BTC wallet question (Greenbits wallet)

[lolnapp]

Hi there,
I am new to btc world, I had read some article and decided to use Greenbits app as my BTC wallet.
It is great and simple, however, it is a bit diffenece between my exp with blockchain.info

First, they will provide the new address when I need recieve funds,
just wondering will my 'old' address still work or I need to provide the 'new' address everytime?
like in sign campign, faucets...

Also, upon received the money, I need to wait for 6 confirmations until I can send them out,
but I don't think I need 6 confirmations in blockchain.info, 1 (or zero) can be do.

Is that some of my setting problems? or it is normal for Greenbits?

[jeffthebaker]

Your old addresses will still work, however it is in good practice to use a new address whenever you can.

I don't personally use Greenbit, so I am not sure if the number of confirmations to register a payment can be changed or not. 6 confirmations seems a bit excessive, so I assume it is something that can be screwed around with.

[josephno1]

Actually having 0 or 1 confirmation is a bad idea, especially with 0 confirmations. With all the crap going on with the blockchain, it is recommended to wait for 30 confirmations unless if you are using the latest version of bitcore

[lolnapp]

Your old addresses will still work, however it is in good practice to use a new address whenever you can.

I don't personally use Greenbit, so I am not sure if the number of confirmations to register a payment can be changed or not. 6 confirmations seems a bit excessive, so I assume it is something that can be screwed around with.

Thanks for the clarification above.

But just wondering whats the point to have a 'new' address for everytime receive.
For safety reason?

Actually having 0 or 1 confirmation is a bad idea, especially with 0 confirmations. With all the crap going on with the blockchain, it is recommended to wait for 30 confirmations unless if you are using the latest version of bitcore

1 confirmation still a bad idea? can you please explain more about it?
wait for 30 confirmations !? will it take agaes?
I had wait for the 6 confirmation in ard 1 hour. can't imagine if I need to wait for 30.

[Amph]

Your old addresses will still work, however it is in good practice to use a new address whenever you can.

I don't personally use Greenbit, so I am not sure if the number of confirmations to register a payment can be changed or not. 6 confirmations seems a bit excessive, so I assume it is something that can be screwed around with.

Thanks for the clarification above.

But just wondering whats the point to have a 'new' address for everytime receive.
For safety reason?

Actually having 0 or 1 confirmation is a bad idea, especially with 0 confirmations. With all the crap going on with the blockchain, it is recommended to wait for 30 confirmations unless if you are using the latest version of bitcore

1 confirmation still a bad idea? can you please explain more about it?
wait for 30 confirmations !? will it take agaes?
I had wait for the 6 confirmation in ard 1 hour. can't imagine if I need to wait for 30.

having everytime a new address it help your privacy

if you have the last version of core or from 0.1 if i'm not mistaken you don't need to wait that 30 confirmation thing, it has to do with invalid block on spv client caused from miners

read more on https://bitcoin.org/en/alert/2015-07-04-spv-mining

[jeffthebaker]

Your old addresses will still work, however it is in good practice to use a new address whenever you can.

I don't personally use Greenbit, so I am not sure if the number of confirmations to register a payment can be changed or not. 6 confirmations seems a bit excessive, so I assume it is something that can be screwed around with.

Thanks for the clarification above.

But just wondering whats the point to have a 'new' address for everytime receive.
For safety reason?

Using a different address every transaction helps with anonymity and security. I don't know all the details, but from what I have heard, if you use the same address over and over you become exponentially more at risk for someone to hack into your wallet. I am unsure the logistics of hacking into a wallet, but I would assume that the more you use the same address, the easier it is to track the address to a person, and once a hacker has an identity, they can attempt to steal your passwords that you could use to access your wallet. Do not quote me on this, this is just my educated guess.

[Muhammed Zakir]

Hi there,
I am new to btc world, I had read some article and decided to use Greenbits app as my BTC wallet.
It is great and simple, however, it is a bit diffenece between my exp with blockchain.info

Don't use Blockchain.info wallet.

First, they will provide the new address when I need recieve funds,
just wondering will my 'old' address still work or I need to provide the 'new' address everytime?
like in sign campign, faucets...

I think it will work but I have not tried it yet. Try sending a small amount to one of your old addresses and see if your balance increases.

Also, upon received the money, I need to wait for 6 confirmations until I can send them out,
but I don't think I need 6 confirmations in blockchain.info, 1 (or zero) can be do.

Is that some of my setting problems? or it is normal for Greenbits?

It is good to wait till a transaction get some confirmations. Especially now, I highly recommend you to wait for 30 confirmations or at least, 10.

-snip-

Thanks for the clarification above.

But just wondering whats the point to have a 'new' address for everytime receive.
For safety reason?

Using a different address every transaction helps with anonymity and security. I don't know all the details, but from what I have heard, if you use the same address over and over you become exponentially more at risk for someone to hack into your wallet. I am unsure the logistics of hacking into a wallet, but I would assume that the more you use the same address, the easier it is to track the address to a person, and once a hacker has an identity, they can attempt to steal your passwords that you could use to access your wallet. Do not quote me on this, this is just my educated guess.

Not reusing will also help you from exposing your private key due to low randomness. This mostly happens when using a buggy client.

[MolecularModelling]

Hi, Muhammed Zakir
Why you say:

Don't use Blockchain.info wallet ?!?


there are problem with this wallet?

[jambola2]

Hi, Muhammed Zakir
Why you say:

Don't use Blockchain.info wallet ?!?


there are problem with this wallet?

It's online which means it is not fully in your control.
I don't agree with Muhammed Zakir, I think it is perfectly usable for small amounts.
Use it if you prefer it for convenience, but don't put majority of your funds there. Have a wallet normally installed on your own computer with majority of your funds or a paper wallet or something.

[jeroenn13]

Hi, Muhammed Zakir
Why you say:

Don't use Blockchain.info wallet ?!?


there are problem with this wallet?

There are no problems with blockchain.info
Just make sure you have no malware and the private keys exported.

[Muhammed Zakir]

Hi, Muhammed Zakir
Why you say:

Don't use Blockchain.info wallet ?!?


there are problem with this wallet?

It's online which means it is not fully in your control.
I don't agree with Muhammed Zakir, I think it is perfectly usable for small amounts.
Use it if you prefer it for convenience, but don't put majority of your funds there. Have a wallet normally installed on your own computer with majority of your funds or a paper wallet or something.

Small or big, Bitcoin is Bitcoin. If you really want to use Blockchain.info, you can but never store more than you can afford to loose.

There are no problems with blockchain.info
Just make sure you have no malware and the private keys exported.

There are no problems with Blockchain.info except developers keep pushing buggy codes which results in lot of looses. See https://bitcointalk.org/index.php?topic=1085983.0, for example. Do you think a matured developers would do that? There have been incidents in past and there is no guarantee for no such incidents in future. Please don't recommed things blindly.

[newb4now]

Hi, Muhammed Zakir
Why you say:

Don't use Blockchain.info wallet ?!?


there are problem with this wallet?

They have had major security problems with the past. For example see:
http://cointelegraph.com/news/113093/white-hat-hacker-returns-missing-bitcoins-to-blockchaininfo
http://arstechnica.com/security/2015/05/crypto-flaws-in-blockchain-android-app-sent-bitcoins-to-the-wrong-address/

bitcoin.org even took them off the mobile wallet list because of various concerns