed out and used move in with my partner I am now engaged to. I am considering asking the bitcoin core developers to add recommendations like this in the documentation, its time this bull ended now and it could be greatly reduced if such measures are taken, yes we shouldn't have to do it but it is better to do it... I use a non HW wallet (electrum) to handle small amounts of daily change from the pool and every week or so I move it to my HW wallets. I use my same hot wallet electrum seed on both the mobile app and the desktop app so I have fluid access to my funds on my devices when I need it the most but I do not keep more than like £40 on one of these, encrypted with a passphrase! If I needed more and I was stranded somewhere, the ledger wallet can be used on any machine with google chrome without admin access if you can install the extension or with the USB adapter. |
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Is it just me or are the PCI-E ports browned on that?!
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Just so you are aware, scrypt can be mined with an ASIC, I happen to have one that can mine with 300 MH/s.
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Wouldn't it be better for exchanges to store user's funds in such a way that the private keys for the users own coins on their server are encrypted and bound by their login password or a separate passphrase (an option that is higher security but means passwords must be recorded, if a multisig config is used the exchange can refuse to sign with its key until a 2FA key is presented if enabled), but then to further refine it the person can also download a backup of their private keys to store offline, the exchange queries when the wallet balance has been moved when the user logs in or tries to do something else so it cannot be used once withdrawn. Or a solution like the coinbase multisig vault uses, the exchange stores the users funds with an encrypted shared key with a passphrase, a key the exchange has, and a backup user key that can be combined with the exchanges key to recover a forgotten passphrase, and also enables funds to be recovered if the exchange goes bust... Something like the above solution(s)
That would prevent 1. an exchange going bust and taking all the money unless they somehow put in code to capture passphrases for the shared key (an ideal system would be to decrypt and generate this key on the client machine)
2. Prevent hacks like this rather than keeping loads of funds in a single hot wallet.
3. Give the users more control over their coins.
Coinbase used a set up like this and I spent weeks trying to get them to fix a decryption issue with the vault during the price rise after the halving, in the end I got fed up and just used the user key and shared key to move my coins and it took ages to get a response from them, having control of my coins rather than waiting weeks to spend them was nice : )
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Litecoin is a good coin. Its price has been STABLE, not a pump and dump and a quick profit potential for trading, I think highly of LTC. Bringing up LTC in this section is usually one way to bring out the people who want a quick profit trading and have no value in the fact these currencies are stable as fuck, that is what you NEED in a currency. I feel safer storing holdings in it than Bitcoin due to less volatility in the price. I am recently receiving some client payments in LTC over BTC due to the TX fee problem.
Jacob
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I am into alts for fun minus LTC and monero which I think has value... love alts so much I made BST (bullshitcoin), which like BTC / LTC - SHT / BST. SHT is the mother of all altcoins, BST is like the forgotten stepchild SHT is my favourite altcoin, I still think it is the shit. Most altcoins are poo |
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Isn't a soft fork the better option for all concerned? Or am I missing anything?
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There was a lady that when I was 14 I did some cassette tape transfers for. I kept in touch with her now and again for a few years. I remembered her today as people rarely used to see her and I had a chat with her so she would know that someone was appreciating her...
She was so emotionally overwhelmed, this lonely lady who has no clue how to use any technology save the landline phone and TV she has. At the age of 14 (I am 22 now) I sorted out a scammer repairman who tried to trick her that her 1981 tumble dryer was broken beyond repair as it stopped working to try and get her to buy one from him, he nearly succeeded until I suggested a change of the plug fuse and I mentioned that he should never come back to her house... This tumble dryer functioned from 2009 to 2 months ago when the motor finally gave out she told me!
Well this lady was so emotionally overwhelmed, she confided in me that she is struggling to complete day to day tasks but is determined not to enter a care home, she wishes to succumb in her own home when she is ready and I am thinking of offering to help her do some tasks to fulfil that wish... Even if it means getting the train from my city to my old town which is not too far.
I am someone who believes in utmost compassion, spiritual love and service to others and I have very stable emotions and can sometimes come across as a harsh (people need only read my posts on here to figure that out) no BS person with emotions that rarely run away with me after years of spiritual practice although I feel great empathy and respect for things, but omg hearing this lady almost in tears has just set me off... Spent 10 minutes of my time today just crying my eyes out, the sense of compassion is overwhelming...
On Christmas eve this lady gave a smile, someone who spent years of her life devoted to charitable causes... She knew the value of service to others very well... As I understand from my spirit guides, at least 51% or greater STO is needed to polarize to a light polarity... being pagan with a respect for nature and all things... This lady also has no problem with me being gay despite her age, and loved that I am now engaged to my partner with the presenting of a pocket watch... This lady stated she loved wind up clocks and watches, which has given me an idea to gift her one : )
This lady will not pass away in a care home if I have something to do with it... The smile from her today is something I will not forget, makes me glad I fished her number from years old backups...
I am just overwhelmed right now....
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I travel around a lot, and in the eastern world, 512 kbps to 2mbps are common maximum speeds.
Those who live in western countries have come to take it for granted... South korea is an exception...
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Segwit is the only decent solution.
Purists want to keep 1 MB blocks = Madness if bitcoin has a future outside of an investment
Some want a one time increase = band-aid
Some want unlimited blocks = Insane propagation times, blocks of several hunded megabytes if transaction volume approaches that of visa and mastercard - Madness
Segwit = Best solution to the problem, allowing bi directional payment channels, for those who don't like it they can still use the main chain without doing so and it is a soft fork unlike any of the other solutions! I am someone who heavily researches world conspiracies and finds my own truth in the matter and rejects bullcrap, and after doing much digging and hours of reading and research on different areas, I feel the core developers do have the best solution in my opinion if it is to be used as a currency.
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