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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 69508 times)
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Apeopus
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June 10, 2017, 09:50:36 AM
 #141


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.


Im really interested in brain wallets if anyone could explain how they work.
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June 10, 2017, 06:02:48 PM
 #142

Im really interested in brain wallets if anyone could explain how they work.
Brain wallets are a type of wallet where the private key is derived from a passphrase and salt that you remember. The important details are stored in your brain, hence brain wallet. However, brain wallets are highly insecure because the human mind is horrible at generating secure enough passphrases. Humans simply cannot provide enough randomness in order to make a private key securely.

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unthy
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July 03, 2017, 12:18:13 AM
 #143

I have a question. When verifying the address. When you use bitcoin core, you will be given a lot of addresses for receiving. What address should I use to sign? Or what should I use to receive payments then how to sign it. If you need to move this post, it's okay. Smiley
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July 03, 2017, 04:16:01 AM
 #144

I have a question. When verifying the address. When you use bitcoin core, you will be given a lot of addresses for receiving. What address should I use to sign? Or what should I use to receive payments then how to sign it. If you need to move this post, it's okay. Smiley

You can use one of them for both or you can use one or more for different purposes (this is not needed). When receiving payment, you can use different addresses so that you can easily identify the source!

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July 09, 2017, 09:16:54 AM
 #145

Noob question here: is such a thing like multi-coin desktop wallet is technically possible?

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July 09, 2017, 09:46:54 AM
 #146

Noob question here: is such a thing like multi-coin desktop wallet is technically possible?
Yes we have a couple of them, I'd suggest going with Exodus.io . It's currently supporting a decent amounts of coins and there are plans to add others as well, in addition to the hardware wallets support. I also made a topic about them on the service discussion section so If you have any questions, feel free to post there.

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July 09, 2017, 10:16:51 AM
 #147

Noob question here: is such a thing like multi-coin desktop wallet is technically possible?
Yes we have a couple of them, I'd suggest going with Exodus.io . It's currently supporting a decent amounts of coins and there are plans to add others as well, in addition to the hardware wallets support. I also made a topic about them on the service discussion section so If you have any questions, feel free to post there.
Great, thank you! I'll go and read that topic now Smiley

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Eram
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July 17, 2017, 07:26:47 AM
 #148

I was pointed to this thread to ask questions about wallets etc, so here it is:

I have a wallet at clockchain.info and with the coming date of 1 augsut, people advise to take measures as to keep access to ones wallet.
I read about several options, one of which is to download the wallet onto a private computer which can be disconnected from internet.
that's no option for me, so I guess that leaves me the option of exporting my private key onto a peace of paper?

I was reading on a website how to proceed, but the website starts with stating that such a procedure must only be considered as a last resort (don't know why).
https://github.com/OmniLayer/omniwallet/wiki/Exporting-Private-Key-from-Blockchain.info-and-Importing-to-Omniwallet.org


In any case.
My question really is:
Can someone explain to me what is safe to do with the coming decisions regarding the hard fork proposal on 1 august?
Should I export a private key and how do I do it?

thanks in advance.
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July 23, 2017, 02:02:04 PM
 #149

In advance, im sorry if this isnt the right place to post my question or if it needs to be moved i please mods do so
 
 Im new to bitcoin and trying to get the ball rolling on a wallet. Can anyone recommend a wallet that works well with US banks? ive tried a few and cant get my account to verify over a few weeks now. i tried bitfinex and it doenst have validation for US id's nor will it take my phone #? am i missing something?? is bitcoin not allowed in US? Ive tried several searches on the forum and i havent found any help. thanks in advance!
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July 23, 2017, 02:32:09 PM
 #150

In advance, im sorry if this isnt the right place to post my question or if it needs to be moved i please mods do so
 
 Im new to bitcoin and trying to get the ball rolling on a wallet. Can anyone recommend a wallet that works well with US banks? ive tried a few and cant get my account to verify over a few weeks now. i tried bitfinex and it doenst have validation for US id's nor will it take my phone #? am i missing something?? is bitcoin not allowed in US? Ive tried several searches on the forum and i havent found any help. thanks in advance!

I believe you mean 'exchanges' more then 'wallets'. A lot of exchanges are based on the U.S, I suggest trying Coinbase, Gemini, Kraken. After buying, I suggest withdrawing your funds to an actual wallet like Electrum because If you keep them on the exchanges, they will be the one controlling your funds technically and not you.

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July 25, 2017, 12:20:33 AM
 #151

Another newbie question ...

I have just installed Electrum in order to transfer my BTC from Coinbase to my wallet and hold the private keys.

I'm looking for the simplest, but secure method, but not sure if I should create a standard wallet or a wallet with two-factor authentication.

I am also still trying to understand, in what part of the process of moving my BTC from Coinbase to my Electrum wallet do private keys get generated or are available to me to either store as a paper wallet, or store on my Trezor, once it arrives on July 28th.

I'm missing a clear understanding of how private keys are moved to my Electrum wallet when I go to transfer my BTC from Coinbase to my wallet.
Also, how to I create a paper wallet, once my BTC are transferred from Coinbase to my Electrum wallet.

(I hope I am asking these questions in the right are of the forum)

thanks
regards
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July 25, 2017, 06:33:01 AM
 #152

Another newbie question ...

I have just installed Electrum in order to transfer my BTC from Coinbase to my wallet and hold the private keys.

I'm looking for the simplest, but secure method, but not sure if I should create a standard wallet or a wallet with two-factor authentication.

I am also still trying to understand, in what part of the process of moving my BTC from Coinbase to my Electrum wallet do private keys get generated or are available to me to either store as a paper wallet, or store on my Trezor, once it arrives on July 28th.

I'm missing a clear understanding of how private keys are moved to my Electrum wallet when I go to transfer my BTC from Coinbase to my wallet.
Also, how to I create a paper wallet, once my BTC are transferred from Coinbase to my Electrum wallet.

(I hope I am asking these questions in the right are of the forum)

thanks
regards

Each address has a private key that allow you to spend the funds from that specific address. If we take Coinbase case, It's the company who control these keys so they actually control the bitcoins in your account. Once you send the money to your Electrum wallet, you have a full control on them and you could even export them If you want to (no need to do that though).

A standard wallet is safe really as long as the PC is clean, If you have reasons to believe that your PC is infected or something then wait until your Trezor comes and send them there. As for the paper wallet you want to create, there is no reason to use Electrum for that, use this Bitaddress.org and send your funds there directly from Electrum, make sure to download the site source code and run it locally, never trust something online.

masterv09
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July 25, 2017, 10:24:18 PM
 #153

Thanks for the great feedback, that helps a lot.

I would wait for my Trezor to come (it should arrive by July 28th), and just transfer my BTC from Coinbase to my Trezor, but I am worried that with the recommendations to make sure to get 30 confirmations (vs 6 confirmations), that may take a while and if I wait for my Trezor, I may not have enough window of time before Aug. 31st to get my BTC out of Coinbase.

Additional question.
If create a standard Electrum wallet and go ahead and transfer my BTC from Coinbase. I can still transfer my BTC to my Trezor when it comes, correct, as I understand that Electrum supports Trezor, right ?

I am still a bit confused about paper wallets. It was mentioned I don't have to use Electrum for that, I can use Bitaddress.org and send my BTC there directly from Electrum, but not to use the online site, to download the source code and run it locally.
If I did that, the paper wallet would contain the private keys, which I would store in a secure location(s), safe and/or safe deposit box.
Would that mean that my BTC are no longer in my Electrum wallet and to spend my BTC or transfer to poloniex or back to Coinbase to either sell or trade later on, once the "All Clear" signal has been given that the BIP-148 and/or UAHF is all over, would I have to transfer my BTC from my paper wallet back to my Electrum wallet, and how would I do that ?

I guess there is no need anyway for a paper wallet, if I plan to transfer my BTC to my Trezor in a couple days, except any risk that my private keys are sitting in my Electrum wallet, on a computer connected to the internet, unless I want to have better security for my private keys for the few days while waiting for my Trezor ...
Am I making any sense here ?

thanks again for all the great feedback !!
:-)
regards
OmegaStarScream
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July 26, 2017, 08:53:26 AM
 #154

Thanks for the great feedback, that helps a lot.

I would wait for my Trezor to come (it should arrive by July 28th), and just transfer my BTC from Coinbase to my Trezor, but I am worried that with the recommendations to make sure to get 30 confirmations (vs 6 confirmations), that may take a while and if I wait for my Trezor, I may not have enough window of time before Aug. 31st to get my BTC out of Coinbase.

You will get enough confirmations, It could take a few hours but definitely not more then a day assuming that Coinbase algorithm for paying the fees is good enough.

Additional question.
If create a standard Electrum wallet and go ahead and transfer my BTC from Coinbase. I can still transfer my BTC to my Trezor when it comes, correct, as I understand that Electrum supports Trezor, right ?

You can interact with your Trezor device either from Electrum or using their official application/extension: https://wallet.trezor.io/#/
Just to clear things, If you are going to transfer funds from Coinbase to Trezor, the funds will actually be on the trezor device even If you use Electrum as an intermediary to interact with your Trezor.

I am still a bit confused about paper wallets. It was mentioned I don't have to use Electrum for that, I can use Bitaddress.org and send my BTC there directly from Electrum, but not to use the online site, to download the source code and run it locally.
If I did that, the paper wallet would contain the private keys, which I would store in a secure location(s), safe and/or safe deposit box.
Would that mean that my BTC are no longer in my Electrum wallet and to spend my BTC or transfer to poloniex or back to Coinbase to either sell or trade later on, once the "All Clear" signal has been given that the BIP-148 and/or UAHF is all over, would I have to transfer my BTC from my paper wallet back to my Electrum wallet, and how would I do that ?

A reminder: You need the private keys in order to spend the funds.

If you generated the address and private keys using Bitaddress.org and printed them and you sent from Electrum to that printed address, the funds will disappear from Electrum and you won't be able to spend them from Electrum anymore.

If you didn't use Bitaddress.org however, exported the private keys from Electrum (check the menu), copied and pasted them on a text file and printed them, then you will have your funds both in the paper and in Electrum.

The second option clearly defeats the whole purpose from having a paper wallet which is having your funds offline, the PC where electrum is installed is connected to the internet and that's less secure and If someone get access to your PC and your wallet, then the funds on that paper will disappear as well.

Paper wallets are meant for long term storage and not for using them on a daily basis. If you want to use funds from it at some point, then import them into a wallet like Bitcoin Core, Electrum or Mycelium (Android).

If your funds are on your Trezor, It doesn't really matter even If your computer have malwares because funds can't move from the wallet unless there is a physical interaction with the trezor device (you click the button). I believe you want to be using bitcoins on a regular basis, so go with Trezor instead of paper wallets.

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July 26, 2017, 09:44:40 PM
 #155

Thanks so much for the additional info ... I waited and my Trezor came today (2 days early - kudos to Amazon shipping !)

I will proceed to transfer my BTC from Coinbase to my new Trezor !

Thanks again for all the info and help !!
:-)
much appreciated !!
regards.
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July 26, 2017, 10:37:30 PM
 #156

So ... I have initiated BTC transfer from Coinbase to my Trezor.
Coinbase posted a message ...
"Transaction Delays
We're currently working through a backlog of Bitcoin and Ethereum withdrawals. Recent outbound BTC and ETH transactions may remain pending longer than expected."

I started the transaction about 30 minute ago, and zero confirmations to this point.

Given the transaction delays Coinbase mentions and BIP-91 activation in progress ... Any advice on how long might be the amount of time that should be acceptable to wait for confirmations (I believe 30 confirmations was mentioned in another forum post ?)

thank
regards
masterv09
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July 27, 2017, 12:19:21 AM
 #157

So ... its been about 2 hours since I started the transfer of BTC from Coinbase to my Trezor.
On my Trezor wallet software, the transaction has shown up with a time stamp (as per the Trezor documentation)

When I click on the time stamp link, it takes me to a transaction link that shows the details of the transaction.
Currently it shows 8 confirmations.
When I look on my Coinbase account, the sent transaction still shows "pending"

I can't find any info on Coinbase about how may confirmations it takes for the send transaction to show completed.
I'm assuming that is why it still shows pending on Coinbase, and 0 BTC in my Coinbase BTC wallet.
But, my Trezor wallet software shows the correct amount of BTC (minus the fee)

Is this normal ?

thanks

regards
masterv09
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July 27, 2017, 06:18:28 AM
 #158

So it took approx. four hours to get 30 confirmations of transfer of BTC from Coinbase to my Trezor.
But, finally there !!

So, I have another newbie question about Trezor.
Now that my BTC have been transferred to my Trezor wallet.
How do I access/see my BTC private keys ?

thanks
regards
OmegaStarScream
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July 27, 2017, 06:32:49 AM
 #159

So it took approx. four hours to get 30 confirmations of transfer of BTC from Coinbase to my Trezor.
But, finally there !!

So, I have another newbie question about Trezor.
Now that my BTC have been transferred to my Trezor wallet.
How do I access/see my BTC private keys ?

thanks
regards

IIRC they never give you a direct access to them, the private keys are on the device and never leave it. I believe they gave you a recovery seed when you started using the wallet? If at some point, your trezor is lost or not working anymore, you can use these words to recover your funds at another wallet like Mycelium or Electrum.

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July 27, 2017, 07:58:07 PM
 #160

So it took approx. four hours to get 30 confirmations of transfer of BTC from Coinbase to my Trezor.
But, finally there !!

So, I have another newbie question about Trezor.
Now that my BTC have been transferred to my Trezor wallet.
How do I access/see my BTC private keys ?

thanks
regards

IIRC they never give you a direct access to them, the private keys are on the device and never leave it. I believe they gave you a recovery seed when you started using the wallet? If at some point, your trezor is lost or not working anymore, you can use these words to recover your funds at another wallet like Mycelium or Electrum.

Thanks for the additional feedback !!
Ok, so that makes sense that the private keys are stored on the Trezor (even though I can't see them). But I have yet to test spending any BTC from my Trezor.
Yes, during initial setup of the Trezor, to have to create a PIN and a 24 word recovery seed, which you save on a recovery seed card (no electronic copy ever) and store in a safe place. Yes, my understanding is that you can recover your funds if your Trezor is lost, stolen or damages, by importing to another wallet like Electrum, or purchasing a new Trezor and doing a "recover from seed" during initialization of the new Trezor.

I have another question, though it may be more appropriate on the Post thread for BIP 148 preparations ... so will most it there as it has to do with, the BTC-Cash/BTC-ABC hardfork coming Aug. 1st and how to deal with BTC vs. BTC-Cash/BTC-ABC, using my Trezor.

thanks

regards
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