[General] Bitcoin Wallets - Which, what, why?

[wanderer888]

I've never faced that issue on Electrum, so you're probably doing something wrong... Below the field where you enter your seed phrase, there's an "options button"... Click it, then choose BIP 39 and on the next window ^{[script type and derivation path]} click the "detect existing accounts button" to see if it can find it. If it doesn't find anything and you know the address type, choose the appropriate one to restore your wallet.

I tried to do this, after clicking the "detect existing accounts button" he found the account, probably because I am already logged in to the wallet. As a result, I just switched to my wallet with the same empty balance.

On the console tab of Electrum, use the following command to increase your gap limit:

Code:

wallet.change_gap_limit(DESIRED NUMBER)

I also tried to enter this command, but it just creates new empty wallets.

This is very strange, I always kept records, and I remember for sure that I put bitcoins to the new BTC address that electrum gave me, in the format "bc1...". I have never used any wallets except the two above-mentioned ones. But after 2 years, I go in and don't see this wallet or history. There is a history on the wallet from which the funds were sent. Then how else can you track it? And could the wallet have disappeared/disappeared somehow?

[FatFork]

And could the wallet have disappeared/disappeared somehow?

No, wallet addresses cannot just "disappear" from your wallet. Even after you recover it from the backup seed after many years. Provided you use the same seed and derivation path, of course.

I don't think the gap limit has anything to do with your problem. It's more likely a simple mistake like using the wrong seed or forgetting a passphrase. After two years, it's easy to overlook something.

[wanderer888]

And could the wallet have disappeared/disappeared somehow?

Provided you use the same seed and derivation path, of course.

What do you mean by "same speed and derivation path" and "source code"?  There can definitely be no mistake in the Seed phrase, it is the only one written on the sheet initially.

[FatFork]

And could the wallet have disappeared/disappeared somehow?

Provided you use the same seed and derivation path, of course.

What do you mean by "same speed and derivation path" and "source code"?  There can definitely be no mistake in the Seed phrase, it is the only one written on the sheet initially.

I never mentioned any "speed" so I assume that's a typo. As for the "seed phrase", I trust you know what that means. It's used to generate private keys, which in turn generate public addresses. The derivation path is a specific algorithm used to derive these addresses from the seed phrase. There are wallets (software) that use non-standard derivation paths, also, one seed can generate an unlimited number of wallets and keys, so sometimes it is important to make a note the derivation path when creating a new wallet. To ensure your wallet can be recovered, you must use the exact same seed phrase and derivation path when restoring your wallet.

I have no idea what you mean by "source code" - I never mentioned that either.

If you are sure of your seed phrase, then the problem may be in the derivation path, or you forgot that you used an additional passphrase when creating the wallet. Both of these things will cause completely different wallets (addresses) to be generated with the same seed phrase.

[Cricktor]

Consider to open a separate thread for your wallet recovery issue, maybe in the Electrum wallet section. I don't think it belongs well in this thread here.

This is very strange, I always kept records, and I remember for sure that I put bitcoins to the new BTC address that electrum gave me, in the format "bc1...". I have never used any wallets except the two above-mentioned ones. But after 2 years, I go in and don't see this wallet or history. There is a history on the wallet from which the funds were sent. Then how else can you track it? And could the wallet have disappeared/disappeared somehow?

Let me summarize what we know and you can clear up the facts that might be a bit fuzzy.

You had an Exodus wallet and from what I interpret you imported the recovery words of your Exodus wallet (BIP-39) into an Electrum wallet. Correct? If this was the case and you checked that both wallets in Exodus and Electrum create the same Segwit addresses, then you successfully restored your Exodus wallet as one in Electrum.

Or maybe you didn't import the Exodus wallet into Electrum, but rather created a new Electrum wallet with Electrum mnemonic recovery words (not BIP-39 compatible). You should clarify this!

It's more likely a simple mistake like using the wrong seed or forgetting a passphrase. After two years, it's easy to overlook something.

FatFork refers here that you may have used the wrong mnemonic recovery words AND/OR you forgot that you used a feature called mnemonic passphrase which is like an additional passphrase to the mnemonic recovery words.

If such a mnemonic passphrase is used then any unique mnemonic passphrase creates an unique wallet. Any small error in the mnemonic passphrase creates an empty wallet!

A technical explanation how HD wallets are "constructed" can be found here:
https://learnmeabitcoin.com/technical/keys/hd-wallets/mnemonic-seed/

[AprilioMP]

Correct me if I'm wrong — if we use an open source Bitcoin wallet but after getting the address and seed phrase stored in a waterproof and fireproof place or not damaged by water and fire, the wallet is uninstalled from the mobile device, I think that's one way to use it well. Is it right?

Sounds like you're trying to generate an air-gapped wallet/cold wallet but using a mobile phone to generate the seed, is that right? I'd rather use another device, like a freshly installed/disconnected computer or a live OS to do that instead of a mobile phone. Unless you disconnect your phone, reflash the OS/ROM, and then destroy it I don't think I can feel safe. Might as well buy an open source HW. CMIIW.

What I mean is, for example, there are people who want to use a mobile wallet that supports android or ios that is included in the recommended wallets such as electrum and bluewallet, but the person only installs it on the device to get the address. After getting the address and seed phrase, it is stored in a safe place, then the application is uninstalled. Is that the right way?

Personally, I am the same as you in that I am safer using a hardware wallet.

[Cricktor]

... After getting the address and seed phrase, it is stored in a safe place, then the application is uninstalled. Is that the right way?

If you setup the software wallet on the mobile phone you still expose the mnemonic recovery words on a potentially very unsafe environment. I can't say much about iOS as I'm not interested in the golden fenced fallen fruit products.

App data isolation should be good enough on iOS and Android.

The Electrum Android app does a good job on data entry security as it uses an own specialized built-in keyboard to avoid leaking sensitive data to a potentially malicious keyboard app (doesn't need to be malicious, it's bad enough if it leaks any details a user enters via the installed keyboard app). Any wallet app that uses the installed keyboard app for entry of mnemonic recovery words, I would see as a shame on wallet security.

I don't trust the security of mobile phones when I see the monthly patches and security issues published. And with increased AI shit, it won't get better, for sure.

Watch-only wallets on mobile phones: not much of an issue with that. You can't loose private keys, you can only loose some privacy.

I limit the amount of value in mobile phone wallets that can spend funds to a maximum of very low three digit $$$ value. I won't be happy to loose that, but I could afford it, worst case.

... I am safer using a hardware wallet.

Sure, if someone insists to use more value in a spendable mobile phone wallet, do yourself a favour and get a decent open-source firmware hardware wallet. Much safer than any software wallet (unless properly air-gapped cold software wallet) and definitely worth the expense.

[joniboini]

After getting the address and seed phrase, it is stored in a safe place, then the application is uninstalled. Is that the right way?

Well, I think the security concerns have been mentioned above so you can decide whether that's a good thing to do or not. I don't recommend doing that if you eventually switch to cold storage to store your crypto, might as well use an air-gapped device, to begin with.

i am going to say something totally irrelavent to this topic, i am newbie and there is no guide or straight to the point explanation how to post here or start a new subject,

There is a pinned thread on this sub-board that probably answers most of your questions as a newbie[1]. Check the Meta board too if your question is related to how to post/navigate the forum.

[1] https://bitcointalk.org/index.php?topic=1689727.0

[wanderer888]

You had an Exodus wallet and from what I interpret you imported the recovery words of your Exodus wallet (BIP-39) into an Electrum wallet. Correct? If this was the case and you checked that both wallets in Exodus and Electrum create the same Segwit addresses, then you successfully restored your Exodus wallet as one in Electrum.

You write everything correctly, I restored the wallet (hereinafter: No. 1) using the seed phrase, that is, I saw my wallet with the balance on it. Next, I decided to transfer BTC from a completely different second (No. 2) wallet to the same wallet (No. 1), BUT TO ANOTHER NEW ADDRESS (which I took from the tab in electrum: Addresses) (the transfer was made from an Exodus wallet). The goal was to have all the funds in 1 wallet (No. 1), but at two different addresses, do you understand? And after a while, I log into the wallet via electrum and DO NOT FIND this second address on it, and there is not even a transfer history. Although there is a story about a successful transfer on the second wallet (No. 2) (from which the transfer was made). I have the address to which the transfer was made, I have been tracking its balance on mempool.space all the time, respectively, and the transaction history is also visible there. But in electrum itself, this address and history are nowhere to be found.

[Cricktor]

~~~

I understand what you did. I don't think your topic is well placed in this thread here, consider to open a new thread in Wallet software section or Electrum section.

Do you remember if your Electrum wallet was properly synced, i.e. it showed a green ball in the lower right corner or a blue ball when connected through a proxy?

If the second wallet shows a transaction with a transaction id that you can find as confirmed on mempool.space it means the transaction has happened. Check thoroughly the target address of this transfer to be exactly one of the receiving addresses in your first wallet. If addresses are identical, then it's safe to assume your first wallet in Electrum isn't properly synced. Try changing the Electrum server and see if it makes a difference.

I use my own Electrum server for a reason to connect my wallets to it, so I don't have to rely on foreign Electrum servers.

[vfilchef]

I bought a Trezor hardware wallet and have never used it, but now I need to use it together with Electrum so that I can reuse the same address that I have verified
 see https://bitcointalk.org/index.php?topic=5549192.msg65563515#msg65563515

If possible, please provide guidance on how to sign messages and transactions with the Electrum & Trezor combination, which keys to press on Trezor.

[satscraper]

I believe that when choosing the wallet it’s important to have the general understanding of  "Design, Vulnerabilities, and Security Measures of Cryptocurrency Wallets".

For the long-term storing my main BTC stash I personally use the truly air-gapped Passport Core. It appears to have the ability effectively mitigate risks related to many attacks on wallets.

I highly recommend both this wallet and the article behind the link above.

[SFR10]

hardware like Ledger for security,

It's worth noting that Ledger is no longer considered a good wallet for keeping your funds safe: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
^{- BTW, the only reason why it's still listed in the opening post is due to Lauda no longer being active on this forum!}

[ScienceStudent]

Please which wallet is best for a beginner to use in storing Bitcoin

[Cricktor]

...

Are you too lazy to read the pages of this thread?

First of all, most crypto wallets and particularly Bitcoin wallets don't store any coins. A confusing answer to your question therefore could be: none! But that answer is unfair to a beginner. (Wallets only store the private keys that allow you to sign transactions to move bitcoins. Bitcoins only "live" as unspent transaction outputs on the Bitcoin blockchain.)

I would recommend "lite wallets" like Electrum, Sparrow, Bluewallet. Try to stick to open-source wallets, because only there at least someone has a chance to audit the source code and assess how the wallet operates.

Beware that hot (online) software wallets are vulnerable to malware on poorly secured and operated computers. To increase the security for a software wallet's private keys, you could use a hot (online) watch-only wallet to prepare transactions which are then signed on an offline cold wallet that holds the private keys (this isn't beginner stuff, though).

If you plan to have coins worth low 4-digit dollars I would early recommend to invest in a decent hardware wallet (stay away from the Ledger crap; these pieces of hardware and software shit aren't worth your hard earned money).

I use a BitBox02 and a PiTrezor (the latter more for experiments) and would also buy a Trezor Safe 5 without hesitation. Stuff from Foundation Devices, Seedsigner, Krux wallet and Blockstream Jade are also cool.

[ScienceStudent]

...

Are you too lazy to read the pages of this thread?

My bad, sorry about that i actually read the first page but i was a bit confuse on which one will be suitable for a beginner

I would recommend "lite wallets" like Electrum, Sparrow, Bluewallet. Try to stick to open-source wallets, because only there at least someone has a chance to audit the source code and assess how the wallet operates.

Thanks, I installed the Electrum wallet, i think i like it and i have written down the seed phrases and kept it safe.

[kote777]

...

Are you too lazy to read the pages of this thread?

First of all, most crypto wallets and particularly Bitcoin wallets don't store any coins. A confusing answer to your question therefore could be: none! But that answer is unfair to a beginner. (Wallets only store the private keys that allow you to sign transactions to move bitcoins. Bitcoins only "live" as unspent transaction outputs on the Bitcoin blockchain.)

I would recommend "lite wallets" like Electrum, Sparrow, Bluewallet. Try to stick to open-source wallets, because only there at least someone has a chance to audit the source code and assess how the wallet operates.

Beware that hot (online) software wallets are vulnerable to malware on poorly secured and operated computers. To increase the security for a software wallet's private keys, you could use a hot (online) watch-only wallet to prepare transactions which are then signed on an offline cold wallet that holds the private keys (this isn't beginner stuff, though).

If you plan to have coins worth low 4-digit dollars I would early recommend to invest in a decent hardware wallet (stay away from the Ledger crap; these pieces of hardware and software shit aren't worth your hard earned money).

I use a BitBox02 and a PiTrezor (the latter more for experiments) and would also buy a Trezor Safe 5 without hesitation. Stuff from Foundation Devices, Seedsigner, Krux wallet and Blockstream Jade are also cool.

Could you please explain in more detail the problems and shortcomings of Ledger, and why many users consider it unreliable or disappointing?

[Cricktor]

...

1. Why did you full quote my post? This is in most cases totally unnecessary.

2. There are enough threads about Ledger crap, it shouldn't be too hard for you to search and find them. You could start with a search for "Ledger" in topic's title. It's also a good exercise for a newbie to learn to search the forum, because a lot of things already have been posted, it's just the matter to search and find them.

3. So, no, I won't explain it here just because you're likely too lazy to search on your own for answers. You can use the forum's search (as newbie you're a bit rate-limited there) or you can search at https://ninjastic.space/search where you're not rate-limited and can easily discard search hits or whole topics that don't fit your needs.

Easy hits if you prefer to be spoon-fed  
Avoid Ledger and their Complies Sanction Crap!
Why I wouldn't buy Ledger Nano S ever again?
Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities

[joniboini]

-snip-

You've been here since 2017. I'm surprised you haven't heard about Ledger or read threads about that here. While your rank is still at newbie, I'd expect that happened because of your lack of posting, not necessarily because you're not experienced at all. But anyway, use the search feature as mentioned above.

Thanks, I installed the Electrum wallet, i think i like it and i have written down the seed phrases and kept it safe.

Good to hear that.

[Goodluck overseer]

Hi there! I am a total newbie and I'm trying to choose a wallet now.
Have a question about one of the wallets from the list on the first page, Airbitz.
Did anyone use it? I bought some BTC last week and I am searching for a secure and simple app for mobile.

Edge just like most of the multicurrency wallets are very basic and don't have so many features. If your goal is to simply send and receive then sure, you can go with it.

Even though you're a newbie and you may not be interested in other features like adjustable fees, showing address path, signing messages, etc. I would still suggest looking at Mycelium.

It depends on what you plan to do with your BTC. If you’re just dipping your toes in and want something quick to send/receive, Edge is fine. But if you’re thinking long-term savings, you might want to skip mobile-only wallets and start learning about hardware wallets right away.

I've never faced that issue on Electrum, so you're probably doing something wrong... Below the field where you enter your seed phrase, there's an "options button"... Click it, then choose BIP 39 and on the next window ^{[script type and derivation path]} click the "detect existing accounts button" to see if it can find it. If it doesn't find anything and you know the address type, choose the appropriate one to restore your wallet.

I tried to do this, after clicking the "detect existing accounts button" he found the account, probably because I am already logged in to the wallet. As a result, I just switched to my wallet with the same empty balance.

On the console tab of Electrum, use the following command to increase your gap limit:

Code:

wallet.change_gap_limit(DESIRED NUMBER)

I also tried to enter this command, but it just creates new empty wallets.

This is very strange, I always kept records, and I remember for sure that I put bitcoins to the new BTC address that electrum gave me, in the format "bc1...". I have never used any wallets except the two above-mentioned ones. But after 2 years, I go in and don't see this wallet or history. There is a history on the wallet from which the funds were sent. Then how else can you track it? And could the wallet have disappeared/disappeared somehow?

Hardware wallets are great for long-term, but they do cost money. If you’re not ready to spend $70–$150 on a Ledger or Trezor yet, then sticking with a mobile wallet for small amounts is fine. Just don’t put in more than you’re comfortable losing until you upgrade your security.


[mod note: Merged consecutive post]