keithers
Legendary
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Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
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September 02, 2014, 05:52:59 PM |
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It is a decent option, but the bottom line is that you DO NOT hold control of the private keys. This means that if something happens to Coinbase (as a company), or if the government or something comes through and tells them to freeze your account (for any reason), then you cannot access your coins.
By using Coinbase as your wallet, you are trusting them to hold onto all of your funds, and there is no guarantee that if something happens that you will get your coins back.
I use them to purchase BTC, and I keep a very small amount there, but I would not leave the majority of my holdings there.
Also, (and this is my opinion), because of how much they are into compliance and things like that, I could see them being the very first company to start issuing 1099s to their users around tax time...
Well, that is a very good reason not to use them then, I am going to have to think about other ways to do this. I guess my problem is selling the coins if I want to sell them, they are so easy to do but I definitely don't want to get taxed on that. So if I have a flash drive I can create a cold storage correct? Then when I connect it to a computer, I just want to make sure it is not on the internet? I am new on this so sorry about the questions! If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy. If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage.. |
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zdaz14
Newbie
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Activity: 42
Merit: 0
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September 02, 2014, 05:57:35 PM |
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Is there any halfway decent app for iPhone? Or anything in the works?
I either use my android tablet or the blockchain website, but both are cumbersome...
Hive got released recently for ios. I think it supports both BTC and LTC (not sure). I have been wanting to try it but my phone's ios is too old Does Hive let you create an account to save your wallets to? I'm worried that my wallet will be lost if my phone is reset/broken for any reason. |
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Aemon
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September 02, 2014, 06:28:56 PM |
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If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.
If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..
If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that? |
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keithers
Legendary
Offline
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
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September 02, 2014, 06:31:56 PM |
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If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.
If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..
If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that? That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time... Based on the current guidelines, it is up to you whether to claim the short or long term capital gains... |
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zdaz14
Newbie
Offline
Activity: 42
Merit: 0
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September 02, 2014, 06:36:03 PM |
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If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.
If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..
If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that? That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time... Based on the current guidelines, it is up to you whether to claim the short or long term capital gains... I believe you are only reported if it's greater than 10,000. If its suspicious a bank CAN report you for amounts greater than 3,000. But these are generally cash deposits/withdrawals. not sure how BTC transfers would work. |
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WhatTheGox
Legendary
Offline
Activity: 812
Merit: 1000
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September 02, 2014, 06:38:21 PM |
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bitcoin QT
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Aemon
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September 02, 2014, 07:01:55 PM |
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That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time...
Based on the current guidelines, it is up to you whether to claim the short or long term capital gains...
As much as I wish it was 5,000, it is very small amounts and probably wouldn't be taxed a lot anyway. I just don't like the IRS getting involved in Bitcoins if they don't accept it as payment. |
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minerpumpkin
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September 02, 2014, 08:26:21 PM |
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For day to day transactions I use MultiBit. It's fairly simple, easy to use, and also syncs acceptably fast. The best thing is that it can very comfortably manage multiple wallets at once. For long storage I use paper wallets and sometimes I also use Electrum.
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I should have gotten into Bitcoin back in 1992...
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Winner
Legendary
Offline
Activity: 1190
Merit: 1000
Look ARROUND!
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September 02, 2014, 11:53:09 PM |
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I use Bitcoin-Qt
keeping things simple ftw
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█████████████████ | ARROUND
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• Telegram
• ANN Thread
• Bounty Thread
• Whitepaper |
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shogdite
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September 03, 2014, 12:31:09 AM |
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Started out just with Bitcoin Core but now I'm pretty much just using Blockchain.info and Electrum. Armory is also excellent security wise, looking forward to Dark Wallet when it gets released on Firefox.
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coory
Member
Offline
Activity: 112
Merit: 10
We Have To Stop The IMC!
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September 03, 2014, 12:44:46 AM |
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i'm using blockchain wallet
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campycoin
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September 03, 2014, 12:58:20 AM |
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You mean you use it to rob your customers. Okay, I guess that answers the question "What wallet do you use for your Bitcoin." OMG! Moriarty told the TRUTH! WOW! Impressive Mike. Truly impressive! Lets go use bitarmored everyone!  |
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ticoti
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September 03, 2014, 01:42:56 AM |
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I use Multibit like principal one
I also use electrum some times
I like both but I prefer multibit
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zdaz14
Newbie
Offline
Activity: 42
Merit: 0
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September 03, 2014, 03:12:25 AM |
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I've really been liking Hive recently!
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omnidoge
Member
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Activity: 86
Merit: 10
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September 03, 2014, 04:02:16 AM |
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Well me, I use blockchain and bitcoincore. I do not advice a lot of wallets. You might forget one of them.
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tzortz
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September 03, 2014, 04:07:10 AM |
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Bitcoin QT is the best.
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All is Mine!
1H7LUdfx9AFTMSXPsCBror3RDk57zgnc2R
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johnyj
Legendary
Offline
Activity: 1988
Merit: 1012
Beyond Imagination
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September 03, 2014, 04:13:09 AM
Last edit: September 03, 2014, 04:33:26 AM by johnyj |
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For online storage I use blockchain.info, but for offline storage I'm going to abandon the wallet altogether, store the private key in an Aegis secure key is enough
From the beginning, I was using wallets from different clients, but once I fully understood how private key works, I found out that the private key is much more simple to work with than wallet files, and with wallet you are client-dependent. I'd rather use the private key directly for easy of access, and all the clients can import private key
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nikauforest
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September 03, 2014, 07:15:20 AM |
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Long term funds , I use Armory. Mostly cold storage, and I have a dedicated laptop that has never touched the internet for signing transactions.
Short term funds , Blockchain.info wallet
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bryant.coleman
Legendary
Offline
Activity: 3682
Merit: 1217
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September 03, 2014, 07:16:43 AM |
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For online storage I use blockchain.info, but for offline storage I'm going to abandon the wallet altogether, store the private key in an Aegis secure key is enough
Me too use blockchain.info for online storage. But since wallet hacks are getting too frequent, nowadays I store only a few mBTC in each of my online wallets. Most of my stash is safely stored in paper wallets and USB sticks.  BTW... I am keeping a few mBTC in my Bitstamp account also, in case of any emergencies. |
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