Never trust an online wallet, for those who don't know

[kingofbitcoin]

I am using Multibit since my blockchain wallet was hacked even with 2FA enabled, so I guess they are not very secure with private keys. I am using Multibit since almost 6 months, without any problem ,small and big amount.

[HarryKPeters]

I am using Multibit since my blockchain wallet was hacked even with 2FA enabled, so I guess they are not very secure with private keys. I am using Multibit since almost 6 months, without any problem ,small and big amount.

How could that happen? I have my blockchain wallet for over 1.5 year and never had any problems. Their security system is very solid, 2FA wallet identifier etc.
In that perspective it is safer then most exchanges?

[anonymousx]

I am using Multibit since my blockchain wallet was hacked even with 2FA enabled, so I guess they are not very secure with private keys. I am using Multibit since almost 6 months, without any problem ,small and big amount.

How could that happen? I have my blockchain wallet for over 1.5 year and never had any problems. Their security system is very solid, 2FA wallet identifier etc.
In that perspective it is safer then most exchanges?

2FA wont be important, for example if you have a copy of the wallet private keys in your pc or email, they can import it directly without the knowledge of wither u use blockchain or something else, 2FA and password and identifier is a false security feeling.

The real thing is the safest, hard cold paper wallet for big amounts, full core node or at least multibit for pc/mac/linux "small hot wallet", and mycelium on the go, and in all cases keep the 12 words on a paper far away in case your pc or phone burn.

[DarkStar_]

Well i used coinbase for my online wallet and
i dont use offline wallet as i dont know how to use it.
well thanks for the advice though...
but i think using online wallet is just fine as long as
its not so big amounts on it.

That ok for small amount but still, coinbase is the same as paypal, they ban and everything, if you really really need an online wallet use blockchain.info, they don't keep your keys, the version they keep is encrypted and they can't use it, it decrypt on client side for signing with salt from server which makes it impossible for browser extensions to sniff it, it does also have google F2A.

Cons of blockchain.info that you can't restore your password if you forgot it, so make sure to write the 12 words of your seed on a paper and you will be good to go, they can be found on "import/export" tab.

I dont like using blockchain as it has a high transaction fees.
and it takes so long... and also blockchain is always down. thats what i dont like
with it. and yeah.. even in coinbase i can use 2fa and even cp verification in every transaction.
so i think its still safe. but thanks for the information.

What do you mean by high fees?
GO to the custom tab and you can pick a custom fee. (Even 0 btc)

Also, xapo is basically paypal.
Same concept except with bitcoin.

[European Central Bank]

Coinbase and Xapo being the new Paypal is a scary idea but it seems to match the experiences of some people. Those people probably didn't read the terms and conditions, but even so. It's very easy to trust attractive looking services but I'll stick to controlling my own keys.

[anonymousx]

Coinbase and Xapo being the new Paypal is a scary idea but it seems to match the experiences of some people. Those people probably didn't read the terms and conditions, but even so. It's very easy to trust attractive looking services but I'll stick to controlling my own keys.

They are good for cryto community because they make it easier for new people to crypto, their positive side only, but if the new guy get ripped off by bad support that's also a bad thing to the community.

I hope people learn how to manage their own coins in short time after using xapo, getting used to xapo and other services will make the community dump, they wont care about blockchain, they wont care how it works or what is private keys, they will only care about imaginary numbers going from wallet to wallet.

[zivone]

I only use online wallet since I don't know how to use offline wallet. Downloaded bitcoin core but I don't have much time to learn how to use it. Well anyways, I don't have much bitcoin to store for now. If I decided to buy some serious amount of bitcoin then I guess it will be the time for me to learn using offline wallet.

[klf]

I use online wallets for my every day transaction and storing coins because I don't have much knowledge on desktop wallets. In case PC got some issue than don't know how to recover my coins so I depends on online wallets like XAPO, Blockchain and coinbase. I keep my coins in all these three online wallets.

[anonymousx]

I use online wallets for my every day transaction and storing coins because I don't have much knowledge on desktop wallets. In case PC got some issue than don't know how to recover my coins so I depends on online wallets like XAPO, Blockchain and coinbase. I keep my coins in all these three online wallets.

Download multibit, write the 12 words on paper, in the future you can restore it on any pc from that real paper.
and when you decide to learn more about private keys, it's easy!

https://www.youtube.com/watch?v=Lx9zgZCMqXE

also

https://www.youtube.com/watch?v=l9jOJk30eQs

Just remember you don't have to make it complicated, a private key is important you can have it on a paper, whenever you lose your wallet you can sweep it on any wallet.

It can be imported in QT client, multibit, mycelium, blockchain, a private key can be imported anywhere that key is like your password, the password that xapo is keeping away from you, and thats why they own your bitcoins and you have nothing to do about it if they ban your email.

Private key should be owned by you and not shared with anyone!

I hope you learn to use it, take your time and ask around!

[Spoetnik]

Well i used coinbase for my online wallet and
i dont use offline wallet as i dont know how to use it.
well thanks for the advice though...
but i think using online wallet is just fine as long as
its not so big amounts on it.

Google Multibit and install it.. send your coins.
Then copy your Wallet.dat to a USB drive etc or copy out your keys etc.

[a7mos]

I did not use xapo before.
I used coinbase with small amounts and I did not face any problem with it . I know that I do not have any access to my private keys and I can't import private keys either. But they pay the transaction fees and Their exchange is one of the highest volume.

[biggbox]

Blockchain allows users to export their private key and that enables them to load the private key into other desktop clients. At least that is for blockchain wallet. Not sure about the other web wallets.

[amacar2]

I only keep some funds in hot wallet because it is hard to insert private key on mobile. Except that i put all of my coin in multiple cold wallet address with printed copy of them in my cupboard.  

[extrabyte]

Basically people are storing the money to others and they will only release the bitcoin to you if you meet their rules, so becoming ourself the bank then we can decided when and where to spend, i heard also in the past about xapo's "issue" if i can call it.

[BTCBinary]

it is always better for you to hold your coins and have complete control over them, so you need to avoid Webwallets. In the event of having to use one pick up the most trusted like tblockchain.info, and don't hold many coins there.

[Decoded]

I have a savings cold wallet, and a wallet with coinbase that I never have more than a bitcoin in at all times. I know online wallets are hackable, that's why I use a big company like coinbase, so in the event of a large scale hack, it will be usually their fault. And I believe they'll pay me back.


All the rest of my bitcoin though, do into a cold wallet. This is to keep them safe from hackers and most of all, me. I like to Gamble ;3

[roadbits]

it is always better for you to hold your coins and have complete control over them, so you need to avoid Webwallets. In the event of having to use one pick up the most trusted like tblockchain.info, and don't hold many coins there.

Yes, it is good to have our own system to control our money but most of the people now coming to bitcoins may not be having so much technical knowledge on how to use off line wallets and in case of some issues may not be able recover their coins so they prefer to use online wallets. Any online wallet may not be 100% secured but for small amounts should be fine until one familiar with off line wallets.

[teddy5145]

it is always better for you to hold your coins and have complete control over them, so you need to avoid Webwallets. In the event of having to use one pick up the most trusted like tblockchain.info, and don't hold many coins there.

Yes, it is good to have our own system to control our money but most of the people now coming to bitcoins may not be having so much technical knowledge on how to use off line wallets and in case of some issues may not be able recover their coins so they prefer to use online wallets. Any online wallet may not be 100% secured but for small amounts should be fine until one familiar with off line wallets.

And it is our job as Bitcoin user to led our newbie friends to the right path
Using Desktop wallet is really easy and i find it more convenient compared to online ones
Heck, why don't we tell them to use hardware or paper one instead, it is more secure than desktop and online ones
Also, in case of a problem we can recover our coins, wallets like electrum has a seed system so in case you destroyed your wallet.dat you can always recover them easily

[biggbox]

I wonder if online wallet allows user to export their private key, will it still be a concern?

I don't trust xapos wallet because it doesn't allow you to export your private key.

[anonymousx]

I wonder if online wallet allows user to export their private key, will it still be a concern?

I don't trust xapos wallet because it doesn't allow you to export your private key.

Online wallets that allow you to get your private key is better than having XAPO because at least if the website go down you can sweep your key on any wallet such as MyCelium, Multibit classic, or any decentralized real wallet.

Just remember that even if they allow you to export they might still have copy of your key, always keep it for small amounts, try to get used to wallets where you own the private key, if you print and save it on paper you will be safe, being online doesn't mean always you will be forever.