Why do we have to choose Open source software?

[faceoff97]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

[1714805659]

1714805659

[1714805659]

1714805659

[1714805659]

1714805659

[squatter]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

With a closed-source wallet, you have to wonder whether it's been sufficiently reviewed. Further, it's possible your private keys could be stolen and relayed to a malicious party. While the latter is unlikely in the case of a reputable company like Jaxx, it's still a potential way to lose your coins.

Stick with an open source wallet that's been extensively peer reviewed.

[davis196]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

For me,it doesn't matter if it's open source or closed source.I just want to hold my private keys.
Each version has it's own advantages and disadvantages and we have to look at the code,in order to decide which one is better.Just comparing a software by the availability of it's source code is pointless.

[hugeblack]

It is a matter of trust. Using an open-source wallet does not mean that you are safe unless you review each code and verify it yourself.
If you do not have the ability to review each line in the code, you should trust the views of others who review it, and it is not very different from the closed-source wallets. "The difference is that you only have to trust a limited number of people in the case of closed-source wallets and an unlimited number of People in the case of open-source one."

Absolute safety means that you must learn things yourself.

[mk4]

It makes open-source software somewhat better because the code is visible. While definitely not everyone can understand and read the code, other knowledgeable people(mostly programmers or developers themselves) can call them out if ever the software developers of a certain wallet are doing something fishy/unethical or has malicious intent.

If we're talking about open-source bitcoin or cryptocurrency wallets in general, then wallets being open-source is a big deal. We're talking about potentially huge amounts of money that can be stolen if the software is malicious.

[endlasuresh]

If you want a free software, then choose this open source else try the paid ones. Open source is editable by anyone and redistribute, etc.  What script you want to use by the way.

[faceoff97]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

With a closed-source wallet, you have to wonder whether it's been sufficiently reviewed. Further, it's possible your private keys could be stolen and relayed to a malicious party. While the latter is unlikely in the case of a reputable company like Jaxx, it's still a potential way to lose your coins.

Stick with an open source wallet that's been extensively peer reviewed.

There were  open source wallet available lIke electrum and armony but Hodler wallet really catches my attention since it is the only open source multi wallet. The wallet also gained good feedbacks and reviews from the community. I like that you mentioned about stealing of funds, I actually once stored my funds in an exchange and unfortunately it was stolen since I have no full contro of my funds. Thank for your response I will take a look of available opensource wallet.

[Red-Apple]

you don't have to! it is an option that we chose which is compatible with its decentralization. otherwise we live in a world where most things we use are closed source from operating systems to the applications that come for it. but then we have the decentralized and open source in their opposite side as a competitor. like Linux versus Windows.

long story short you have to choose between the two and each have their own advantages and disadvantages that you need to deal with.

[dothebeats]

Anyone can review the code, no one can take ownership of the said code and anyone can add something to it, pass it on for the community to review and hopefully move forward with the new addition should it prove to improve the original existing code. It's not that we are forced to use open-source software, but the idea of bitcoin is to free us from centralization, and closed-source software is one way to start.

Oh and it's cheap, too. No legal problems tied with it and great minds can help without having to pay them!

[faceoff97]

Anyone can review the code, no one can take ownership of the said code and anyone can add something to it, pass it on for the community to review and hopefully move forward with the new addition should it prove to improve the original existing code. It's not that we are forced to use open-source software, but the idea of bitcoin is to free us from centralization, and closed-source software is one way to start.

Oh and it's cheap, too. No legal problems tied with it and great minds can help without having to pay them!

Thank you for your response. Great, I also found an article made by Hodler wallet which is the only opensource multiwallet saying this: "Open Source also gives you the ability to compile your software wallet from the source code – it’s not complicated and it allows you to be sure that you weren’t tricked by a malicious website into downloading a compromised application." I'm now getting the idea of why opensource should be used, since I'm a newbie knowing this thing is really a big help.

[20kevin20]

If Bitcoin was not open-source, we would've only gotten updates from Satoshi himself who would've been the owner of BTC's code (and for open-source projects, you don't have an owner), because we wouldn't be able to update the code and add new stuff to it or fix problems.

We also had to trust Satoshi because open-source means anyone can read & modify it. If it was closed-source, we didn't have the possibility to review the code lines through which BTC was created.

A good comparison is using the BTC Core wallet and the Blockchain.com one. You have no control over the Blockchain.com wallet, you have to trust the company itself. The company can add any lines at any time to block you from using specific features, or to even take your money away. With BTC Core, you can see any update but it doesn't mean you can trust it. But because we have so many programmers coding on BTC, we would be notified in case there is a suspicion regarding the new lines that have been added to it.

[faceoff97]

If Bitcoin was not open-source, we would've only gotten updates from Satoshi himself who would've been the owner of BTC's code (and for open-source projects, you don't have an owner), because we wouldn't be able to update the code and add new stuff to it or fix problems.

We also had to trust Satoshi because open-source means anyone can read & modify it. If it was closed-source, we didn't have the possibility to review the code lines through which BTC was created.

A good comparison is using the BTC Core wallet and the Blockchain.com one. You have no control over the Blockchain.com wallet, you have to trust the company itself. The company can add any lines at any time to block you from using specific features, or to even take your money away. With BTC Core, you can see any update but it doesn't mean you can trust it. But because we have so many programmers coding on BTC, we would be notified in case there is a suspicion regarding the new lines that have been added to it.

Great, I've also learned that using opensource wallet keeps user away from potential vulnerability of funds since you they no longer be able to fully verify the safety of your money, and you rely on someone else to keep it safe. This is why even like me newbie who don't know how yo read code just being aware that at any time the code is there in the open for experts to audit it can make me more secure of my funds. Now getting the point why opensource is important.

[seoincorporation]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

The software can be always tricked, i mean if we talk about wallets, if you go with a close source wallet provider what warrants you that he isn't saving a copy of your privatekeys in their DB... Another problem about closed source project is the security, you can't know if your provider is hashing passwords before saving them, and other security stuff. But with open source projects this doesn't happen because since users have access to the code, users can be sure if the provider is saving our information, and if he is managing security by the right way.

In other words, if bitcoin were a closed source project it would never have success because no one would trust on the project.

[franky1]

We know that holding Bitcoin is better when users have full control over their funds. What makes an open source software better? Is there any advantage on using it than using close source wallet.

imagine a situation whereby you open a wallet and it has automatically created payment addresses for you to receive funds.
how would you know that the code behind it is simply a list of made addresses by the developers that have a copy of the keys.

in closed source wallets you wont know.
......until one day your funds go missing.
in open source you can check the code and see if the address generation is genuinely random, created from within the software locally on only your computer, to a high standard that in a billion years of maybe creating 1000 keypairs a second no 2 addresses would be the same.

[proTECH77]

Open source software as to me is preferably because i personally will verify the software to know it flaws and also follow others who's view i consider right. Close source software are not totally free from interruption from external bodies or third parties but open source is more of advantage to closed source. I stick to what i trust......

[Oniko]

Open source shows the transparency of the project. Users of such resources will be able to trust the project. I think this is good for any project.

[bitfocus]

because open-source sometimes mean more privacy and more security together.

[faceoff97]

Open source software as to me is preferably because i personally will verify the software to know it flaws and also follow others who's view i consider right. Close source software are not totally free from interruption from external bodies or third parties but open source is more of advantage to closed source. I stick to what i trust......

Great, thia gives me confirmation that opensource wallet is a better option. I'll keep my funds in my Hodler Waller since it looks like its the safest multiwallet available. Good to know that I have picked a good one, will also transfer to hardware once they release in the market. Thank you for your response.

[mk4]

because open-source sometimes mean more privacy and more security together.

Not at all. Open-source means the codebase is public. How does that make it private?

When talking about security though? Possibly. If a certain software is open-source then it means that people can freely audit the code, which is a decent advantage in my opinion.

[pooya87]

~
When talking about security though? Possibly. If a certain software is open-source then it means that people can freely audit the code, which is a decent advantage in my opinion.

just to emphasis: you shouldn't trust a project ONLY because it is open source and is published on GitHub. being open source means it "can" be audited but doesn't mean it is!
i have seen and reported at least 3 scam projects on GitHub in the past couple of years trying to infect people and steal their bitcoins. one of them was a fake Electrum which the scammer had edited the source code, included a malware and publishes the code on GitHub then advertised it everywhere as the new version (version 2.0 when real Electrum was on 1.9.8 and we know 2.0 was coming)!