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Author Topic: Wallet Info for Newbies  (Read 132 times)
Myeth1
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September 02, 2018, 12:53:41 PM
Merited by DyllanGM (1)
 #1

I was just new to cryptocurrency and I admit that there are still too many things I need to know. But I think the most important first step is to know about wallets because they are the storage of ourr will be coins/tokens and not having them or learning about them means trouble. So Ive looked into the net and wanted to share for other newbies this might help them too. This is just for the top 3 in CMC. Athough there are so many wallets I just listed here some and this list is not ranked or so.

Bitcoin Wallets
1. Ledger Nano S
2. Mycelium
3. Blockchain.com (web wallet)
4. Exodus
5. Trezor

Ethereum Wallet
1. Ledger Nano S
2. Trezor hardware wallet
3. MetaMask (Desktop Wallet)
4. MyEtherWallet (Web wallet, probably most common free wallet)
5. IMtoken (Android, Im using this because its so easy)

Ripple
1. Ledger Nano S
2.Toast Wallet
3. Coinpayments
4. EXARPY
5. Edge Wallet


Of course you may also store your coins/tokens in exchanges but Ive learned that its not so advisable to do so because there may be seom complication. If you have wallets that you know is better of more efficient please comment too for everybody's knowledge.


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DyllanGM
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September 02, 2018, 02:48:26 PM
 #2

Maybe you should try adding more wallets list up to top 10 in the CMC. That should also help a lot of newbies and beginners in choosing their wallets. Some links of those wallets especially web wallets could also help.

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September 02, 2018, 03:08:12 PM
 #3

If the list you compiled is truly for newbies, then you should maybe consider taking out the Ledger & Nano, as they're both ~100$. Although they're good wallets, i doubt complete newbies would rush to buy/have access to those.

Maybe you should try adding more wallets list up to top 10 in the CMC. That should also help a lot of newbies and beginners in choosing their wallets. Some links of those wallets especially web wallets could also help.

I personally would rather see some more software wallets.

You list Blockchain.com but not the original Bitcoin Core / Electrum? Are those too user-unfriendly or what exactly is wrong with them? Unlike Blockchain.com, those give you full control over your private key + a lot of other additional features (RBF, CPFP, and custom fee settings).

Also, is coinpayments really a wallet? I thought it was more or less a payment gateway for merchants.. I could be wrong though.

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September 02, 2018, 04:14:13 PM
 #4

https://bitcoin.org/en/choose-your-wallet

And there's no better wallet for newbies than Electrum. So just make things complicated for newbies though, like listing wallets that you don't have total control of your private keys.

Not your keys, not your coins.

And hardware wallets such as Nano and Trezor are not for newbies to play.
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September 02, 2018, 08:01:31 PM
 #5

I use Electrum for my desktop wallet.  It works great for bitcoin.  There is also Eclectrum-ltc for litecoin. 
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September 02, 2018, 09:51:38 PM
 #6

You should add Bitcoin Core. It’s the most robust full node implementation with the largest and most trusted development team. I would also add Electrum — it’s the most user-friendly lightweight node, and can be easily be used for offline signing.

I would stay away from Exodus, Jaxx, or any other multi-coin wallets.

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September 02, 2018, 10:17:56 PM
 #7


Metamask is not a Desktop wallet it's a browser plugin where you can use the wallet in your own browser (chrome, firefox, and opera mini.)

How about the Green Wallet? And other wallet listed from here https://bitcoin.org/en/choose-your-wallet

I think it's better if you add more information about the wallet so that they know what are the advantage of each wallet.

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September 02, 2018, 10:35:45 PM
 #8

I don't think this is a thread for newbies and it seems like you are one yourself..... to make a quality informative thread, please make sure you consider yourself knowledgeable about the topic. As other's have mentioned there's a decent amount of miss and the part that it lacks context is what makes this non newbie friendly.

First, there should be a brief description of what is a wallet.
Second, explain what are the different wallet types - their plus and miss
third, when you list a wallet, please add some details about it like its features, website link and preferrably find a good tutorial for newbies about it.

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September 02, 2018, 10:35:52 PM
 #9

Ethereum wallets are kind of problematic. There is no good desktop wallet.

But they have some interesting mobile wallets.
I like coinomi very much, never had any problem with it.

It supports bitcoin, full segwit, very newbie friendly.

It also supports ethereum and all erc20 tokens and most bitcoin forks.


If the list you compiled is truly for newbies, then you should maybe consider taking out the Ledger & Nano, as they're both ~100$. Although they're good wallets, i doubt complete newbies would rush to buy/have access to those.

I strongly disagree with this. I think ledger nano is amazing for newbies. There are newbies with lots of money, who want to be safe and don't care about technology. This is the best wallet for them.

This is  a "wallets for newbies "guide, not "wallets for poor" lol


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September 03, 2018, 12:17:10 AM
 #10

https://bitcoin.org/en/choose-your-wallet
Not your keys, not your coins.

This is really important. You should know youyr private key (key to your coins) otherwise its not your coins.
Generate your address, import it to any wallet, you just using wallet as temporary tool, you don't need it because you know your private key.

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September 03, 2018, 03:27:27 AM
 #11

Thanks for posting this it would be great if you create something like what Lauda has posted on his thread for BTC Wallets, you can create for Ethereum and Ripple and add some information on it.

[General] Bitcoin Wallets - Which, what, why? - https://bitcointalk.org/index.php?topic=1631151.0

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September 04, 2018, 04:57:42 AM
 #12

The goal of helping the newbies is there but you still miss a lot of good wallets out there especially for bitcoin.

Electrum and many other multi-currency wallets fits those that can't avail to buy hardware wallets though its the best wallet for them to start.

Blockchain.com also supports Ethereum.

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aaron_ray
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September 04, 2018, 07:16:11 AM
 #13

Thanks for creating this informative post, I use MEW to store my ERC20 Token & ethereum & for BTC i use blockchain.io app. I have heard more about exodus wallet that it supports all the forks I will study more about exodus wallet and use it very soon.
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