How do I manage my Bitcoins locally without downloading the entire blockchain?

[daniel3217]

Hello everyone,

I have been using Bitcoin casually for many years. Back when I started, it was pretty common to use Bitcoin Core and download the entire blockchain to your computer when sending/receiving coins. However, after a long break from using Bitcoin (I don't really have much anymore) I have found that the blockchain is enormous now and it is not feasible to have a local copy on my machine. If I try to launch Bitcoin Core, it will take several weeks on my internet connection to even tell me what my wallet is worth. https://testmyspeed.onl/

I am 100% against any sort of online wallet, I want it to be local. If my hard drive crashes, I am happy to accept the loss.

Given this, what is the modern way of managing Bitcoins locally? Akinator https://xender.vip/

Thank you!

[alisafidel58]

I guess you could try to download an electrum wallet. It's a stand-alone wallet and has a different kind of security features in it or you can try to have a hardware wallet like trezor but it will cost you a lot compared to downloading a wallet like electrum.

[ranochigo]

If you want, you can consider using SPV clients like Electrum. To do so, you can download Electrum[1] and validate its signature. Create a new wallet in Electrum by selecting Standard wallet OR importing Bitcoin addresses and private keys. I would recommend creating a standard wallet as it allows you to utilise all the benefits of a HD wallet. Copy down and store multiple copies of the seed and open up Bitcoin Core.

To extract your private keys from Bitcoin Core, you must first know the addresses that contains the Bitcoin. To extract the corresponding private keys, go to Help>Debug window>Console and type
You can skip this if your wallet is not encrypted.

Code:

 walletpassphrase "walletpassphrase" 300

To extract the keys:

Code:

dumpprivkey 1ADDRESS

Replace the various fields appropriately.

Go to Electrum and go to Wallet>Private keys>sweep and all of the Bitcoins in the addresses would be transferred to Electrum.

Of course, it is recommended for you to synchronize your Bitcoin Core and transfer all the coins manually so that you won't miss out any addresses that has Bitcoin. If you have the time, you can sieve through your wallet by using listaddressgrouping and searching each of the addresses manually.


[1] https://electrum.org/#download

[bitbollo]

you can use any light wallet that doesn't need to download all blockchain.

https://bitcointalk.org/index.php?topic=1631151.0
Find here an useful guide: Which Bitcoin wallet to use (by Lauda)

[fiulpro]

What I do use is

1. Use a local wallet offline on the mobile , for holding a bit
2. Use lightning wallet Along with it , for payment to restaurants and stuff
3. Use samourai for transactions mainly because the fee is low

I don't think you can get away with using just one wallet , go and check out your options and explore you will find something worth while.

[Lucius]

I am 100% against any sort of online wallet, I want it to be local. If my hard drive crashes, I am happy to accept the loss.
Given this, what is the modern way of managing Bitcoins locally?

If your hard drive is become broken there is still chance to fix it and save your data, but if you have backup of your wallet data, seed words or private keys then there is no reason to worry about loss. Backup is a one of main keys when it comes to crypto security.

Modern and safe way to keep your bitcoins and other altcoins is for sure hardware wallet. This method has its price, but for anyone who is serious with cryptocurrency $60 to $100 should not be a problem. Free solutions are desktop light wallets like Electrum, but such wallets can can pose a great risk if the user is not fully aware of all dangers which may affects them.

[pakhitheboss]

Download atomic wallet from https://atomicwallet.io to your desktop computer depending on the operating system. Then click on restore ended your 12 words backup seed and get your Bitcoin wallet with Bitcoin on your computer. If you only have private key, then convert it to 12  words backup seed and then do the restore.

[pooya87]

Download atomic wallet from https://atomicwallet.io to your desktop computer depending on the operating system. Then click on restore ended your 12 words backup seed and get your Bitcoin wallet with Bitcoin on your computer. If you only have private key, then convert it to 12  words backup seed and then do the restore.

unless you can show me the source code of this wallet, i would advise everyone to stay away from this because it is closed source! their repository only contains a github.io code (github pages) and a bunch of stuff they forked! https://github.com/Atomicwallet?utf8=%E2%9C%93&q=&type=source&language=
there is no source code for the wallet itself and the only thing their website provides is the compiled binaries which you have no way of knowing what they do.

[TryNinja]

unless you can show me the source code of this wallet, i would advise everyone to stay away from this because it is closed source! their repository only contains a github.io code (github pages) and a bunch of stuff they forked! https://github.com/Atomicwallet?utf8=%E2%9C%93&q=&type=source&language=
there is no source code for the wallet itself and the only thing their website provides is the compiled binaries which you have no way of knowing what they do.

While I agree that closed souce wallets are bad and not fully trustworthy, this isn't just a random wallet. It is owned by Changelly (so they have a name behind it). And while I also don't particularly really trust Changelly, I don't think they made this wallet to scam people. It's like Exodus (IMO).

Nice pic btw.

[bob123]

While I agree that closed souce wallets are bad and not fully trustworthy, this isn't just a random wallet.

They aren't trustworthy at all.
Currently, it is just a random wallet.

How can you be sure that they actually know how to code software properly ?
You can't check what the wallet is doing. You have to blindly trust the developer.

How are the binaries uploaded ? Who has access to the github ?
You can't even be sure that a new version is truly being uploaded by the original developer instead of someone who gained access to their github.

It is owned by Changelly (so they have a name behind it).

A name which already scammed dozens of people.
Rather have no name behind it, than THIS one.

And while I also don't particularly really trust Changelly, I don't think they made this wallet to scam people. It's like Exodus (IMO).

Their main purpose might not be to scam people, but as mentioned.. Access to github, intentions turning into bad ones, code quality.. all factors which you can't control.

With open source, you'd be able to check what the software does. Find backdoors in new updates, etc..
Closed source? No chance.

[TryNinja]

They aren't trustworthy at all.
Currently, it is just a random wallet.

Define random.
Define trustworthy.

How can you be sure that they actually know how to code software properly ?

I don't. But IMO, this doesn't make them COMPLETLY untrustworthy.

You can't check what the wallet is doing. You have to blindly trust the developer.

Fact. That's why I compared it to Exodus (you also have to blindly trust Exodus' dev). Again, this doesn't necessarily mean that they can't be trusted. There is more in trust than "seeing"; we don't (personally) know nor can read the mind of many people here, but we sometimes trust them (even if it's in parts).

How are the binaries uploaded ? Who has access to the github ?
You can't even be sure that a new version is truly being uploaded by the original developer instead of someone who gained access to their github.

TBF, that's the case with any other GitHub repo. You can actually upload whatever you want to your GitHub repo binaries (even if it's different than the source code on the repo). How are they uploaded and who has access to it?

Their main purpose might not be to scam people, but as mentioned.. Access to github, intentions turning into bad ones, code quality.. all factors which you can't control.

With open source, you'd be able to check what the software does. Find backdoors in new updates, etc..
Closed source? No chance.

Just like Coinbase, Blockchain.info, Xapo, etc... again, doesn't necessarily mean that you can't trust them. You can't BLINDLY trust them nor be sure about what they are doing. And yes, there are way better and more safe options. But, you can have your own convinction.

In short, all I said was my own opinion. I don't think they are a scam and that's it.

[bob123]

Define random.
Define trustworthy.

Random like could also be any other wallet. 
Not more trustworthy or better than any other random wallet.

In fact, even less trustworthy because of all their scamming.

TBF, that's the case with any other GitHub repo. You can actually upload whatever you want to your GitHub repo binaries (even if it's different than the source code on the repo). How are they uploaded and who has access to it?

Sure, thats's right.

Check the commits -> build from source. Danger circumvented.

Just because the majority of people don't do it, it still CAN be done. And that's the big difference to a closed source wallet.

I don't think they are a scam and that's it.

And you are wrong with this.

Changelly has scammed a lot of people. This is a fact.

Whether their wallet has bad intentions or not is anyone's guess.

But the fact that they operate illegally from russia.. doesn't make them really trustworthy, does it ?


I'd rather choose exodus.. hell or even jaxx (yes, no-security-jaxx) than touching anything from changelly.


I really don't care what wallet you are using, but saying that this wallet 'has a name behind it' - in a positive way - is misleading for newer people here.

[pooya87]

TBF, that's the case with any other GitHub repo. You can actually upload whatever you want to your GitHub repo binaries (even if it's different than the source code on the repo). How are they uploaded and who has access to it?

you can, but sooner or later you will be caught and that will discredit the whole project in one single action. it just takes one of those who compile the code themselves to compare the binaries to figure out the difference. and the cost is a simple hash function (MD5 to SHA512) of both files and comparing them together. you see when you compile the same source code you will end up with the same binary.