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Author Topic: Bitcoin-Qt vs Online Wallet  (Read 1961 times)
bobbyjayhay
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November 02, 2013, 06:12:12 PM
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So it seems to be taking a while for Bitcoin-Qt to download the blockchain to my system (>1 day so far with ~12 weeks of blocks to go, only 8 peers). I'm also noticing that I now have over 11 Gb of block.dat files on my computer, didn't realize the blockchain was that large. So pretty much I'm thinking of switching over to an online wallet or just another client (must run on Mac) and had a couple questions.

I tried Multibit before I tried Bitcoin-Qt, but my problem was that when I tried to transfer a small amount of bitcoins (<1 USD), it kept giving me an error that I didn't have enough. So I assume there was a fee to the transfer (I like that Bitcoin-Qt let me set that fee to 0), but there was no way to see what the fee was, or how to change it.

Looking at online wallets, this: https://blockchain.info/wallet/import-wallet seems like a good option, but I was wondering if it would be ok to use still. I have already sent money to an address from Bitcoin-Qt, of course I can't see it yet because it's still so far behind syncing. But if I were to upload my wallet.dat file, will the btc be shown in the online wallet? Essentially I guess I'm asking if the online wallet completely duplicated my local wallet in addresses and everything, so it will see there was a transfer to one of its addresses and show that I have available btc?

Thanks for the help, and I'm open to other suggestions. I'm new to btc, so I'm trying to find what works for me. Right now, my biggest limitation is that I already have a transfer in effect to one of my Bitcoin-Qt addresses, which makes it a little bit harder to switch over to a more lightweight or online client unless the new client can make those addresses its own and know that I have money in my wallet.
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November 02, 2013, 06:35:49 PM
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So it seems to be taking a while for Bitcoin-Qt to download the blockchain to my system (>1 day so far with ~12 weeks of blocks to go, only 8 peers). I'm also noticing that I now have over 11 Gb of block.dat files on my computer, didn't realize the blockchain was that large. So pretty much I'm thinking of switching over to an online wallet or just another client (must run on Mac) and had a couple questions.

I tried Multibit before I tried Bitcoin-Qt, but my problem was that when I tried to transfer a small amount of bitcoins (<1 USD), it kept giving me an error that I didn't have enough. So I assume there was a fee to the transfer (I like that Bitcoin-Qt let me set that fee to 0), but there was no way to see what the fee was, or how to change it.

There is a usual fee of 0.0001 Btc (more if your transaction is made up by a lot of tiny transactions)
It is possible to send without a fee, but for most transactions it's not recommended, bitcoin-qt will also use that fee (the options won't change that, they are for additional fees to get more priority).

More about fees: http://www.bitcoinfees.com/

Quote
Looking at online wallets, this: https://blockchain.info/wallet/import-wallet seems like a good option, but I was wondering if it would be ok to use still. I have already sent money to an address from Bitcoin-Qt, of course I can't see it yet because it's still so far behind syncing. But if I were to upload my wallet.dat file, will the btc be shown in the online wallet? Essentially I guess I'm asking if the online wallet completely duplicated my local wallet in addresses and everything, so it will see there was a transfer to one of its addresses and show that I have available btc?
Yes, it should do exactly that.
nobbynobbynoob
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November 02, 2013, 06:45:09 PM
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https://blockchain.info/wallet/ and https://inputs.io/ are pretty reputable online wallets. The latter mixes your bitcoin and controls the private keys so relies wholly upon counterparty trust (the owner TradeFortress appears totally honest, but humans being humans...). I keep a small balance on the latter wallet and like its superslick interface a lot - recommended.

Bitcoin-Qt is a good local wallet to use if your system is powerful enough, can handle storing a large blockchain (assume it'll balloon toward 100 GB at some stage in the not-so-distant future!) and is to the greatest of your confidence free from possible crypto-thieving malware. My advice is not to set the Bitcoin-Qt transaction fee to zero; you don't wish to see your payments trapped unconfirmed for days. I set mine to BTC0,00025/KB personally, which seems reasonable at the present time.

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bobbyjayhay
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November 02, 2013, 07:06:49 PM
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So it seems to be taking a while for Bitcoin-Qt to download the blockchain to my system (>1 day so far with ~12 weeks of blocks to go, only 8 peers). I'm also noticing that I now have over 11 Gb of block.dat files on my computer, didn't realize the blockchain was that large. So pretty much I'm thinking of switching over to an online wallet or just another client (must run on Mac) and had a couple questions.

I tried Multibit before I tried Bitcoin-Qt, but my problem was that when I tried to transfer a small amount of bitcoins (<1 USD), it kept giving me an error that I didn't have enough. So I assume there was a fee to the transfer (I like that Bitcoin-Qt let me set that fee to 0), but there was no way to see what the fee was, or how to change it.

There is a usual fee of 0.0001 Btc (more if your transaction is made up by a lot of tiny transactions)
It is possible to send without a fee, but for most transactions it's not recommended, bitcoin-qt will also use that fee (the options won't change that, they are for additional fees to get more priority).

More about fees: http://www.bitcoinfees.com/

Oh ok so there's always fees then. If that's the case and I'm mainly using btc to buy things rather than for trading, would it make sense to transfer any bought btc directly to the website I use to buy with rather than having a wallet in the middle? or is the wallet good for some additional minor anonymity?
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November 02, 2013, 07:14:38 PM
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There is no comparison, one can take your bitcoins, and one can't. Bitcoin-QT or any local is better than any online wallet. If you must use an online wallet, I would use coinbase, they have investors, so there is some accountability, plus a real business. Blockchain has 1 investor and inputs have no investors, there is no accountability.

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Stelios
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March 17, 2014, 12:44:46 PM
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There is no comparison, one can take your bitcoins, and one can't. Bitcoin-QT or any local is better than any online wallet. If you must use an online wallet, I would use coinbase, they have investors, so there is some accountability, plus a real business. Blockchain has 1 investor and inputs have no investors, there is no accountability.
Is there any way to use a local wallet (say bitcoin-QT) but link it to a online copy of the blockchain? i.e. all keys locally but blockchain online. 
galbros
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March 17, 2014, 12:50:11 PM
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Sorry Stelios I don't think so.  This is sort of what blockchain tries to do but you are still at some risk of them disappearing one day.  It's worth noting that inputs.io which was commented on early in the tread did fail though Tradefortress did repay some coins to people.

As the blockchain grows bigger and bigger this is an increasing issue for bitcoin.

Good Luck!
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March 17, 2014, 01:20:35 PM
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Sorry Stelios I don't think so.  This is sort of what blockchain tries to do but you are still at some risk of them disappearing one day.  It's worth noting that inputs.io which was commented on early in the tread did fail though Tradefortress did repay some coins to people.

As the blockchain grows bigger and bigger this is an increasing issue for bitcoin.

Good Luck!
Thank you for the prompt reply galbros. It would be interesting if something like that existed, i don't think its hard to do but I guess its better for the network itself, if a copy of it is existing at any node Smiley. Anyways we will how things evolve !
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March 17, 2014, 01:23:51 PM
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Sorry Stelios I don't think so.  This is sort of what blockchain tries to do but you are still at some risk of them disappearing one day.  It's worth noting that inputs.io which was commented on early in the tread did fail though Tradefortress did repay some coins to people.

As the blockchain grows bigger and bigger this is an increasing issue for bitcoin.

Good Luck!
Thank you for the prompt reply galbros. It would be interesting if something like that existed, i don't think its hard to do but I guess its better for the network itself, if a copy of it is existing at any node Smiley. Anyways we will how things evolve !

It's already available https://electrum.org/

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Stelios
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March 17, 2014, 01:34:23 PM
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Sorry Stelios I don't think so.  This is sort of what blockchain tries to do but you are still at some risk of them disappearing one day.  It's worth noting that inputs.io which was commented on early in the tread did fail though Tradefortress did repay some coins to people.

As the blockchain grows bigger and bigger this is an increasing issue for bitcoin.

Good Luck!
Thank you for the prompt reply galbros. It would be interesting if something like that existed, i don't think its hard to do but I guess its better for the network itself, if a copy of it is existing at any node Smiley. Anyways we will how things evolve !

It's already available https://electrum.org/
Looks good,
+1
rubidas
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March 17, 2014, 04:51:47 PM
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I don't recommend online wallets.
R0yalAir
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March 18, 2014, 12:45:32 AM
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I don't recommend online wallets.

Online wallets are more secure that a homemade computer.

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March 18, 2014, 12:51:19 AM
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If I had to choose an online wallet to trust I would definitely go with Coinbase

gweedo
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March 18, 2014, 12:51:50 AM
 #14

I don't recommend online wallets.

Online wallets are more secure that a homemade computer.

Actually online wallets have a very low security rating. They are so easy to rob, this has been shown many times over and over.

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WillemStelen
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March 18, 2014, 12:53:55 AM
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After all the shits going on and you still want to trust an online wallet??
Tammy Chan
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March 18, 2014, 02:21:20 AM
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I don't recommend online wallets.

Online wallets are more secure that a homemade computer.

Even if you love to download random programs, open files attached in random emails and click random links regularly, the online wallet is still just as secure as your own computer lol. Cheesy

WillemStelen
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March 19, 2014, 08:17:15 PM
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I don't recommend online wallets.

Online wallets are more secure that a homemade computer.


Online wallet is a risk. Homemade computer is no risk. Just do not connect the computer to internet and you got yourself a secure cold storage.
sudoku
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March 19, 2014, 09:40:18 PM
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I would put a small percentage of your bitcoins in an online wallet and the rest stored locally. Whenever you need to you can replenish the online wallet with coins from your main stash.

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