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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 79072 times)
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Lauda
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November 07, 2016, 06:38:00 AM
 #21

So you would always connect it the internet IF ONLY you plan to spend it or resend some funds? (Cold storages)
Correct. You don't need to connect to receive (even though your offline wallet wouldn't show that you've received anything). Experienced users can also mitigate connecting to the internet for sending by creating transactions on offline machines and pushing them via online ones (although I don't recommend attempting this considering your current knowledge). Hopefully this answers your questions. You can PM me directly if you have more questions.


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November 12, 2016, 03:26:57 AM
 #22

Oh it's ok.
I'm a newbie and didn't know all
of this wallet before. Roll Eyes
But I found out a wallet called
"Coinbase"
I'm kinda nervous
why coinbase isn't recommend in
this post?
Is coinbase is good or bad?  Huh
I'm using it..  Smiley
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November 12, 2016, 03:34:21 AM
 #23

Oh it's ok.
I'm a newbie and didn't know all
of this wallet before. Roll Eyes
But I found out a wallet called
"Coinbase"
I'm kinda nervous
why coinbase isn't recommend in
this post?
Is coinbase is good or bad?  Huh
I'm using it..  Smiley
Coinbase is a web wallet. Web wallets are discouraged as you the user are not in control of your Bitcoin, the wallet service is. If the service shuts down or they lock you out of your account, you cannot access your Bitcoin. If the service decides to scam and steals all of the Bitcoin entrusted to them, you have lost your Bitcoin. In general, web wallets, including Coinbase, are not considered good wallets.

Also, Coinbase is known to have shut down accounts that they suspect are being used for gambling. Your money is at their mercy.

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November 20, 2016, 07:02:04 AM
 #24

Greetings,

I am new in bitcoin business, and all that I know, I've learned from various sites, and YT. I am a beginner, and learning step by step. From YT i found out the way that how to open an wallet, and personal accout, and basicly how the all stuff works. Luckely I have stumbled on this forum yesterday, and signed in, and registered in a second. I read some topics of the forum, and only from that I now understand 3%, and realise that I knew 0,01%.

I have opened an account on Blockchain. Is that a good and secure thing to do, and can i use Tor to trade with BC on the youknowwhich web?

Second, I earned some amount of satoshi, that I have on my account, should I consider downloading an hard drive software to keep my earnings offline, because if I understand that is one of the most secure ways to store and keep my BC?

Third, yesterday I found out that there is an equipmet to buy, that earn, and keep in storage your BC, only by connecting them on an WiFi Router, and if it is not a problem, a short info abot that?

And fourth, the las, if it's not a problem, I've heard of an USB drive that is doing something (in its name has somthing 650 or 635?!), and I can't remeber what is it doing or how, but I watched it on YT, and it was connected with Annonymus, of which I am a Fan and supporter, because I believe that the informations and knowlage should bee free, and that could bring only good especially to the Third World countries, in which I'm living in too! A.C.A.B. and New World Order FY! Free Society!  Angry

For a first post there is a lot of questions, but I'm very interested in this, and BC too, because if I understand this currency is not connected with Large Corporation Banks, which are ripping us off, especially here, in the Third World, were we are all under loans with enormus fees, and they are legaly with Gouvernments help ripping us off, legal recetearing (i don't know is this word wrote how it should be written)  Angry

I have some Personal beliefs of all this, that I wrote, I hope You understan, who I am, and in what I believe. Becaouse of that I need help, becausen I'm really interested in all of that I've mentioned, and if You can help me to understand and learn, I promise that I will be a good student    Cheesy

Best Regards to You all!   Smiley

Greetings to the World from Serbia!!! Bre!
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November 20, 2016, 07:18:21 AM
 #25

I have opened an account on Blockchain. Is that a good and secure thing to do, and can i use Tor to trade with BC on the youknowwhich web?
While I disagree with the usage of web wallet (e.g. blockchain.info), you should be able to use ToR to access it.

Second, I earned some amount of satoshi, that I have on my account, should I consider downloading an hard drive software to keep my earnings offline, because if I understand that is one of the most secure ways to store and keep my BC?
Yes. Offline storage is most likely the safest way of keeping your coin. Make sure to encrypt the wallet first though.

Third, yesterday I found out that there is an equipmet to buy, that earn, and keep in storage your BC, only by connecting them on an WiFi Router, and if it is not a problem, a short info abot that?
Not sure what you're talking about, maybe Bitcoin miners? There are profitability calculators online which can help you determine whether or not buying a specific miner is a good call or not.

And fourth, the las, if it's not a problem, I've heard of an USB drive that is doing something (in its name has somthing 650 or 635?!), and I can't remeber what is it doing or how, but I watched it on YT, and it was connected with Annonymus, of which I am a Fan and supporter, because I believe that the informations and knowlage should bee free, and that could bring only good especially to the Third World countries, in which I'm living in too! A.C.A.B. and New World Order FY! Free Society!  Angry
Never heard of it before.

I have some Personal beliefs of all this, that I wrote, I hope You understan, who I am, and in what I believe. Becaouse of that I need help, becausen I'm really interested in all of that I've mentioned, and if You can help me to understand and learn, I promise that I will be a good student    Cheesy
Seeing that you are allegedly from Serbia or know Serbian, I advise you to join the IRC channel #bitcoin-hr and we will help you there faster.

~Lauda


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November 21, 2016, 11:47:54 PM
 #26

Does there really need to be this much analysis tho? I feel you can just choose the mos tpopular one and you'll be fine

I'm a beginner though too :/
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November 22, 2016, 08:18:39 AM
 #27

Does there really need to be this much analysis tho? I feel you can just choose the mos tpopular one and you'll be fine

I'm a beginner though too :/
There are many options and wallet types to choose from depending on your needs. That's why we tried to cover as much as possible. It comes down to security and privacy. If you go with e.g. Electrum, you should be fine.


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November 28, 2016, 04:42:00 PM
 #28

Hi. I would just like to know if you have heard of cases where people's money have been stolen from their wallet. If so how can you avoid this?
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November 28, 2016, 04:50:20 PM
 #29

Hi. I would just like to know if you have heard of cases where people's money have been stolen from their wallet. If so how can you avoid this?
The only way to steal money is if they compromise the target machine/network. To avoid this you need to look into general security advice for computers and network. Read this thread: Beware of Malware: Think Before Acting!. What you could do is:
1) Keep the majority of your coins on an offline machine and only boot it when you need to use them.
2) Split the coins across several different devices (e.g. desktop wallet, mobile wallets) and make sure to use 2FA and encryption where available.


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November 29, 2016, 01:04:57 AM
 #30

Hi. I would just like to know if you have heard of cases where people's money have been stolen from their wallet. If so how can you avoid this?
The only way to steal money is if they compromise the target machine/network. To avoid this you need to look into general security advice for computers and network. Read this thread: Beware of Malware: Think Before Acting!. What you could do is:
1) Keep the majority of your coins on an offline machine and only boot it when you need to use them.
2) Split the coins across several different devices (e.g. desktop wallet, mobile wallets) and make sure to use 2FA and encryption where available.

Another way to keep your coins from being stolen is to use a cold storage wallet.  While they are not a convenient solution for spending bitcoins, they are a great way to keep your coins safe.  With the cold storage keys being generated offline, there is no way for a hacker to get said keys.  But when you want to spend the coins on the cold wallet, you have to upload all the coins in the address as the private key is now possibly compromised.

If you want to save coins for the long term, a cold storage wallet is definitely the solution to go with.

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November 29, 2016, 07:17:09 AM
 #31

Another way to keep your coins from being stolen is to use a cold storage wallet.  While they are not a convenient solution for spending bitcoins, they are a great way to keep your coins safe.  With the cold storage keys being generated offline, there is no way for a hacker to get said keys.  But when you want to spend the coins on the cold wallet, you have to upload all the coins in the address as the private key is now possibly compromised.
While that is most likely going to be the case with the average user, it does not necessarily have to be the case. Depending on the user expertise, it is possibly to create the transaction(s) offline and broadcast them to the network from an online machine. One could say that this is almost a *fool proof* way of using them. Someone could attempt to write a guide for this, however I'd advise that average users do not use it depending on how TXs are crafted.


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December 02, 2016, 11:57:13 AM
 #32

Another way to keep your coins from being stolen is to use a cold storage wallet.  While they are not a convenient solution for spending bitcoins, they are a great way to keep your coins safe.  With the cold storage keys being generated offline, there is no way for a hacker to get said keys.  But when you want to spend the coins on the cold wallet, you have to upload all the coins in the address as the private key is now possibly compromised.
While that is most likely going to be the case with the average user, it does not necessarily have to be the case. Depending on the user expertise, it is possibly to create the transaction(s) offline and broadcast them to the network from an online machine. One could say that this is almost a *fool proof* way of using them. Someone could attempt to write a guide for this, however I'd advise that average users do not use it depending on how TXs are crafted.

I would like to learn about these offline transactions. Is there a link to a thread here that explains it?

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December 02, 2016, 02:45:20 PM
 #33

Good initiative!

Bitcoin Core
.. Bitcoin Core routed through Tor is considered one of the best ways to use Bitcoin privately.
I suggest adding a link to https://www.torproject.org/ to the word "Tor".

Bitcoin.org: Choose your wallet has a good overview too. It does not mention blockchain.info though. You (Lauda) also don't mention it, while it is (one of) the most used wallet(s), so I think it should be in the list, including it's drawbacks or even reasons why not to use it.

I think it would be good to add a section on brain wallets, and the importance of good passwords. Bitaddress.org for instance offers Brain Wallets. It has a warning to use a strong password, but I don't think enough people know that passwords like {1summer2leo3phoebe are not strong enough (source) and can be hacked brute force.

It's the first time I read about OPENDIME. I like the idea, but:
-it costs $12.50 (plus shipping) per piece.
-if this would be used by many people, someone could make fake hardware that verifies okay, making it no better than an expensive paper wallet (I've seen many fake Chinese USB-sticks in the past).
-you don't know if the manufacturer knows the private key. The FAQ explains that OPENDIME can't know the key, but a fake manufacturer could make a compromised fake device.
-if it breaks, you lose your money. I've had normal USB-sticks that stopped working after a few years.
With this in mind, I think OPENDIME is more of a gimmick than a serious wallet, which doesn't fit this list.

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December 02, 2016, 04:31:39 PM
 #34

I would like to learn about these offline transactions. Is there a link to a thread here that explains it?
You have to do your own research for that (not completely relevant to this thread). Here are two links to get you started: Link 1, Link 2.

I suggest adding a link to https://www.torproject.org/ to the word "Tor".
Done, thanks.

Bitcoin.org: Choose your wallet has a good overview too. It does not mention blockchain.info though. You (Lauda) also don't mention it, while it is (one of) the most used wallet(s), so I think it should be in the list, including it's drawbacks or even reasons why not to use it.
I'll think about it.

-if this would be used by many people, someone could make fake hardware that verifies okay, making it no better than an expensive paper wallet (I've seen many fake Chinese USB-sticks in the past).
If your desktop is compromised: Every wallet is not a serious wallet, but a gimmick. If your download is not verified, then your wallet is also a gimmick and so on. This reasoning is inadequate. Buy from the original manufacturer and you're good to go.

-if it breaks, you lose your money. I've had normal USB-sticks that stopped working after a few years.
Same goes for all other hardware wallets. Should I delist all of them? There's no way to determine the average lifespan of an Opendime just yet, unless they ran tests of their own.


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LoyceV
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December 02, 2016, 04:38:52 PM
 #35

Buy from the original manufacturer and you're good to go.
As buyer, I'm good to go indeed, but the receiving party could be several hands down from the buyer.

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Same goes for all other hardware wallets. Should I delist all of them?
Those hardware wallets provide a phrase to restore them, so a defect doesn't mean you lose your money.

Ayc_08
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December 06, 2016, 05:57:29 AM
 #36

Hi guys!
I'm a newbie also and have a question regarding wallets suitable for my phone,i am a windows phone user and right now i am using copay as my wallet for daily transactions,i want to buy bitcoin and store it for future use,what else can i have in my phone to store my bitcoin in a more secure wallet?
Thank's!
shorena
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ALL escrow is signed! https://keybase.io/verify


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December 06, 2016, 08:24:30 AM
 #37

Hi guys!
I'm a newbie also and have a question regarding wallets suitable for my phone,i am a windows phone user and right now i am using copay as my wallet for daily transactions,i want to buy bitcoin and store it for future use,what else can i have in my phone to store my bitcoin in a more secure wallet?
Thank's!

IMHO, dont use a phone for long term storage. They are lost and stolen too easily. If you dont have a desktop/laptop, use a paperwallet.

Edit: typos.

boled
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December 07, 2016, 10:38:53 AM
 #38

im newbie too and my wallet "blockchain" how about this one... blockchain.info, its safe?

C
What is C?

Ayc_08
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December 08, 2016, 10:18:17 AM
 #39

im newbie too and my wallet "blockchain" how about this one... blockchain.info, its safe?
Blockchain is my first wallet that I created,when joined in this forum I read about wallets and realized that there are more secure than blockchain.
moonpie45
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December 13, 2016, 01:36:41 AM
 #40

Custodial Services
Although often called Bitcoin wallets, services like Coinbase and Circle aren’t true Bitcoin wallets. Customers private keys are held by these third party services, meaning users don’t really have control of their money. As Bitcoiners often say: “if you don’t control the keys, you don’t control the coins”. Mt. Gox is an extreme example, but one that illustrates the importance of holding private keys. Gox was the first and largest Bitcoin exchange up until 2013. Thousands of users stored more than 800,000 bitcoins in their Gox accounts.
By default, I think Bitcoin users should strive to be able to be in a situation in which they control their private keys, however many people do not have the expertise to control their bitcoin themselves, as this is something very different then taking care of a yahoo or a gmail account, 2FA will function very differently then what users are used to, storing private keys (including via backups) is a very different process then storing your tax records, and your private keys will probably be the first (and sometimes only) think that some maleware will look for/go after.

In light of the above, I think it is a good idea for many new users to "start out" using services like coinbase (who BTW do not want users to use their service as a wallet) while they can start to understand how Bitcoin works, and the advantages of using Bitcoin, while having more "normal" risks of having their money stolen/lost -- for example if a new device accesses a user's coinbase account, a email link from the same browser session will need to be clicked on in order to authorize that device, and money might get stolen due to theft from coinbase, similarly to how money might get stolen due to paypal going insolvent.

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Armory is the most mature, secure and full featured Bitcoin wallet but it can be technologically intimidating for users. Whether you are an individual storing $1,000 or institution storing $1,000,000,000 this is the most secure option available. Users are in complete control all Bitcoin private keys and can setup a secure offline-signing process in Armory.
I also do not like your use of the word "most" because this word is very subjective. It is also true that Armory is actually catered for "enterprise" type users, and not users who keep "$1,000" of bitcoin in their wallet.
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