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Author Topic: Are Online Wallets safe ?  (Read 3510 times)
derprinz
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January 06, 2017, 08:38:29 AM
 #1

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?
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January 06, 2017, 08:41:23 AM
 #2

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

My opinion with blockchain.info it is secured but still no matter how secured it is as long as there are intruders who are wanting to target a site.

For sure they can do something about it same goes applies with coinbase. We cannot say what can happen, but hackers are everywhere.

If you wanted to store your bitcoins safely, just buy your own hardware.

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January 06, 2017, 08:44:24 AM
 #3

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

My opinion with blockchain.info it is secured but still no matter how secured it is as long as there are intruders who are wanting to target a site.

For sure they can do something about it same goes applies with coinbase. We cannot say what can happen, but hackers are everywhere.

If you wanted to store your bitcoins safely, just buy your own hardware.

And it aren't always hackers. It could also be a employee of the organisation why steals from inside. Just  use those websites for smaller amounts. In other cases just safe them local on your pc or even better on a hardware wallet.

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January 06, 2017, 08:45:42 AM
 #4

Coinbase don't even give you control on your private keys so Its a service to avoid unless you are trading bitcoins then you should withdraw instantly just after buying or selling.
Blockchain.info no longer gives control over your private keys , at least not a newbie friendly way and It got removed from bitcoin.org for some security requirements that they didn't meet. I would use btc.com which is acquired by bitmain or stick to desktop wallets such as Multibit or Electrum.

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January 06, 2017, 08:52:31 AM
 #5

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

Online wallets are never safe, as you dont have the private keys for the wallet address so anytime if the wallets is down or like what you are saying about getting hacked then you can do nothing. As the site is holding your coins and what ever they want can do with your coins. That is why it is recommend to go for desktop wallet or hardware wallet.
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January 06, 2017, 08:54:56 AM
 #6

Coinbase don't even give you control on your private keys so Its a service to avoid unless you are trading bitcoins then you should withdraw instantly just after buying or selling.
Blockchain.info no longer gives control over your private keys , at least not a newbie friendly way and It got removed from bitcoin.org for some security requirements that they didn't meet. I would use btc.com which is acquired by bitmain or stick to desktop wallets such as Multibit or Electrum.

What security requirements did blockchain.info miss? I still use them and have been using them for a very long time. My personal experience is overall good with no serious complaints. There were a couple of times when I couldnt connect to the site but it hardly came to anything serious like losing some BTC.

What do you think of greenaddress.it? Are they safe to use? Are the founders trustworthy?

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20kevin20
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January 06, 2017, 08:55:25 AM
 #7

I don't think they are safe. Online wallets can fail at any time, and your funds could be lost if you don't have your private keys or a backup of your wallet. I'd go for paper wallets if I were you, so I could have my wallet in my own home, in my own hand. No other owner would have it. This is what I call being your own bank.
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January 06, 2017, 08:58:14 AM
 #8

Coinbase don't even give you control on your private keys so Its a service to avoid unless you are trading bitcoins then you should withdraw instantly just after buying or selling.
Blockchain.info no longer gives control over your private keys , at least not a newbie friendly way and It got removed from bitcoin.org for some security requirements that they didn't meet. I would use btc.com which is acquired by bitmain or stick to desktop wallets such as Multibit or Electrum.

What security requirements did blockchain.info miss? I still use them and have been using them for a very long time. My personal experience is overall good with no serious complaints. There were a couple of times when I couldnt connect to the site but it hardly came to anything serious like losing some BTC.

What do you think of greenaddress.it? Are they safe to use? Are the founders trustworthy?

From the Github repository of bitcoin.org : https://github.com/bitcoin-dot-org/bitcoin.org/pull/663#issuecomment-65656828
I believe that greenaddress.it are secure enough and give you control on your private keys but some reasons , not enough people are using it. Its probably due the fact that people are used to blockchain.info and keep recommending it to each other.

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January 06, 2017, 09:00:33 AM
 #9

No online wallet is safe 100%.The better way is store btc in offline wallet like multibit...
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January 06, 2017, 09:01:56 AM
 #10

I used one and I never had problems, and I didn`t hear other people complaining about blockchain or xapo, or some other well known online wallet. So even there is stories about how they are not safe, if you don`t plan to hold big amounts there you will be ok.
In case anyone wish to buy larger sum of bitcoins, then it would be better to pay more attention on protection, I would consider buying some ledger wallet.

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January 06, 2017, 09:04:58 AM
 #11

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?
Yes that's true, it can be hack maybe later or sooner, any online or web wallets can be down any time so its not totally safe there, tho I use also this web wallets but never put big amount of coins there.

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January 06, 2017, 09:12:23 AM
 #12

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

I'd suggest creating multiple wallets at Blockchain and Xapo.
I was in a delusion that Hardcore wallets are better than online versions but they come with drawbacks too. You need to safely store your offline wallet from your family and friends. If you format your Hard Drive or your PC crashes due an accident, you lose your money. Forever!
Store your money in parts on several wallets and each should have a different password of its own. Store private key in your cell phone or an old book etc. You might say that remembering several passwords is too tough for me. The best option is to encrypt your password using MD, md5, sha1,sha5,sha256 etc. Suppose my password is 123 for all the wallets. I encrypt it using all the above hashes. (You can encrypt them easily just google "Encrypt text to sha/md" etc) Thus, you have several passwords by only knowing 1. Even if one of your wallet is hacked, you can still rest assured that you have a backup of 5 more.
Hope it helps Smiley

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January 06, 2017, 09:13:07 AM
 #13

They aren't safe because anything could happen at anytime online. One example is the bug from blockchain.info's wallet(Reference). If you're planning to use online wallets just put in some decent amount and put the rest on a cold storage.



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mobnepal
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January 06, 2017, 09:16:40 AM
 #14

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?
I am using blockchain.info from start because they don't store users data (atleast they encrypt your wallet file in client side before storing in their servers) but coinbase is just like centralized payment processor which don't give you access to private key of your bitcoin address. So if coinbase got hacked, you may lost all you have while if someone successfully stole wallets files from blockchain.info than they may get hard time to decrypt those wallet files to hack bitcoin each of those wallets contains.

However web wallets are not best place to store high amount of bitcoin, its better to use paper wallet or hardware wallet.
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January 06, 2017, 09:22:00 AM
 #15

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

blockchain.info and coinbase is secure wallet online and they are the most recommended by peoples which is using bitcoin. but you need to remember that its better to save your bitcoin in your own wallet like bitcoin core or in your android phone because we can directly manage our bitcoin. i am not prefer with blockchain and coinbase, i'd prefer to save it in my pc.

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January 06, 2017, 09:25:04 AM
 #16

It depends. It really depends on how much faith you are willing to put into someone else to keep your money safe. Bear in mind that they have no real incentive to keep your money safe but their reputation.
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January 06, 2017, 09:35:33 AM
 #17

Hi
is it a good idea to store bitcoins in popular online wallets like blockchain.info or coinbase
can these wallets get hacked one day ?

My opinion with blockchain.info it is secured but still no matter how secured it is as long as there are intruders who are wanting to target a site.

For sure they can do something about it same goes applies with coinbase. We cannot say what can happen, but hackers are everywhere.

If you wanted to store your bitcoins safely, just buy your own hardware.

And it aren't always hackers. It could also be a employee of the organisation why steals from inside. Just  use those websites for smaller amounts. In other cases just safe them local on your pc or even better on a hardware wallet.

What's been quoted is unfair. An employee stealing from inside is not at all possible, because it ruins his entire career as well reputation of the industry. For this reason only everywhere we can see different sections like developers, analysts, inspection, content makers and so on. If an employee makes an mistake under some inspection he will be caught red handed. In my personal opinion online wallets were much safer.

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January 06, 2017, 09:42:55 AM
 #18

I'd personally recommend using Blockchain.info for daily usage and storing small amounts of Bitcoin over there.
Use a hardware wallet or on offline wallet for big amounts.

Although Online wallets are not as safe as offline/hardware ones, you need them to spend Bitcoins on-the-go. Smiley
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January 06, 2017, 11:12:30 AM
 #19

Out of coinbase and blockchain.info i will recommend you to use blockchain as they never gonna ask your personal details and they don't have control over your funds.

If you don't spend bitcoin daily or too often, paper/hardware wallet will be enough for you. No any online wallet and exchanger can be considered safe, all of them may go down or get hacked oneday.

iBuilding A Better Interneti
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January 06, 2017, 11:59:57 AM
 #20

Coinbase don't even give you control on your private keys so Its a service to avoid unless you are trading bitcoins then you should withdraw instantly just after buying or selling.
Blockchain.info no longer gives control over your private keys , at least not a newbie friendly way and It got removed from bitcoin.org for some security requirements that they didn't meet. I would use btc.com which is acquired by bitmain or stick to desktop wallets such as Multibit or Electrum.

What security requirements did blockchain.info miss? I still use them and have been using them for a very long time. My personal experience is overall good with no serious complaints. There were a couple of times when I couldnt connect to the site but it hardly came to anything serious like losing some BTC.

What do you think of greenaddress.it? Are they safe to use? Are the founders trustworthy?


These are the following features blockchain.info missing:

1. You cannot sign a message except if you import a network address. Signing a message is very useful in bitcoin world. Read this from Shorena https://bitcointalk.org/index.php?topic=990345.0
2. There is no direct way to export your private keys

Moreover bc.i has hacked in the recent past http://thehackernews.com/2016/10/blockchain-bitcoin-website.html. I don't know anything about greenaddress.it so I am not the right person to answer.

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