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Author Topic: Why store Bitcoins remotely?  (Read 1678 times)
optionstalker
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June 12, 2011, 07:40:03 PM
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Very happy to see so many people trying to create new services out there. This is what will establish the Bitcoin economy. I was wondering about Instawallet type services. What benefit is there to storing Bitcoins on someone else's server that could potentially be hacked. The benefit of accessing your wallet from anywhere seems negated by the fact that the security is based on a unique URL which would be potentially saved in any computer you use.

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nybitcoin
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June 12, 2011, 07:44:13 PM
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I refuse to use such services due to the facts that you just pointed out.  Also to the fact that they could just *disappear* one day with all of the bitcoins with the wallet files.

I keep my wallet file encrypted on a flash drive. however i also have a second wallet for my trading.  I wouldn't trust these sites as far as i can throw them.
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June 12, 2011, 07:57:47 PM
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All true about trust. However I think these services are going to take off anyway. Imaging the ability to pay for things with your phone or from any computer. That is their best application. Maybe in the future people will keep a few coins in an online wallet and their main bitwealth on a USB drive?

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nybitcoin
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June 12, 2011, 08:03:55 PM
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^^^ yes completely agreed.  Keeping a small amount on an internet and then the rest on a secure platform would be the best option.  In order to limit the amount of viable assets that could be stolen.
Namegduf
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June 12, 2011, 08:16:53 PM
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It's a very risky move for sure, the risk doesn't outweigh the security that they promise -- infact i think the security is even worse than just using your wallet file
phillipsjk
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June 12, 2011, 08:34:42 PM
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The benefit of an online wallet is that they can act as a payment processor offering "Instant" transactions. Real Bitcoin transactions are not generally fully trusted for 120 blocks, or about 20 hours on average. Even if the transaction is conditionally accepted after 1 block, you still have to wait about 10 minutes.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
smackdaddy
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June 12, 2011, 08:37:42 PM
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I make a daily backup of my wallet file. I suspect people who use online wallets cringe at the thought of setting up a simple backup batch file.

hawk196
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June 12, 2011, 09:18:32 PM
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How can we trust online wallets that's my question. I mean, how do I know who runs those sites and what they're doing with my coins? I dunno - seems risky to me!
Crazy
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June 12, 2011, 10:08:40 PM
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It is risky, but so was storing your cash in banks before reputable banks came into place. And before FDIC insurance, it was even more of a risk. It would be interesting to see if such a system came into place, but at this point there isn't anything that has such a strong reputation. Some people will need to make the leap of faith to get the ball rolling, but it won't be me.

Besides, storage resources are cheap in today's market. Back it up on several flash drives and you'll be fine.
optionstalker
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June 13, 2011, 03:59:25 AM
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I created a small necklace for my USB drive. They'll have to rip it from my cold, dead hands....
BitQuestr (BitCoinWorldMarket)
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June 13, 2011, 04:18:12 AM
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Honestly after what I went through lastnight almost losing my entire savings of bitcoins when backing it up i'd say the appeal for having an online account is very strong.

They won't be in business long if people get wind of them scamming people and likely an online account is more secure for people very new to bitcoin with only medium computer skills.

I sent some bitcoin to a friend as a gift and honestly it is easier to tell her to get an account at mybitcoin.com then tell her how to create encrypted backups.

darkgamer
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June 13, 2011, 07:20:07 AM
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The benefits of having an ewallet would be in places where you might not want to run the software. I.e a library or school and even hotels. I wouldn't put more than your wiling to lose into one but it makes things convenient. I could go on a trip and have some bitcoin in my ewallet then if I run out I can western union myself money.
Alik
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June 13, 2011, 07:24:15 AM
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How can we trust online wallets that's my question. I mean, how do I know who runs those sites and what they're doing with my coins? I dunno - seems risky to me!

I think it's the same reason people started using bitcoin in the first place. Good reputation with solid principles. Only time will weed out the mongers.
Alex Beckenham
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June 13, 2011, 07:47:46 AM
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You don't strictly have to choose one or the other... eg. Keep 99% under your control, and 1% on some online service.

Even though my main wallet is at home, I still have some small change in a number of different places online. (Although I absolutely won't use mybitcoin.com as their customer service is non-existant).

vegasbitcoin
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June 13, 2011, 08:00:02 AM
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To me what's different now? You use a bank?

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demoncrest
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June 13, 2011, 08:11:02 AM
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To me what's different now? You use a bank?

something like www.mybitcoin.com people are talking about I'm assuming?
vegasbitcoin
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June 13, 2011, 08:12:09 AM
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Yes but I feel like folks worry to much. If someone wants to take your stuff they will find a way. I say practice positive mind control.Smiley

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ovoskeuiks
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June 13, 2011, 08:19:04 AM
 #18

Wonder how many bitcoins will get lost on flash drives...
denome
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July 08, 2011, 04:22:51 PM
 #19

Hello!

If you want to use your bitcoin client or wallet remotely, you can setup a VNC server on your computer and access your desktop from your phone or another computer.

Here's a guide for that.

http://www.youtube.com/watch?v=d12jq_8Sjho
mtbitcoin
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July 08, 2011, 05:01:44 PM
 #20

Ease of use or for performing transactions while on the go from remote locations

EtherScan::Ethereum Block Explorer | BlockScan::Counterparty Block Explorer
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