Use a good online noncustodial wallet

[Charles-Tim]

Online/hot wallets should only be for little amount of bitcoin. For high amount of bitcoin, use offline wallet.

I have noticed using Trustwallet is common among we Nigerians on this forum. Some of us are also probably using wallets that experienced bitcoin users can not advice anyone to use. I think you need to know what an excellent bitcoin wallet is. Note that there are many excellent bitcoin wallets that are open source.

Features that excellent bitcoin wallet should have

• open source
• multiple address generation
• fee customization
• Replace-by-fee (RBF) support
• Child-pay-for-patent (CPFP) support
• Coin control

The most important features are: (1) a wallet should be open source so that the public can be able to check the source code, this can help the public to know that there is no spyware or other vulnerabilities included in the code of the wallet,  (2) multiple address generation for privacy reasons, (3) RBF which would be helpful to increase transaction fee, to have higher chance for your coin that you transfer to get confirmed earlier and (4) fee customization.

Among the wallets that I am using, Desktop Electrum and Bluewallet are the once that have all these features. Mobile Electrum is not bad either.

For wallets that support opt-in RBF, read this: Bitcoin open source wallets that support replace-by-fee (RBF)

There are many wallets, but just the only two wallets that I am using are those mentioned. If you have used a wallet that has all those features, like being open source, generating many addresses, having fee customization and RBF, you can mention it too.

Trustwallet is not an open source wallet, not supporting RBF and not generating multiple addresses. It has only one bitcoin address. Not supporting CPFP and not supporting coin control. Even just address freeze, it is not supporting it.

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[Nwada001]

Nah until I start to use diz Forum I know say eh get wallet dem way better pass trust wallet, safepal, quarashi wallet, atomic wallet, nah all diz ones dem I don't use finish b4, but trust wallet nah 1 of the popular ones way I they use.. nah when I come read how important eh they to avoid wallet way no be open source I come reduce d way I dy carry use am, I don install Electrum mobile 4 mi phone but nah just few times way I don use am, I never too dy use to am, but with time I go make am my favourite wallet, since person need nd knowledge don grow pass where him just need to send and to receive Bitcoin, person also need upgrade tools way in dy carry work. Especially for diz multiple address generation, eh go help increase person privacy small.

[Amphenomenon]

I know the about risk of using trust wallet but I still use, though for buying pre launch coin (is there any more secured wallet for this?). While I use Mycelium for bitcoin.

[Wiwo]

I know the about risk of using trust wallet but I still use, though for buying pre-launch coin (is there any more secured wallet for this?). While I use Mycelium for bitcoin.

Not only you but me also,  I have been a fan of Trust wallet ever since I got into cryptocurrency in fact I held my first Bitcoin on trust wallet for months before I transferred it off recently,  I have never hard any issues with the wallet or deem it fit to acknowledge the the risk associated with using such wallet until my friend Charles-Tim took the time to educate me on the risk embedded in using such wallet for large coin holding or long term holding then I opted in for blue wallet for now and the feature I like most about blue wallet is the ability to generate new addresses with ease this have indeed made things easy for me.

Trust wallet,  blockchain and the rest of the OG cryptocurrency wallets are popular among early Bitcoin users and that is why they always advise us to use them until now that knowledge of security and flexibility of Bitcoin safety and security becomes of utmost importance then we decide to research for a better and more secured wallet for holding our coin.

[Maestro75]

Trustwallet is not an open source wallet, not supporting RBF and not generating multiple addresses. It has only one bitcoin address. Not supporting CPFP and not supporting coin control. Even just address freeze, it is not supporting it.

We use Trust Wallet more because it has other coins in addition to bitcoin. It is a crypto wallet while the other ones you recommended look more of only bitcoin wallet. You get any other crypto wallets weh be open source? Abeg make you help us drop am here. I also need to reduce my over dependence on Trust wallet.

[Charles-Tim]

I know the about risk of using trust wallet but I still use, though for buying pre launch coin (is there any more secured wallet for this?). While I use Mycelium for bitcoin.

If there is no good alternative, you may not have options to use better wallets. This is about bitcoin, and bitcoin has wallets that you can advice people to use because they are better. There are so many options of different wallets that you can go for if it is bitcoin, while some altcoins may not have excellent alternatives.

We use Trust Wallet more because it has other coins in addition to bitcoin. It is a crypto wallet while the other ones you recommended look more of only bitcoin wallet. You get any other crypto wallets weh be open source? Abeg make you help us drop am here. I also need to reduce my over dependence on Trust wallet.

Unstoppable wallet is open source. But I do not think it is recommendable for bitcoin too, but just an open source alternative to Trustwallet which can be used for altcoins.

[Mate2237]

Online/hot wallets should only be for little amount of bitcoin. For high amount of bitcoin, use offline wallet.

Charles T how we go take get the offline wallet because as e be like dis I never no where to get dat kind thing for we kwantri. Really  di thing for make sense wella because all dis online things sef dey tire pesn because I dey fear saw dem go hack my wallet. Omo di fear two much. Di mata sef na di custodian wallets be do problem. And most of dis custodian wallet e dey connected to exchange. Nai make we are advised to use noncustodial wallets

[Coyster]

Charles T how we go take get the offline wallet because as e be like dis I never no where to get dat kind thing for we kwantri. Really  di thing for make sense wella because all dis online things sef dey tire pesn because I dey fear saw dem go hack my wallet. Omo di fear two much. Di mata sef na di custodian wallets be do problem. And most of dis custodian wallet e dey connected to exchange. Nai make we are advised to use noncustodial wallets

Offline wallets na just wallets wey go keep your Bitcoin keys offline, hardware wallets na better offline wallet wey you go fit use, but before you buy hardware wallet, do your research on the one wey dey very good, check both their old and new features and choose the one wey suit you, mind you that you no suppose buy hardware wallet from just anywhere, no go buy am second hand, if you wan buy am, order am from the people wey dey manufacture am. E get another wey you fit create offline wallet, and that is if you use the wallet for device wey dey airgapped, as e be so, you fit arrange electrum wallet for device wey dey cut off from internet (airgapped), if you do am like that, the wallet go be offline wallet.

[Davidvictorson]

Thank you for this expository and informative piece, Charles. I am currently using Desktop Electrum. I have yet to try Bluewallet, though I have heard of it in the past. I guess this is the sign I need to check it out. For now, I would not experiment with the mobile Electrum wallet; let's just say I am not comfortable with it on a mobile device.

Two of the most important features that you have mentioned, which I do like about the Electrum Bitcoin wallet (I know that it is not limited to it but to other Bitcoin wallets as well), are the multiple address generation for privacy's sake and the RBF. I know how the former feature helped "fast-track my transactions" during the network congestion period.

Speaking about Trustwallet, I never liked it. Although, one time I was forced to use it for non-Bitcoin related transactions, but since then, I haven't opened the app unless the Play Store notifies me that I need to update it.

[CryptoHeadlineNews]

I have noticed using Trustwallet is common among we Nigerians on this forum. Some of us are also probably using wallets that experienced bitcoin users can not advice anyone to use. I think you need to know what an excellent bitcoin wallet is. Note that there are many excellent bitcoin wallets that are open source.

Features that excellent bitcoin wallet should have

• open source
• multiple address generation
• fee customization
• Replace-by-fee (RBF) support
• Child-pay-for-patent (CPFP) support
• Coin control

Well done Sir Charles Tim for taking out time to elaborate on the importance of using a better secure Bitcoin wallet after the just recent mempool attack wey many persons no been fit transfer BTC due to very high fees, and today you have taken it upon yourself to render perfect solution to the problem. But moreover, na true talk say "Trust wallet" don become very common for we Nigerians due to say people never dey get issues with am, not knowing there are other wallets wey better pass am.

Because one thing I have come to notice is that whenever people are talked to provide a Bitcoin SegWit wallet address, the first thing that comes there mind is "Trust Wallet" or "Binance" for in case of exchange.

[BIT-BENDER]

Nah until I start to use diz Forum I know say eh get wallet dem way better pass trust wallet, safepal, quarashi wallet, atomic wallet, nah all diz ones dem I don't use finish b4, but trust wallet nah 1 of the popular ones way I they use.. nah when I come read how important eh they to avoid wallet way no be open source I come reduce d way I dy carry use am, I don install Electrum mobile 4 mi phone but nah just few times way I don use am, I never too dy use to am, but with time I go make am my favourite wallet, since person need nd knowledge don grow pass where him just need to send and to receive Bitcoin, person also need upgrade tools way in dy carry work. Especially for diz multiple address generation, eh go help increase person privacy small.

You no mean am? Actually electrum was the first wallet wey I tried out when I first enter Crypto-currency new, I dey grateful to the person wey enlightening me about Crypto-currency he not only introduced me he made me understand the dangers of crypto-currency and how if you mess up with your coin you go lose big time, since then I always go fo security over any other feature first for crypto-currency.

Honestly I never try use trust wallet before, I don download the Wallet set am up for my phone and do every other thing but I never for once use am collect crypto-currency or perform any other transaction with it, for mow I dey enjoy electrum and all of it's services especially the cold wallet storage.

[Hyphen(-)]

I have noticed using Trustwallet is common among we Nigerians on this forum. Some of us are also probably using wallets that experienced bitcoin users can not advice anyone to use. I think you need to know what an excellent bitcoin wallet is. Note that there are many excellent bitcoin wallets that are open source.

I don think about am too, but wetting I believe be say na people wey introduce some of us come forum recommend am for most of us and some of us are afraid of changing to an open source wallets.

At some points, I come think say the Electron wallet wey de very easy to understand they hard some of us to just switch go, I think e de necessary to give an overview on how dem de use electron wallet for this our local board so that our newbies will learn and start using it instead of Trust wallet.


 

Trustwallet is not an open source wallet, not supporting RBF and not generating multiple addresses. It has only one bitcoin address. Not supporting CPFP and not supporting coin control. Even just address freeze, it is not supporting it.

For privacy purpose, Electron wallet has almost 20 Bitcoin addresses for a user to use in case if the one he usually used has been marked or for privacy sake.

[CryptopreneurBrainboss]

Very nice content, you try wella to put all this together, trust wallet true true no be the best wallet to use but provided they're constantly been promoted by Binance exchange and na the most popular exchange for African and Nigeria in particular, we go always get people wey dey use am. I dun use trust wallet and I no find any problem with am. It isn't the best wallets when you have congestion issues and other privacy concerns but if you're not bothered by them then you no go get problem to use trust wallet. If you just dey receive and send Bitcoin it's one of the most understandable wallets (una know as binance dey do their things to dey very easy to use).

My own suggestion na electrum weda na mobile own or laptop (na the best Bitcoin wallet I dun use be dat). I got to know about electrum when I been dey very active in campaign management. My best feature about the wallet na as I fit send multiple transaction to different addresses and many wallets no get that feature. I think after metamask wallets, trust wallet go be the nectmist downloaded wallet and Binance the promote am steady. If you need total control and Ethereum easier to operate na electrum for me. Once again very nice content and more of this are appreciated and welcomed here instead of all this other discussion wey we dey get.

[Coyster]

Well done Sir Charles Tim for taking out time to elaborate on the importance of using a better secure Bitcoin wallet after the just recent mempool attack wey many persons no been fit transfer BTC due to very high fees, and today you have taken it upon yourself to render perfect solution to the problem.

The wallet wey you dey use no be solution to mempool clogging na, the wallet wey you dey use na make your coins dey secure, because if you use wallet wey no dey safe take generate your keys, your funds wey dey for that wallet no go dey safe too, mempool clogging na different matter.

Because one thing I have come to notice is that whenever people are talked to provide a Bitcoin SegWit wallet address, the first thing that comes there mind is "Trust Wallet" or "Binance" for in case of exchange.

Why you think so? Better wallets choke wey dey support segwit address na, if people provide Binance address maybe na because dem wan trade their coins as soon as the thing land for their wallet address.

[Charles-Tim]

Charles T how we go take get the offline wallet because as e be like dis I never no where to get dat kind thing for we kwantri.

If you have the experience to create an airgapped computer. I mean to reinstall the OS, remove the WiFi card and Bluetooth. To make the computer not to be able to connect to other device and internet. Install wallets like Electrum to generate a HD paper wallet.

Paper wallet may not be convenient, you can go for watch-only and cold storage, but you need a device to spare for that. https://electrum.readthedocs.io/en/latest/coldstorage.html

But for convenience, a reputed hardware wallet would be better.

Thank you for this expository and informative piece, Charles. I am currently using Desktop Electrum. I have yet to try Bluewallet, though I have heard of it in the past. I guess this is the sign I need to check it out. For now, I would not experiment with the mobile Electrum wallet; let's just say I am not comfortable with it on a mobile device.

Bluewallet do not have Windows version. It has Android, iOS and MacOS versions.

....after the just recent mempool attack wey many persons no been fit transfer BTC due to very high fees

Mempool was not attacked, Ordinals and Inscriptions have been the cause of the congestion.

At some points, I come think say the Electron wallet wey...

For privacy purpose, Electron wallet has almost..

Probably a typo error:  I come think say the Electron Electrum.

I dun use trust wallet and I no find any problem with am. It isn't the best wallets when you have congestion issues and other privacy concerns but if you're not bothered by them then you no go get problem to use trust wallet. If you just dey receive and send Bitcoin it's one of the most understandable wallets (una know as binance dey do their things to dey very easy to use).

Trustwallet should have been the best altcoins wallet because altcoins transaction fee are usually low, but it is a close source wallet. Some people do not have option as they want to stake, and also use Trustwallet for some other altcoins.

A bitcoin wallet that do not have RBF as of this time should not be recommended. RBF is very important. Mempool can become congested at anytime.

Because one thing I have come to notice is that whenever people are talked to provide a Bitcoin SegWit wallet address, the first thing that comes there mind is "Trust Wallet" or "Binance" for in case of exchange.

Why you think so? Better wallets choke wey dey support segwit address na, if people provide Binance address maybe na because dem wan trade their coins as soon as the thing land for their wallet address.

@CryptoHeadlineNews
All noncustodial wallets that I know as of today are supporting segwit, at least segwit version 0, if no pay-to-tap-root.

As for exchanges, most of them are supporting legacy addresses. But Kucoin is supporting both legacy segwit and too. Other exchanges that are supporting segwit are: Coinbase, Kraken and Bitstamp and Luno. Coinbase is not available to Nigerian.

[Hyphen(-)]

Thank you for this expository and informative piece, Charles. I am currently using Desktop Electrum. I have yet to try Bluewallet, though I have heard of it in the past. I guess this is the sign I need to check it out. For now, I would not experiment with the mobile Electrum wallet; let's just say I am not comfortable with it on a mobile device.

Bluewallet do not have Windows version. It has Android, iOS and MacOS versions.

Bluewallet is what I am using for my iOS, while before I been de use electrum phone version for easy access if I no de close to my PC.

At some points, I come think say the Electron wallet wey...

For privacy purpose, Electron wallet has almost..

Probably a typo error:  I come think say the Electron Electrum.

Yes Auto correct or typing error, I mean Electrum