[GUIDE] Bitcoin Wallets - What's the best for you?

[Lauda]

Seems like more or less a duplication of the already stickied thread: https://bitcointalk.org/index.php?topic=1631151.0. However, you have some graphics which we do not.

- a USB disk (from 2 GB to 16 GB depending on how you want to approach this). This is the only cost ($10?)

This suggestion is inherently bad, and without backups will lead to a catastrophe. USBs were not meant for: 1) Main storage devices. 2) A lot of operations of any kind. Change that for an external HDD.

[pooya87]

- a USB disk (from 2 GB to 16 GB depending on how you want to approach this). This is the only cost ($10?)

This suggestion is inherently bad, and without backups will lead to a catastrophe. USBs were not meant for: 1) Main storage devices. 2) A lot of operations of any kind. Change that for an external HDD.

this is going to be a very flexible wallet and it is an additional DIY option. there are a lot of details that i just summarized here. such as backups which are obvious part of any kind of wallet.
it also needs some familiarity with linux,... for example changing the way swap works so that it only uses it for extreme situations increases the lifetime of the disk a lot. and with today's modern USB 3 disks, specially some brands the lifetime is extremely long and they are resistant. additionally since this is more of a cold storage wallet, it will be rarely used.

the external HDD is a good suggestion and obviously improves things a lot. but it also costs more and you either have to ignore the extra space or end up partitioning your wallet and use the rest of the space which means it won't be a dedicated device for your wallet only.

[Lauda]

this is going to be a very flexible wallet and it is an additional DIY option.

I don't see how it is any more flexible than an external HDD. The ones that don't have separate AC power are very slim and portable.

such as backups which are obvious part of any kind of wallet.

Making such assumptions is horrendous considering most people do not have or create backups (or at least not proper backups).

...and with today's modern USB 3 disks, specially some brands the lifetime is extremely long and they are resistant.

No.

additionally since this is more of a cold storage wallet, it will be rarely used.

Doesn't matter if its not used or not, it may die from age.

the external HDD is a good suggestion and obviously improves things a lot. but it also costs more and you either have to ignore the extra space or end up partitioning your wallet and use the rest of the space which means it won't be a dedicated device for your wallet only.

$50-$100 is a trivial cost if you need cold storage. You'd have to be an idiot to use a strong cold storage setup for trivial amounts of Bitcoin IMO.

[pooya87]

this is going to be a very flexible wallet and it is an additional DIY option.

I don't see how it is any more flexible than an external HDD. The ones that don't have separate AC power are very slim and portable.

by flexible i meant the steps can be changed. like using an external Hard Disk. or using another linux distro,...
it is a Do It Yourself after all.

such as backups which are obvious part of any kind of wallet.

Making such assumptions is horrendous considering most people do not have or create backups (or at least not proper backups).

yeah, you are right. i usually forget this

...and with today's modern USB 3 disks, specially some brands the lifetime is extremely long and they are resistant.

No.
[...]
Doesn't matter if its not used or not, it may die from age.

yes, the newer models are handling the power much more efficiently this not only decreases the chance of data failures but also increases their lifespan.

the usual lifespan of USB disks is called to be around 10 years (of course it solely depends on the usage).
i currently have my wallet installed on a 10 years old USB 2 disk and i have been using it at least twice a month for the past 3+ years. it is still alive and working fine. if someday it dies (which i am waiting for it before i switch to a 16 GB USB 3.1) i just buy another one and install everything again and recover from the paper which i wrote my seed on 3+ years ago.

for $10 i find my setup pretty good.

the external HDD is a good suggestion and obviously improves things a lot. but it also costs more and you either have to ignore the extra space or end up partitioning your wallet and use the rest of the space which means it won't be a dedicated device for your wallet only.

$50-$100 is a trivial cost if you need cold storage. You'd have to be an idiot to use a strong cold storage setup for trivial amounts of Bitcoin IMO.

i agree, that is a valid option.

[Lauda]

by flexible i meant the steps can be changed. like using an external Hard Disk. or using another linux distro,...

Alright, that does make sense.

Making such assumptions is horrendous considering most people do not have or create backups (or at least not proper backups).

yeah, you are right. i usually forget this

Let's also not forget the group that does make backups (e.g.) but with bad practices (e.g. unencrypted backups).

the usual lifespan of USB disks is called to be around 10 years (of course it solely depends on the usage).
i currently have my wallet installed on a 10 years old USB 2 disk and i have been using it at least twice a month for the past 3+ years. it is still alive and working fine. if someday it dies (which i am waiting for it before i switch to a 16 GB USB 3.1) i just buy another one and install everything again and recover from the paper which i wrote my seed on 3+ years ago.

Well, if we were comparing a single USB key vs. a single HDD setup, the obvious winner would be the latter (the former can't be really relied upon like that, but the latter not 100% either).

for $10 i find my setup pretty good.

It's decent enough, but also somewhat reliant on trust.

i agree, that is a valid option.

Indeed.

[Decoded]

boop.

[HabBear]

The only thing missing is the fact that web wallets often operate in specific companies, so anyone search for a wallet to use will be limited by those that are conducting business in their country.

I'll offer an additional resource to help anyone sift through, here's a site that compares a lot of the different wallets and exchanges, side by side, for you to make a decision. They even tell you which coins beyond Bitcoin are supported.

Check it out >>> https://www.cryptocompare.com/wallets/#/overview

Thanks for the guide there are a lot of new joiners that ask questions about wallets.

They'll find this guide useful, appreciated.

Nice Guide! This will certainly help a lot of new users to help decide about their wallet choices.

Nice guide. Lots of great information.

Very nice guide. Thanks for the effort, I'm sure a lot of people will appreciate it and find this very overview very useful.

Thank you very much for the insight

Coin@coin, Aventhe, OgNasty, redhorse, and acheampong64 if you think this thread is useful you should throw some merit Decoded's way.