Wallet recommendations for Aug 1 - segwit / bip148

[YabaDabaDoo]

Hi guys,

I recently got into Btc mining and planned on using a hardware wallet (Ledger Nano S) but it's sold out and will only be available in August. Because of that for now I send my mining earnings to Coinbase.

On lieu of upcoming changes on Aug 1 can you recommend a wallet I should be using to store my fraction of a bitcoin safely?

[mocacinno]

Hi guys,

I recently got into Btc mining and planned on using a hardware wallet (Ledger Nano S) but it's sold out and will only be available in August. Because of that for now I send my mining earnings to Coinbase.

On lieu of upcoming changes on Aug 1 can you recommend a wallet I should be using to store my fraction of a bitcoin safely?

Any offline or desktop wallet that allows you to export your private keys is better than an online one like coinbase.

If it's just a small amount of BTC, i'd recommand either bitcoin core or electrum (make sure your PC is clean tough). If it's a lot, i'd go for a properly created and bip38 encrypted paper wallet while you're waiting for your hardware wallet to arrive.

[dwdollar]

Hello , I have my btc in trezor since a year or so , do I need to do with them something before 1 of August? Thanks folks

[Juggy777]

Hi guys,

I recently got into Btc mining and planned on using a hardware wallet (Ledger Nano S) but it's sold out and will only be available in August. Because of that for now I send my mining earnings to Coinbase.

On lieu of upcoming changes on Aug 1 can you recommend a wallet I should be using to store my fraction of a bitcoin safely?

Though I don't do mining, I also was using coinbase.com and I was happily using it till I came to know of August 1st, then I decided to move to electrum wallet, I found it preety good, plus it has a android app so makes work more easier, I am bit confused about the sending fees but since I don't intend to transact for a while I can't say it's good or bad. They will give you a seed, remember it all the time, you also have your private keys so I feel it's best. Alternatively you could use a paper wallet, the only reason I opted out was for every transaction you need to use entire balance, but upto you.

[mocacinno]

Hello , I have my btc in trezor since a year or so , do I need to do with them something before 1 of August? Thanks folks

AFAIK, you can export your private keys if you use your trezor in electrum (not verified, tough i think i'm correct). In this case, you don't have to do anything, just wait it out and see if there's a fork. If there is a fork, and trezor decides only to support one of the two coins, you can export your private keys to a wallet that supports both (or at least, to a wallet that supports the other fork).

If there is no fork, there is no problem anyways.

Alternatively you could use a paper wallet, the only reason I opted out was for every transaction you need to use entire balance, but upto you.

Technically, it is possible to spend only part of the unspent outputs that are spendable from your paper wallet, however they are not recommanded.

It's possible to use the private key from your paper wallet to create and sign a transaction spending only a part of your balance on an offline machine, the move it to an online machine using a usbstick and broadcast it from there... The downside to this setup is that your public key will also be broadcasted to the network...

[unknown04]

I believe Ledger Nano S works too right ?

[mocacinno]

I believe Ledger Nano S works too right ?

This i know for sure I own a ledger nano S myself, i know for sure there are ways to get your hands on the private keys in case of a split...
In my opinion it's most likely that either a fork will not occur (or at least, one of the two coins will become worthless pretty fast) OR in case a real fork occurs and keeps existing, ledger will probably roll out wallet software so you'll be able to spend both coins (did not research this tough, since i'm not worried)

[BitcoinSupremo]

I believe Ledger Nano S works too right ?

Yes it does as you have full control over your private keys there. If you want you can also try Bitcoin Core and Armory, they need the full blockchain so they are somewhat hard to manipulate considering that your PC is clean of infections at the time you install either of them.

[1Referee]

Hello , I have my btc in trezor since a year or so , do I need to do with them something before 1 of August? Thanks folks

In simple terms, you can just keep holding your coins safely in your Trezor hardware wallet. Trezor will allow you to switch between nodes whenever you choose to do so.

Perhaps that this twitter post will give you an idea; https://twitter.com/slushcz/status/882241787062087680

Essentially, Trezor will basically follow any route to suite their customers. No need to worry.

[mk4]

Wallet service doesn't matter, as long as you have control over your private keys then you're good to go.

If you'd still like a hardware wallet, lookup Trezor and Keepkey if Ledger Nano S is still out of stock.

[haroldtee]

If you don't have enough cash to buy a hardware wallet which I would have suggested ledger nano, I will suggest you make use of a desktop wallet. Electrum and Exodus always come to mind as they are both light desktop wallet. I will recommend Exodus anyway, as it is very user friendly with great support online. Just try what works best for you. With respect to your question though, make sure you back up your funds and export your key in a very safe place cause you wouldn't want that to get into the wrong hands. Remember also that desktop wallets are as safe as the system you installed them on, so if you aren't sure if your system is clean from virus and you don't have a good antivirus as well, I will suggest you get a good one and probably clean up your system first by formatting or otherwise just get a paper wallet as they are safer but you can only receive coins with them.

[xbiv2]

bitcoin-core 2014.
And stop make transactions till fork will done.

[mocacinno]

If you don't have enough cash to buy a hardware wallet which I would have suggested ledger nano, I will suggest you make use of a desktop wallet. Electrum and Exodus always come to mind as they are both light desktop wallet. I will recommend Exodus anyway, as it is very user friendly with great support online. Just try what works best for you. With respect to your question though, make sure you back up your funds and export your key in a very safe place cause you wouldn't want that to get into the wrong hands. Remember also that desktop wallets are as safe as the system you installed them on, so if you aren't sure if your system is clean from virus and you don't have a good antivirus as well, I will suggest you get a good one and probably clean up your system first by formatting or otherwise just get a paper wallet as they are safer but you can only receive coins with them.

Altough your general recomandations are OK, i'd like to adjust/correct some things here:
1) the ledger nano is not being produced anymore
2) i would not recomend exodus over electrum. To be honest, i had never heared about exodus before i read your post, and i'm unable to find it's sourcecode. Electrum on the other hand is 100% open source, and it has a proven trackrecord.
3) you can also spend from a paper wallet, altough it is recommanded to completely sweep it and discard it afterwards.

[Ruderalis]

hey guys,

what do you think about Copay ? im using it and i think its pretty good one, it also allow you to make a backup of your wallet...

[BillyBobZorton]

Hi guys,

I recently got into Btc mining and planned on using a hardware wallet (Ledger Nano S) but it's sold out and will only be available in August. Because of that for now I send my mining earnings to Coinbase.

On lieu of upcoming changes on Aug 1 can you recommend a wallet I should be using to store my fraction of a bitcoin safely?

Download Bitcoin Core from bitcoin.org, run your own full node and you will be safe. If you are too lazy to do that, then just get Electrum. You could always just create a paper wallet as well. But ideally you should run your own full validating node for maximum certainty.

[uslfd]

Hi, I have a bit of BTC with coinbase. Not enough to motivate me to install a wallet etc as I just started.
Does anyone know coinbase's stance regarding the potential fork? Are they staying with the core?

thanks!

[mocacinno]

Hi, I have a bit of BTC with coinbase. Not enough to motivate me to install a wallet etc as I just started.
Does anyone know coinbase's stance regarding the potential fork? Are they staying with the core?

thanks!

They posted this regarding BU in the past: https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-904dea08ac5f

I don't find anything newer, so i think the odds are pretty big their reaction won't change regarding the upcoming potential fork.

directly from this blogpost:

Customers who wish to access both blockchains at the time of the hard fork should withdraw their BTC from Coinbase since we cannot guarantee what will happen during the hard fork or when this access may be available.

[uslfd]

Hi, I have a bit of BTC with coinbase. Not enough to motivate me to install a wallet etc as I just started.
Does anyone know coinbase's stance regarding the potential fork? Are they staying with the core?

thanks!

They posted this regarding BU in the past: https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-904dea08ac5f

I don't find anything newer, so i think the odds are pretty big their reaction won't change regarding the upcoming potential fork.

directly from this blogpost:

Customers who wish to access both blockchains at the time of the hard fork should withdraw their BTC from Coinbase since we cannot guarantee what will happen during the hard fork or when this access may be available.

Thank you very much. That what I found as well I thought I had missed something!
It's quite astonishing to see an exchange as important as Coinbase not giving more assurance in light of such a big event!

[buwaytress]

Customers who wish to access both blockchains at the time of the hard fork should withdraw their BTC from Coinbase since we cannot guarantee what will happen during the hard fork or when this access may be available.

Thank you very much. That what I found as well I thought I had missed something!
It's quite astonishing to see an exchange as important as Coinbase not giving more assurance in light of such a big event!

Actually, given the behaviours of exchanges and site wallets in the past with regards to possible forks, this isn't surprising at all. For one thing, they don't want to bother with maintaining yet another coin when they can just keep it all for themselves. Making no promises are probably better than making promises, but keeping quiet in a way is protecting themselves from liability.

For another, any sort of announcement like that might cause people to panic and make wholesale sells or withdraws (given that a lot of users probably won't be aware of what's happening anyway).

[megynacuna]

Hi guys,

I recently got into Btc mining and planned on using a hardware wallet (Ledger Nano S) but it's sold out and will only be available in August. Because of that for now I send my mining earnings to Coinbase.

On lieu of upcoming changes on Aug 1 can you recommend a wallet I should be using to store my fraction of a bitcoin safely?

Well coinbase is safe as well if you don't have trust issues. Since it's just some fractions of Bitcoin and not much you can save it with coinbase.