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Author Topic: Few questions to start bitcoin  (Read 634 times)
czechkid
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May 28, 2014, 01:29:30 PM
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Hello,
I have recently decided to get into bitcoin but im having problem understand some stuff so i would like to ask these "simple" question and hope you guys will bare with me and help me out thank you

Why do people create web based wallet, computer based wallet and mobile based wallet? If i create all there are these as 3 different account or 1?
Is blockchain . info? official site of bitcoin? is it safe to start a wallet there? Im bit hectic to start a web based wallet..what if the website disappears.


When i type in dumprivkey...thats the key i have to keep safe and/or write down for safety to always have an access to my wallet correct?

Its hard to find a simple manual on how to start on bitcoin. All i want is to start a secure(official) wallet (no pms with your own private websites please) and all i want to do is buy bitcoin and have a wallet where i can send them nothing else.

thank you for any answer Smiley

Wish you all a nice day
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BillyBobJoe
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May 28, 2014, 01:42:40 PM
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I recently went through the same thing you are going through, only a few steps ahead. Also, I came here to learn, not give advice. But, I will give you my thoughts.

I have 3 wallets.

One is an online wallet/account at an exchange. I use this for a place to buy, and maybe one day sell, BTC. I DO NOT keep much if anything in this account. The reason is I do not control the private keys and worry about the site being hacked. I immediately transfer all BTC to a wallet (Multibit) on my home computer, where they are safe.

Like I said I used Multibit as my main wallet.

I then created a Blockchain wallet where I keep a few BTC so that I always have access to them when away from my home computer, when at work or traveling. I use Blockchain because, I am told, I control my private keys and feel they are safer there. But like I said I only keep a small amount of BTC there.

HTH
Regards,
BBJ
hilariousandco
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May 28, 2014, 01:48:30 PM
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They're usually different wallets, however, with a site like blockchain.info you can have all three; an online wallet and also synch it up to be a mobile wallet. It also gives you the option of saving your wallet.dat file, so even if the site goes down you can recover or spend your funds on a desktop wallet. You can actually synch your wallet file on any other client.

No, blockchain.info is not an 'official' site. There aren't any 'official' sites as it's a decentralised network. It is very safe though.


DannyHamilton
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May 28, 2014, 01:51:03 PM
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Hello,
I have recently decided to get into bitcoin but im having problem understand some stuff so i would like to ask these "simple" question and hope you guys will bare with me and help me out thank you

Why do people create web based wallet, computer based wallet and mobile based wallet?

Convenience and security.  Why do you keep some cash in a bank, some in your house, and some in your pocket?

If i create all there are these as 3 different account or 1?

None of these are accounts.  They are all wallets that allow you complete control over your bitcoins.

Is blockchain . info official site of bitcoin?

No.  Bitcoin is open source.  There is no "official" site.  There are just many people who have created their own sites.  Some of those sites are more popular and more trusted than others.  Many people seem to trust blockchain.info because they have provided all the source code for their wallet to the public to be reviewed for any potential problems.

is it safe to start a wallet there?

That depends on what you mean when you say "safe".

Im bit hectic to start a web based wallet..what if the website disappears.

blockchain.info allows you to store a backup of your wallet.  If the website disappears (and you have a backup of your wallet), then you can import the backup into some other wallet (such as MultiBit).

When i type in dumprivkey...thats the key i have to keep safe and/or write down for safety to always have an access to my wallet correct?

That depends on what wallet you are using.  If you are using Bitcoin Core, then you should not use dumpprivkey as a backup, because Bitcoin Core creates new keys for every transaction.  Instead you should keep a backup of the wallet.dat file, and make sure you don't forget your password.  In the user menus for Bitcoin Core, you should find the option to "Backup Wallet".

Its hard to find a simple manual on how to start on bitcoin. All i want is to start a secure(official) wallet (no pms with your own private websites please)

There are no "official" wallets.  Bitcoin is an open source protocol.  There are just a bunch of people who have all created their own wallets according to that protocol.  Some of those wallets are more popular and more trusted than others.  The closest you'll get to an "official" wallet would be the "reference implementation" (called Bitcoin Core).  However, since that wallet focuses on being a reference for how the protocol works, it tends to be lacking in some useful features, and it requires that you store the entire history of every bitcoin transaction that has ever occurred.  At the moment, that's about 20 GB.

Some other popular wallets that you might want to look into:

  • Armory
  • Electrum
  • MultiBit
  • blockchain.info/wallet
  • Mycellium
  • Bitcoin Wallet (for Android OS)

and all i want to do is buy bitcoin and have a wallet where i can send them nothing else.

You can receive bitcoins at any of the currently popular wallets.  

DannyHamilton
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May 28, 2014, 01:53:33 PM
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I use Blockchain because, I am told, I control my private keys and feel they are safer there.

This is only true if you store a backup of your wallet somewhere that you can access it, and remember your full passphrase.  Otherwise, if blockchain.info disappears, you won't be able to regain access to your bitcoins.

czechkid
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May 28, 2014, 02:06:53 PM
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thank you guys so much for all your answer I now  have a better understanding Smiley
hilariousandco
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May 28, 2014, 02:10:46 PM
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Oh, one other thing, if you do use blockchain.info make sure to set up all the security features. Use 2-factor authentification and set up a second password which is needed to actually spend your funds. Always back up your wallet.dat file no matter what wallet/client you're using as well.

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May 28, 2014, 02:23:00 PM
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czechkid,
There is some good advice for you in this thread. I would emphasize two things.
1. Make several backup copies of any funded wallet. Keep the copies safe and secure.
2. Never keep much in any online wallet or exchange. These systems are not totally under your control and the bitcoins stored there can be at risk. If you want to keep some in an online wallet for spending from a phone, try keeping the total less than the price of the phone.
-Cheers

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May 28, 2014, 02:27:47 PM
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Also, the official bitcoin wallet has alot of blockchain he has to download on first startup, it will also take alot of place on your harddisk.
Thats why people also use online wallets because they dont have to update and download the blockchain.
Myself I dont like the website's either I use the Multibit, and it's a light wallet so it doesnt need to download the whole blockchain I think.
Ive been using it from the start and I really like it.
Daniel91
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May 28, 2014, 02:28:24 PM
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czechkid,
There is some good advice for you in this thread. I would emphasize two things.
1. Make several backup copies of any funded wallet. Keep the copies safe and secure.
2. Never keep much in any online wallet or exchange. These systems are not totally under your control and the bitcoins stored there can be at risk. If you want to keep some in an online wallet for spending from a phone, try keeping the total less than the price of the phone.
-Cheers

Great suggestions!
Thank you very much!

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May 28, 2014, 04:22:30 PM
 #11

" Many people seem to trust blockchain.info because they have provided all the source code for their wallet to the public to be reviewed for any potential problems."

Question : Is this not a vulnerability then if, someone have the code? And know how to code something to hack it?

Hmmmmmmmm

DannyHamilton
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May 28, 2014, 04:28:17 PM
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" Many people seem to trust blockchain.info because they have provided all the source code for their wallet to the public to be reviewed for any potential problems."

Question : Is this not a vulnerability then if, someone have the code? And know how to code something to hack it?

Hmmmmmmmm

Security through obscurity is a fantasy.  Anyone who relies on others having a lack of knowledge as their source of security is only imagining that they are secure.

True security comes from well designed processes and a good understanding of risks.

Since blockchain.info doesn't receive your password, and only receives your private keys in encrypted form, there isn't anything for a hacker to steal (as long as you use a strong passphrase that can't be found in a password dictionary or be brute-forced).

A hacker could trick you into visiting a fake web page that isn't blockchain.info, but that looks like blockchain.info.  However, you have the same problem with any wallet (a hacker could trick you into downloading a fake wallet that looks like a real wallet).

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