bitcoin-qt client

[steakpie13]

https://blockchain.info/charts/blocks-size
so,before this thing becomes even ,where it syncs completely, it will download 18gb of data?

 

[hilariousandco]

Yes, it downloads the entire blockchain, but you can get lightweight wallets like mycelium and electrum that don't download the blockchain (or use a web-based wallet like blockchain.info).

[Mikez]

Lightweight clients are fairly robust and safe. I've been using Electrum for a long time now and it's great. Also, if you generate a new wallet, make sure to note the seed down in a safe place, it will help you recover your wallet if lost.
However, I'd stay well away from online wallets. Bitcoin came to be so that everyone can be in control of their own money.

[DolanDuck]

If you don't want to download the entire blockchain I recommend you Multibit:

https://multibit.org/

MultiBit is a secure, lightweight, international Bitcoin wallet for Windows, MacOS and Linux

MultiBit makes performing Bitcoin transactions quick and simple
MultiBit comes in a variety of languages because Bitcoin is without borders
MultiBit is free to download and is open source (MIT license)
MultiBit is easy to install

[hilariousandco]

However, I'd stay well away from online wallets. Bitcoin came to be so that everyone can be in control of their own money.

You're in control of it with a blockchain.info wallet. It's probably a safer option for newbs if you set up all the security features and have a back up of your wallet stored offline.

[Mikez]

How are you in control? Do they not have a copy of your wallet on their servers?
If I'd have to put trust in an online wallet service, I'd go with one that offers multi-sig, so that at least I know they can't spend my coins without my signature.

[hilariousandco]

How are you in control? Do they not have a copy of your wallet on their servers?
If I'd have to put trust in an online wallet service, I'd go with one that offers multi-sig, so that at least I know they can't spend my coins without my signature.

Nope, you control your own private keys and they can't spend your coins even if they wanted to. Have a read up on their service: https://blockchain.info/wallet

[DannyHamilton]

How are you in control? Do they not have a copy of your wallet on their servers?
If I'd have to put trust in an online wallet service, I'd go with one that offers multi-sig, so that at least I know they can't spend my coins without my signature.

They only have an encrypted copy of your private keys in their database.  As long as you use a strong passphrase, they are not able to decrypt and use your private keys to create transactions to spend or steal your bitcoins.

When you connect to their hybrid wallet with your web browser, you run javascript that obtains your passphrase from you, and keeps it stored locally in your browser.  They do not receive the passphrase.  The javascript then retrieves the encrypted wallet from blockchain's database and decrypts it locally in your browser.  The javascript running in your browser is then responsible for creating transactions to send bitcoins where you request.


The technical details are a bit like using Electrum, storing a backup of your Electrum wallet file encrypted in cloud storage (such as dropbox or google drive), deleting the Electrum program every time you finish using it, and re-downloading/installing it each time you want to use it again. Only all those steps are automated for you, and the program is written in javascript instead of whatever language Electrum is written in.

[Mikez]

DannyHamilton, thank you for your in-depth reply(as always). I am sorry for being an ignorant. Ever since I started using Bitcoin, I had this idea about online services and steered well away from them.
Also, Electrum is coded in Python afaik.

[DannyHamilton]

DannyHamilton, thank you for your in-depth reply(as always). I am sorry for being an ignorant. Ever since I started using Bitcoin, I had this idea about online services and steered well away from them.
Also, Electrum is coded in Python afaik.

Most hosted wallets (Coinbase, BitStamp, Localbitcoins, etc) have full control of the bitcoins, and provide you with nothing more than a promise to send those bitcoins where you ask them to send them.

Blockchain.info is frequently called a "hybrid" wallet, since it's accessible from web browsers and phone apps, but you retain full and exclusive control of the private keys (as long as you don't have any malware on your computer that is capable of accessing the private keys when your browser decrypts them).

[Mikez]

You are right. I don't use exchanges very much, but when I do, I don't keep large amounts or for long time. I think everyone should do the same.
Also, in general, thank you for all your past, current and future explanatory posts!

[Fiora]

DannyHamilton, thank you for your in-depth reply(as always). I am sorry for being an ignorant. Ever since I started using Bitcoin, I had this idea about online services and steered well away from them.
Also, Electrum is coded in Python afaik.

Most hosted wallets (Coinbase, BitStamp, Localbitcoins, etc) have full control of the bitcoins, and provide you with nothing more than a promise to send those bitcoins where you ask them to send them.

Blockchain.info is frequently called a "hybrid" wallet, since it's accessible from web browsers and phone apps, but you retain full and exclusive control of the private keys (as long as you don't have any malware on your computer that is capable of accessing the private keys when your browser decrypts them).

I was going to ask something about storing bitcoins on the exchange.

But you helped me to make my decision to choose blockchain.

Thanks!

Q: how would someone do day trading then on a exchange? since its not reliant to store bitcoins.

[Mikez]

Q: how would someone do day trading then on a exchange? since its not reliant to store bitcoins.

By storing their coins on the exchange. Of course, you can take you client-side precautions(using an estabilished exchange, be up to date with any rumors of bankrupcy , two factor auth and so on).
It's not recommended to keep large sums on exchanges for long periods of time, sadly the withdraw fees kinda discourage clients to withdraw and deposit only when they want to trade.

Don't keep all your eggs in one basket, never invest more than you can afford to lose and take everything with a grain of salt.
That being said, welcome to Bitcointalk! As I see this is your first post.

[Harley997]

https://blockchain.info/charts/blocks-size
so,before this thing becomes even ,where it syncs completely, it will download 18gb of data?

 

If you wish to use Bitcin-QT you will need to download the entire blockchain. Running QT will also force you to be a full node, while this is good for the network it can take up a lot of CPU usage and bandwidth.

If you do not wish to run a full nod or download the full blockchain then you can use a "light" client such as multibit or a web wallet such as blockchain.info