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Author Topic: Which wallet should I use for keeping my bitcoin?  (Read 2486 times)
newfidegm
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February 22, 2017, 04:12:56 PM
 #1

Hello guys, I'm new to bitcoin, so there are things that I misunderstand.
I have a big interest in bitcoin, in the future, I want to make money with and invest in bitcoin. So I really need your advice.
1) Which wallet should I choose to keep btc? There are so many choices so that confuse me. I know about Electrum, Blockchain, Coinbase,... Does it secure?
2) I need to make money by myself before I invest them, so how can I do to make some bitcoin?

Thanks for your help.  Smiley

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February 22, 2017, 04:16:52 PM
 #2

There are quite a few good ones. Perhaps have a look at this link below which does a good job of comparing the pros and cons of some:

https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/
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February 22, 2017, 04:17:15 PM
 #3

I'm not one for regurgitating the opinions of others which have been posted before, you can have a look at these threads and decide for yourself:
https://bitcointalk.org/index.php?topic=1163283.0
https://bitcointalk.org/index.php?topic=1394092.0

FYI webwallets such as Coinbase do not give you the private keys to your addresses, so the bitcoin is essentially in their control. I'd suggest Electrum as thats what I use myself
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February 22, 2017, 04:22:32 PM
 #4

If you not going to buy large amounts of bitcoins and you want to play around until you feel comfortable with Bitcoin, then I would say

Blockchain.info will be sufficient for now. These regulated services are a pain in the ass... you use your wallet once at a online Bitcoin casino and

they close your account. Later, when you have more coins, you could invest in a hardware wallet.  Wink

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February 22, 2017, 04:22:39 PM
 #5

Read this topic first: [General] Bitcoin Wallets - Which, what, why?

Then take a look at this picture:

Topic of above picture: https://bitcointalk.org/index.php?topic=1661543.0

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February 22, 2017, 06:11:17 PM
 #6

First, hello to bitcoin community,
There is many secure web wallet in the internet, Personally i prefer xapo and blockchain, Xapo because is really secure and there is no fees for transferring bitcoin, Also you can buy bitcoin from it. blockchain because it's one of the first wallet of bitcoins. It's more secure too.
So, To make money, you should have some skills, or offer some services here.
I advice you to learn something like coding, developpement and Trading which it's a good domain for getting a profit. There is signature campaigns which they pay well by improve yourself here by posting.
Good luck

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February 22, 2017, 06:14:13 PM
 #7

I am personally using Electrum. I recommend you this one too because it is simple yet powerful. This is the perfect combo between security and ease of use !
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February 22, 2017, 07:03:17 PM
 #8

The convination of owning a full node + a couple of paper wallets as backups is the best option in my book.

So get bitcoin core 0.13.2 or whatever version is the latest when you read this message, and make some wallet.dat backups, and some paper wallet backups, that is for long term storage.


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Mometaskers
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February 22, 2017, 07:16:46 PM
 #9

I remember when I first heard about bitcoin, I made a Coinbase wallet and found out my country is not supported. Up until now I haven't made up my mind which software wallet I'll use. Still stuck with a local exchange (I'm in Philippines using coins.ph). It suits my needs for now, since I can just easily cash out and I don't have a particularly large hoard (still reading stuff up before I commit my savings).

So though I can't suggest a particular wallet, I'd say try to keep your coins in multiple locations. It also probably wouldn't hurt to have some stored in an exchange. That way if you have to get fiat for some emergency use you don't have to go through sending the bitcoin to the exchange, waiting for it to be confirmed, and then waiting again for the cash out process to be completed.
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February 22, 2017, 07:18:12 PM
 #10

Quick answer: use Electrum.

Long Answer: Bitcoin wallets can be divided into three categories:

1. Full validation wallets - you will have to download whole blockchain (currently 112 GB of data) on your local machine.
They offer arguable the best security as you are not depending on any 3rd party or external server to validate data.

Examples: Bitcoin Core, Armory

2. Simplified validation wallets - they use external servers to access blockchain, you don't have to download anything.
But you rely on server to validate blockchain for you. SPV wallets are nice middle ground between security and comfort.

Examples: Elecrum, Multibit.

3. Online wallets - online services which take control over your coins for you, as they in most cases have access to your private keys.
If they someday will be hacked, or disappear there is high chance that your coins will be lost with them.

Examples: Coinbase, Blockchain.info, Xapo.

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February 22, 2017, 07:21:52 PM
 #11

If you're going to make some money(bitcoin) first then you should just stick with blockchain as coinbase isn't supported in some country. It's recommended for someone who are trying out Bitcoin. Bitcoin core is good because it provides plenty of security but you should consider it's size if you want to use it.

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February 22, 2017, 07:26:47 PM
 #12

I would recommend mycelium as a wallet.
Very easy to use for beginners...sending and receiving btc.
Also there is a trading feature,where you can search for real time traders and buy/sell btc in person.

I am NOT superstitious,but I am a little stitious !
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February 22, 2017, 07:38:22 PM
 #13

1) Which wallet should I choose to keep btc? There are so many choices so that confuse me. I know about Electrum, Blockchain, Coinbase,... Does it secure?

1) Coinbase = centralized just like paypal so better not to use it
    Blockchain = client side encryption so storing small amount of bitcoin for daily use is good.
    Electrum = desktop wallet which is quite secure than web wallets

    I suggest you to use paper or hardware wallet like trezor if you want to store large amount of bitcoin.

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February 22, 2017, 07:40:19 PM
 #14

I recommend you can use the Mycelium wallet if you have an Android phone, I received many payments without any problem. You want to store more Bitcoin, go with a hardware wallet like Trezor or Ledger Nano S.

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February 22, 2017, 07:52:19 PM
 #15

I recommend you can use the Mycelium wallet if you have an Android phone, I received many payments without any problem. You want to store more Bitcoin, go with a hardware wallet like Trezor or Ledger Nano S.

I also have Mycelium and I can recommend it, it's one of the best mobile phone wallets. But I suggest not to keep all your coins just in one wallet split them in multiple ones. Part in mobile, part in online and part in hardware or paper wallet, this is the way to keep your coins on the safest way.

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February 22, 2017, 08:00:03 PM
 #16

Xapo or Coinbase are good wallets.


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February 22, 2017, 08:22:52 PM
 #17

Xapo or Coinbase are good wallets.

I don't agree because Xapo, Coinbase blockchain.info and all web wallets even they claim that are secure the bitcoin owner does not really has the control of his bitcoin because he doesn't own the private keys. All of these are very easy and handy especially for newbies and for a bitcoin fraction but a desktop solution or a hardware wallet is the most indicated solution.
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February 22, 2017, 08:26:58 PM
 #18

I will try to divide it down to the shortest and easiest possible way. For this I am considering you own an Android phone (who doesn't nowadays except Apple fan boys).

1. Install Electrum for Android. Keep the 12 words of the SEED secure in a protected document in your PC (You need to install Electrum on Android when you are in front of your PC to store the 12 words SEED in a protected document). Set also a pin for making transactions, Electrum wallet for Android will ask you for it.
With such wallet at your disposal (which for me is one of the best ) you can use it whenever you are without worrying too much.

I suggest you keep only the necessary amount you need to spend here and there.

2. Buy a hardware wallet when the time will come for you to hold and store many bitcoins. For the moment focus on point 1 of my answer.
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February 22, 2017, 08:29:13 PM
 #19

The better is still Bitcoin Core. This is the wallet that offers the greatest security when it is used properly, so as long as you can, use it !
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February 22, 2017, 08:35:49 PM
 #20

First, hello to bitcoin community,
There is many secure web wallet in the internet, Personally i prefer xapo and blockchain, Xapo because is really secure and there is no fees for transferring bitcoin, Also you can buy bitcoin from it. blockchain because it's one of the first wallet of bitcoins. It's more secure too.
So, To make money, you should have some skills, or offer some services here.
I advice you to learn something like coding, developpement and Trading which it's a good domain for getting a profit. There is signature campaigns which they pay well by improve yourself here by posting.
Good luck

It was a very nice advice that you gave in this forum. I agreed with you that there are many wallet that can be trusted where we can storage our bitcoin. Just wanna ask, isn't Xapo has a similarity in coinbase? Correct me if I'm wrong,  though I heard to others it is good to use xapo also. But I am very curious about you said there is no fees I like that anyway,


     
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