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Author Topic: Which is the most SECURE Bitcoin wallet?  (Read 5163 times)
GODLIKE
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September 20, 2016, 10:51:49 PM
 #21

I have the cheapest hardware wallet Ledger HW.1 and it works like it should and it fulfills all of my needs.

You just have to set up it on Linux or a freshly formatted Windows 10 version for example. It is very convenient to use when at home you are the only one that deals with bitcoin, you can leave it connected in the USB port and none know your PIN except you. This way you can use it just like any desktop wallet.

This is what I plan to do when I get my gaming PC after 2-4 weeks hopefully.

Keeping it in your house is the best scenario if you keep high order (most of the families do keep order in their family) of your house. This is what I am doing and so far it's going pretty well without any problem, I just check occasionally once in every 2-3 days just to make sure my bitcoins are there but I know I am getting paranoiac as bitcoins are there. There's no possibility of stealing if you set it up right.

For me a closed source hardware wallet is the safest bet.

So you didn't read my post throughfully.

But this set apart, what would you do if your house would burn? You would lose the house AND all your BTCs.

And if somebody comes and steal your PC with your hardware wallet plugged in? Wouldn't it be fun? XD

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September 21, 2016, 11:29:19 AM
 #22

Also, you can't ask to all people to become programmers. That's not a viable way to spread Bitcoin into mainstream. Even most coders wouldn't waste time on checking all the wallets' code.

Indeed, I can't, but Bitcoin is all about needing no trust. So if you only trust yourself and want to be safe, that's the way to do it.

Why you say that it's all about trust?
I don't think it is.
MtGox and more examples showed us you can't trust. But I didn't even need those examples. Money is money, and Bitcoin is money.
And humans are still humans. I can't see why you should trust more the Bitcoin scene developers than any other financial institution.
The fact that most Bitcoin people are dreamers hoping in a more free world doesn't mean that robbers won't get into the scene.
Quite the opposite: as it's a pioneers ground, criminals have better land to work.
And even non-criminals could always go down on temptation.
Dreaming is nice, but with money you better keep your eyes open (and your ass well shut! XD)

Yes, that's exactly what I was referring to... In the end it's all about trust, as in you should trust yourself only and Bitcoin gives you that ability (and when you trust others, you might get screwed)
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September 21, 2016, 11:36:51 AM
 #23

I know there are many threads about the BEST Bitcoin wallet, but I don't think that's the right question to ask.
There's no best, but only the one that fits better one's needs.

What I'm looking for, is the best way to protect my BTCs.
What bothers me is the fear that some of the developers could slip a backdoor or a mechanism to steal all the Bitcoins from all the wallets one day.
I know this may look an absurd fear, but still, I don't think it can't be ruled out.
I'm also just out of reading about a bug in the CoPay wallet where using a multisig transaction one could steal all the coins in a wallet, due to a bug. Don't know how old that article was though.

However, the problem is that with banks, our savings are protected: if robbers steal the bank, they have insurance, you always can get your money... at least until the government wants to fuck you up and lock your account, of course.
But in normal conditions, you don't have to think about your savings safety: they are there, you forget about them and no problem about robbery.

With Bitcoin, you are your own bank.
This means that YOU have to make sure your savings are... safe.

Now, a phone app would be ok for me. I could print the seed words and put the paper in my father's strongbox.
But as I wrote here up, I am scared by developers themselves.
I know that most wallets are open source, and anybody can check the code, but still I don't know WHO or IF the code of wallets has been really checked by anybody.
I myself surely can't check it.
My programming skills are very basic and I don't know enough of blockchain functioning to check anything, and I guess the same goes for 99999 people on 100000 on the planet.

So my question is: what is the most secure wallet out there? I suspect it's the Bitcoin Wallet from the Bitcoin Wallet Developers, right?
Still, how can we be sure they are not going to group up and fuck up everything when Bitcoin price will go up?

This in regard to the Bitcoin Wallet.
Switching to "third party" wallets, we have more problems: even though the developers make the code open source, how can I know that they won't one day upload a completely different version to the Store and get my money? Is this a realistic possibility?

With hardware wallets, the problem persists and becomes even worse. Of course hardware wallets can't be open source (I think), so nobody can check what they really do and what's really running in their chip.

Well, I think I made my point clear.
Hope somebody can help me up in choosing the most secure wallet out there.
Thank you in advance!
after a long study of reading your post for most secure wallet . i thought that there is no solution of your problem . i will suggest you just believe and trust upon the official blockchain wallet . because blockchain in most trusted and official holder of btc .


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September 21, 2016, 01:34:03 PM
 #24

So my question is: what is the most secure wallet out there? I suspect it's the Bitcoin Wallet from the Bitcoin Wallet Developers, right?
Still, how can we be sure they are not going to group up and fuck up everything when Bitcoin price will go up?
I believe that it was one of the earlier wallets out there for Android. That being said, Android system is NOT designed to be secure and since most users only use the OEM's OS, it is possible that the OEM had unpatched vulnerabilities or backdoors. Android has proven to be insecure with the bug several years ago that allowed the reuse of the 'K' value and subsequently resulted in many of the user's address being compromised. This wasn't detected since the developers didn't realise that they were using the less random values.
This in regard to the Bitcoin Wallet.
Switching to "third party" wallets, we have more problems: even though the developers make the code open source, how can I know that they won't one day upload a completely different version to the Store and get my money? Is this a realistic possibility?
By default, the app store doesn't update applications automatically so it won't really be a huge problem. However, the problem is with the user installing the app from the app store. The developer can open source the app but place a backdoor in the app store's version which can compromise the user's security. A user should compile the source code themselves and use it if they really value security.
With hardware wallets, the problem persists and becomes even worse. Of course hardware wallets can't be open source (I think), so nobody can check what they really do and what's really running in their chip.
The OSes that are running on many hardware wallets are open sourced and anyone can check it.

But this set apart, what would you do if your house would burn? You would lose the house AND all your BTCs.

And if somebody comes and steal your PC with your hardware wallet plugged in? Wouldn't it be fun? XD
That's why backups are important. If you value your BTCs, you should be keeping secured backups in a diverse geographical location.

I'm pretty sure most hardware wallets can be secured with a pin code.














 

 

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September 21, 2016, 01:38:37 PM
 #25

after a long study of reading your post for most secure wallet . i thought that there is no solution of your problem . i will suggest you just believe and trust upon the official blockchain wallet . because blockchain in most trusted and official holder of btc .
First of all blockchain.info is not the official wallet , It must be Bitcoin Core which is created by Satoshi Nakamoto. But i think there is no such thing as an "official" bitcoin wallet due to the bitcoin is open source and there is no bitcoin company or corporation in bitcoin world, so no one cant declare any wallet to be official, however online wallet it might not secure what if the sites is offline, in my opinion hardware wallet is secure than online wallet.

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September 21, 2016, 03:45:02 PM
 #26

The OSes that are running on many hardware wallets are open sourced and anyone can check it.

You don't get the problem. And you didn't read my post well.
YOU DON'T KNOW WHAT IS FLASHED ON A HARDWARE WALLET WHEN YOU BUY IT, NOR YOU DO KNOW WHAT CODE HAS BEEN COMPILED INTO AN APP WHEN YOU DOWNLOAD IT.
I hope this is clear now.

Neither you can ask the mainstream users to learn coding, flashing hardware, etc.
This is a main point of failure in the Bitcoin system.

Same goes for apps on Google Play: I developed few things for Android in the past.
I could just compile and upload. Voilá: downloadable.
I guess this goes for ANY app. Google can't check thousands of apps submitted every day.
So my scenario is perfectly possible, and again, this is a point of failure that should be looked into... before it's going to happen, I guess.

Now, of course there's no way to be 100% sure about the software or hardware one is using, unless he checks and compiles it himself.
But on the other side, I think there SHOULD be a way to make things more transparent in this regard, or sooner or later some huge amount of value will be stolen this way.
I didn't think deeply into it, but probably wallet developers, starting with the Bitcoin Wallet developers, should put in the works a system to allow people from all the world to check the code RIGHT BEFORE it gets compiled and uploaded to Google Play.
Having the code available is not enough, imo, for the reasons I explained before.
What people must be sure of, is that the Wallet hitting Google Play is safe. The availability of the code as open source doesn't grant anything, apart the option to start a new wallet from that code for free.

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September 30, 2016, 12:13:37 PM
 #27

A Trezor wallet would be the most secure and convenient, however it is expensive. A cold wallet setup is as secure, however is annoying to use regularly and needs a dedicated device to run. The best free setup would be to use a multisig wallet like BitGo.



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October 02, 2016, 02:39:03 PM
 #28

I have the cheapest hardware wallet Ledger HW.1 and it works like it should and it fulfills all of my needs.

You just have to set up it on Linux or a freshly formatted Windows 10 version for example. It is very convenient to use when at home you are the only one that deals with bitcoin, you can leave it connected in the USB port and none know your PIN except you. This way you can use it just like any desktop wallet.

This is what I plan to do when I get my gaming PC after 2-4 weeks hopefully.

Keeping it in your house is the best scenario if you keep high order (most of the families do keep order in their family) of your house. This is what I am doing and so far it's going pretty well without any problem, I just check occasionally once in every 2-3 days just to make sure my bitcoins are there but I know I am getting paranoiac as bitcoins are there. There's no possibility of stealing if you set it up right.

For me a closed source hardware wallet is the safest bet.

So you didn't read my post throughfully.

But this set apart, what would you do if your house would burn? You would lose the house AND all your BTCs.

And if somebody comes and steal your PC with your hardware wallet plugged in? Wouldn't it be fun? XD

In such unlikely event I would buy a new ledger hardware wallet and of course I would have kept a copy of the 24 seed words in a very good encrypted file of word document, encrypted even better in a .rar file.
I would keep such file in my google email account. I have a 65 character password to this RAR file which takes the hacker an eternity to find out. I would restore my wallet via this 24 words seed. Easy peasy.

And no , no one can come and steal my PC with my hardware wallet plugged in in my home. I even have gone with my laptop and hardware wallet to some bars near my home and I have sold bitcoin to a friend of mine.

What you are assuming happens 1.10000000000000000000000000 time, but it's a good thing you want to be sure.
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October 04, 2016, 05:27:39 AM
 #29

Bitcoin core is quite heavy, it will take some time to download it... paper wallets are still some of the safest out there.

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October 07, 2016, 09:17:47 PM
 #30

Well, in the end I decided to buy a Ledger HW1, and put it in the safe box at my father's house.
I decided to lower my paranoid threshold  Cheesy

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October 10, 2016, 03:29:53 AM
 #31

A Bitcoin wallet is only as safe as the focus and attention you put into it. As long as you know how to use Bitcoin like the people in the darknet markets do then I would consider that as safe. Being "safe" is not only about protecting yourself from theft. It also should mean that you are protecting your privacy and hiding your activities well enough to make you truly safe.

       


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