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Author Topic: Wallet security  (Read 2096 times)
Protatoob
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December 15, 2015, 01:46:36 PM
 #1

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?
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BitcoinNewsMagazine
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December 15, 2015, 02:57:30 PM
 #2

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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December 15, 2015, 05:52:56 PM
 #3

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?
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December 15, 2015, 06:41:37 PM
 #4

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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January 11, 2016, 10:15:36 PM
 #5

I use a trezor, sometimes with mycelium, sometimes just the standard web plug in. I've tried core, multibit, armory and all the rest, and so far I like the trezor the best. I don't have a spare around yet, but soon. Wink

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February 14, 2016, 01:56:40 PM
 #6

Trezors seems to be the more safer option to me than breadwallet on iOS.

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February 18, 2016, 06:39:34 PM
 #7

Mycelium for android is great, it comes in both regular and testnet so it's good for developing without risking precious bitcoin. It uses random words as a seed, similar to Trezor
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