Couple of Blockchain.info issues/questions

[Sumarokov]

I have always held my Bitcoin in a blockchain.info wallet. When I started buying XBT in 2013, I did some research and it seemed to be the best variant. Now I have a number of issues.

1. When I go into "wallets and addresses", I see that my XBT and BCH are all in "Imported Bitcoin Addresses. Imported funds are not protected by your Secret Private Key Recovery Phrase. To ensure these funds are secured, please transfer them directly into your wallet."

I never paid attention to this before. It seems strange to me, because I imported my crypto from a Kraken exchange back in 2013 and, to my mind, all funds must be "imported" at some stage. It is like a bank account. You deposit money at the start and then as time goes on... I see that to transfer the funds to the address which IS protected, you need to pay a small commission, correct?

2. On the subject of your recovery phrase, mine is 16 words and not 12. I cannot see how this can be changed without telling people, possibly creating problems.

3. On a side-note, when I log into my wallet using a Chrome browser on a PC, only part of your screen appears on my screen. So I am not actually able to sign out or scroll to the right or down (for example, to change the language).

Are there maybe better options now or is a blockchain.info wallet still the best way to go?

[OmegaStarScream]

I have always held my Bitcoin in a blockchain.info wallet. When I started buying XBT in 2013, I did some research and it seemed to be the best variant. Now I have a number of issues.

1. When I go into "wallets and addresses", I see that my XBT and BCH are all in "Imported Bitcoin Addresses. Imported funds are not protected by your Secret Private Key Recovery Phrase. To ensure these funds are secured, please transfer them directly into your wallet."

I never paid attention to this before. It seems strange to me, because I imported my crypto from a Kraken exchange back in 2013 and, to my mind, all funds must be "imported" at some stage. It is like a bank account. You deposit money at the start and then as time goes on... I see that to transfer the funds to the address which IS protected, you need to pay a small commission, correct?

2. On the subject of your recovery phrase, mine is 16 words and not 12. I cannot see how this can be changed without telling people, possibly creating problems.

3. On a side-note, when I log into my wallet using a Chrome browser on a PC, only part of your screen appears on my screen. So I am not actually able to sign out or scroll to the right or down (for example, to change the language).

Are there maybe better options now or is a blockchain.info wallet still the best way to go?

1. That's correct. You can also export the private keys and import them elsewhere (not very recommended). That way, you won't have to create a transaction or pay any fees.
2. They did an upgrade a few years back and they're now using BIP39 to create wallets (which most wallets use) instead of their own system.
3. I can browse the site just fine. It's probably something from your side, try to disable extensions if you have any.
4. Stay away from exchanges and web wallets. You should either go with Electrum (desktop wallet) or a hardware wallet if storing large amounts.

[BitMaxz]

Blockchain has changed since 2016 or 2017 and I have also an old wallet from them that I can't able to recover after the changes due to lost seed backup.

2. On the subject of your recovery phrase, mine is 16 words and not 12. I cannot see how this can be changed without telling people, possibly creating problems.

Are you planning to recover your wallet using your 16 words seed phrase? I think you can able to recover the legacy wallet using the link below.
- https://login.blockchain.com/wallet/forgot-password
Just paste the 16 words seed and it will give you the login link and password.

3. On a side-note, when I log into my wallet using a Chrome browser on a PC, only part of your screen appears on my screen. So I am not actually able to sign out or scroll to the right or down (for example, to change the language).

Are there maybe better options now or is a blockchain.info wallet still the best way to go?

Actually, they are now blockchain.com not .info it's their old domain extension. Anyway, it seems you have a bad connection or internet issue I can access the site without any issue, or maybe you are using old phones accessing the website with an old browser?


Try to access the website with incognito mode or use other browsers.

Like the above said I suggest you move your Bitcoins from blockchain once you recover your wallet and transfer them to non-custodial wallets like electrum or wasabi. So that you have full control of your wallet.

[Sumarokov]

Hi, thanks for the replies.

Just to let you know, I have not lost my wallet, so at least for now the 12/16-word private key is not an issue.

I will look into a desktop or a hardware wallet. I remember when I started, I believed a web wallet to be the better option, although I cannot remember why I came to that conclusion (it was a long time ago).

[adzino]

Blockchain.info/com would be the worst place to store your coins. Don't trust any of those web wallets. Don't use any wallets where you don't have access to your private keys. Don't use any wallets where others (staff or company) might have access to your private keys or any details associated to your wallet. Don't use any wallets where you have to be dependent on the availability of the service. What if you need to access your coins, but the server where your coins are stored is down?
Check the forum. You will see how bad they are and how people got screwed over using blockchain.com. Also recently found this on reddit: https://www.reddit.com/r/Bitcoin/comments/lcfwuh/theft_alert_unknown_blockchaincom_employee_is/

-snip-
As long as you keep your Bitcoin in Bitcoin in a non-custodial wallet, it is not in any way subject to the tax authorities?

As long as you don't convert your bitcoin to fiat, you don't owe any taxes (this is what happens in most of the countries). But laws differ from country to country. So know your own law. So countries will exempt you from paying taxes on capital gains if hold into your coins for certain period of time.

[logfiles]

Hi, thanks for the replies.

Just to let you know, I have not lost my wallet, so at least for now the 12/16-word private key is not an issue.

I would recommend you to move your coins out of your blockchain wallet ASAP if you are still able to login. There have been cases where people lost access to their old format wallets once they forgot the login credentials.

I will look into a desktop or a hardware wallet. I remember when I started, I believed a web wallet to be the better option, although I cannot remember why I came to that conclusion (it was a long time ago).

You are not the online one who thought like. Almost every newbie ends up by either opening an account with either blockchain wallet or Coinbase. I remember those were the first wallets I set up too as a newbie. Except for being user-friendly and easy to set up, they are not the best wallets to keep your bitcoins in.

[decodx]

Blockchain.info/com would be the worst place to store your coins. Don't trust any of those web wallets. Don't use any wallets where you don't have access to your private keys. Don't use any wallets where others (staff or company) might have access to your private keys or any details associated to your wallet. Don't use any wallets where you have to be dependent on the availability of the service. What if you need to access your coins, but the server where your coins are stored is down?

Not that I recommend using the blockchain.com wallet, but I would like to clarify something here. Why would blockchain.com be the worst place to store your coins? It is obvious that the OP has had access to his BTC since 2013. As far as I know, it is not a custodial wallet and users have access to their private keys and/or seed phrases. Or have I got that wrong?

[hosseinimr93]

.......As far as I know, it is not a custodial wallet and users have access to their private keys and/or seed phrases. Or have I got that wrong?

In blockchain wallet, you have access to your seed phrase and you can easily derive the keys. But there is no guarantee that you are the only one who have access to the seed and private keys. We don't know whether the keys are stored in their server or not.
You shouldn't use a wallet in which a third party is involved.

[adzino]

Not that I recommend using the blockchain.com wallet, but I would like to clarify something here. Why would blockchain.com be the worst place to store your coins? It is obvious that the OP has had access to his BTC since 2013. As far as I know, it is not a custodial wallet and users have access to their private keys and/or seed phrases. Or have I got that wrong?

Did you read the reddit thread and visit the link inside it? -> https://honestproscons.com/unknown-blockchaincom-employee-is-stealing-customers-funds/
https://www.reddit.com/r/Bitcoin/comments/7cz9pu/bitcoin_stolen_from_blockchaininfo_wallet_even/
https://www.reddit.com/r/Bitcoin/comments/d5fjsv/24_btc_hacked_from_blockchain_wallet25000_stolen/  More links inside the article.

People have been suspicious of them because they think they ARE involved in 'selective scamming'. It is not just blockchain.com, any web wallets are not secure and you are always vulnerable to hacks and scams. I wouldn't encourage anyone to use a web wallet.

In blockchain wallet, you have access to your seed phrase and you can easily derive the keys. But there is no guarantee that you are the only one who have access to the seed and private keys. We don't know whether the keys are stored in their server or not.
You shouldn't use a wallet in which a third party is involved.

Your login details are stored in their server. That's all they need to access your account.

[o_e_l_e_o]

It seems strange to me, because I imported my crypto from a Kraken exchange back in 2013 and, to my mind, all funds must be "imported" at some stage.

This doesn't make sense. You can't import private keys from a Kraken exchange account since Kraken do not hand out private keys. Where did you import these private keys from?

You need to move your coins out of this wallet as soon as possible. These imported addresses did not come from Kraken, and they are not backed up with your seed phrase. If you can't remember where they came from, then the only place these private keys exist are in your blockchain.com wallet, and as we all know, blockchain.com is a notoriously unreliable platform, with accounts being locked and funds going missing constantly.

[logfiles]

Why would blockchain.com be the worst place to store your coins?

It's one of the worst wallets around. Let me give you a few examples why it's that bad;

1. Bug wallet. Balances don't show up sometimes - https://bitcointalk.org/index.php?topic=5313956.0
2. Funds get blocked for days if you make a bitcoin purchase using their exchange - https://bitcointalk.org/index.php?topic=5273020.0
3. Newbies end up paying excess transaction fees to exaggerated fee estimation - https://bitcointalk.org/index.php?topic=5285120.0
4. Blockchain.com sometimes doesn't send wallet ID reminder making it impossible to login - https://bitcointalk.org/index.php?topic=5269443.0
5. Some users have lost access to their funds just because the mnemonic phrases of the legacy bockchain wallet are no longer compatible with the current wallet - https://bitcointalk.org/index.php?topic=5302882.0

The list of complaints is endless.

[Potato Chips]

It seems strange to me, because I imported my crypto from a Kraken exchange back in 2013 and, to my mind, all funds must be "imported" at some stage.

This doesn't make sense. You can't import private keys from a Kraken exchange account since Kraken do not hand out private keys. Where did you import these private keys from?

Maybe op confused sent with import?

It looks like they originally had a legacy wallet (16 word phrase and 2013), so it could be that their account was upgraded to use the current HD wallet and so the funds (the keys) from their legacy wallet is now in 'imported addresses'. You can check this @op if you have a way to compare your legacy wallet addresses to the ones in 'imported addresses'

3. On a side-note, when I log into my wallet using a Chrome browser on a PC, only part of your screen appears on my screen. So I am not actually able to sign out or scroll to the right or down (for example, to change the language)

Does this happen in every browser/device/internet connection? If so, since when? perhaps since the transition which happened in q1 of 2016?

[Sumarokov]

Yes, the above poster is correct. I was using just normal vocabulary when I said imported, meaning sent or migrated.

So I sent my cryptocurrency from the Kraken exchange to my Blockchain wallet.

I am going to keep my Blockchain wallet for now to do things like claim Bitcoin Gold (for all it is worth) and just have another wallet should the need arise.

[joniboini]

I am going to keep my Blockchain wallet for now to do things like claim Bitcoin Gold (for all it is worth) and just have another wallet should the need arise.

You mean you will keep your coins there? I don't think that's a good idea. You can sweep your coins to another address/wallet right now. There is no need to keep your Bitcoin on that address to claim the airdrop, as long as you keep your private key.

[stomachgrowls]

I am going to keep my Blockchain wallet for now to do things like claim Bitcoin Gold (for all it is worth) and just have another wallet should the need arise.

You mean you will keep your coins there? I don't think that's a good idea. You can sweep your coins to another address/wallet right now. There is no need to keep your Bitcoin on that address to claim the airdrop, as long as you keep your private key.

People should be at least aware that they can do those things even if its not needed for them to get involved with blockchain wallet.Among all of those issues that had bee posted above,

it is still continuing to pile up even up to this moment when it comes to complaints about lost funds, withdrawals and other related things seems an unending issues on them.

One of the reason on why i turned back with this wallet and go fully with non-custodial ones rather than forcing myself on using up this wallet.
There are some better alternatives which is far more better choice and wont really be giving you out some problems
but of course, it would still have the same risk.

[Sumarokov]

I am going to keep my Blockchain wallet for now to do things like claim Bitcoin Gold (for all it is worth) and just have another wallet should the need arise.

You mean you will keep your coins there? I don't think that's a good idea. You can sweep your coins to another address/wallet right now. There is no need to keep your Bitcoin on that address to claim the airdrop, as long as you keep your private key.

No, I have moved them. I would only want to claim my Bitcoin Gold via an empty Blockchain wallet.

[decodx]

Not that I recommend using the blockchain.com wallet, but I would like to clarify something here. Why would blockchain.com be the worst place to store your coins? It is obvious that the OP has had access to his BTC since 2013. As far as I know, it is not a custodial wallet and users have access to their private keys and/or seed phrases. Or have I got that wrong?

Did you read the reddit thread and visit the link inside it? -> https://honestproscons.com/unknown-blockchaincom-employee-is-stealing-customers-funds/
https://www.reddit.com/r/Bitcoin/comments/7cz9pu/bitcoin_stolen_from_blockchaininfo_wallet_even/
https://www.reddit.com/r/Bitcoin/comments/d5fjsv/24_btc_hacked_from_blockchain_wallet25000_stolen/  More links inside the article.

That article is from the same author who wrote this: Reasons to avoid Bitcointalk.org, so I wouldn't give him a lot of credibility.

Bitcointalk.org possibly has the most toxic cryptocurrency community.

And as for Reddit links, if you read the whole discussion, you'll find this:

Oké I know what happend. So stupid!

Google --> Blockchain --> click wrong link --> http://blockcriean.info/ --> logged in on perfect looking site only with wrong address --> And bitcoin is gone to Sao Paulo! IP 181.41.217.100

Your login details are stored in their server. That's all they need to access your account.

I don't think that's the case. According to my research, the keys are fully encrypted client side. Blockchain doesn't know your keys or have access to your password. And their client side wallet is open-source (you can view source code on Github here). So if you have any evidence of the opposite, I'd like to see it.

Because of the non-custodial structure of our wallet and because we never store or have access to your password, we are not able to recover or reset passwords. If you lose your password, we cannot help you regain access to your wallet.

https://support.blockchain.com/hc/en-us/articles/360029029911-Your-Wallet-101


In contrast, logfiles listed some valid reasons why it is better to avoid any online service for long-term holding of your coins, not just blockchain.com. I totally agree with that.