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Author Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 61772 times)
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sigtmerchant
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September 04, 2017, 08:58:10 PM
 #201

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.

Coinomi is quite limited too. I mean, they gave quite a few strange coins but not most popular ones, not even all top 20. Thanks for mentioning Eden, will check it out (I use Exodus for a while)
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September 06, 2017, 11:41:11 AM
 #202

Hi

I bought some BTC,LTC,XPR & XMR recently.. My plan is to keep them safe for a long time..

so i would like to store them on a cold storage wallet...

does electrum support all of these coins?
If not can you tell me what software should i use for each coins?

I don't need to make transactions very often so it does not need to be an advanced software..

I just the safest possible..

Plus,if my offline computer crashes.. what are my options to recover my coins?

Thanks!!!
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September 06, 2017, 11:44:08 AM
 #203

does electrum support all of these coins?
No.

If not can you tell me what software should i use for each coins?
To everyone1: Stop asking altcoin questions in this thread and questions that the first Google Search can easily answer, like "Monero Wallet".

I just the safest possible..
Anyone who is asking any questions in this thread will not be able to have a setup that even remotely resembles "safest possible". "Safest possible" does not involve with you asking basic questions. In order to have such a setup, extensive experience and knowledge is require. Time to get some education on cryptocurrencies, no?

Plus,if my offline computer crashes.. what are my options to recover my coins?
Backup the wallet files or seeds depending on the type of wallet on multiple machines/locations.

[1] Answers to such will be swiftly deleted.

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September 13, 2017, 04:50:09 PM
 #204

Hello there! I'm a little new to the btc topic, and have been researching and reading a lot.
Want to make a question here though.
what do you think about having a virtual machine not connected to the internet for saving the priv key, and the main machine for trading, exchange, buying, selling, etc?  Huh
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September 13, 2017, 05:16:56 PM
 #205

Hello there! I'm a little new to the btc topic, and have been researching and reading a lot.
Want to make a question here though.
what do you think about having a virtual machine not connected to the internet for saving the priv key, and the main machine for trading, exchange, buying, selling, etc?  Huh

What do you mean by a virtual machine? running VMWare for example in your PC? If yes, then how you plug the internet off that virtual machine only? I believe you can't and If that is the case then anyone who get access to your PC, will get access to your machine as well so I don't see the point of using a VM here and for trading, It really doesn't matter, all you need is a browser, just make sure to not store large amounts their, use strong password and 2FA and you should be fine.

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September 13, 2017, 05:33:23 PM
 #206

Hello there! I'm a little new to the btc topic, and have been researching and reading a lot.
Want to make a question here though.
what do you think about having a virtual machine not connected to the internet for saving the priv key, and the main machine for trading, exchange, buying, selling, etc?  Huh

What do you mean by a virtual machine? running VMWare for example in your PC? If yes, then how you plug the internet off that virtual machine only? I believe you can't and If that is the case then anyone who get access to your PC, will get access to your machine as well so I don't see the point of using a VM here and for trading, It really doesn't matter, all you need is a browser, just make sure to not store large amounts their, use strong password and 2FA and you should be fine.

Thanks for responding, what I meant is if it would be a good idea to have cold wallet or back up on a VM. And yes, you can actually turn off the internet on the VM. You can even restrict the use of certain hardware on the VM to prevent use of wifi for example. So I got this idea in order to have hot storage and cold storage on the same machine (I only have one PC)

Anyways if it's not possible or not a good idea I guess I could use the 2FA system
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September 13, 2017, 08:23:16 PM
 #207

Thanks for responding, what I meant is if it would be a good idea to have cold wallet or back up on a VM. And yes, you can actually turn off the internet on the VM. You can even restrict the use of certain hardware on the VM to prevent use of wifi for example. So I got this idea in order to have hot storage and cold storage on the same machine (I only have one PC)

Anyways if it's not possible or not a good idea I guess I could use the 2FA system
FYI, that setup is absolutely useless if your host machine is compromised and based on your writing, it is likely that you'd run it on a machine that is frequently used/has access to the internet. People seem to think that a VM container is safe, even if the host itself gets compromised (which is nonsense). Actually, there are (or were) ways of a compromised virtual machine compromising the host.

Recommended practice: Hardware wallet or a laptop/PC that was/will never be used for anything else (post fresh format).

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October 01, 2017, 08:50:29 PM
 #208

Lauda is absolutely right!
Stumbled about an article where someone wrote a short powershell script to get all the wallet.dat files of all VMs on a compromised host.
Even if you use encrypted VMs the security gain is small.

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October 07, 2017, 09:24:39 AM
 #209

Lauda is absolutely right!
Stumbled about an article where someone wrote a short powershell script to get all the wallet.dat files of all VMs on a compromised host.
Even if you use encrypted VMs the security gain is small.
A VM is useless if the host is compromised since the host has access to all files anyways, yes.

What about ledger nano s. Do You think is safe to storie btx?
Yes. The ledger nano S is a fine hardware option for storing Bitcoin. Make sure to backup the seed.

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October 10, 2017, 02:02:41 PM
 #210

Very informative. Thanks a lot!
But I have a question: I'm a beginner.. What wallet will be more easy to use and safe for an inexperienced user?  I think to try with Copay... Huh
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October 10, 2017, 03:15:12 PM
 #211

Very informative. Thanks a lot!
But I have a question: I'm a beginner.. What wallet will be more easy to use and safe for an inexperienced user?  I think to try with Copay... Huh

Go with Electrum for Desktop, Mycelium for Android and If you are holding large amounts which I believe you don't then take a hardware wallet (Trezor/Ledger Nano S).

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October 10, 2017, 05:46:17 PM
 #212

Very informative. Thanks a lot!
But I have a question: I'm a beginner.. What wallet will be more easy to use and safe for an inexperienced user?  I think to try with Copay... Huh

Go with Electrum for Desktop, Mycelium for Android and If you are holding large amounts which I believe you don't then take a hardware wallet (Trezor/Ledger Nano S).

Great! Thank u!
 I will test with Electrum, for a start  Smiley Smiley  A hardware wallet is too early for me.. Grin
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October 11, 2017, 02:11:15 PM
 #213

Is there a wallet that should handle the upcoming hard fork better than others? I haven't held any coins during previous forks.
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October 11, 2017, 02:44:35 PM
 #214

Is there a wallet that should handle the upcoming hard fork better than others? I haven't held any coins during previous forks.
Any wallet that gives you full control of your private keys should be sufficient. Try Bitcoin Core (full wallet) or Electrum (SPV). However, keep in mind that spending fork coins right after the split will be very dangerous due to lack of replay protection.

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October 17, 2017, 03:43:12 PM
 #215

There are a lot of bitcoin wallets that anyone can choose from. You just need to know every details about your chosen bitcoin wallet before you store your bitcoins there. You should the limitations and how can you safely store your bitcoins without it being getting lessen or decrease. Because I believe, some other wallets require at least enough bitcoin for you can activate it. It is really important that you choose a bitcoin wallet that is really legit and you would not encounter rough transactions so your earnings won’t put to a waste. It serves as your virtual wallet that you can trust and be secured.
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October 17, 2017, 06:19:15 PM
 #216

Hello,
i am new in cryptocurrency and in this forum. I have read this introduction of wallets, and now i know how to store and save my bitcoins. Do i need so many different wallets, or is it enough to have just one?
The next question, do i pay fees to transfer from and to my wallets?
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October 17, 2017, 07:08:47 PM
 #217

Do i need so many different wallets, or is it enough to have just one?
One is sufficient. I'd recommend 2-3 wallets if you're holding significant sums but I doubt that you do given your knowledge.

The next question, do i pay fees to transfer from and to my wallets?
Yes. You need to stop thinking of the old definition of a 'wallet'. In Bitcoin it is just a collection of keypairs that makes it easy to use Bitcoin and interact with your addresses. When transferring the *between Bitcoin wallets*, there is no concept of ownership, so whether you're transferring from your address to your own again, or from your address to someone elses, doesn't matter. You need to pay fees.

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October 17, 2017, 08:07:51 PM
 #218

Do i need so many different wallets, or is it enough to have just one?
One is sufficient. I'd recommend 2-3 wallets if you're holding significant sums but I doubt that you do given your knowledge.

The next question, do i pay fees to transfer from and to my wallets?
Yes. You need to stop thinking of the old definition of a 'wallet'. In Bitcoin it is just a collection of keypairs that makes it easy to use Bitcoin and interact with your addresses. When transferring the *between Bitcoin wallets*, there is no concept of ownership, so whether you're transferring from your address to your own again, or from your address to someone elses, doesn't matter. You need to pay fees.

Thanks for a proper answer. That means i have to diversify my coins on a a few wallets for storage if i invest a large amount of money into cryptocurrency. At the moment i have such a low investment, that it is not profitable to swap all my coins into my wallet. Would u suggest to swap only my longterm coins into the wallet? Some exchanges are going crazy now( a friend told me), should i save them all now?
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October 17, 2017, 08:11:52 PM
 #219

Thanks for a proper answer. That means i have to diversify my coins on a a few wallets for storage if i invest a large amount of money into cryptocurrency. At the moment i have such a low investment, that it is not profitable to swap all my coins into my wallet. Would u suggest to swap only my longterm coins into the wallet? Some exchanges are going crazy now( a friend told me), should i save them all now?
With large amounts I mean 6 digit numbers or more. Maybe 5 digit numbers are a lot of money to you, so doing it at that point might also be sensible. Long term investments should be kept in cold storage and nothing else. Ignore temporary exchange rates for altcoins, 99.9% of them are useless garbage and in speculative bubble mode.

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October 17, 2017, 09:32:54 PM
 #220

Thanks Lauda,

i do not trade with this amount of money, yet. Maybe in future, but im very carefully with my investments and try to find a save way to store them. Now i know my first steps for my storage strategy.
Thank you a lot.
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