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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 86026 times)
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November 21, 2017, 04:24:53 PM
 #261

i am really confused about the gadget wallet. if it broke, touched by water or technically unfunctionalized there would not be any way to save the coins in the gadget wallet. but on the other hand online wallets also might have many safety quastions. gadget wallets or online wallet? has  quastion marks for me:/

If you're referring to hardware wallet then while you are creating and installing the firmware for the first time, the wallet will give you a list of words that you should keep safe. If the hardware gets broken for some reason, you can recover your wallet using the list of words that was first given to you.

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November 22, 2017, 09:21:29 AM
 #262

i am really confused about the gadget wallet. if it broke, touched by water or technically unfunctionalized there would not be any way to save the coins in the gadget wallet. but on the other hand online wallets also might have many safety quastions. gadget wallets or online wallet? has  quastion marks for me:/

If you're referring to hardware wallet then while you are creating and installing the firmware for the first time, the wallet will give you a list of words that you should keep safe. If the hardware gets broken for some reason, you can recover your wallet using the list of words that was first given to you.

Then I think the question is how to keep those seed words really safe. Waterproof, fireproof, shock prood. Having a couple of these https://cryptosteel.com might be a good idea. More than one and in different locations. Although something like this look easy to do yourself.
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November 22, 2017, 11:14:08 AM
 #263

Having a couple of these https://cryptosteel.com might be a good idea. More than one and in different locations.
Having several backups increases the risk your seed gets compromised. It's a trade-off between the risk of losing the seed, and the risk of someone getting his hands on it.

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November 22, 2017, 12:27:52 PM
 #264

Having a couple of these https://cryptosteel.com might be a good idea. More than one and in different locations.
Having several backups increases the risk your seed gets compromised. It's a trade-off between the risk of losing the seed, and the risk of someone getting his hands on it.

That is true. Is a safe deposit box a good idea, then?
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November 22, 2017, 12:49:19 PM
 #265

That is true. Is a safe deposit box a good idea, then?

I would think of it in the same way as I would the value in cash. If say it was 1 BTC where would you feel safe storing $8,000 in cash? Maybe a decent fireproof safe at home would be ok but for 10 BTC or $80,000, I would go for a safety deposit box. That's an individual opinion on risk tolerance, everyone will have there own view on that.

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November 22, 2017, 01:21:08 PM
 #266


I would think of it in the same way as I would the value in cash. If say it was 1 BTC where would you feel safe storing $8,000 in cash? Maybe a decent fireproof safe at home would be ok but for 10 BTC or $80,000, I would go for a safety deposit box. That's an individual opinion on risk tolerance, everyone will have there own view on that.


Yeah, I thought a safe would be okay for a wallet with a smaller balance. Also, would it make sense to have more than one or two hard wallets? And splitting larger balances into multiple wallets, would this be safe or even practical?
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November 24, 2017, 09:09:55 PM
 #267

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million. Do you plan to remove it someday?

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November 24, 2017, 09:11:18 PM
 #268

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million.
They are not the only one at fault there. You should do some research first before posting in here.

Do you plan to remove it someday?
Not at this time.

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November 24, 2017, 09:19:29 PM
 #269

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million.
They are not the only one at fault there. You should do some research first before posting in here.

Do you plan to remove it someday?
Not at this time.

I have done my research and both were at fault but BitGo were not at loss, bitfinex was. Please put some cautionary statement or something next to BitGo.

In the meantime.
The rumor I heard is that BitFinex was set up such that although all BTC was held with BitGo, which apparently has reasonable cold storage practices etc., the BitFinex<->BitGo settlement setup was such that anyone with BitFinex's (hot, online) key could withdraw large amounts of money from the BitGo accounts at any time. Exactly how much could've been stolen would depend on how much BitGo allowed BitFinex to "settle" at one time, but I don't know the details of how that worked.

Sort of reminiscent of having a "cold storage wallet" that will blindly follow the instructions of the live server... (Though maybe some limits were enforced.)

I'd suspect that BitFinex is insolvent, though I definitely don't know for sure. Still, I recommend withdrawing everything as soon as possible.

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November 24, 2017, 10:21:45 PM
 #270

how to make a backup copy of the electrum can't understand?

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November 24, 2017, 10:59:22 PM
 #271

Please put some cautionary statement or something next to BitGo.
I don't find that necessary. Standard setups with BitGo are never going to be anything like the setup that they had with BitFinex.

how to make a backup copy of the electrum can't understand?
https://bitzuma.com/posts/a-beginners-guide-to-the-electrum-bitcoin-wallet/#make-a-backup

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November 26, 2017, 06:20:48 PM
 #272

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

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November 26, 2017, 06:30:02 PM
 #273

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

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December 02, 2017, 07:37:03 AM
 #274

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

I have a nano, would you say it's worth it to buy the bigger units? Would it be possible to have the same seed running simultaneously in the 2 units?

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December 02, 2017, 08:02:23 AM
 #275

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

I have a nano, would you say it's worth it to buy the bigger units? Would it be possible to have the same seed running simultaneously in the 2 units?

Bigger units? you mean Ledger blue? Ledger nano S is just fine and affordable unless you actually need what the Ledger blue offers and yes, you can use the seed on as many devices as you want.

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December 02, 2017, 07:47:17 PM
 #276

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto  Roll Eyes
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December 03, 2017, 08:33:24 AM
 #277

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto  Roll Eyes

Once you start the wallet, you're given a list of words that will help you recover your wallet in case it stop working/stolen etc. just make sure you store them safely (offline).

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December 03, 2017, 11:08:21 AM
 #278

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto  Roll Eyes

Once you start the wallet, you're given a list of words that will help you recover your wallet in case it stop working/stolen etc. just make sure you store them safely (offline).

And is it 100% safe even when I plug it in an infected computer? Ledger says that even when a computer has walwares it will not risk the private key, but I have my doubts... because you will to expose your private key to confirm your transaction by pressing the 2 buttons... I do not know...
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December 03, 2017, 06:47:39 PM
 #279

I prefer to use the online Blockchain Official Wallet, just cause its available universally and we don't have to wait out for the long time that Software Wallets take to Sync with the Bitcoin Blocks. I think the software stuff is too hectic. So, personally I use the online wallet with a very secure password and there is no question of getting hacked (some of you might say otherwise, but listen[read] my point...) as Blockchain sends an email to my account with some very accurate information about the computer and the browser which is trying to access my wallet and I have to approve each transaction manually which is OK for me.

However, if you are keeping huge number of bitcoins on you wallet (say, anywhere above 30 BTCs), then I think you are better off buying some good premium hardware wallet as those are the best options according to me to keep your dough safe Smiley

Forgive me if this is a stupid question, but I'm new to cryptocurrency.  I've been reading about Bitcoin for a while now and have finally decided to buy some.  I also created an online wallet with Blockchain because I read in Forbes it was very secure.  I'm assuming that if I'm buying BTC on an exchange, like Coinbase, I then want to send it over to the Blockchain wallet to keep it secure for the long run, correct?  Then if I decide at some point to sell some I just send it back to Coinbase?  Again, not trying to sound like a tard, because I'm guessing this is very elementary, but I'm new to this and want to make sure I'm understanding what I'm doing.

Thanks.
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December 04, 2017, 10:11:16 AM
 #280

And is it 100% safe even when I plug it in an infected computer? Ledger says that even when a computer has walwares it will not risk the private key, but I have my doubts... because you will to expose your private key to confirm your transaction by pressing the 2 buttons... I do not know...

That's the whole point from creating the hardware wallets in the first place, the private keys never leave the device so yes, It's safe to use it on an infected computer.

Forgive me if this is a stupid question, but I'm new to cryptocurrency.  I've been reading about Bitcoin for a while now and have finally decided to buy some.  I also created an online wallet with Blockchain because I read in Forbes it was very secure.  I'm assuming that if I'm buying BTC on an exchange, like Coinbase, I then want to send it over to the Blockchain wallet to keep it secure for the long run, correct?  Then if I decide at some point to sell some I just send it back to Coinbase?  Again, not trying to sound like a tard, because I'm guessing this is very elementary, but I'm new to this and want to make sure I'm understanding what I'm doing.

Thanks.

Yes, everything you mentioned is correct. It's better to store your bitcoins in personal wallets instead of the exchanges themselves because they are a target of hacks. Your wallet choice is not that good though, It's better to go with Electrum for Desktop, Mycelium for Android or hardware wallet (Trezor or Ledger nano S) If you have big amounts. Blockchain.info is not suggested.

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