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GMPoison
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January 04, 2017, 10:26:14 AM
 #21


Good chart but is there really any advantage to a hardware wallet over encrypted multisig paper wallets for cold storage? I suppose you don't need to have a bunch of paper wallets in different locations so it makes life easier, but when I talk about "cold storage", I don't want life to be a little easier to access the coins, you know? 

Paper wallet:
  • Free!
  • Easier to hide and less risk of being stolen (nobody steals a piece of paper buried among many other useless papers but they will steal a nice looking hardware wallet)
  • Spending it is a bit hard (or easy! you can download an SPV wallet, sweep and spend)
  • Making it is not easy.

Hardware wallet:
  • Not free and even expensive.
  • I'd say it is harder to hide than your encrypted private key on a piece of paper
  • Easier to spend from
  • You are trusting a third party to give you a bug-free and safe enough tool
  • Risk of hardware failure. like any other hardware it can fail too.

Great breakdown. For very cold storage I would say the paper wallet wins hands down, and for a cold but not ice cold solution, the hardware wallet takes the cake.
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January 04, 2017, 10:30:53 AM
 #22

If you are looking for a normal Bitcoin wallet for general use then MultiBit is going to do good. Just keep your computer secure with antivirus/malware software and you will be fine.

If you have an Android phone, I'd also recommend you to check out MyCelium. I have been using MyCelium for more than two years now. I like how 'mobile' it is and I can access my Bitcoin anytime and anywhere.

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January 04, 2017, 03:41:05 PM
 #23

Hello,

I'm researching bitcoin wallets, but I still haven't decided. Online wallets are said to be unsafe. I'm thinking of using one of the desktop wallet software. Which wallet you recommend is easy to use.
Its up to you my friend, you choose your own wallet that suits your taste. There are lots of websites where you can create your btc address. And for me im using coinbase and xapo wallet , and when i want to exchange it a have coins.ph account were i can convert my btc to fiat in an instant.
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January 04, 2017, 08:21:52 PM
 #24

I'd recommend you, personally, blockchain.info one. I've created it a while ago and didn't replace it, and I've never had any problems with it. I don't know why people are avoiding it. :/

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January 04, 2017, 10:50:35 PM
 #25


This is awesome. I love your Computer Programming approach to this problem. And to the original poster, please search this forum before asking new topics. Thanks!
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January 05, 2017, 06:07:45 AM
 #26



This is awesome. I love your Computer Programming approach to this problem. And to the original poster, please search this forum before asking new topics. Thanks!

Thanks, but Flowcharts aren't limited to programming only. They are a great way of visualizing a process and help in making decisions by showing the steps that should be taken.

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January 05, 2017, 01:00:43 PM
 #27

Great breakdown. For very cold storage I would say the paper wallet wins hands down, and for a cold but not ice cold solution, the hardware wallet takes the cake.

Couldn't have said it better but in order to make paper wallet the most safe option it has to be handled very carefully. They don't leave much space for mistakes.
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January 05, 2017, 01:57:19 PM
 #28

Thanks for the answers

Bitcoin Core is not a very good choice for a newcomer to me. It can be used to store and use btc in small quantities like web-based wallets. Hardware wallets are not very reliable for me. We do not know how secure firmware is.

The best choice for a newcomer will be Multibit HD or Electrum. For the moment I made my choice as Multibit HD. I could try different wallets in the future.
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January 06, 2017, 09:18:54 PM
 #29

Hey guys im looking for bitcoin cold storage?

Any prefer site you know,  kindly share and pm me thanks
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January 06, 2017, 10:12:55 PM
 #30

I'd recommend you, personally, blockchain.info one. I've created it a while ago and didn't replace it, and I've never had any problems with it. I don't know why people are avoiding it. :/

I also like blockchain.info for newcomers to bitcoin. I's a straight forward website and you can set the fees yourself.

But once you accumulated more than 1 BTC I would store your money in an online wallet, better go for a desktop version.



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January 07, 2017, 06:10:52 AM
Last edit: January 07, 2017, 06:34:13 AM by shorena
 #31

Hey guys im looking for bitcoin cold storage?

Any prefer site you know,  kindly share and pm me thanks

Cold storage literally meany offline, so there cant be a site where you use an offline wallet. You have to do it yourself, e.g. with an old laptop.

Im not really here, its just your imagination.
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January 07, 2017, 06:26:33 AM
 #32

Hey guys im looking for bitcoin cold storage?

Any prefer site you know,  kindly share and pm me thanks

Well you can use Trezor Hardware Wallet which is pretty safe an secure.

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January 07, 2017, 08:50:58 AM
 #33

I'd recommend you, personally, blockchain.info one. I've created it a while ago and didn't replace it, and I've never had any problems with it. I don't know why people are avoiding it. :/

People avoid it because online wallets are not as safe as paper wallets. There is a chance of your coins getting stolen, if someone steals your password, or if your email gets hacked. But I would agree that Blockchain.info is the best online wallet out there.

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January 07, 2017, 09:37:43 AM
 #34

Actually there are many wallet services providers are in market such as Coinbase, Xapo, BTC.io, Blockchain.info and many more. But I am using Blockchain. Blockchain gives you more control with your bitcoins.

Just main disadvantage of blockchain.info is that we have to pay transaction fees. But still its best. Because blockchain.info only provide private keys of your public wallets address. None of other offer you private keys.

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January 07, 2017, 09:59:36 AM
 #35

Actually there are many wallet services providers are in market such as Coinbase, Xapo, BTC.io, Blockchain.info and many more. But I am using Blockchain. Blockchain gives you more control with your bitcoins.

Just main disadvantage of blockchain.info is that we have to pay transaction fees. But still its best. Because blockchain.info only provide private keys of your public wallets address. None of other offer you private keys.

i won't suggest using online wallets or exchanges to newbies to store their coins as the security level for you is lower compared to using desktop wallets such as bitcoin core or electrum. those sites you mentioned maybe trusted today but we will never know what can happen to them in the future. they may claim they got hacked or something like that and our coins will be gone


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January 07, 2017, 09:45:51 PM
 #36

Our vote goes to Mycelium too (if mobile is ok). We've been using it for years now and never had any problems with it.

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January 09, 2017, 08:46:39 AM
 #37

Hello,

I'm researching bitcoin wallets, but I still haven't decided. Online wallets are said to be unsafe. I'm thinking of using one of the desktop wallet software. Which wallet you recommend is easy to use.
i use only paper wallets to hold ... and for regular daily work and trading i am using blockchain.info
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January 09, 2017, 12:01:06 PM
 #38

Hello,

I'm researching bitcoin wallets, but I still haven't decided. Online wallets are said to be unsafe. I'm thinking of using one of the desktop wallet software. Which wallet you recommend is easy to use.
i use only paper wallets to hold ... and for regular daily work and trading i am using blockchain.info

What exactly is a paper wallet? How do you shop with your paper wallet. Is it different from other wallets?
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January 09, 2017, 01:22:44 PM
 #39

What exactly is a paper wallet? How do you shop with your paper wallet. Is it different from other wallets?
A paper wallet is a wallet where your Bitcoin private keys are literally printed out onto paper. These keys are usually encrypted with a password so that not everyone can steal them. Paper wallets are typically used for long term cold storage. The idea is that you use them when you don't plan on spending the Bitcoin for a while.

In order to spend from Paper wallets, you need to import the private keys into a wallet software such as Electrum and then just spend the Bitcoin as you normally would.

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January 09, 2017, 02:42:35 PM
 #40

Electrum works pretty good
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