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Author Topic: which method or wallet is 100% secure  (Read 60 times)
Nrcewker
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January 14, 2018, 09:19:13 PM
 #1

hi
i have kind of basic question about bitcoins . i see now days many hardware , web, and application of wallets available but i am littlebit confused

Which method is 100% secure to keep your bitcoins ?

near me what i think install Bitcoin-QT on a laptop or computer and save bitcoins inside and i am secure until no malware of virus came inside my computer but if am aware from viruses and malware then no one can steal my bitcoins

and about Software like Electrum and Multibit HD you have access to your private keys and seeds but where my bitcoins actually stored i think on 3rd party servers if Electrum servers are compromised does my bitcoin money is secured ?
 
also same question for web wallet like blockchain.info if i have seed and private keys and blockchain.info compromised can hackers steal all money from blockchain.info wallet even i have private keys

maybe this looks stupid but till now i didn't understand purpose of web & other wallet applications and what benifit they get from us why they code wallet applications and gives to users for free ?

please provide a proper explanation

if we use Electrum & Multibit or any other 3rd party wallet our bitcoins are secured and how ?

 

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January 14, 2018, 09:22:11 PM
 #2

There is no 100% secure method for anything.

near me what i think install Bitcoin-QT on a laptop or computer and save bitcoins inside and i am secure until no malware of virus came inside my computer but if am aware from viruses and malware then no one can steal my bitcoins
Your Bitcoin are not "inside" your machine. Your, or anyone else's Bitcoin, is nowhere and is everywhere at the same time. The chain has a record of the outputs of your address(es) to which you hold the private key(s) to. Bitcoin has no one physical location.

and about Software like Electrum and Multibit HD you have access to your private keys and seeds but where my bitcoins actually stored i think on 3rd party servers if Electrum servers are compromised does my bitcoin money is secured ?
Again, you have a fundamental misunderstanding of how a cryptocurrency works.

also same question for web wallet like blockchain.info if i have seed and private keys and blockchain.info compromised can hackers steal all money from blockchain.info wallet even i have private keys
Do not use online wallets.

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January 16, 2018, 12:55:33 AM
 #3

Get yourself a hardware wallet, either a Trezor or Ledger Nano S. Both are as secure as it can get and easier to use than other options such as paper wallets or using an airgapped (= offline) device for cold storage. Buy the hardware wallet directly from the manufacturer (via trezor.io or ledgerwallet.com respectively) and avoid eBay offers like a plague.

Electrum does not store your private keys on a 3rd party server, it merely uses a 3rd party server to access the blockchain so that you don't have to download the whole thing. Electrum is just as secure (or insecure) as the Bitcoin Core (= Bitcoin Qt) wallet. Both wallets are insecure in that every device that is connected to the internet may fall to malware sooner or later, which is why hardware wallets, paper wallets or airgapped devices are recommended.

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January 16, 2018, 01:42:49 PM
 #4

Which method is 100% secure to keep your bitcoins ?
.. i am secure until no malware of virus came inside my computer but if am aware from viruses and malware then no one can steal my bitcoins

You can't just simply 'be aware of viruses' to rely on your pc not getting compromised.
The times where it was necessary to open an attachement from an email to get malware on his pc are over.
With dozens of unpatched vulnerabilities and 0-day exploits you have to actively secure your pc/coins from  malware/theft.
An airgapped pc, a paper wallet or a hardware wallet is necessary to store amounts you are not willing to lose.
More information here: https://en.bitcoin.it/wiki/Storing_bitcoins#Discussion_of_wallet_solutions


and about Software like Electrum and Multibit HD you have access to your private keys and seeds but where my bitcoins actually stored i think on 3rd party servers if Electrum servers are compromised does my bitcoin money is secured ?
..
if we use Electrum & Multibit or any other 3rd party wallet our bitcoins are secured and how ?

Electrum and multibit are (leightweight) desktop wallets, not web wallets.

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January 16, 2018, 02:03:01 PM
 #5

100% secure doesn't exist, there is always some vulnerability that can be exploited. However, if you remove third party access to your private keys, that eliminates one potential mode of exploit.

To be truly safe, trust only yourself with your private keys, store your bitcoins in paper wallets that are contained in a safe that only you know the location of and have the key to. If you don't want to go that far, use a hardware wallet such as trezor, or a nano S, and hide the seed somewhere only you know the location of.

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