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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 70990 times)
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August 23, 2017, 11:53:57 PM
 #181

How dangerous are cold wallets with bluetooth connection (not a wired USB)?

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August 24, 2017, 07:14:00 AM
 #182

1. What I meant was that can the software Electrum be run(used) without an internet connection. I guess it can be.
Most wallets, which give you complete control of your coins (and I emphasize this), do work without an internet connection. However, you won't see any transaction/balance changes since the last time that you've synchronized.

2. If I plan to exchange some more USD to bitcoin, can I receive it in my paper-wallet? I think its yes, or do I need to create a new wallet with Electrum?
You can receive it on the paper wallet.

3. When I want to use the coins, the bar-code from the paper wallet can be scanned and used, rite?
Correct. Just make sure to double check the address just in case.

4. is there any other reliable desktop application that can be used to receive other crypto-currencies? I think it would be better to store all of them in one place instead of several location to easily keep track of them all. What do you think?
Try Jaxx or Exodus wallet.

How dangerous are cold wallets with bluetooth connection (not a wired USB)?
Absolutely not recommended. There are several ways to attack Bluetooth connections.


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August 24, 2017, 09:05:28 AM
 #183

1. What I meant was that can the software Electrum be run(used) without an internet connection. I guess it can be.
Most wallets, which give you complete control of your coins (and I emphasize this), do work without an internet connection. However, you won't see any transaction/balance changes since the last time that you've synchronized.

2. If I plan to exchange some more USD to bitcoin, can I receive it in my paper-wallet? I think its yes, or do I need to create a new wallet with Electrum?
You can receive it on the paper wallet.

3. When I want to use the coins, the bar-code from the paper wallet can be scanned and used, rite?
Correct. Just make sure to double check the address just in case.

4. is there any other reliable desktop application that can be used to receive other crypto-currencies? I think it would be better to store all of them in one place instead of several location to easily keep track of them all. What do you think?
Try Jaxx or Exodus wallet.

How dangerous are cold wallets with bluetooth connection (not a wired USB)?
Absolutely not recommended. There are several ways to attack Bluetooth connections.

Jaxx and Exodus both don't support ripple. any other multi-coin wallet that you can recommend plz
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August 24, 2017, 06:55:14 PM
 #184

Jaxx and Exodus both don't support ripple. any other multi-coin wallet that you can recommend plz
The only thing that I can recommend: Do not use a centralized turd such as Ripple. I know of no other wallets, not that I'd ever actually recommend a multi-coin wallet.


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August 25, 2017, 12:23:26 PM
 #185

Jaxx and Exodus both don't support ripple. any other multi-coin wallet that you can recommend plz
The only thing that I can recommend: Do not use a centralized turd such as Ripple. I know of no other wallets, not that I'd ever actually recommend a multi-coin wallet.

thanks. reason of not recommending multi-coin wallet?

i guess hardware wallet would be best for multi-coin storage?
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August 28, 2017, 08:51:30 AM
 #186

thanks. reason of not recommending multi-coin wallet?
1 wallet software gets compromised -> all your coins are gone. When you keep them separate, aside from a potential compromise in the system itself, it should be generally safer. They have also shown not to have good security practices in the past (see a few reported issues with Jaxx).

i guess hardware wallet would be best for multi-coin storage?
The best is to keep them separate, and optimally on separate machines or VMs.


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August 28, 2017, 08:53:09 PM
 #187

Control your private keys
Services like Coinbase and Circle offer “Bitcoin wallets”, but in reality control your private keys. It’s best to use a wallet where you control your private keys. This is the only way to have full control of your funds and not have to rely on third parties for security.


Hi, I heard lots of non-flattery words about Coinbase and "better not to use attitude". Could you tell me why is that?

Trying to understand which are the best ones

Would appreciate any info
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August 29, 2017, 08:45:32 AM
 #188

Control your private keys
Services like Coinbase and Circle offer “Bitcoin wallets”, but in reality control your private keys. It’s best to use a wallet where you control your private keys. This is the only way to have full control of your funds and not have to rely on third parties for security.


Hi, I heard lots of non-flattery words about Coinbase and "better not to use attitude". Could you tell me why is that?

Trying to understand which are the best ones

Would appreciate any info

The part you quoted explains exactly why but in details, the private keys is what allow you to send funds but in coinbase case, they control it. If they get hacked (or claim that they got hacked), there is nothing you can do about it. If the service goes offline for long maintenance, you can't do anything either. If they notice suspicious activity in your account, they could close it until you provide what they ask etc. It's really not worth it, just go with a Desktop wallet like Electrum.

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August 30, 2017, 01:54:55 AM
 #189

Whoever created this is an angel. I have been looking everywhere for a more informative definition and here it is.
Thank you.
I am using an android and want everything to be fast. I read it micyleum? Is electrum application also a good choice?
For a new user what would be the user friendly.
Sorry for my bad English.

Okay I edited it.
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September 01, 2017, 02:57:40 AM
 #190

Heard some bad review about Blockchain.info. Any comment?

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September 01, 2017, 06:14:31 AM
 #191

I read it micyleum?
Mycelium.

Is electrum application also a good choice?
Electrum is pretty decent for Android, and pretty great as a SPV wallet for desktops.

For a new user what would be the user friendly.
One of those two should do.

Heard some bad review about Blockchain.info. Any comment?
You should not be using any kind of web wallets.


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September 02, 2017, 02:37:06 PM
 #192

WOW @Lauda - great information. Very thorough.
I'm currently looking for cold storage options for some of my alt coin. Gotta start somewhere to be a crypto-millionaire, right?   Cool

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September 02, 2017, 02:47:21 PM
 #193

Control your private keys
Services like Coinbase and Circle offer “Bitcoin wallets”, but in reality control your private keys. It’s best to use a wallet where you control your private keys. This is the only way to have full control of your funds and not have to rely on third parties for security.


Hi, I heard lots of non-flattery words about Coinbase and "better not to use attitude". Could you tell me why is that?

Trying to understand which are the best ones

Would appreciate any info

I only started getting more serious about Bitcoin and alt coins when I started blogging on Steemit and the majority of my connections have complained about Coinbase. Some complained of high fees, others complained about inconsistent servers, long down times for maintenance, and some were just complaining because there is a severe lack of good choices. So without any good or bad personal experience I've steered clear of those 3rd party services. There is so much to learn and the rabbit hole gets deeper. I like the idea of having control over my funds and have been seeking out offline cold storage for my accumulated alts.


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September 02, 2017, 03:02:22 PM
 #194

I'm currently looking for cold storage options for some of my alt coin.
Ledger Nano S.

I only started getting more serious about Bitcoin and alt coins when I started blogging on Steemit
Step 1) Do not use Steemit.

and the majority of my connections have complained about Coinbase.
Step 2) Do not use Coinbase.

-snip-
Step 3) Get some elementary education. Anyone who uses Coinbase, or any other exchange or online service as a wallet is an idiot. Those are not meant to be wallets, and you are not in control of "your" coins (unless in cases where they give you private keys but that is not usual for either one).


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September 02, 2017, 03:44:25 PM
 #195

I'm currently looking for cold storage options for some of my alt coin.
Ledger Nano S.

I've heard of Ledger Nano S. Will definitely look into it. Thanks!

I only started getting more serious about Bitcoin and alt coins when I started blogging on Steemit
Step 1) Do not use Steemit.
Alas, it's too late. I've been blogging there for over a year and I love it. LOL

and the majority of my connections have complained about Coinbase.
Step 2) Do not use Coinbase.
Never have and never will.
And where exchanges are concerned, I've gotten away from Poloniex too.


-snip-
Step 3) Get some elementary education. Anyone who uses Coinbase, or any other exchange or online service as a wallet is an idiot. Those are not meant to be wallets, and you are not in control of "your" coins (unless in cases where they give you private keys but that is not usual for either one).
I ordered a $30 book: Mastering Bitcoin. Unfortunately I have a community mailbox and someone else needed it more than me. GRRR. I'm learning something new every day. Kind of wish I paid attention to the Bitcoin geeks about 7 years ago. Yes, I'm an idiot.

Thanks for the quick response! I'm still learning my way around this forum.  Smiley

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September 02, 2017, 03:52:46 PM
 #196

I've heard of Ledger Nano S. Will definitely look into it. Thanks!
Here: https://www.ledgerwallet.com/products/ledger-nano-s. You should order right now due to them having a backlog of orders (ATM takes 3-4 weeks to get it delivered).

Alas, it's too late. I've been blogging there for over a year and I love it. LOL
I guess, if you like supporting shitcoins and earning a couple of bucks it ain't that bad.

And where exchanges are concerned, I've gotten away from Poloniex too.
Very shady. Use Gemini (US) or Bitstamp for EU.

I ordered a $30 book: Mastering Bitcoin. Unfortunately I have a community mailbox and someone else needed it more than me. GRRR. I'm learning something new every day. Kind of wish I paid attention to the Bitcoin geeks about 7 years ago. Yes, I'm an idiot.
You do not need no book. The internet has sufficient information for you to become quite experience and familiar with the matter.


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September 02, 2017, 04:50:31 PM
 #197

Quote
Here: https://www.ledgerwallet.com/products/ledger-nano-s. You should order right now due to them having a backlog of orders (ATM takes 3-4 weeks to get it delivered).

Dang...shipping is almost as much as the wallet, but I digress, the heart wants what the heart wants and it seems like a MUST-HAVE if I want to safely store my coins offline.


Quote
I guess, if you like supporting shitcoins and earning a couple of bucks it ain't that bad.
I really can't complain. They've survived their first year despite Dan Larimer leaving, and my work on Steemit has paid for my glasses, a computer for my son, and an Airbnb rental. I'm gettin' while the gettin's good.


Quote
Very shady. Use Gemini (US) or Bitstamp for EU.
Good gravy! I need to get more organized. So many exchanges...so little coins! LOL


Quote
You do not need no book. The internet has sufficient information for you to become quite experience and familiar with the matter.
You're probably right about the book but there's so much crap on the internet that is hard to sort the legit informational sites from the SPAMMY, join-my-email-list-and-get-your-free-download bullshit.

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September 02, 2017, 05:29:25 PM
 #198

Dang...shipping is almost as much as the wallet, but I digress, the heart wants what the heart wants and it seems like a MUST-HAVE if I want to safely store my coins offline.
Not even close if you are in the EU. If not, you could look for a local bitcoin shop of some sorts. They may have such a wallet.

I really can't complain. They've survived their first year despite Dan Larimer leaving, and my work on Steemit has paid for my glasses, a computer for my son, and an Airbnb rental. I'm gettin' while the gettin's good.
Good for you I guess.

Good gravy! I need to get more organized. So many exchanges...so little coins! LOL
There are a lot of them, but you don't need to be touching any of them TBH.

You're probably right about the book but there's so much crap on the internet that is hard to sort the legit informational sites from the SPAMMY, join-my-email-list-and-get-your-free-download bullshit.
Bitcoin.org and the Bitcoin Wiki are very good places.

We have begun to sidetrack too much. Please do not respond in this thread anymore about this stuff. If you want to discuss Steemit, exchanges, or have other questions that are not wallet related please open a new thread.


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September 03, 2017, 08:59:07 AM
 #199

Jaxx and Exodus only support limited no. of altcoins.  Is there no wallet which supports more Cryptos?
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September 03, 2017, 09:30:25 AM
 #200

Jaxx and Exodus only support limited no. of altcoins.  Is there no wallet which supports more Cryptos?

You have Coinomi but they currently only support Android, iOS and Desktop are coming soon or you have Eden (which is made by Exodus) It support much more coins but It may not be that stable as Its the test wallet.

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