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Author Topic: Which Bitcoin wallet is the most secure?  (Read 11854 times)
errornone
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July 18, 2015, 02:05:51 PM
 #41


Paper wallet is most secure though there is some problem such as damages to paper but you can prevent it(most of them doesn't do). Back up phrase are very hard(est) to crack, but still there is a chance, less than 20% maybe. You don't want to really use "change address" feature if you don't know about it. Just use an address, store 90%+ of your BTC there and a small amount in a hot wallet.

   ~~MZ~~

Thank you for illustrating my point. Change addresses are not optional. If you had significant funds in a paper wallet and assumed that when you spent a portion, the rest would remain on the paper wallet unless you used a "change address feature", then you would have lost your funds.

Also backup phrases (in breadwallet) have 128bits of entropy, so they are as secure as any bitcoin address. Bitcoin uses a 256bit ECDSA curve, and the strength of an ECDSA signature is about half the curve length.

hi, thank you for your app, i love it.

i have a question: if my info is stored locally in the app/iphone, how is it possible to recover a wallet with the pass phrase? It recovers from where? where is my info for the app to recover it from?

second question: if 'tomorrow' you remove your app from appstore and i lose my current iphone, how will i recover my bitcoins? i need to buy a new iphone but can't get your app, because you removed it.

(im a newbie)


Thank you

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bernard75
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July 18, 2015, 04:32:53 PM
 #42

A tattoo in an invisible place is still the way to go security wise. Cheesy
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July 18, 2015, 05:35:10 PM
 #43

hi, thank you for your app, i love it.

i have a question: if my info is stored locally in the app/iphone, how is it possible to recover a wallet with the pass phrase? It recovers from where? where is my info for the app to recover it from?

second question: if 'tomorrow' you remove your app from appstore and i lose my current iphone, how will i recover my bitcoins? i need to buy a new iphone but can't get your app, because you removed it.

(im a newbie)


Thank you

Glad you like it. We designed it with newbies in mind, to help try to bring bitcoin to the whole world. Smiley

1) The information for your wallet is recovered directly from the blockchain, which is stored forever on the peer-to-peer bitcoin network.

2) breadwallet uses industry standard BIP39 recovery phrases (I'm co-author of the BIP39 standard), in combination with the default BIP32 wallet structure. There are several wallets and recovery tools available on different platforms that you can use to recover funds. Also breadwallet is open source, so anyone with a mac can download Xcode and build and run it in the simulator. You can literally build it with one click. That said, we strongly recommend against typing your recovery phrase in other wallets and platforms. They are not built to the same security standards.
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July 18, 2015, 05:37:21 PM
 #44

A tattoo in an invisible place is still the way to go security wise. Cheesy

That makes it pretty hard to lose, but anyone who sees you naked can steal your money. O.o
errornone
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July 18, 2015, 07:06:27 PM
 #45

hi, thank you for your app, i love it.

i have a question: if my info is stored locally in the app/iphone, how is it possible to recover a wallet with the pass phrase? It recovers from where? where is my info for the app to recover it from?

second question: if 'tomorrow' you remove your app from appstore and i lose my current iphone, how will i recover my bitcoins? i need to buy a new iphone but can't get your app, because you removed it.

(im a newbie)


Thank you

Glad you like it. We designed it with newbies in mind, to help try to bring bitcoin to the whole world. Smiley

1) The information for your wallet is recovered directly from the blockchain, which is stored forever on the peer-to-peer bitcoin network.

2) breadwallet uses industry standard BIP39 recovery phrases (I'm co-author of the BIP39 standard), in combination with the default BIP32 wallet structure. There are several wallets and recovery tools available on different platforms that you can use to recover funds. Also breadwallet is open source, so anyone with a mac can download Xcode and build and run it in the simulator. You can literally build it with one click. That said, we strongly recommend against typing your recovery phrase in other wallets and platforms. They are not built to the same security standards.


Thank you for the answers.

Your app is by far the best and the most simple to work. Thank you

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July 18, 2015, 07:10:25 PM
 #46

A tattoo in an invisible place is still the way to go security wise. Cheesy

That makes it pretty hard to lose, but anyone who sees you naked can steal your money. O.o

And that makes you more worried than your smartphone being spyed upon? Wink
errornone
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July 18, 2015, 07:23:41 PM
 #47

two more question voisine:

can i have the same wallet replicated in more than one iphone?



why everyone says to backup my wallet (https://bitcoin.org/en/secure-your-wallet) if with the pass phrase i can recover it anytime anywhere? i just have to keep my passphrase secure and don't need to backup nothing, because my information is on blockchain forever, right?


extra question: you copied the design of doughwallet app? or they copied you?

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Muhammed Zakir
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July 19, 2015, 04:21:13 AM
 #48

two more question voisine:

can i have the same wallet replicated in more than one iphone?

Yes but you should not IMHO. Click "restore backup"(IIRC) when starting app and enter backup seed/phrases. However, I don't know whether anything happens when 2 devices simultaneously fetch for same pub keys.

why everyone says to backup my wallet (https://bitcoin.org/en/secure-your-wallet) if with the pass phrase i can recover it anytime anywhere? i just have to keep my passphrase secure and don't need to backup nothing, because my information is on blockchain forever, right?

Yes. You only need to backup phrase.

extra question: you copied the design of doughwallet app? or they copied you?

Doughwallet forked breadWallet.

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July 19, 2015, 04:24:05 AM
 #49

Armory is most secure wallet. It is entirely based on security unlike other wallets. Green Address is okay but I don't know whether it is much secure. Just my opinion. Smiley

  ~~MZ~~

Armory.

Some combination of your own full node will cold storage will always be the most secure
errornone
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July 19, 2015, 11:35:07 AM
 #50

two more question voisine:

can i have the same wallet replicated in more than one iphone?

Yes but you should not IMHO. Click "restore backup"(IIRC) when starting app and enter backup seed/phrases. However, I don't know whether anything happens when 2 devices simultaneously fetch for same pub keys.

why everyone says to backup my wallet (https://bitcoin.org/en/secure-your-wallet) if with the pass phrase i can recover it anytime anywhere? i just have to keep my passphrase secure and don't need to backup nothing, because my information is on blockchain forever, right?

Yes. You only need to backup phrase.

extra question: you copied the design of doughwallet app? or they copied you?

Doughwallet forked breadWallet.

Thank you

can you explain better why i only need backup the phrase when 'everybody' in the internet says i must backup the entire database (private keys, etc etc) or i risk losing some funds? thank you in advance

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errornone
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July 19, 2015, 04:05:31 PM
 #51

Voisine, how breadwallet deal with this "problem"? http://i.imgur.com/69I56WJ.png

I have to spend all the bitcoins everytime i want to spend some?

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Muhammed Zakir
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July 20, 2015, 04:47:18 PM
 #52

Thank you

can you explain better why i only need backup the phrase when 'everybody' in the internet says i must backup the entire database (private keys, etc etc) or i risk losing some funds? thank you in advance

Because breadwallet is an hierarchical deterministic(HD) wallet. Unlike normal wallets, HD wallets have extended private/public key. All the private/public keys are generated from that extended private/public key. So, you only have to backup your extended private key.

Voisine, how breadwallet deal with this "problem"? http://i.imgur.com/69I56WJ.png

I have to spend all the bitcoins everytime i want to spend some?

No, you don't have to. The image is talking about cold storage(paper wallets, probably). Assuming you understand how transaction works, you will have to mention an address to receive 'change'. When you spend from paper wallet manually -- if you forgot to add a change address, change will be used as fees resulting in loss of that Bitcoins. However, in these wallets, here, breadwallet, it will automatically choose a change address to receive change. Therefore, you don't need to worry about change and you only need to spend Bitcoins you want to spend.

merlinbfd
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July 31, 2015, 10:53:11 PM
 #53

Hi new to bitcoin here
I was just wondering, if one of these third party wallets was to somehow die or no more support given. how would i move my coins on to another address/wallet.
Is there a way to transfer you coins to another wallet provider without syncing to the network?
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July 31, 2015, 10:56:12 PM
 #54

Hi new to bitcoin here
I was just wondering, if one of these third party wallets was to somehow die or no more support given. how would i move my coins on to another address/wallet.


If you are concerned about that, don't use a web wallet. Use one that you run on your own computer or smartphone.

I have recently become active again after a long period of inactivity. Cryptographic proof that my account has not been compromised is available.
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July 31, 2015, 10:59:22 PM
 #55

Ye so with a computer based wallet will that always work with the network. even if the developer decides to abandon the project.
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July 31, 2015, 11:02:03 PM
 #56

Ye so with a computer based wallet will that always work with the network. even if the developer decides to abandon the project.

Not necessarily. The network may make a breaking change after teh wallet is abandoned. However, your private keys, needed to spend your coins, are recoverable and usable with a different wallet that is still not defunct.

I have recently become active again after a long period of inactivity. Cryptographic proof that my account has not been compromised is available.
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July 31, 2015, 11:23:02 PM
 #57

Ye so with a computer based wallet will that always work with the network. even if the developer decides to abandon the project.

Not necessarily. The network may make a breaking change after teh wallet is abandoned. However, your private keys, needed to spend your coins, are recoverable and usable with a different wallet that is still not defunct.

Thanks Hex thats the answer i was looking for Smiley
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