[General] Bitcoin Wallets - Which, what, why?

[Stalker22]

A paper wallet is also useful to protect your money from yourself if you want long-term hodling.

Just remember to store it securely. It would be a sad story if you lose your hard-earned coins because the seed is stored somewhere prone to water, fire, etc.

You might want to check Shamir Secret sharing if you're interested in splitting your seeds into multiple parts to increase the "security".

Yeah, I'll do that.
In addition, from this topic I learned about the BIP39 passphrase, so I have to look into that as well.

[1714869998]

1714869998

[1714869998]

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[1714869998]

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[Jituking427]

Only for beginners..


I personally use trust wallet from 3 years and I not face any problems in trust wallet..

And Also you know trust wallet is backed by BINANCE exchange..

Therefore it's safe to store your All crypto...


😊

[OmegaStarScream]

-snip-
Therefore it's safe to store your All crypto...

The safety of your funds has very little to do with the people behind the wallet. It's the security of the device (phone) you're using to store your money that you should be worried about.

[GazetaBitcoin]

Only for beginners..

You'd better refrain from offering bad advice in the future...

I personally use trust wallet from 3 years and I not face any problems in trust wallet..

That's not a reason for trusting it. No house is broken by burglars until it is broken by burglars for the first time.

And Also you know trust wallet is backed by BINANCE exchange..

Therefore it's safe to store your All crypto...

That should be your very first reason for not trusting a wallet: its connection to a centralized exchange. But, in order to understand why crypto should never be associated with centralized exchanges and banks, you should learn the crypto-anarchic and libertarian ideology which led to the creation of Bitcoin, encrypted communications si privacy at large. Maybe this thread will help you: 12 years later and people still don't know to use Bitcoin nor what it's good for.

The second reason for not trusting / using Trust wallet is that it has closed source code. Meaning nobody can verify its code and only the developers know what's inside it. With other words, you'll have to trust the developers. And trust in any third party is what Satoshi eliminated when he created Bitcoin.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third  party.

Using the services of a third party and offering your trust to that entity only ruins Satoshi's work. And can make you huge prejudices.

[a_novice]

Can you help me. I am a newbie, I went to the Electrum site to download their Wallet software.

At the top of the home page it has a message that says "Warning: Electrum versions older than 3.3.4 are susceptible to phishing. Do not download Electrum from another source than electrum.org, and learn to verify GPG signatures."

The current version is 4.0.9. Is the above statement on their site correct ? if so why would I want to download a version older than 3.3.4 ?

Any help to clarify would be most helpful.

[OmegaStarScream]

Can you help me. I am a newbie, I went to the Electrum site to download their Wallet software.

At the top of the home page it has a message that says "Warning: Electrum versions older than 3.3.4 are susceptible to phishing. Do not download Electrum from another source than electrum.org, and learn to verify GPG signatures."

The current version is 4.0.9. Is the above statement on their site correct ? if so why would I want to download a version older than 3.3.4 ?

Any help to clarify would be most helpful.

That's just a warning in case you were using an older version. It's still advisable to verify the installer each time a new version is released though.

Here's a step by step guide on how to do that: https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

[Vyrine]

Not recommended or outdated Wallets
These wallets are either not-recommended for some reason or outdated. You should not use them! Please note that here we only list wallets that were previously on the list, or were suggested to be included by others. This does not include ALL wallets that exist and are not recommended. Wallets that are strongly not recommended:

• Copay, Bitpay, Blockchain.info, BTC.com — untrustworthy, misleading customers, high fees, lacking implementation.
• ...

I have seen that Bitcoin.org is using the API of Blockchain.com for its donation button. [thinking]
https://i.imgur.com/8SjxVHs.png

[OmegaStarScream]

I have seen that Bitcoin.org is using the API of Blockchain.com for its donation button. [thinking]
-snip-

They're using the ticker API to retrieve the prices in USD and not to accept payments, If you check the address, you'll see that it's always the same one.

But even if they did use the API to receive payments, that wouldn't make them any better and OP's statement would remain valid.

[Husna QA]

I have seen that Bitcoin.org is using the API of Blockchain.com for its donation button. [thinking]

If you pay attention to the Bitcoin address listed on https://bitcoin.org, it is a Segwit address (P2SH); As far as I know, currently, blockchain.com (previously blockchain.info) only supports legacy (P2PKH) receiving addresses.
--Does the blockchain.com web-wallet support spend-to-segwit and/or spend-to-bech32--

As OmegaStarScream mentioned, they only use it to retrieve the Bitcoin price in USD.

[pooya87]

Just want to know, What is the basic difference between Bitcoin exchange wallet and Cryptocurrency Exchange Wallet?

There really isn't any basic differences, generally speaking an exchange wallet is the custodial wallet that is created and controlled by the centralized exchanges and user has no control over the keys in that wallet. Exchanges can offer a wide range of cryptocurrencies and their "wallets" can create an address for bitcoin or any altcoin they support.

[joniboini]

Cryptocurrency Exchange Wallet?

I'd rather call them a deposit address instead of a wallet since you don't have any control like pooya mentioned above. You should never assume storing your crypto on an exchange is safe regardless of whether the exchange is trusted or not. Those addresses should be used for deposit/withdrawal purposes when you want to trade. If you don't have any reason to use your exchange then you should withdraw all of your assets to your personal crypto wallet.

[Jeasterday]

I just want to put my bitcoin back into my bank account. How do I do that? I thought I was going to be trading then life got hectic and I just want my money back.

[OmegaStarScream]

I just want to put my bitcoin back into my bank account. How do I do that? I thought I was going to be trading then life got hectic and I just want my money back.

Depending on where you are from, sign up in one of the following exchanges:

U.S or UK: Coinbase, Gemini or Kraken
EU: BitPanda, bitonic.nl or also Coinbase.

Look for the "sell" page and follow the steps. Usually, it's pretty simple, after verifying your identity, you just have to send the bitcoin to the exchange's address and once the transaction gets confirmed, they'll issue the bank transfer.

[BrotherMencius]

Hey,

I was wondering, does anyone have any experience with the "bitcoin.com" wallet on Android? I've not seen it mentioned in this thread, so I was wondering if I should switch to a different wallet.

My wife and I bought our first BTC just over a week ago; our hope is to use BTC to help us save for a house and retirement (if that helps with any recommendations)

Thanks :-)

[OmegaStarScream]

Hey,

I was wondering, does anyone have any experience with the "bitcoin.com" wallet on Android? I've not seen it mentioned in this thread, so I was wondering if I should switch to a different wallet.

My wife and I bought our first BTC just over a week ago; our hope is to use BTC to help us save for a house and retirement (if that helps with any recommendations)

Thanks :-)

You shouldn't use that wallet, nor any other service provided by bitcoin.com.

Since you bought a whole bitcoin (which is currently worth ~48k$) and you're planning to save it for the long term, it would be a good idea to invest a bit more and buy a hardware wallet like Trezor or Ledger. It doesn't cost that much, and you'll sleep better at night knowing that your funds are totally safe.

[BrotherMencius]

Hey,

I was wondering, does anyone have any experience with the "bitcoin.com" wallet on Android? I've not seen it mentioned in this thread, so I was wondering if I should switch to a different wallet.

My wife and I bought our first BTC just over a week ago; our hope is to use BTC to help us save for a house and retirement (if that helps with any recommendations)

Thanks :-)

You shouldn't use that wallet, nor any other service provided by bitcoin.com.

Since you bought a whole bitcoin (which is currently worth ~48k$) and you're planning to save it for the long term, it would be a good idea to invest a bit more and buy a hardware wallet like Trezor or Ledger. It doesn't cost that much, and you'll sleep better at night knowing that your funds are totally safe.

Hey,

I should clarify, we didn't buy a whole bitcoin, we've only dipped our toes in so far, so to speak. We actually bought some satoshis last Thursday, just before the price dropped, so we're gonna hang on to those. If the price goes much lower then I'm thinking we should buy up more.

So should we transfer our satoshis from bitcoin.com into a different software wallet and look into getting a hardware wallet for when we do invest more? Do we have to pay fees to transfer from one wallet to another?

[Husna QA]

So should we transfer our satoshis from bitcoin.com into a different software wallet and look into getting a hardware wallet for when we do invest more?

Although the wallet from the Bitcoin.com client is noncustodial (https://news.bitcoin.com/the-difference-between-custodial-and-noncustodial-cryptocurrency-services/), long-term storage of cryptcurrency assets is better to use hardware wallet.
The Tears Test: Mobile Cryptocurrency Wallets vs Hardware Wallets ; Mobile Wallets vs. Hardware Wallets.

Do we have to pay fees to transfer from one wallet to another?

Yes, when you transfer from one wallet to another, it will charge a transfer fee.

[joniboini]

So should we transfer our satoshis from bitcoin.com into a different software wallet and look into getting a hardware wallet for when we do invest more? Do we have to pay fees to transfer from one wallet to another?

Hardware wallet is quite cheap as mentioned above, you can get them from as low as $75 (maybe lower, depending on where you live). I think buying a hardware wallet is a good choice regardless of how much you own crypto, especially if you plan on storing it for the long term, instead of moving your funds from one wallet to another and waste fees.

[Stalker22]

So should we transfer our satoshis from bitcoin.com into a different software wallet and look into getting a hardware wallet for when we do invest more? Do we have to pay fees to transfer from one wallet to another?

If you have a rather large amount that you want to keep safe, a hardware wallet may be a good choice for you, since you can feel confident your funds will be secure with the hardware wallet. Although there are wallet options that have no need of hardware, they do not provide the full security benefits of a hardware wallet.
However, not all hardware wallets are created equal, so you need to do your homework to choose the right one for you. There are several excellent choices that I have found in this arena, with very high-quality hardware wallets like the Ledger Nano or the Trezor being particularly sought-after.
 
Yes, all users have to pay fees in order to transfer funds from one wallet to another. These fees depend on the network conditions, the client software and the exchange rate.

[OmegaStarScream]

Hey,

I should clarify, we didn't buy a whole bitcoin, we've only dipped our toes in so far, so to speak. We actually bought some satoshis last Thursday, just before the price dropped, so we're gonna hang on to those. If the price goes much lower then I'm thinking we should buy up more.

So should we transfer our satoshis from bitcoin.com into a different software wallet and look into getting a hardware wallet for when we do invest more? Do we have to pay fees to transfer from one wallet to another?

For a good software wallet, I'd go with Mycelium if you have an android.

Not sure how much satoshis did you buy, but if the amount you bought is too small, and you're planning to keep on buying very small amounts on a regular basis (assuming that there are services that allow that to start with) then I suggest to not do that, this might result in large transfer fees when you end up moving the funds from your personal wallet to anywhere else because and as said above, you'll have to pay transaction fees each time you want to move the funds around, and these fees are based on the amount of inputs/outputs and the network's congestion.