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Author Topic: Using MtGox as a wallet?  (Read 5509 times)
alex44878
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January 05, 2012, 07:50:16 AM
 #1

Hi all,

Newbie here. Is it safe to use MtGox as a wallet to store bitcoin? Do they charge a fee for using it as a wallet?

I went the Dwolla-MtGox route but now I'm looking for a place to store some bitcoin safely that won't charge a transfer fee.

Thanks in advance!
-Alex
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Geir
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January 05, 2012, 08:08:30 AM
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Haven’t been using them to much but I only know of trading fees. It’s safe to store in any online wallet as long as you trust them not to get hacked or steel your BTC. I personally consider mtgox safe.
finway
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January 05, 2012, 08:09:02 AM
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No fee , but you'll get annoyed by their AML team...   Sad

PatrickHarnett
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January 05, 2012, 08:09:45 AM
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Do some reading on the forums - some consider it safe (see previous post), others don't trust them as there are mixed experiences.  
minimalB
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January 05, 2012, 01:39:36 PM
 #5

Even if it is 100% safe, some regulations may come and it might go down or transactions get blocked or something...

I think it's best to use personal wallets, this way you'll get hurt only if whole bitcoin community gets hurt.

Cheers!
alex44878
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January 07, 2012, 12:16:52 AM
 #6

Thanks for the replies everyone!
Jeffrey Boyd Garrison
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January 07, 2012, 01:47:09 PM
 #7

I am a relative newbie with Bitcoin (less than 2 months), but I pretty much split my eggs between Mt Gox wallet and Personal home computer wallet at the moment.

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codymanix
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January 07, 2012, 09:54:41 PM
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As far as I know, MtGox like most all bitcoin trading sites doesn't charge fees for depositing and withdrawing bitcoin.
Note that if MtGox gets hacked again (like it happened half a year ago) all your coins are lost.
It is better to store them on your HD and have a properly encrypted backup of your wallet.dat on another PC or on the Internet.


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ummas
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January 07, 2012, 10:37:00 PM
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I`m using it (mtgox) as a walet. Last month i stored there 100 btc. Than selled. So, i think its trusted and verrifed.
codymanix
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January 07, 2012, 10:55:07 PM
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Last day, I stored 1 million dollar below my pillow. At next day the money was still there. So I think it it secure to store money this way.

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repentance
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January 07, 2012, 11:03:11 PM
 #11

The exchanges sometimes have problems with certain withdrawal methods and their AML and fraud policies sometimes mean that people don't have immediate access to their accounts.  I wouldn't use them as an online wallet if not being able to make immediate transactions (including sending your Bitcoins from your MtGox account to another address) would seriously inconvenience you.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
ummas
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January 07, 2012, 11:14:45 PM
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codymanix is right.Fact, that sommethink works for 99 ppl, does`t mean, that it will work for that last one.
I`m personally using mtgox as a short time wallet. BTS gets in once a day, i`m seting orders and than, once a week or so, i`m taking money out.
for me - simple.
Seal
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January 08, 2012, 12:06:43 AM
 #13

IMO the safest way to store bitcoin is on your own computer. You are then responsible and accountable for your own security and nobody else. If you store bitcoin in brokers, try and diversify your risk by only carrying a proportion in 3rd party wallets and storing as much as you'd need until you have access to your own computer.

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January 08, 2012, 09:11:09 AM
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This dilemma prompted me to learn to use TrueCrypt. I'd recommend it. It's easy. First I mount my encrypted volume which contains my bitcoin data directory. Then I double click on my Bitcoin shortcut. My Bitcoin shortcut is modified to point to this: "C:\Program Files\Bitcoin\bitcoin.exe" -datadir=T:\Bitcoin

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rwcp97
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January 08, 2012, 09:16:56 AM
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I store just a small amount of bitcoins at mtgox, as I am afraid I can't withdraw them if needed - or just a small amount of them. Furthermore, it was just a few month ago that they got hacked...
robputt796
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January 08, 2012, 09:35:07 AM
 #16

I occasionally leave small amounts in my MtGox account but there is no better place to have your wallet than on your own PC. Providing you have secured it properly, that way only you can have access to your BitCoins. I personally run my BitCoin wallet on my Linux box under my desk, it runs an encrypted wallet file and the whole disk has PGP, so if someone steals it I don't think they are going to get very far. Backups are important also, it runs a cron every day at midnight that copies my wallet to my network disk. There is no better place than home for your BitCoins!

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user97834
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January 08, 2012, 02:18:27 PM
 #17

I'd say the best bet is to just stick with your own wallet in the Bitcoin client. MTGox has been hacked before. Nothing is 100% safe. And if you have lots of Bitcoins you should have them in a paper wallet too. It's a good backup anyway just in case your hard drive dies.
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January 08, 2012, 03:38:40 PM
 #18

Personally, since I sell the coins fairly quickly after mining them (gotta pay off that hardware!), I send them to MtGox. If I were holding a significant amount of coins, I wouldn't store them there.

Everyone is correct though, I wouldn't leave anything on someone else's site that I couldn't live without.
J.C.
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January 09, 2012, 12:09:22 AM
 #19

A great deal of the attraction to BTC in the first place is that you do not *have* to trust any central authority or server. So, just use their wallet for money you are actively exchanging through them. Use your own encrypted and backed up wallet for your "savings" account.
simon66
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January 09, 2012, 03:33:30 AM
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After today, I'm leaving all my coins with them. My PC just crashed and I almost lost my 5 BTC lol. I know 5 BTC is nothing, but I mined it with a 5770 hhhahahah.

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