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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 69478 times)
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OmegaStarScream
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October 19, 2017, 05:19:07 PM
 #221

Sir how can we Secure our token from the Hackers can you please if we have a ether wallet if it safe from hacking?? thank you... Huh Smiley

If it's a web wallet like Myetherwallet or a downloadable software then It's safe as long as your PC don't contain any malware. If you have a big amount, I'd suggest going with a hardware wallet.

@Lauda You may want to consider removing Multibit HD as KeepKey dropped the project and no one is maintaining it anymore.

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October 19, 2017, 05:56:50 PM
 #222

If it's a web wallet like Myetherwallet or a downloadable software then It's safe as long as your PC don't contain any malware. If you have a big amount, I'd suggest going with a hardware wallet.
Don't answer altcoin questions or questions that seem very generic as those will be removed.

@Lauda You may want to consider removing Multibit HD as KeepKey dropped the project and no one is maintaining it anymore.
Done. Can you post a source of some statement if such exists? I'd like to read up on it.


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October 19, 2017, 06:10:37 PM
 #223

Done. Can you post a source of some statement if such exists? I'd like to read up on it.

You can check the GitHub repository or their blog (same posts).

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October 24, 2017, 11:47:11 AM
 #224

Thank you for this interessting Information!
But I got a question.
Im a Beginner as u can see, so I dont know that much about Wallets.
I want to use a Wallet on my IPhone but i dont know wich one.
Can you tell me which one is the "best" or easy to understand?

Thank you  Smiley

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October 24, 2017, 11:52:36 AM
 #225

Thank you for this interessting Information!
But I got a question.
Im a Beginner as u can see, so I dont know that much about Wallets.
I want to use a Wallet on my IPhone but i dont know wich one.
Can you tell me which one is the "best" or easy to understand?

Thank you  Smiley



The OP lists the iOS wallets. If I had to choose, I'd go with Breadwallet because it's the most popular among the community.

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October 26, 2017, 05:28:32 PM
 #226

Thank you all. I've spent a couple of hours to read carefully this thread and I understand now the importance of having a good and safe wallet.
I am a professional trader and, of course, I've been interested in trading cryptocurrencies lately. I read some books and signed up for a course
to know more and start trading. Almost everyone suggested coinbase so I ended up creating my wallet on coinbase  Sad
The good thing is that, being a beginner, I only deposited a small amount of money to practice. Now I want to follow one of these options:
- paper wallet
- hardware (in this case can you advice ledger nano s or trezor?)
- software wallet on an offline computer. For this one, if the computer stops working, can I download the software with another laptop, enter my credentials and get back my coins?

Then, since I'm mainly here as a trader, I have bittrex as exchange. Is it possible to store in the hardware wallet the coins that you buy on bittrex? For example, I have some syscoin and neo, can I store them in the hardware? This question has been asked in February 2017 and the answer was no, so if the answer is still no, do I have the same safety problem that I would have with coinbase?

Thank you soooooo much  Cheesy
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October 26, 2017, 05:38:06 PM
 #227

- paper wallet
No question?

- hardware (in this case can you advice ledger nano s or trezor?)
Both are good choices with minor differences. It is up to you IMO.

- software wallet on an offline computer. For this one, if the computer stops working, can I download the software with another laptop, enter my credentials and get back my coins?
"Enter my credentials"? That's not how Bitcoin works. There are no credentials. You can install the software offline, and send your coins to an address contained in that wallet. You either: a) Back up the wallet file. b) Back up the private key(s) of the address that you've sent funds to. That way you would also be fine in case of a system failure. Keep in mind that often with computer failures, it is not the HDD that failed and you could extract the file by plugging it in into another computer as well.

Then, since I'm mainly here as a trader, I have bittrex as exchange. Is it possible to store in the hardware wallet the coins that you buy on bittrex? For example, I have some syscoin and neo, can I store them in the hardware?
Only if the hardware wallet supports said coins. For a list of supported coins check out their websites.

This question has been asked in February 2017 and the answer was no, so if the answer is still no, do I have the same safety problem that I would have with coinbase?
Exchanges are not meant to be used for storing coins. Coinbase/GDAX as a means of buying Bitcoin is fine.


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October 26, 2017, 05:53:27 PM
 #228

Thanks Lauda, now almost everything is clear. I only have one question about the exchanges.
So let's say that I want to invest in bitcoin, ethereum, neo and syscoin. Ledger nano s can store bitcoin and ethereum, but it can't store neo and syscoin.
What do I do with them? Should I use a second wallet, let's say a desktop one to store them?

Thanks
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October 26, 2017, 05:54:43 PM
 #229

So let's say that I want to invest in bitcoin, ethereum, neo and syscoin. Ledger nano s can store bitcoin and ethereum, but it can't store neo and syscoin.
What do I do with them? Should I use a second wallet, let's say a desktop one to store them?
Correct.


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October 26, 2017, 06:05:58 PM
 #230

So let's say that I want to invest in bitcoin, ethereum, neo and syscoin. Ledger nano s can store bitcoin and ethereum, but it can't store neo and syscoin.
What do I do with them? Should I use a second wallet, let's say a desktop one to store them?
Correct.

Thanks a lot Smiley
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October 29, 2017, 08:17:11 AM
 #231

First of all wanna say thank you for all people who've created this thread.
But I cannot understand one thing. I want to download electrum wallet both on my desktop and my phone, but I don't understand, how do I connect them? And can I use them both for the same bitcoin address? I'm sorry if this kind of a stupid question, but I'm newbie, as you can see) Thank you guys in advance)
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October 29, 2017, 03:50:47 PM
 #232

I want to download electrum wallet both on my desktop and my phone, but I don't understand, how do I connect them?
You can't "connect them".

And can I use them both for the same bitcoin address? I'm sorry if this kind of a stupid question, but I'm newbie, as you can see) Thank you guys in advance)
What you can do is, take the seed of your Electrum wallet on your desktop and import it on your phone. Be cautious when doing something like this and make sure that you don't have funds on your phone. I don't know whether their phone wallet supports multiple wallets at once.


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October 30, 2017, 10:30:27 PM
 #233




You can install the software offline, and send your coins to an address contained in that wallet.

I have already installed my Electrum wallet offline in my pc. Does it mean that i can also make a bitcoin transactions in an offline mode for more  safety and security measure? Huh
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October 31, 2017, 05:39:53 PM
 #234

How is Exodus? I cannot find an option to control my key. Should I dump it in favor of Armory? 
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October 31, 2017, 06:28:17 PM
 #235

How is Exodus? I cannot find an option to control my key. Should I dump it in favor of Armory? 

It's not shown by default. You must first make the developer menu appear by pressing CTRL+SHIFT+D then Exodus => Developer => Assets => Bitcoin => Export private keys.

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November 01, 2017, 07:48:41 AM
 #236

I have already installed my Electrum wallet offline in my pc.
Make sure that the PC never touched the network if you want very high levels of security. Also watch out for bogus USBs and similar.

Does it mean that i can also make a bitcoin transactions in an offline mode for more  safety and security measure? Huh
You make a transaction on the wallet, then you copy it and broadcast it to the network on another machine.

How is Exodus?
Avoid multi-coin wallets. Use Bitcoin Core, Armory or Electrum.


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November 01, 2017, 08:41:02 AM
 #237

Hello, and thank you for the information!
I am new and I just want to check if this is a working solution:
1) Working offline generate address and private key at bitaddress.org - basicaly a paper wallet but I do not want to print it.
2) Back up my private key in note files on 3 different USB flash drives. I know the machine and the drives have to be uncompromised.
3) Send a small amount of my coins from Kraken to the address I created; check the blockchain if it is received; send the full amount to the same address if everything is OK.
I need long term cold storage but I want to keep it simple. As I understand I have to inport the private key in a software later in order to send the money back to exchange again? But everything is OK as long as I have the private key?
So my questions are:
1: should I do it?
2: can I do it for alt coins too?
Thank you in advance. You have been helpfull!

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November 01, 2017, 09:04:05 AM
 #238

1) Working offline generate address and private key at bitaddress.org - basicaly a paper wallet but I do not want to print it.
I don't recommend using this website. If you really insist, then you need to save it as a .html and use offline.

2) Back up my private key in note files on 3 different USB flash drives. I know the machine and the drives have to be uncompromised.
Encrypt your USB drives.

3) Send a small amount of my coins from Kraken to the address I created; check the blockchain if it is received; send the full amount to the same address if everything is OK.
Sure.

I need long term cold storage but I want to keep it simple. As I understand I have to inport the private key in a software later in order to send the money back to exchange again? But everything is OK as long as I have the private key?
Yes and yes.

1: should I do it?
If you have a significant amount of money in Bitcoin, absolutely. There are alternatives though, e.g. a hardware wallet.

2: can I do it for alt coins too?
Not all altcoins have something like bitaddress.org, but I take it that you should be able to do something like this for the major ones.


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November 01, 2017, 11:02:03 AM
 #239

Hey Lauda, mind to explain why not bitaddress? I have bought the hardware wallet, I also have the web wallet with a small amount just for trading. Now I was going to split the amount I have in the hardware wallet, creating a paper wallet using bitaddress.org
I'll wait for your reply before doing it Tongue
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November 01, 2017, 11:36:29 AM
 #240

Hey Lauda, mind to explain why not bitaddress?
It's an online tool/website for generating addresses. It should be obvious to you why you shouldn't use any kind of online tool for address generating unless you want trouble. This does not necessarily mean that you will be compromised, but the likelihood of that is far greater than when generating using an offline wallet or tool.

I have bought the hardware wallet, I also have the web wallet with a small amount just for trading. Now I was going to split the amount I have in the hardware wallet, creating a paper wallet using bitaddress.org
I don't see why you should do that unless you really have a very high amount in that hardware wallet. With high amount I'm talking at least 6 figures.


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