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Question: Do you agree with idea "Bitcoin bank" ?
Yes
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I don't know/I'm not sure yet
I don't care

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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 139178 times)
deisik
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April 04, 2017, 09:40:25 AM
 #1501

Banks taking bitcoin and exchanging it into USD is fine but banks actually holding private keys is just asking to be hacked and losing funds that cant easily be replaced. Even if they insured everything new of a 100 million dollar bitcoin hack would push the price up and force them to get coins at a more expensive rate, which they wont do. Its a bad scenario.
Yeah. No one accepts this idea but we have to admit that if banks accept Bitcoin, we can witness a huge impact in a positive way to Bitcoin. Well, if there is no bank accept bitcoin, the adoption will not occur soon
Banks can accept bitcoin but not as a currency, it will be only considered by the bank as payment system just like paypal. The problem is, bitcoin is decentralized so it's hard to integrate into a centralized system, it's popular because of decentralization and it would lose its originality if that will happen

Could you expand more on that?

That is, why do you consider that integrating (or adopting) Bitcoin into a (presumably) centralized system such as banks will be difficult? Personally, I don't see any particular or important difference between you storing your (or someone else's, for that matter) bitcoins or a bank storing yours or anyone else's. Just in case, fiat money is also decentralized in the sense how it gets issued (in fact, it is not very far Bitcoin in this aspect), but somehow banks don't have issues "integrating" it. So why should Bitcoin be different in this regard?

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April 04, 2017, 10:01:44 AM
 #1502

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

I agree with you. While bitcoins are in my purse - I myself dispose of them. But when they are in the bank - this will already complicate the use of bitcoins. Why do I need it? I manage without a bank
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April 04, 2017, 10:15:19 AM
 #1503

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

I agree with you. While bitcoins are in my purse - I myself dispose of them. But when they are in the bank - this will already complicate the use of bitcoins. Why do I need it? I manage without a bank
You are all right Bitcoin Banks is a stupid idea, Because all the features of Bitcoin Wallets is almost identical to what Banks have to offer in terms of sending and receiving money without the fees. Also having a Bitcoin banks would eliminate the other features of Bitcoin from having a secrecy of the owner and its transaction and also the freedom of what you can do with that Bitcoin. And at the first place I don't think having a Bank that accepts Bitcoin is impossible because consumers will prefer loaning out Fiat currency in the first place.

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April 04, 2017, 03:40:36 PM
 #1504

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Why do people need online wallets when they can also use a desktop wallet? It's nothing more than an optional service that you can use if you so wish. No one really forces you to do anything. Is it better in terms of security to store everything within your own control range? Sure. But that doesn't mean people shouldn't use online wallets at all. People in most cases choose the convenience of online wallets over the security that desktop wallets offer

In general, no, it is not better in terms of security

The fact that you control the keys doesn't in the least mean that they are safe. The vast majority of users cannot set up their desktop computer in a secure enough way. Since most users today are still using Windows, you can't possibly consider your coins secure at all, even if you install antivirus, firewall, and whatnot. Coins from personal wallets get stolen everyday, we just don't hear about all these cases for either the minute amount being stolen or unwillingness of those from whom coins got stolen to expand on this. It is like car crashes versus plane crashes. You hear about plane crashes in the news but the number of people killed in the former by far exceeds the number of victims in the latter. So what is actually more safe?

Should every bitcoin user abandon Windows and start using Linux? I installed Ubuntu, never had a problem except for the graphics card part. Sure it's normal when browsing and whatnot, but when you start watching a video, it gets laggy after a couple of minutes. I've looked around solutions and there's no "Do this and you'll be fine" solution. You would have to do your own research and then try and try and try until finally it's all fine.

Now I'm back on Windows because I haven't had the time to fix the problem yet. They say there's an issue with the nvidia graphics support and most people are using that.

Anyway, to anyone who wants an almost invulnerable OS, doesn't watch videos, only surf the Internet, and wants a smooth and minimalistic UI, definitely install Ubuntu or other Linux distro that you desire. It's not that hard to install and then update to the latest softwares.

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deisik
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April 04, 2017, 04:20:54 PM
 #1505

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Why do people need online wallets when they can also use a desktop wallet? It's nothing more than an optional service that you can use if you so wish. No one really forces you to do anything. Is it better in terms of security to store everything within your own control range? Sure. But that doesn't mean people shouldn't use online wallets at all. People in most cases choose the convenience of online wallets over the security that desktop wallets offer

In general, no, it is not better in terms of security

The fact that you control the keys doesn't in the least mean that they are safe. The vast majority of users cannot set up their desktop computer in a secure enough way. Since most users today are still using Windows, you can't possibly consider your coins secure at all, even if you install antivirus, firewall, and whatnot. Coins from personal wallets get stolen everyday, we just don't hear about all these cases for either the minute amount being stolen or unwillingness of those from whom coins got stolen to expand on this. It is like car crashes versus plane crashes. You hear about plane crashes in the news but the number of people killed in the former by far exceeds the number of victims in the latter. So what is actually more safe?

Should every bitcoin user abandon Windows and start using Linux? I installed Ubuntu, never had a problem except for the graphics card part. Sure it's normal when browsing and whatnot, but when you start watching a video, it gets laggy after a couple of minutes. I've looked around solutions and there's no "Do this and you'll be fine" solution. You would have to do your own research and then try and try and try until finally it's all fine

Yes, every user should do that

Regarding your video issues, I can tell you my own story. A few years ago I had been using a dual boot machine and switching between Linux and Windows as needed. It was a boat anchor like some 10 years old crap but it worked so I was quite happy with it. Once I downloaded an HD movie and I decided to watch it on Windows since I somehow expected that Windows would be better at doing such things. But the movie lagged heavily up to a point where it was impossible to watch. I didn't actually expect that I would be able to launch it on Linux at all, but mplayer, to my great surprise, played it like a charm, smooth and with no lagging altogether. You may want to try this player yourself

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April 04, 2017, 05:19:38 PM
 #1506

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Why do people need online wallets when they can also use a desktop wallet? It's nothing more than an optional service that you can use if you so wish. No one really forces you to do anything. Is it better in terms of security to store everything within your own control range? Sure. But that doesn't mean people shouldn't use online wallets at all. People in most cases choose the convenience of online wallets over the security that desktop wallets offer

In general, no, it is not better in terms of security

The fact that you control the keys doesn't in the least mean that they are safe. The vast majority of users cannot set up their desktop computer in a secure enough way. Since most users today are still using Windows, you can't possibly consider your coins secure at all, even if you install antivirus, firewall, and whatnot. Coins from personal wallets get stolen everyday, we just don't hear about all these cases for either the minute amount being stolen or unwillingness of those from whom coins got stolen to expand on this. It is like car crashes versus plane crashes. You hear about plane crashes in the news but the number of people killed in the former by far exceeds the number of victims in the latter. So what is actually more safe?

Should every bitcoin user abandon Windows and start using Linux? I installed Ubuntu, never had a problem except for the graphics card part. Sure it's normal when browsing and whatnot, but when you start watching a video, it gets laggy after a couple of minutes. I've looked around solutions and there's no "Do this and you'll be fine" solution. You would have to do your own research and then try and try and try until finally it's all fine

Yes, every user should do that

Regarding your video issues, I can tell you my own story. A few years ago I had been using a dual boot machine and switching between Linux and Windows as needed. It was a boat anchor like some 10 years old crap but it worked so I was quite happy with it. Once I downloaded an HD movie and I decided to watch it on Windows since I somehow expected that Windows would be better at doing such things. But the movie lagged heavily up to a point where it was impossible to watch. I didn't actually expect that I would be able to launch it on Linux at all, but mplayer, to my great surprise, played it like a charm, smooth and with no lagging altogether. You may want to try this player yourself

It would be a lifesaver if that works. I'm just using everything on default in Linux. I'm also on dual boot right now (Windows 10 + Ubuntu). Firefox appears to be slower than expected so I installed Chromium, it solved the problem. Hope mplayer solves this one. (Although all of this of course wouldn't be a problem if I research more. Grin )

I feel like the video player of Ubuntu crashes on parts of the video that encountered some lags in the Internet connection when you were downloading it. Since I have a slow Internet connection, that can be the case. But people are also experiencing the same problem according to my little research.

Anyway, thank you for the info. I will shoot you a pm tomorrow if this works (Hopefully I remember to do so).

To everyone that's reading this, I can't emphasize enough how safe your bitcoins will be if you're going to use Linux. You don't even need antivirus on Linux. Use electrum on Linux, choose the wallet with 2FA, encrypt the wallet with a password, make a copy of your wallet to a freshly formatted flash drive, move all your funds to the addresses of the wallet, and you're good to go.

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April 04, 2017, 05:38:33 PM
 #1507

Yes, every user should do that

Regarding your video issues, I can tell you my own story. A few years ago I had been using a dual boot machine and switching between Linux and Windows as needed. It was a boat anchor like some 10 years old crap but it worked so I was quite happy with it. Once I downloaded an HD movie and I decided to watch it on Windows since I somehow expected that Windows would be better at doing such things. But the movie lagged heavily up to a point where it was impossible to watch. I didn't actually expect that I would be able to launch it on Linux at all, but mplayer, to my great surprise, played it like a charm, smooth and with no lagging altogether. You may want to try this player yourself

It would be a lifesaver if that works. I'm just using everything on default in Linux. I'm also on dual boot right now (Windows 10 + Ubuntu). Firefox appears to be slower than expected so I installed Chromium, it solved the problem. Hope mplayer solves this one. (Although all of this of course wouldn't be a problem if I research more. Grin )

I feel like the video player of Ubuntu crashes on parts of the video that encountered some lags in the Internet connection when you were downloading it. Since I have a slow Internet connection, that can be the case. But people are also experiencing the same problem according to my little research.

Anyway, thank you for the info. I will shoot you a pm tomorrow if this works (Hopefully I remember to do so).

To everyone that's reading this, I can't emphasize enough how safe your bitcoins will be if you're going to use Linux. You don't even need antivirus on Linux. Use electrum on Linux, choose the wallet with 2FA, encrypt the wallet with a password, make a copy of your wallet to a freshly formatted flash drive, move all your funds to the addresses of the wallet, and you're good to go

You are welcome, bro

mplayer is a command line utility, it doesn't have a front-end on its own, though there should be some from third parties. Personally, I run it directly from xterm terminal window (so I don't care if there are any). Regarding using Electrum (and other desktop wallets), this is not without caveats either. If someone manages to inject a malicious code in it and then distribute it, your coins will get stolen as easily from Linux as from Windows

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April 04, 2017, 06:31:25 PM
 #1508

I do not agree with Bitcoin integrated in banks because if Bitcoin will be integrated in banks then we will have to pay for transaction fees beside the miners. I am using Bitcoin because there is no 3rd party that controls my transaction, another thing we will not become anonymous if we do have Bitcoin banks because in banks you need your personal details in order to open a bank account.
Yes, you are correct and I think 99% of the bitcoin fanatic are not agree with the bitcoin bank. Because if that happen bitcoin will be no difference in the it will become regulated industry just like an ordinary bank in the public. And I do believed this things will not be push through because I knew the power of decentralization of bitcoin which even SEC who rejected by the ETF can't do about in bitcoin to control it.



-this is the only reason why i am not agree for the bitcoin bank.. And since i discover using the third world currency everything is getting easy, i also used bitcoin to pay everything using wallet without know reveals of the personal details..

- if they will open a bank for this currency this will not be anonymouse... And alot of things in will be changing.. So i think having a bank for this currency will give a very bad impact for us



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April 04, 2017, 06:52:02 PM
 #1509

In general, no, it is not better in terms of security

The fact that you control the keys doesn't in the least mean that they are safe. The vast majority of users cannot set up their desktop computer in a secure enough way. Since most users today are still using Windows, you can't possibly consider your coins secure at all, even if you install antivirus, firewall, and whatnot. Coins from personal wallets get stolen everyday, we just don't hear about all these cases for either the minute amount being stolen or unwillingness of those from whom coins got stolen to expand on this. It is like car crashes versus plane crashes. You hear about plane crashes in the news but the number of people killed in the former by far exceeds the number of victims in the latter. So what is actually more safe?

I was of course referring to people that know what to do and how to increase the level of their security. I personally do that by making use of a hardware wallet. But sure, there are enough people that don't know how to properly secure everything. Let me ask you a question -- how do you take care of the security aspects regarding your regular usage wallets and of course your cold wallets?

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April 04, 2017, 07:03:06 PM
 #1510

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

I agree with you. While bitcoins are in my purse - I myself dispose of them. But when they are in the bank - this will already complicate the use of bitcoins. Why do I need it? I manage without a bank
When a user gets all features similar to that provided by bank, what's the need of a bank to do the same service. On fiat saving banks users get a small interest earning depending upon the amount in the account. For us the difference in price respect to time gives very big earning higher than the earning that's been got through traditional saving banks.



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April 04, 2017, 07:18:05 PM
 #1511

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.
I agree with you, I think we do not really need a bitcoin bank dude, because in fact we still can easily store your bitcoin in a wallet and it's much safer than bank and without any control right ?
Correct. The possibility and most probably would happen if there is bitcoin bank will be tax implementation or the final tax that is imposed if you have savings account in a bank and I don't think that it is a good idea. But the good thing is many people will get interested in how bitcoin work.
We all know that all bank publicly in the entire world are centralized bank and bitcoin was a decentralized, bitcoin obvioulsy don't have any tax like what you said in the above and I don't like bitcoin bank bank because I'm the bank of my own bitcoin due to the decentralization in which bitcoin gave to all bitcoin fanatic.



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April 04, 2017, 09:26:35 PM
 #1512

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

I agree with you. While bitcoins are in my purse - I myself dispose of them. But when they are in the bank - this will already complicate the use of bitcoins. Why do I need it? I manage without a bank

We need bank for their service but when it comes to collaboration of it with bitcoin it's totally different and I don't want to include it there. It's better that we are the ones that will regulate the usage and has power to our bitcoins or else we will taxed which we really hate. Because it's why many of us are in bitcoin for the taxation freedom.

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April 04, 2017, 09:38:39 PM
 #1513

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

Not exactly we are controlled with our buy and sell because that's a rule of the bitcoin system, well if you considered your wallet as a bitcoin bank and I tell you it's not my friend. A bitcoin bank is somewhat to be developed different from a wallet online, because there is a system of secured account which could not be accessed directly by the account holders without authentication from them to make secure of the savings. If you really wanted banking your bitcoin now, so you can do the best option to cash out your balances and deposit to fiat money bank, while bitcoin still on the plan.

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April 04, 2017, 09:42:24 PM
 #1514

Bitcoin bank?  it may sound like the common fiat bank i.e the building and the money keeper. but i'm sure it shouldn't be that. for bitcoin every user is the banker of his/herself.
Your wallet should be your bank.



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April 04, 2017, 10:35:21 PM
 #1515

Why i need bitcoin bank while i have bitcoin to use whole system was about being able to be own bank to oursellves that is why Bitcoin bank is failed system

Exactly, having your own bitcoin wallet is already a bitcoin bank. And with this idea of "bitcoin bank" this will just regulate the usage of bitcoin in the economy of where you are living and the bad is that you will be controlled when to buy or sell your coins just like what is happening at China. Look at them now, I don't agree with this thing either.

Not exactly we are controlled with our buy and sell because that's a rule of the bitcoin system, well if you considered your wallet as a bitcoin bank and I tell you it's not my friend. A bitcoin bank is somewhat to be developed different from a wallet online, because there is a system of secured account which could not be accessed directly by the account holders without authentication from them to make secure of the savings. If you really wanted banking your bitcoin now, so you can do the best option to cash out your balances and deposit to fiat money bank, while bitcoin still on the plan.

With the control I'm talking about the regulation of the agency or body of government that will control that bank, possibly with the finance department. And I'm giving an example of it with the China, their withdrawals was once hold , I don't have any update with them right now. And to make it clear, fiat money putting on the bank is very far from bitcoin on bitcoin wallet considering as bitcoin bank.

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April 04, 2017, 11:34:17 PM
 #1516

Bitcoin bank?  it may sound like the common fiat bank i.e the building and the money keeper. but i'm sure it shouldn't be that. for bitcoin every user is the banker of his/herself.
Your wallet should be your bank.
rue I think every user wants them to be the bank for themselves. because it would be much safer and easier course. because you do not need to rely on others. after all, your money will be controlled by bank



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Crypterium - Digital Mobile Cryptobank For Everyon


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April 05, 2017, 03:16:38 AM
 #1517

Bitcoin bank?  it may sound like the common fiat bank i.e the building and the money keeper. but i'm sure it shouldn't be that. for bitcoin every user is the banker of his/herself.
Your wallet should be your bank.
That's probably the current set up now, our wallet is our bank and we do not need a fiat bank to interfere the current system. I'm satisfied already so why would I need a bank which normally charge bigger fees and take our freedom to transact anonymously.



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deisik
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April 05, 2017, 05:22:10 AM
 #1518

In general, no, it is not better in terms of security

The fact that you control the keys doesn't in the least mean that they are safe. The vast majority of users cannot set up their desktop computer in a secure enough way. Since most users today are still using Windows, you can't possibly consider your coins secure at all, even if you install antivirus, firewall, and whatnot. Coins from personal wallets get stolen everyday, we just don't hear about all these cases for either the minute amount being stolen or unwillingness of those from whom coins got stolen to expand on this. It is like car crashes versus plane crashes. You hear about plane crashes in the news but the number of people killed in the former by far exceeds the number of victims in the latter. So what is actually more safe?

I was of course referring to people that know what to do and how to increase the level of their security. I personally do that by making use of a hardware wallet. But sure, there are enough people that don't know how to properly secure everything. Let me ask you a question -- how do you take care of the security aspects regarding your regular usage wallets and of course your cold wallets?

I don't have cold wallets (but I'm looking into this now)

I'm mostly a trader myself so I have to keep money on exchanges, but not just bitcoins. For example, right now I'm around 60-70% in fiat waiting in ambush for prices to hit below 900 dollars per coin (but I'll be just as happy if the price continues to rise). I have some coins (not much anyway) in my Coinbase wallet, but I'm now looking into alternatives since they obviously won't credit BU coins if the split comes about (which I personally don't believe in, buth better safe than sorry), and they started levying transaction fees on their clients some time ago (free of charge transactions were the primary reason I had been using them). I considered an option of a lightweight desktop wallet like Electrum but I'm uneasy about that because to me, this is even more risky than using a web-wallet. To remove this risk, I would have to look myself into the source code which I'm going to compile but I have neither time nor desire for that

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Pundi X- Any store can buy, sell & accept Crypto!


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April 05, 2017, 06:08:27 PM
 #1519

Yes, every user should do that

Regarding your video issues, I can tell you my own story. A few years ago I had been using a dual boot machine and switching between Linux and Windows as needed. It was a boat anchor like some 10 years old crap but it worked so I was quite happy with it. Once I downloaded an HD movie and I decided to watch it on Windows since I somehow expected that Windows would be better at doing such things. But the movie lagged heavily up to a point where it was impossible to watch. I didn't actually expect that I would be able to launch it on Linux at all, but mplayer, to my great surprise, played it like a charm, smooth and with no lagging altogether. You may want to try this player yourself

It would be a lifesaver if that works. I'm just using everything on default in Linux. I'm also on dual boot right now (Windows 10 + Ubuntu). Firefox appears to be slower than expected so I installed Chromium, it solved the problem. Hope mplayer solves this one. (Although all of this of course wouldn't be a problem if I research more. Grin )

I feel like the video player of Ubuntu crashes on parts of the video that encountered some lags in the Internet connection when you were downloading it. Since I have a slow Internet connection, that can be the case. But people are also experiencing the same problem according to my little research.

Anyway, thank you for the info. I will shoot you a pm tomorrow if this works (Hopefully I remember to do so).

To everyone that's reading this, I can't emphasize enough how safe your bitcoins will be if you're going to use Linux. You don't even need antivirus on Linux. Use electrum on Linux, choose the wallet with 2FA, encrypt the wallet with a password, make a copy of your wallet to a freshly formatted flash drive, move all your funds to the addresses of the wallet, and you're good to go

You are welcome, bro

mplayer is a command line utility, it doesn't have a front-end on its own, though there should be some from third parties. Personally, I run it directly from xterm terminal window (so I don't care if there are any). Regarding using Electrum (and other desktop wallets), this is not without caveats either. If someone manages to inject a malicious code in it and then distribute it, your coins will get stolen as easily from Linux as from Windows

mplayer alone didn't do me any favor. I did all research but that PNG error won't leave me. So I installed SMPlayer instead which is a front-end as well. At least that's what it says on the definition.

I kind of doubt that I'll download an Electrum wallet with some malicious code if I'm going to install it right from the electrum website. People have been using Electrum for quite a while now and no one has lost their coin yet. Although it's possible that the whole thing has been malicious ever since and Electrum is just waiting for the best time to harvest all the coins saved using their wallet. Oh well, there's always a risk to take. Even online wallets have risk.

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April 05, 2017, 06:56:50 PM
 #1520

I kind of doubt that I'll download an Electrum wallet with some malicious code if I'm going to install it right from the electrum website. People have been using Electrum for quite a while now and no one has lost their coin yet. Although it's possible that the whole thing has been malicious ever since and Electrum is just waiting for the best time to harvest all the coins saved using their wallet. Oh well, there's always a risk to take. Even online wallets have risk

It doesn't make much sense to wait that long

Apart from that, Electrum wallet seems to be open-sourced so someone (and likely not a single person) has apparently already checked the code for malicious content. But this doesn't guarantee that someone else might not hack their site once upon a time and put there their own tainted version of the wallet. It might make sense to install the wallet but still keep coins in a paper wallet (i.e. in a few paper wallets), and import the keys when you need to send some coins. I recently tried to install it from Gentoo depository but some dependency failed to compile, and I'm not inclined to get into this right now

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