Hi guys, I'm new to this Bitcoin thing. I'm thinking of buying some for my son when he grows older. Have read up about paper wallets cold storage etc. As I'm not looking for something too complicated, I've singled out 2 choices,
1) use breadwallet on my iPhone, generate a recovery phrase and wipe wallet after I copied the public address. Will recover the wallet when I need to use the funds and right after that I'll wipe the wallet again.
2) Use a trezor on an android phone - probably my Samsung phone
What are your thoughts on this? Which is more secure and what are the odds of losing the coins?
Using Trezor with Mycelium wallet on your Android phone is the better option. Your private keys are never exposed. Thanks for the reply. Hmm are private keys exposed while using breadwallet in the way I described? Also, what happens if i lose the trezor or if it breaks? Do i need to buy another one? Your private keys on Breadwallet are encrypted if you use a passphrase but there is malware that can steal private keys and log keystokes. With Trezor your private keys are always offline. When you set up your Trezor you are given a 24 word phrase to write down in order, called your seed. All the bitcoin addresses you will ever use in the wallet are derived from the seed. In effect the seed is your bitcoin. If you lose the Trezor or it breaks just buy a new one and restore from seed. You can also use the seed in Electrum if you want. Most folks who rely on Trezor keep a spare around. |
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Your options on iPhone are limited, and there is no way to use cold storage. You can use Trezor with Mycelium on Android, works great. There is also the option of the Ledger Unplugged NFC card on Android.
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Hi guys, I'm new to this Bitcoin thing. I'm thinking of buying some for my son when he grows older. Have read up about paper wallets cold storage etc. As I'm not looking for something too complicated, I've singled out 2 choices,
1) use breadwallet on my iPhone, generate a recovery phrase and wipe wallet after I copied the public address. Will recover the wallet when I need to use the funds and right after that I'll wipe the wallet again.
2) Use a trezor on an android phone - probably my Samsung phone
What are your thoughts on this? Which is more secure and what are the odds of losing the coins?
Using Trezor with Mycelium wallet on your Android phone is the better option. Your private keys are never exposed. |
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If i had a really big ammount of BTC, i would consider a paper wallet. It is the safest because it is isolated from the computer-world. But you should be ok with trezor, it is very secure and cant "scam" you.
Totally agree with you. A properly printed and store paper wallet will do the job. I am not sure how durable is Trezor. I have some old handphones with the LCD screen burned/melted after using for many years... How about the ones used by Trezor??? Durability is over rated. The Trezor is sturdy enough. Buy a spare in case you trash or lose yours, all you need to do is restore from seed. Realize that the 24 word seed is your bitcoin stash, that is what you seriously protect. Consider the plastic device to be disposable. There are too many stories around about folks spending from paper wallets and losing their bitcoin. Anyone can use a Trezor and after reading the manual not cock it up. Paper wallets should be reserved for bitcoin veterans who understand the limitations. |
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You can always check the balance of your Case Wallet at https://dashboard.choosecase.com/. If you think about it, displaying balance on the device itself may not be desired by all users who prefer to keep that information private. Customer support mentioned to me that a new production run was planned for January 2016. |
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The design and the functionality of the KeepKey Hardware wallet looks beautiful and the interface looks pretty flawless. I'm a little up in the air about justifying it's price tag. I would honestly love to purchase one soon but I kind of wish it was a little cheaper.
KeepKey is a nonstarter for me since it does not work with a phone. The $20 Ledger will keep your bitcoin just as secure and works with Mycelium on Android. I prefer the Trezor for the convenience of the screen, but that is personal preference. |
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Electrum 2.5.4 works fine with Trezor. You have to initialize your Trezor using myTrezor.com first. After that if you want to use Electrum download 2.5.4 portable and save it in a folder on your desktop. I like the portable version for privacy because it does not write to %AppData%.
Connect your Trezor by USB then navigate to the folder you saved Electrum in and click on the application. Then choose create a new wallet and hardware wallet then click next. You will be give the option of Ledger, KeepKey or Trezor. Choose Trezor and click next and you should be good to go. Any hidden wallets you set up at myTrezor.com will also show in Electrum. I think people are trying to recreate wallets rather than creating new ones.
Those instructions looks nice and detailed. But what about someone who is using Linux? Follow the instructions for Linux at https://electrum.org/#download if you run into a problem ThomasV would want to know, just ask in the Electum board here at https://bitcointalk.org/index.php?board=98.0The instructions you sent are for installing electrum on linux. I already have electrum installed this is why I am trying to find why electrum and trezor will not talk or work together. I tried to reinstal the electrum wallet with a install harware wallet option and it only gives an option for installing a ledger wallet not the trezor. I am missing something or  . There is definitely a problem with Electrum 2.5.4 on Linux. Trezor does not show up on the list of supported hardware wallets. There was a workaround published on reddit at https://www.reddit.com/r/TREZOR/comments/2jp9uk/tutorial_install_electrum_20_beta_with_trezor/ tried it and failed. I think it is incumbent on ThomasV to make sure the latest 2.5.4 Electrum works with Trezor on Linux. If dependencies have to be added from the console he should provide instructions. I have no more time to experiment with it myself sorry. |
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Hi Thomas, thanks for the reply. I used a fresh installation of 2.5.4 on Ubuntu, no extra libraries installed and support for Ledger did appear. You really should add some information to your download page letting hardware wallet owners know what libraries will need to be installed for 2.5.4 to work with Trezor on Linux. Getting Electrum to work with Trezor on Linux should not be a chore.
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No. Once set up you cannot again display or extract the seed even with the PIN.
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ThomasV, I confirm that when 2.5.4 is installed on Ubuntu 12.0.4 using easy installation instructions on the download page there is no option to use Trezor. When creating a new wallet > hardware wallet is chosen the only option is Ledger. How to fix please? Thanks!
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Either an outright scam or ponzi scheme.
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Electrum 2.5.4 works fine with Trezor. You have to initialize your Trezor using myTrezor.com first. After that if you want to use Electrum download 2.5.4 portable and save it in a folder on your desktop. I like the portable version for privacy because it does not write to %AppData%.
Connect your Trezor by USB then navigate to the folder you saved Electrum in and click on the application. Then choose create a new wallet and hardware wallet then click next. You will be give the option of Ledger, KeepKey or Trezor. Choose Trezor and click next and you should be good to go. Any hidden wallets you set up at myTrezor.com will also show in Electrum. I think people are trying to recreate wallets rather than creating new ones.
Those instructions looks nice and detailed. But what about someone who is using Linux? Follow the instructions for Linux at https://electrum.org/#download if you run into a problem ThomasV would want to know, just ask in the Electum board here at https://bitcointalk.org/index.php?board=98.0 |
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Quorum? There is no voting for a soft fork. Miners either upgrade their client or do not. In a soft fork, all old nodes can see the new blocks, can still have transactions sent to addresses that they recognize, and can spend their existing coins.
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This is different. All nodes validate rewards, but current nodes do not validate the size of the coinbase script (according to the witness idea at least) and the script can be pretty much anything.
Creating new coins however would be a hardfork, no full node would accept it.
Also the "segregated witness" AKA. the "lets overcomplicate things because we are bankers"-non-solution is stupid.
All it does is destroy completely the beauty of Bitcoin and increases the block size limit to 4 mb ... so just raise the damn limit if that is what we want, don't do this crap.
Luckily there is zero chance of miners backing the witness proposal - many of the miners are even scared to give themselves the power to vote on blocksize! (BIP100)
Miners are conservative and respect Bitcoin because if Bitcoin fails they stand to loose their entire business.
Miners do not have to back SegWit if only a softfork is required. Once a BIP is published and the core developers reach agreement it will be merged into Bitcoin Core and miners will have to live with it. |
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I did something similar for a friend's eshop and i used woocommerce + Bitcoin Payments for WooCommerce ( http://www.bitcoinway.com/products/) It uses electrum wallet only, but no fees at all. It is 100% free but there is a professional edition, too, with some extra settings. Hope you find this helpful. Good luck! Recommend to avoid Bitcoin Payments for WooCommerce plugin. Support is poor and the plugin does not work with the latest version of Electrum. If you want to accept payment direct to your bitcoin wallet CoinSimple works. Prefer a payment processor? Take a good look at Coinify. They are better to work with than Bitpay. |
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I really like the CryptoLabs "Case" is very cool. The look is modern and its very small. But iam still waiting for a smaller Price  Anybody knows a lower Price ? Would be great to know  regards lama-hunter Should know soon. The first batch of 1000 Case wallets sold out so they may not reduce the price. I was told Batch 2 would go on sale in January. |
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Am I the only one who thinks the hardware wallets are extremely overpriced for what they offer? Sure they offer the easiest secure solutions for the moment, but paying around 200 USD for a device that probably costs 10 usd to manufacture is just insane..
Once the wallets become closer to 50 usd, I can see a great market for them.
Well, you do not have to go the luxury route and buy the KeepKey. The Trezor offers more functionality and costs $99. If you are really on a budget you can get a Ledger HW.1 for $20 UPS shipping included. |
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I know that Trezor does not work straight with Electrum 2.5.4 because I have tried it and also when I tried to setup a harware wallet the only option was to create a ledger wallet and this is not the same as a Trezor wallet obviously.
I followed the tutorial on reddit and I got an error and was not able to do complete the instal.
Reading package lists... Error!
E: Encountered a section with no Package: header
E: Problem with MergeList /var/lib/apt/lists/archive.ubuntu.com_ubuntu_dists_trusty_main_i18n_Translation-en
E: The package lists or status file could not be parsed or opened.
I hope people can help because this information is needed and will be needed by many people in the future as the Trezor wallet use grows.
Thank you to any genius who can help!!
Trezor works fine with Electrum 2.5.4 in Windows. I posted the instructions for Windows users here. When I get time I will verify the procedure on Linux. |
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Electrum 2.5.4 works fine with Trezor. You have to initialize your Trezor using myTrezor.com first. After that if you want to use Electrum download 2.5.4 portable and save it in a folder on your desktop. I like the portable version for privacy because it does not write to %AppData%.
Connect your Trezor by USB then navigate to the folder you saved Electrum in and click on the application. Then choose create a new wallet and hardware wallet then click next. You will be give the option of Ledger, KeepKey or Trezor. Choose Trezor and click next and you should be good to go. Any hidden wallets you set up at myTrezor.com will also show in Electrum. I think people are trying to recreate wallets rather than creating new ones.
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Major drawback is KeepKey cannot be used with Mycelium on Android like Trezor. Yes, it looks pretty but for $40 less I can buy two Trezors and have a spare.
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