Online or Desktop Wallet?

[SquallLeonhart]

Using both desktop wallet and online wallet, just want to spread out my basket..

[1714721110]

1714721110

[TonyT]

Using both desktop wallet and online wallet, just want to spread out my basket..

Seems wise.  But the risk of online wallets are your online provider will be compromised, while the risks of desktop wallet is that your PC will be compromised.  I do like Armory's "Deterministic" wallet however, where if you print out and save the initial seed, you can generate all private keys without having to backup the wallet every so often.  However, storing your coins on your desktop wallet does make you vulnerable to hackers, as evidenced every few days on this site when you get a user who logs in to post, for their first message, "I lost all my bitcoins due to [keyboard logger], [hack], [browser redirect, especially in Tor], etc etc etc".  Seems to me, no offense to diehard believers, that Bitcoin is still in the beta stage maybe even alpha stage.

[Muhammed Zakir]

Using both desktop wallet and online wallet, just want to spread out my basket..

Seems wise.  But the risk of online wallets are your online provider will be compromised, while the risks of desktop wallet is that your PC will be compromised.  I do like Armory's "Deterministic" wallet however, where if you print out and save the initial seed, you can generate all private keys without having to backup the wallet every so often.  However, storing your coins on your desktop wallet does make you vulnerable to hackers, as evidenced every few days on this site when you get a user who logs in to post, for their first message, "I lost all my bitcoins due to [keyboard logger], [hack], [browser redirect, especially in Tor], etc etc etc".  Seems to me, no offense to diehard believers, that Bitcoin is still in the beta stage maybe even alpha stage.

Bitcoin is neither in Beta stage or Alpha stage. You are mistaken. If you really want a secure one, then you can use hardware wallet like Trezor or BTChip. OR you can use Bither wallet, and use Bither cold wallet on a cheap android device and then send all the BTC into the address generated. Then, install Bither on your mobile(Android or iOS) and select Bither hot wallet. Then just create watch only mode wallet on hot wallet for your Bither cold wallet, then you can make unsigned tx and then scan the barcode with Bither cold wallet and it will sign that tx, then again scan with hot wallet to push tx. Now your private keys isn't compromised here. Now what do you think about BTC?

   ~~MZ~~

[Mitchell]

Seems wise.  But the risk of online wallets are your online provider will be compromised, while the risks of desktop wallet is that your PC will be compromised.  I do like Armory's "Deterministic" wallet however, where if you print out and save the initial seed, you can generate all private keys without having to backup the wallet every so often.  However, storing your coins on your desktop wallet does make you vulnerable to hackers, as evidenced every few days on this site when you get a user who logs in to post, for their first message, "I lost all my bitcoins due to [keyboard logger], [hack], [browser redirect, especially in Tor], etc etc etc".  Seems to me, no offense to diehard believers, that Bitcoin is still in the beta stage maybe even alpha stage.

If you are unable to store your wallet/private keys safely, it's not a Bitcoin related problem. You fucked up and that doesn't put Bitcoin anywhere.

[ARadzi]

Using both desktop wallet and online wallet, just want to spread out my basket..

Seems wise.  But the risk of online wallets are your online provider will be compromised, while the risks of desktop wallet is that your PC will be compromised.  I do like Armory's "Deterministic" wallet however, where if you print out and save the initial seed, you can generate all private keys without having to backup the wallet every so often.  However, storing your coins on your desktop wallet does make you vulnerable to hackers, as evidenced every few days on this site when you get a user who logs in to post, for their first message, "I lost all my bitcoins due to [keyboard logger], [hack], [browser redirect, especially in Tor], etc etc etc".  Seems to me, no offense to diehard believers, that Bitcoin is still in the beta stage maybe even alpha stage.

Bitcoin is neither in Beta stage or Alpha stage. You are mistaken. If you really want a secure one, then you can use hardware wallet like Trezor or BTChip. OR you can use Bither wallet, and use Bither cold wallet on a cheap android device and then send all the BTC into the address generated. Then, install Bither on your mobile(Android or iOS) and select Bither hot wallet. Then just create watch only mode wallet on hot wallet for your Bither cold wallet, then you can make unsigned tx and then scan the barcode with Bither cold wallet and it will sign that tx, then again scan with hot wallet to push tx. Now your private keys isn't compromised here. Now what do you think about BTC?

   ~~MZ~~

oh man, just when I think (well, thats what I beleive) that I already know at least 1/2 of bitcoin wallets, you just shattered it man. Now, Im all lost on what you were saying. Back to being noob again

[TonyT]

Bitcoin is neither in Beta stage or Alpha stage. You are mistaken. If you really want a secure one, then you can use hardware wallet like Trezor or BTChip. OR you can use Bither wallet, and use Bither cold wallet on a cheap android device and then send all the BTC into the address generated. Then, install Bither on your mobile(Android or iOS) and select Bither hot wallet. Then just create watch only mode wallet on hot wallet for your Bither cold wallet, then you can make unsigned tx and then scan the barcode with Bither cold wallet and it will sign that tx, then again scan with hot wallet to push tx. Now your private keys isn't compromised here. Now what do you think about BTC?

Nice setup.  I personally don't like Android as it seems anybody can hack it, and if you lose your 'cheap Android device' you lose your money (like a USB stick--I have picked up an old USB stick from five years ago and found it no longer works).  But your system seems to work.  Nevertheless, I still say BTC is alpha/beta stage.
 

[ranochigo]

Bitcoin is neither in Beta stage or Alpha stage. You are mistaken. If you really want a secure one, then you can use hardware wallet like Trezor or BTChip. OR you can use Bither wallet, and use Bither cold wallet on a cheap android device and then send all the BTC into the address generated. Then, install Bither on your mobile(Android or iOS) and select Bither hot wallet. Then just create watch only mode wallet on hot wallet for your Bither cold wallet, then you can make unsigned tx and then scan the barcode with Bither cold wallet and it will sign that tx, then again scan with hot wallet to push tx. Now your private keys isn't compromised here. Now what do you think about BTC?

Nice setup.  I personally don't like Android as it seems anybody can hack it, and if you lose your 'cheap Android device' you lose your money (like a USB stick--I have picked up an old USB stick from five years ago and found it no longer works).  But your system seems to work.  Nevertheless, I still say BTC is alpha/beta stage.
 

Make a paper wallet and store it at a safe place. True, there was a vulnerability which affected the randomness of the private key last year. It was fixed and the wallet now function well. You can't hack a Android unless you have a internet connection, keep your Android offline and create a wallet, not even the most professional hacker can hack it unless the RNG have vulnerability. I really wouldn't recommend storing bitcoin private keys on electronic devices as they have a huge potential to be damaged easily. Paper wallet are less likely to get damaged however.

[TonyT]

Paper wallet are less likely to get damaged however.

Yeah I like the Armory Deterministic Wallet myself:  print and scan the initial seed, password protect the scan, email it to your Gmail, and you're pretty much set with your private keys, never having to backup. 

[klintay]

its ok to keep small amounts in online wallets so that you can easily purchase stuff when away from home. But desktop wallet is a lot better. You can also setup remote access of your desktop wallet so you can always access it wherever there is an internet connection. online is too dodgy...even the most secure exchanges/wallets get hacked from time to time.

[Mobius7]

Bitcoin Core is the way to go. You contribute one active node to the network. That's very important to the whole btc network.
If everybody runs a lightweight wallet, the network's gonna be more  vulnerable.

That is only if you port forward 8333 TCP on your router. Most beginners don't bother to do that to become a full node. The network have no use for nodes which goes down often, network needs nodes which are stable and have high uptime.

Exactly. There are less than 7000 full nodes only now https://getaddr.bitnodes.io/dashboard/
I know that number sounds a lot, but it is indeed not, especially after considering bitcoin has a market cap of 5 billion USD.

[TonyT]

Bitcoin Core is the way to go. You contribute one active node to the network. That's very important to the whole btc network.
If everybody runs a lightweight wallet, the network's gonna be more  vulnerable.

That is only if you port forward 8333 TCP on your router. Most beginners don't bother to do that to become a full node. The network have no use for nodes which goes down often, network needs nodes which are stable and have high uptime.

Exactly. There are less than 7000 full nodes only now https://getaddr.bitnodes.io/dashboard/
I know that number sounds a lot, but it is indeed not, especially after considering bitcoin has a market cap of 5 billion USD.

Very interesting Mobius7.  I assumed that when I ran Armory, I was a full node.  But you are saying I have to fiddle with my router/firewall as well?  Interesting.  You are right, 7k full nodes is nothing.  I am in a developing country and maybe that's why I always have a hard time loading Armory (takes forever):  not that many nearby nodes.

TonyT

[ARadzi]

its ok to keep small amounts in online wallets so that you can easily purchase stuff when away from home. But desktop wallet is a lot better. You can also setup remote access of your desktop wallet so you can always access it wherever there is an internet connection. online is too dodgy...even the most secure exchanges/wallets get hacked from time to time.

Ahm, how to set up a remote access of my desktop wallet? shall I use some kind of software for it?

[Mobius7]

Bitcoin Core is the way to go. You contribute one active node to the network. That's very important to the whole btc network.
If everybody runs a lightweight wallet, the network's gonna be more  vulnerable.

That is only if you port forward 8333 TCP on your router. Most beginners don't bother to do that to become a full node. The network have no use for nodes which goes down often, network needs nodes which are stable and have high uptime.

Exactly. There are less than 7000 full nodes only now https://getaddr.bitnodes.io/dashboard/
I know that number sounds a lot, but it is indeed not, especially after considering bitcoin has a market cap of 5 billion USD.

Very interesting Mobius7.  I assumed that when I ran Armory, I was a full node.  But you are saying I have to fiddle with my router/firewall as well?  Interesting.  You are right, 7k full nodes is nothing.  I am in a developing country and maybe that's why I always have a hard time loading Armory (takes forever):  not that many nearby nodes.

TonyT

In order to run a full node, your client should allow incoming connections rather than just outgoing connections.
I am not sure about Armory, but for bitcoin core, you need to open port 8333 to achieve that.

[Muhammed Zakir]

its ok to keep small amounts in online wallets so that you can easily purchase stuff when away from home. But desktop wallet is a lot better. You can also setup remote access of your desktop wallet so you can always access it wherever there is an internet connection. online is too dodgy...even the most secure exchanges/wallets get hacked from time to time.

Ahm, how to set up a remote access of my desktop wallet? shall I use some kind of software for it?

@klintay : What you saidUsing the pc remotely is a bad method. It is like an online wallet but in a different way. When you access remotely, your access are all synced with server especially thing you type and do with your mouse and keyboard. Even tour privat key can be taken easily. I think you understood what I said!

@ARadzi : You can use softwares such as Teamviewer but I suggest you not to set up your wallet in a way above user told it can be accessed with a remote software.

   ~~MZ~~

[mullerdan]

You can use both, bitcoin qt for desktop and blockchain for online, they are the best for me

[ARadzi]

Thanks for all the reply guys. I have already find what I want without being paranoid on something else. I have choosed to have both online and desktop wallet like the majority here advised. It was really a great help to get advised from you guys. Thanks to all. Cheers.

[klintay]

its ok to keep small amounts in online wallets so that you can easily purchase stuff when away from home. But desktop wallet is a lot better. You can also setup remote access of your desktop wallet so you can always access it wherever there is an internet connection. online is too dodgy...even the most secure exchanges/wallets get hacked from time to time.

Ahm, how to set up a remote access of my desktop wallet? shall I use some kind of software for it?

@klintay : What you saidUsing the pc remotely is a bad method. It is like an online wallet but in a different way. When you access remotely, your access are all synced with server especially thing you type and do with your mouse and keyboard. Even tour privat key can be taken easily. I think you understood what I said!

@ARadzi : You can use softwares such as Teamviewer but I suggest you not to set up your wallet in a way above user told it can be accessed with a remote software.

   ~~MZ~~

@Muhammed Zakir, i know what you mean. How about if you are using VPN as well to encrypt data will it offer more protection? What other steps can I take to improve security for the remote access method?

@ARadzi, yeah teamviewer is a good favourite like Muhammed Zakir said but there safety concerns as well.

[Joca97]

i think its better to use an online wallet for example blockchain.info
because its much faster then the desktop wallet

the desktop wallet always needs to sync before it can work

but i think a desktop wallet is much safer then the online wallet!

[themys]

I personnaly prefer desktop wallet like bitcoin core, you are not dependent of one site, you have your wallet on YOUR computer, I think this is an important advantage !

[bitnanigans]

Desktop wallet. Mostly because you're at the mercy of the the service provider if you use an online wallet. But you have to be careful about security and make sure to backup so you don't lose your coins.