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Author Topic: What is the best wallet and how to transfer funds?  (Read 873 times)
CrypThinkerton (OP)
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June 25, 2017, 11:18:18 AM
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Hi I bought bitcoin at bitcoin.de. Should I create a wallet now?

I want to buy some coins at Livecoin so I'm not sure if I can save some taxes if I transfer them from bitcoin.de directly instead of creating a new wallet.
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June 25, 2017, 01:57:44 PM
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If you mean fees (instead of taxes), then yes, you have to pay fees for every transaction you make. If you transfer your coins from bitcoin.de to livecoin, you will pay some fees. If you transfer your coins to your personal wallet on your pc/phone, you will pay fees and then extra fees to forward them to livecoin. It's up to you.

But In general, you must NOT leave your coins online for a long period, you better have them in your own wallet. Electrum wallet is an excellent choice and pretty easy to use.
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June 25, 2017, 03:07:09 PM
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You should create a wallet that best serves your security desires and technological know-how.

Here's a great website that will help you sort through all the options and select one that is best for you: https://bitcoin.org/en/choose-your-wallet

There isn't one "best" wallet. There are different kinds of wallets that offer different features. Most of those features can be spread across a spectrum that has Convenience on one side and Security on the other. You want to find the right balance for you, the amount of your holdings for that wallet, and what you plan to use the funds in the wallet for (transactions or savings). For transactions you'll want convenience, for savings you'll want security.



But In general, you must NOT leave your coins online for a long period, you better have them in your own wallet. Electrum wallet is an excellent choice and pretty easy to use.

I've had coins held in an online wallet for years and have never run into an issue. But, that doesn't guarantee that an issue will never arise.
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June 25, 2017, 03:28:37 PM
 #4

The best wallet that i can advice are the wallets that operates in your country. For example here in the philippines the wallet that operates here is coins.ph.

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June 25, 2017, 03:59:40 PM
 #5

i need to follow up this question as well, because i've read some threads that users must not be trusted on their wallet specially if the wallets can control your btc.
i heard some people using this offline wallet they say.
can someone elaborate what are those?
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June 25, 2017, 04:52:17 PM
 #6

Lauda has already stickied a thread at the top, still I am giving you the link here: https://bitcointalk.org/index.php?topic=1631151.0
I am currently using an online wallet service named Blockchain and I am currently happy with them.
About how to transfer? You need to have the other party's bitcoin address and you are just a click away from sending them your coins.



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Siskaver
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June 26, 2017, 04:29:16 AM
 #7

i need to follow up this question as well, because i've read some threads that users must not be trusted on their wallet specially if the wallets can control your btc.
i heard some people using this offline wallet they say.
can someone elaborate what are those?

An offline wallet sounds so "fancy" but it does not have to be.  Smiley

All you need to keep safe is your Bitcoin address and a simple long string of letters and numbers called "the secret key". If you have those two you ALWAYS have access to your Bitcoins, now or in 50 or 100 years!

I wrote a post about it here just a few minutes ago: https://bitcointalk.org/index.php?topic=1972947.msg19775178#msg19775178
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June 26, 2017, 07:08:26 AM
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Hello World. I gotta post 30 times so we can add images to our posts. So forgive me for Posting this same Post over and over Wink
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June 26, 2017, 10:18:21 AM
 #9

If you're going to store bitcoins for longer period stay away from online wallets. Even HW can fail so make backups too. Paper wallets are a very good option but not useful if you're going to use your funds in near future.

For general use Mycelium is an excellent wallet and very secure. It changes address for every transaction which increases anonymity and also offers excellent backup feature which helps you to recover access to your funds if something goes wrong.

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June 30, 2017, 03:12:38 AM
 #10

Hi I bought bitcoin at bitcoin.de. Should I create a wallet now?

I want to buy some coins at Livecoin so I'm not sure if I can save some taxes if I transfer them from bitcoin.de directly instead of creating a new wallet.

Unless your amount of coins is small the best thing to do is to transfer your holdings to a wallet that you own, however there is not an option that is better than everything, it depends on what you need, the safer wallets are hardware wallets but those have the disadvantage of costing money unlike desktop wallets.
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June 30, 2017, 03:54:36 AM
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Hi I bought bitcoin at bitcoin.de. Should I create a wallet now?

I want to buy some coins at Livecoin so I'm not sure if I can save some taxes if I transfer them from bitcoin.de directly instead of creating a new wallet.

Please don't keep any of your coins in exchange sites such as Bitcoin.de. Exchange sites are meant only for trading. They are not supposed to be used for holding your Bitcoins. For the latter purpose, I would suggest Blockchain.info. Taking backups are easy, and you can set the tx fee manually if you need to send BTC to someone.
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June 30, 2017, 01:36:04 PM
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im happy with blockchain.info and jaxx.io as multi wallet Smiley if i would need to handle big amounts in BTC i would use a paperwallet/hardwarewallet or a wallet where u keep private keys (like jaxx.io) instead of blockchain.info
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June 30, 2017, 01:55:29 PM
 #13

There is no "best" wallet. But you will want to take the time to understand private keys. Online wallets often share the private key or even hold it for you. That means the website you are storing your coins at may have access to your key. I would very strongly recommend not using a shared key system of any kind. For small amounts the convenience of a phone wallet is worth it to me. It is a weaker system and my BTC is at an elevated risk, but again, the trade-off is acceptable.

You may decide differently. In bitcoin there is no one but you to decide. You are not only the bank president, you are the entire security department.
 Wink

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July 01, 2017, 03:13:37 PM
 #14

Hi I bought bitcoin at bitcoin.de. Should I create a wallet now?

I want to buy some coins at Livecoin so I'm not sure if I can save some taxes if I transfer them from bitcoin.de directly instead of creating a new wallet.


The safest way is for you to create your own wallet.  Either web wallet, mobile or paper wallet.  But the best and safest way if you are really serious in bitcoin and altcoin is to for you to buy a hardware wallet.  With this you control and hold your own bitcoin and it is safe.  Like myself i even bought a the best hardware wallet in the market right now.  Its called Ledger Nano S.  Here is the link if you want to know more about this hardware waller. https://www.ledgerwallet.com

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July 03, 2017, 01:32:52 PM
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The safest way is for you to create your own wallet.  Either web wallet, mobile or paper wallet.  ...


Web or mobile wallets range from less secure to not secure at all. Only a paper wallet created off-line with  a full node wallet is secure enough for me. At least for amounts larger than a few hundred dollars worth. 

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
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