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Author Topic: Wallet online for Bitcoin  (Read 486 times)
Skieleton
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April 21, 2018, 06:54:05 AM
 #1

So far, I keep everything in ETH. The BTC exchange time is coming. Which wallet to choose online? What is the safest? Please help me:).

I now use www.myetherwallet.com + MetaMask.

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April 21, 2018, 07:00:49 AM
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 #2

Which wallet to choose online? What is the safest?

Online wallets shouldn't be regarded as safe. Neither should they be used for 'larger' amounts.

But if you insist on using an online wallet, coinbase and blockchain.info seem to be the most commonly used.
Blockchain.info claims that they never gain access to your private keys. The wallet file is being encrypted locally and uploaded to the blockchain.info server.

But keep in mind that the whole security consists of 1) the security of your password and 2) the security of the server.

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April 21, 2018, 07:04:07 AM
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Metamask is not an "Online wallet" as it is open source, and you are personally holding the private keys instead of some centralized party. It is generally as safe as your OS is (as for any other wallet). The private keys never get exposed to MEW, as the transactions are signed and broadcasted by Metamask.

If you are looking to store huge amounts of crypto, something like Ledger Nano S is the recommended method of storing value, as hardware wallets are on whole another level of security compared to software wallets.

Which crypto do you need the wallet software for?

Skieleton
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April 21, 2018, 07:06:54 AM
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Metamask is not an "Online wallet" as it is open source, and you are personally holding the private keys instead of some centralized party. It is generally as safe as your OS is (as for any other wallet). The private keys never get exposed to MEW, as the transactions are signed and broadcasted by Metamask.

If you are looking to store huge amounts of crypto, something like Ledger Nano S is the recommended method of storing value, as hardware wallets are on whole another level of security compared to software wallets.

Which crypto do you need the wallet software for?
I want to bring my ETH to BTC.

Which wallet to choose online? What is the safest?

Online wallets shouldn't be regarded as safe. Neither should they be used for 'larger' amounts.

But if you insist on using an online wallet, coinbase and blockchain.info seem to be the most commonly used.
Blockchain.info claims that they never gain access to your private keys. The wallet file is being encrypted locally and uploaded to the blockchain.info server.

But keep in mind that the whole security consists of 1) the security of your password and 2) the security of the server.
What do you recommend in this situation?

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April 21, 2018, 07:15:53 AM
 #5

I want to bring my ETH to BTC.

In that case if you do not want to invest anything, then generating and bitcoin paper wallet with This tool is the recommended way to go. However you will need to have an airgapped computer while generating it for your own security. It means being completely offline, booting your computer of a GNU/Linux Live CD/DVD. The recommended method would also be to download this while on a Live CD/DVD as windows systems have loads of malware which might infect the zip if such malware is on your computer.

If you have alot of crypto, and can spend around 100$ for your security, then go for the Ledger Nano S. It is easy to use and supports many cryptos.

The paper wallet method is way easier to fail than the hardware wallet method.

I do not recommend using hot wallets for storage of coins, and never would advise for online wallet as you don't have the full control over your coins.

If neither of these options are good for you, then storing small amounts on Electrum should be alright, and bigger amounts on Bitcoin Core

And lastly, storing coins on a windows OS or OSx is generally bad idea because of all the possible malware that might try to steal your coins.

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April 21, 2018, 07:24:11 AM
Last edit: April 21, 2018, 09:26:27 AM by Skieleton
 #6

I want to bring my ETH to BTC.

In that case if you do not want to invest anything, then generating and bitcoin paper wallet with This tool is the recommended way to go. However you will need to have an airgapped computer while generating it for your own security. It means being completely offline, booting your computer of a GNU/Linux Live CD/DVD. The recommended method would also be to download this while on a Live CD/DVD as windows systems have loads of malware which might infect the zip if such malware is on your computer.

If you have alot of crypto, and can spend around 100$ for your security, then go for the Ledger Nano S. It is easy to use and supports many cryptos.

The paper wallet method is way easier to fail than the hardware wallet method.

I do not recommend using hot wallets for storage of coins, and never would advise for online wallet as you don't have the full control over your coins.

If neither of these options are good for you, then storing small amounts on Electrum should be alright, and bigger amounts on Bitcoin Core

And lastly, storing coins on a windows OS or OSx is generally bad idea because of all the possible malware that might try to steal your coins.
I want to buy TREZOR but this is security and not a wallet, right? I want to buy for BTC. In this case, I need a portlet to exchange ETH for BTC. Ledger I can buy for BTC?

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April 21, 2018, 07:31:30 AM
 #7

What do you recommend in this situation?

This basically depends on the amount of coins you want to store and the grade of security you want to reach.

The best option would be to use a hardware wallet (for regular spending) or a paper wallet (if you are holding for years, without accessing them).
If you don't want to spend money (or if the amount you hold is not worth it to get a hardware wallet), i would suggest to use a desktop wallet (e.g. electrum with a good password).
I personally would not use a online wallet. Only if you really need to access it from different locations without bringing 'devices' with yourself.

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April 21, 2018, 09:30:37 AM
 #8

I want to buy TREZOR but this is security and not a wallet, right? I want to buy for BTC. In this case, I need a portlet to exchange ETH for BTC. Ledger I can buy for BTC?

Trezor is just a secure wallet, as you need the trezor physically to make transactions out of it (assuming that you store the backup seed in a safe place so no one cam see it). I recommend ledger however over Trezor, because it supports alot more cryptos while trezor only supports BTC as far as i know.

If you have the money, then a hardware wallet is a worthy investment to make sure that your funds won't get stolen by a 3rd party.

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April 21, 2018, 11:15:18 AM
 #9

I want to buy TREZOR but this is security and not a wallet, right? I want to buy for BTC. In this case, I need a portlet to exchange ETH for BTC. Ledger I can buy for BTC?
It's a wallet. Addresses are generated and transactions are signed on Trezor. The only thing that gets transferred out should be your signed transactions. The reason why it has to be connected to another device that is connected to the internet is because Trezor has to get the information on the UTXO of your addresses using the internet.

Yes. You can purchase Ledger using BTC. I would be wary with Ledger given their reluctance to admit that the security vulnerability was potentially quite serious.

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April 21, 2018, 01:34:14 PM
 #10

If you're holding a significant amount of crypto, get a hardware wallet such as a Trezor or Ledger. It's worth the peace of mind if you have a few bucks to spare. Make sure to buy them directly from the vendor and not some third party reseller.

Otherwise, go with Electrum. If you happen to have some old PC or laptop around, wipe it, give it a fresh OS install and use it to hold your wallet. Only use it for transactions. That's not as secure as a hardware or paper wallet, but still safer than using your everyday computer.

I would avoid online wallets where possible. If you absolutely insist on using an online wallet, choose Blockchain.info over Coinbase. If I recall correctly with Blockchain.info you at least have control over your private keys, which is not the case with Coinbase.

Either way, don't forget to back up your wallet.


If neither of these options are good for you, then storing small amounts on Electrum should be alright, and bigger amounts on Bitcoin Core

When used with an internet connected device, Electrum and Bitcoin Core are about equally secure (or rather: insecure), so the amount doesn't really matter. You can use Electrum as an offline wallet on an airgapped device though, so if set up correctly Electrum can be vastly more secure than Bitcoin Core.


And lastly, storing coins on a windows OS or OSx is generally bad idea because of all the possible malware that might try to steal your coins.

To add to that: Up-to-date non-rooted Android and iOS devices are supposedly less prone to malware than Windows or MacOS. So a mobile wallet might be an option as well, but a mobile phone is tentatively easier to steal or lose than a desktop PC or laptop.


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April 21, 2018, 01:38:52 PM
 #11

I would avoid online wallets where possible. If you absolutely insist on using an online wallet, choose Blockchain.info over Coinbase. If I recall correctly with Blockchain.info you at least have control over your private keys, which is not the case with Coinbase.

Unless you have the sole ownership of your private keys and the choice to follow whichever version of the web client you want to use, an online wallet is just about as safe as a shared wallet. Recommending blockchain.info to anyone is just outright a terrible opinion. Their security is notorious for being compromised all the time and they are incompetent in running a wallet or a block explorer.

When used with an internet connected device, Electrum and Bitcoin Core are about equally secure (or rather: insecure), so the amount doesn't really matter. You can use Electrum as an offline wallet on an airgapped device though, so if set up correctly Electrum can be vastly more secure than Bitcoin Core.
That's in the perfect scenario. Electrum does not verify all of the blocks fully as with all SPV clients so you have to trust the server that you're connected to to check the validity of the blocks to the network rules. Bitcoin Core does also have the same feature as Bitcoin Core, just with the lack of UI. If you can follow instructions, Bitcoin Core can do the same as Electrum, arguably more.


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April 21, 2018, 01:56:16 PM
 #12

~snip~
Up-to-date non-rooted Android...

The problem here is that a lot of vendors don't publish proper updates.
Researchers have found out that many vendors didn't patch the firmware. Software/firmware has been updated but in reality a lot of vital patches were missing.


Quote from: Nohl told WIRED
We found several vendors that didn’t install a single patch but changed the patch date forward by several months
Source: https://www.wired.com/story/android-phones-hide-missed-security-updates-from-you/

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April 21, 2018, 05:18:26 PM
 #13

I would avoid online wallets where possible. If you absolutely insist on using an online wallet, choose Blockchain.info over Coinbase. If I recall correctly with Blockchain.info you at least have control over your private keys, which is not the case with Coinbase.

Unless you have the sole ownership of your private keys and the choice to follow whichever version of the web client you want to use, an online wallet is just about as safe as a shared wallet. Recommending blockchain.info to anyone is just outright a terrible opinion. Their security is notorious for being compromised all the time and they are incompetent in running a wallet or a block explorer.

Don't get me wrong, I'm definitely not recommending Blockchain.info to anyone.

I'm just saying that Blockchain.info is probably still a better choice over keeping money on Coinbase or any other exchange. Much like I'd prefer getting beaten to death with sticks over stoning. Then again stones don't have splinters.


When used with an internet connected device, Electrum and Bitcoin Core are about equally secure (or rather: insecure), so the amount doesn't really matter. You can use Electrum as an offline wallet on an airgapped device though, so if set up correctly Electrum can be vastly more secure than Bitcoin Core.
That's in the perfect scenario. Electrum does not verify all of the blocks fully as with all SPV clients so you have to trust the server that you're connected to to check the validity of the blocks to the network rules. Bitcoin Core does also have the same feature as Bitcoin Core, just with the lack of UI. If you can follow instructions, Bitcoin Core can do the same as Electrum, arguably more.

Of course. However in terms of keeping your private keys safe on an online device, both are equally fit -- or unfit -- to do so.

Granted, this has more to do with online devices being generally unsafe than with Electrum's or Bitcoin Core's code quality and design philosophy.


~snip~
Up-to-date non-rooted Android...

The problem here is that a lot of vendors don't publish proper updates.
Researchers have found out that many vendors didn't patch the firmware. Software/firmware has been updated but in reality a lot of vital patches were missing.


Quote from: Nohl told WIRED
We found several vendors that didn’t install a single patch but changed the patch date forward by several months
Source: https://www.wired.com/story/android-phones-hide-missed-security-updates-from-you/

Excellent point. In general I'd still argue that your average grandma's windows laptop has more malware on it than your average grandma's smartphone, but this does indeed only hold true until the next major OS vulnerability has been found.


TL;DR: Just get a Trezor or Ledger.


I recommend ledger however over Trezor, because it supports alot more cryptos while trezor only supports BTC as far as i know.

Ledger's list is longer, but here's the list of coins supported by Trezor:
https://doc.satoshilabs.com/trezor-faq/overview.html#which-coins-are-currently-supported

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April 21, 2018, 06:54:36 PM
 #14

So far, I keep everything in ETH. The BTC exchange time is coming. Which wallet to choose online? What is the safest? Please help me:).

I now use www.myetherwallet.com + MetaMask.
Why online wallet,you can buy an hardware wallet if you want complete protection or just download a desktop wallet like electrum which is completely safe and secure to store bitcoins in long term.If you still looking for online wallet then blockchain.info wallet is the best online wallet in my knowledge.
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April 21, 2018, 07:32:47 PM
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Gentlemen, and there are other alternatives? I wonder in which direction this will go? Maybe it is worth to be interested in something new? Now we have such times that every protection can become unfortunately not enough.

Or maybe the other way round? Key and address on a piece of paper hidden in the soil? ;-

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April 21, 2018, 08:12:50 PM
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Gentlemen, and there are other alternatives? I wonder in which direction this will go? Maybe it is worth to be interested in something new? Now we have such times that every protection can become unfortunately not enough.

Or maybe the other way round? Key and address on a piece of paper hidden in the soil? ;-
If you're looking for a long term investment, go ahead.
Don't put your wallet in a place that is hard to reach if you're gonna spend it daily.

So far, I keep everything in ETH. The BTC exchange time is coming. Which wallet to choose online? What is the safest? Please help me:).

I now use www.myetherwallet.com + MetaMask.
Most online wallet has 2FA as their standard security, enable them.
Besides that there's not much of a difference, there will be a slight difference in Mining Fees, but that's it.
Scan your PC for any Malware, enable 2FA, and don't click suspicious links are the only thing you need to do.
Although I would recommend to get Desktop or Hardware wallet for more security Smiley
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April 22, 2018, 07:09:48 AM
 #17

I want to buy TREZOR but this is security and not a wallet, right? I want to buy for BTC. In this case, I need a portlet to exchange ETH for BTC. Ledger I can buy for BTC?
It's a wallet. Addresses are generated and transactions are signed on Trezor. The only thing that gets transferred out should be your signed transactions. The reason why it has to be connected to another device that is connected to the internet is because Trezor has to get the information on the UTXO of your addresses using the internet.

Yes. You can purchase Ledger using BTC. I would be wary with Ledger given their reluctance to admit that the security vulnerability was potentially quite serious.
So Ledger is underdeveloped? The price is actually the same, adding the shipping cost. Someone pay for the trezor using Bitcoin? I need to exchange ETH for BTC only to pay for the wallet. Electrum is enough for one transaction? Which exchange has the best ETH conversion rate for BTC?


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April 22, 2018, 07:19:12 AM
 #18

So Ledger is underdeveloped?

No. However the ledger wallet was made after trezor, so it has not been developed for such a long time. Every software has exploits and bugs, so this is not only a matter of ledger. It is just a matter of time when someone finds them, even bitcointalk forum has some exploits that have not been found yet for sure. You cannot make anything bulletproof, as there is a weakness in every program and even every human being on this planet.

It is just a matter of finding the exploits before someone with bad intentions does.

Electrum is enough for one transaction?

If you mean for ordering something with it, sure, i don't see why not.

Which exchange has the best ETH conversion rate for BTC?

Look from Coinmarketcap as you can see pretty much every exchange from there. I'd personally go for GDAX, or Bittrex but afaik both need  ID verification. Bittrex had closed signups for new customers i think.

If you want to exchange without a hastle, go for Shapeshift. Most exchanges charge alot more transactions fees than shapeshift does. This is the best option for exchanges of small amounts.

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April 22, 2018, 07:37:31 AM
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No. However the ledger wallet was made after trezor, so it has not been developed for such a long time. Every software has exploits and bugs, so this is not only a matter of ledger. It is just a matter of time when someone finds them, even bitcointalk forum has some exploits that have not been found yet for sure. You cannot make anything bulletproof, as there is a weakness in every program and even every human being on this planet.

It is just a matter of finding the exploits before someone with bad intentions does.
It's possible for bugs to exist everywhere. However, for a product like Ledger, security should be their top priority. With the recent case, a researcher has disclosed the vulnerability to them responsibly. The vulnerability is serious in the sense that the device could be compromised and tampered if any entity wants to do it or if the seller wants to. They dismissed the claim and gave everyone a false impression that a device that has been proven to be insecure is still secure.

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April 22, 2018, 07:37:43 AM
 #20


If you want to exchange without a hastle, go for Shapeshift. Most exchanges charge alot more transactions fees than shapeshift does. This is the best option for exchanges of small amounts.
shapeshift.io is it safe? I do not know this page. I do not need a verification for such a small exchange. It is not necessary. I will order Trezor because you can pay in BTC. Ledger does not have such an option, right?

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