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Author Topic: Yet Another Reason to Have Various BTC Wallets  (Read 920 times)
OROBTC
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May 18, 2017, 05:23:05 PM
 #1

...

I believe it was yesterday when knowledgeable observer BitcoinNewsMagazine wrote that recent firmware updates (in Trezor and Ledger, which had always worried me...) were in many cases important after all.

One important reason is that many older wallets only allow certain amounts to be paid as fees...  Without the ability to be able to send a higher fee, our transactions now would be stuck in Purgatory for eternity.

So, I have various wallets, hardware, PC and blockchain.info.  

Diversity in wallets, JUST to be able to pay the now ever-present high fees looks like a really good idea.
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May 18, 2017, 05:42:30 PM
 #2

I don't think there's a need for diversity, one just has to try a few and use the few ones that are really good. Personally, I only use breadwallet at the moment. It doesn't let me set a fee, but its fee calculating algorithm never let me down. If you really want to set a fee, just use Core or any of its derivatives. If you want to set a fee but don't want a full blockchain, take Electrum.
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May 18, 2017, 05:48:27 PM
 #3

I somehow agree with you, wallets developers (as expert) should however understand more then us the importance of fees. So either allowing users to set dynamic fees or a smart enough algorithm that check the current number of unconfirmed transaction and their fees and calculate based on that.

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May 18, 2017, 05:50:24 PM
 #4

I never keep my coins in a single wallet. They are distributed across a number of online and offline wallets. Fees was not one of my biggest considerations. Safety was my first priority, along with anonymity.

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May 18, 2017, 05:51:23 PM
 #5

I don't think there's a need for diversity, one just has to try a few and use the few ones that are really good.
How that isn't diversity ?  "Using the few one's that are really good ?".Okay for instance,you store all your coins on a desktop wallet like Electrum and your PC gets attacked by a ransomware or by a RAT ? What you do ? Lose all your coins ? That's not a good choice.Having the coins distributed always adds a security layer.

Personally, I only use breadwallet at the moment. It doesn't let me set a fee, but its fee calculating algorithm never let me down. If you really want to set a fee, just use Core or any of its derivatives. If you want to set a fee but don't want a full blockchain, take Electrum.
We're talking about distributed computing here...


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May 18, 2017, 05:58:28 PM
 #6

which hardware wallets off that feature? Trezor?

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May 18, 2017, 06:03:09 PM
 #7

...

I believe it was yesterday when knowledgeable observer BitcoinNewsMagazine wrote that recent firmware updates (in Trezor and Ledger, which had always worried me...) were in many cases important after all.

One important reason is that many older wallets only allow certain amounts to be paid as fees...  Without the ability to be able to send a higher fee, our transactions now would be stuck in Purgatory for eternity.

So, I have various wallets, hardware, PC and blockchain.info.  

Diversity in wallets, JUST to be able to pay the now ever-present high fees looks like a really good idea.

Sounds good idea to me. I don't have much btc though, but your idea seems to fit with people have large investment in bitcoin. I only have a exchange wallet and Electrum wallet which I think fit me better in terms of holding bitcoin and adjusting fees as it has this features.  Maybe if I have accumulate large amount, then I will be diversify my wallet as well.
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May 18, 2017, 06:04:21 PM
 #8

What's more important is to choose wallets which give strong flexibility so that investors can use their coins in any way that they want.  Electrum, for example, is very good for dynamic fees.  

Wallets should give warnings, but should have full freedom in any aspects.  TREZOR is great because it's compatible with Electrum as well, and some other wallets too.

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May 18, 2017, 06:05:56 PM
 #9

I don't think there's a need for diversity, one just has to try a few and use the few ones that are really good. Personally, I only use breadwallet at the moment. It doesn't let me set a fee, but its fee calculating algorithm never let me down. If you really want to set a fee, just use Core or any of its derivatives. If you want to set a fee but don't want a full blockchain, take Electrum.
Do you mean that there's no need for more diversity? Because what you describe is that we already have diversity in Bitcoin wallets.
I would say that it couldn't hurt to have even more choices for wallets.


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May 18, 2017, 06:11:24 PM
 #10

It depends on people preference if he do want to secure his coins on the way on diversifying it on many wallets but for me 2-3 wallets would be enough just be sure to keep all the important details keys on it and speaking about fees it wont hurt at all if you dont usually use to make transfers but if you are active enough then choose web wallets instead on hardware ones.You know what i suppose to tell or mean.

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May 18, 2017, 06:15:23 PM
 #11

I don't think there's a need for diversity, one just has to try a few and use the few ones that are really good.
How that isn't diversity ?  "Using the few one's that are really good ?".Okay for instance,you store all your coins on a desktop wallet like Electrum and your PC gets attacked by a ransomware or by a RAT ? What you do ? Lose all your coins ? That's not a good choice.Having the coins distributed always adds a security layer.

That has nothing to do with using one or one thousand wallet softwares.

If you're attacked, you're attacked. The attacker either gains control of your coins (and that's not wallet's fault, there's no known vulnerability in any of the most used wallets) or he doesn't and you can recover your coins from backups.

But I do agree that distributing coins somehow adds a bit of security. The question is, how much security does it add against having coins on the same software but distributed in different backups? And the practicality of having coins in one single software?

PS: let's not forget that we're talking about coins that we have for daily spending.

Personally, I only use breadwallet at the moment. It doesn't let me set a fee, but its fee calculating algorithm never let me down. If you really want to set a fee, just use Core or any of its derivatives. If you want to set a fee but don't want a full blockchain, take Electrum.
We're talking about distributed computing here...

Not sure what you mean by distributed computing in this context.

Do you mean that there's no need for more diversity? Because what you describe is that we already have diversity in Bitcoin wallets.

Yes, this would be a better way to describe what I meant Smiley Some wallet software has become redundant. We're at a point in which some wallets softwares and online wallets are just rediscovering gun-powder...
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May 18, 2017, 06:21:35 PM
 #12

...

I believe it was yesterday when knowledgeable observer BitcoinNewsMagazine wrote that recent firmware updates (in Trezor and Ledger, which had always worried me...) were in many cases important after all.

One important reason is that many older wallets only allow certain amounts to be paid as fees...  Without the ability to be able to send a higher fee, our transactions now would be stuck in Purgatory for eternity.

So, I have various wallets, hardware, PC and blockchain.info.  

Diversity in wallets, JUST to be able to pay the now ever-present high fees looks like a really good idea.
currently the transaction fees and confirmation delayed we are experience nowadays call for concern and this option of having many wallet both offline an online is very logical and every one especially traders need to have many wallet in other to resolve this delay in transactions confirmation problems.

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May 19, 2017, 10:08:05 AM
 #13

Yes its very safe to Have Number of wallets .

it provides security and also as You said We can be able to send btc with Higher fees and our amount wont be Unconfirmed for long  time .

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May 19, 2017, 10:52:06 AM
 #14

Ya it is true that if you keep the coins in different wallets then you can be saved by lot of problems. and it is also good to keep different wallet for different use like u cannot use web wallets for gambling as they will ban your accounts

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May 19, 2017, 05:46:29 PM
 #15

I never keep my coins in a single wallet. They are distributed across a number of online and offline wallets. Fees was not one of my biggest considerations. Safety was my first priority, along with anonymity.

Excellent observation.  Safety is my main goal too.  Not too much BTC is any one place (I am think ahead here, hoping that my BTC will become valuable).  And to the extent I can, I try to hide my tracks w/ bitmixer.io (I like their service).

But, the ability to adjust fees has become an issue too.  Some (older?) wallets do not allow you to adjust fees.  Having a few wallets, especially that allow customizing fee amounts is "Yet Another Reason..."
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May 19, 2017, 07:41:35 PM
 #16

I never keep my coins in a single wallet. They are distributed across a number of online and offline wallets. Fees was not one of my biggest considerations. Safety was my first priority, along with anonymity.

Excellent observation.  Safety is my main goal too.  Not too much BTC is any one place (I am think ahead here, hoping that my BTC will become valuable).  And to the extent I can, I try to hide my tracks w/ bitmixer.io (I like their service).

But, the ability to adjust fees has become an issue too.  Some (older?) wallets do not allow you to adjust fees.  Having a few wallets, especially that allow customizing fee amounts is "Yet Another Reason..."

This cannot be said enough. When opening up this forum there should be a video they make you watch that explains things like this. People need to secure btc for sure.

   
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May 19, 2017, 08:25:45 PM
 #17

Well having multiple wallets which contains distributed amount of BTC is wise. That way, you can secure your bitcoins in case a wallet was hacked, lost or whatever. If ever you lose some, most remains. Just take note of the private keys of every single wallet you have or, surely, you will be in a lot of trouble.

Having multiple wallets is good for people who have a big amount of BTC, having a small amount is not so good at all. You might deal with several transaction fees there that may eat some of your BTC.

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The Pharmacist
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Verify - The Future Of Reputation


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May 19, 2017, 09:04:17 PM
 #18

I somehow agree with you, wallets developers (as expert) should however understand more then us the importance of fees. So either allowing users to set dynamic fees or a smart enough algorithm that check the current number of unconfirmed transaction and their fees and calculate based on that.
I'm cool with my little Mycelium phone wallet.  It lets me choose various fee options, and the "normal" one isn't too high and usually my transactions get confirmed within a couple of minutes.  But I'm not against what OROBTC is saying at all.  If you spread your bitcoin over different wallets, it sort of decreases the risk of all of them getting hacked at once (though I'm sure that could happen). 

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cpfreeplz
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Activity: 728


Anonymous bitcoin mixer


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May 19, 2017, 09:09:53 PM
 #19

...
blockchain.info.  


Diversifying is smart. Throwing your private key on your front lawn and asking people to please not look at it is not diversifying. In case that didn't get through to you, blockchain.info are thieves so get your money out asap. All Web wallets aren't banks so stop treating th like they are. When your bitcoins get stolen they're gone.














 

 

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BitcoinNewsMagazine
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View Profile WWW
May 19, 2017, 09:15:45 PM
 #20

Blockchain.info wallet causes more grief to new users (fees too low) than any other wallet except Multibit HD. Both should be avoided like the plaque.

Case wallet was a popular hardware wallet a year ago but the company has abandoned updating the firmware. I hope Case users got their bitcoin out because you cannot specify a fee using that wallet and fees are set very low.

I really wish Bitcoin Core had incorporated support for Trezor or Nano S by now but doubt that is going to happen.

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