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Topic: About Wallet (Read 401 times)

full member
Activity: 862
Merit: 100
December 22, 2020, 04:08:20 PM
#36
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.

In my opinion, electrum is a convenient blockchain wallet located not on the client's computer, but on a distributed system of servers. Address generation is based on sid, in whole phrases. These phrases are used for recovery if necessary. You can change the commission for an already sent transaction.
hero member
Activity: 3024
Merit: 745
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December 21, 2020, 04:16:07 PM
#35
I am using coinbase more than three years and I have no problem which is also fast and secure my coins. It is a safe and secure for me. Beside, trust wallet is also good which I use.
You may haven't experience any problem with Coinbase but you need to reconsider using them as a cold storage. It is an exchange wallet and if you're just using it for trading, no problem.
But, if you're using it with the purpose of keeping your assets there. Then you're using it the wrong way. Because you haven't experienced having trouble keeping your assets on Coinbase, you're still good but don't wait until that time comes to you.
full member
Activity: 1121
Merit: 100
December 21, 2020, 10:37:19 AM
#34
I am using coinbase more than three years and I have no problem which is also fast and secure my coins. It is a safe and secure for me. Beside, trust wallet is also good which I use.
member
Activity: 866
Merit: 10
December 21, 2020, 03:11:29 AM
#33
It's absolutely the best and most recommended for anyone to store BTC. It's an open source wallet and very safe to use. Although its UI is not that top notch but it's very safe and woot give you any issues. Welcome to the family.
hero member
Activity: 3024
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December 20, 2020, 06:23:25 PM
#32
I'm not that technical when it comes to wallet so I am using wallet that can be downloaded on Google Play / Playstore as it is very friendly to use (at least for me) and nothing has had happened to my wallet or phone so far.

Just wondering about what aspect that I'm vulnerable to hackers. Please educate me more on this.
What specific wallet you're using and you've downloaded on Google Play. I'll mind you that many fake wallet apps are all over there.

Trust Wallet and I'mtoken to name a few. I make sure that what I downloaded is not fake.

I keep seeing a post that mobile wallet is dangerous but I have used it for almost three years now and I don't have any problem with it.

The only thing I make sure though is I don't connect to public WI-FI which they said is dangerous and that they can hack your phone with it.
The only danger that it brings is when you've downloaded the fake one. But if you're aware of it and you make sure that you're getting the correct and official app, you don't have any problem to think of.
That's the warning why you see that there's a danger in downloading in Google Play because the developers who are only making phishing and fake wallets are rampant there.
sr. member
Activity: 1526
Merit: 332
December 20, 2020, 12:32:28 PM
#31
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
I would say that Electrum is one of the best wallets I've ever used, through the UI seems kinda old to me but the performance is superb. What I like about this wallet is it is open source and it has no hidden program just like other wallets have. But if you are into safety and you also do have some spare funds you could probably be taking a hardware wallet for better security. Electrum is not limited to your computer but also can be used through your mobile phone giving convenience to the user. However, you should not only stick to a single wallet you could also try to use other trusted wallets maybe that could suit your taste.
full member
Activity: 1190
Merit: 111
December 20, 2020, 12:13:17 PM
#30
My only opinion or assessment regarding about the wallet here in cryptocurrency is that never download any wallet coming from the mobile phone apps, except for Trust wallet, then other than this wallet is not safe anymore and it has a high risk involved too that might danger your phone and all the important stored in your mobile phone anyway.
full member
Activity: 983
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December 20, 2020, 11:26:56 AM
#29
Electrum wallet one of the best solutions on the market, many will tell you that they themselves use this. I used it before I bought myself a ledger. The main thing is that you do not store your bitcoins on the exchange.
Yes, storing Bitcoin on any exchange is a very fatal mistake, because exchanges always have improvements that can sometimes cause losses to our assets, so the solution is better to use the Electrum Wallet or one of these types, because the security is far away better than on the exchange.
member
Activity: 392
Merit: 10
December 20, 2020, 10:51:41 AM
#28
Electrum wallet one of the best solutions on the market, many will tell you that they themselves use this. I used it before I bought myself a ledger. The main thing is that you do not store your bitcoins on the exchange.
member
Activity: 1204
Merit: 38
December 20, 2020, 10:16:17 AM
#27
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
For android as well you can use the electrum wallet which is available on smartphone operating systems as well but it is only for bitcoin so for holding multiple cryptocurrencies in android there are some reputed wallet like Coinomi and Trust wallet which are best compared to others still not better like electrum.
sr. member
Activity: 656
Merit: 251
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December 20, 2020, 08:39:26 AM
#26
I use electrum and find this wallet extremely convenient. Its only drawback is that if your system is compromised and an attacker gains access to both the application and the password from the wallet, then he can steal your bitcoins. Plus there is a risk of contracting a virus that replaces the clipboard, but this is already your responsibility.
hero member
Activity: 2744
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December 20, 2020, 07:17:41 AM
#25
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
If you will only into small Holding ,then electrum is good for you are this is really accessible and easy to use .

But if you are into Bigger activities here in Crypto and wanted a very secure Volt ,then better Use Ledger Over everything.
Aside from never put funds in Exchange for long time ,Ledger is one of the Best place to keep your funds safer.
Remember that Not your Key is not your Bitcoin.
full member
Activity: 560
Merit: 101
December 20, 2020, 07:02:07 AM
#24
I'm not that technical when it comes to wallet so I am using wallet that can be downloaded on Google Play / Playstore as it is very friendly to use (at least for me) and nothing has had happened to my wallet or phone so far.

Just wondering about what aspect that I'm vulnerable to hackers. Please educate me more on this.
What specific wallet you're using and you've downloaded on Google Play. I'll mind you that many fake wallet apps are all over there.

Trust Wallet and I'mtoken to name a few. I make sure that what I downloaded is not fake.

I keep seeing a post that mobile wallet is dangerous but I have used it for almost three years now and I don't have any problem with it.

The only thing I make sure though is I don't connect to public WI-FI which they said is dangerous and that they can hack your phone with it.
member
Activity: 700
Merit: 27
Sovryn - Brings DeFi to Bitcoin
December 20, 2020, 05:50:54 AM
#23
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
Most standalone bitcoin wallets are open source, if you can keep your private key safe there won't be a problem, I've heard about Electrum countless times but I have never used this wallet, i use coinomi wallet to keep big amount of Bitcoin since 2017 and nothing happened to my asset till today, this coinomi wallet is closed source as I heard, my advice is keeping your keys safe must be your top priority
hero member
Activity: 3024
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December 20, 2020, 05:43:27 AM
#22
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
This shouldn't be an Altcoin Discussion thread. Should be on Electrum child board.
I'm not that technical when it comes to wallet so I am using wallet that can be downloaded on Google Play / Playstore as it is very friendly to use (at least for me) and nothing has had happened to my wallet or phone so far.

Just wondering about what aspect that I'm vulnerable to hackers. Please educate me more on this.
What specific wallet you're using and you've downloaded on Google Play. I'll mind you that many fake wallet apps are all over there.
full member
Activity: 1470
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December 19, 2020, 07:21:13 PM
#21
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.

Electrum is indeed the best Bitcoin wallet and I have also used it for a long time, because I think Electrum is very safe and easy to use (since I used it until now I have never had any problems), but I can also recommend you Trust Wallet, because in my opinion Trust Wallet is also very good for storing Bitcoin and in addition to storing Bitcoin, you can also store altcoin on Trust Wallet, so that it doesn't make you need a lot of wallet to store all coin you have, besides that in my opinion Trust Wallet is also very easy to use, because you can download Trust Wallet on Android and iOS, so it allows you to use Trust Wallet anywhere and anytime.
full member
Activity: 560
Merit: 101
December 19, 2020, 06:47:15 PM
#20
Personally, the only reason I would recommend Electrum over that of Bitcoin Core, is because its a lightweight client. If you don't need a lightweight client, i.e you don't wish to keep a copy of the Blockchain on your device, then Electrum is the best choice. Otherwise, go with Bitcoin Core.

I would also recommend against using any wallet, on a phone. Especially, one that you connect to the internet with regularly, and download apps on. Phones, are a little bit more difficult to secure due to their operating system, and the way the general user uses them.

I'm not that technical when it comes to wallet so I am using wallet that can be downloaded on Google Play / Playstore as it is very friendly to use (at least for me) and nothing has had happened to my wallet or phone so far.

Just wondering about what aspect that I'm vulnerable to hackers. Please educate me more on this.
legendary
Activity: 2660
Merit: 3012
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December 19, 2020, 06:05:18 PM
#19
^^ true. Electrum is one of the best and most popular wallets. You will see many recommending it here but, personally, I don't think it's suitable for newbies especially the mobile version.
For example, it will take a newbie a long time before he figure out how the fee estimator works (ETA, Mempool, Static).
Also, the Android version does not support LN and the coin control feature is not implemented...
You have to test it with small amounts on android or run it on testnet till you get familiar with it.
member
Activity: 266
Merit: 16
Sovryn - Brings DeFi to Bitcoin
December 19, 2020, 08:04:48 AM
#18
Is the Electrum wallet really one of the best recommendation for bitcoin newbie ?
Tell me what is the reason. Currently I am still using an android phone for daily need and browsing this bitcoin forum.
Electrum wallet is a old bitcoin wallet and it's well trusted because of its popularity, I have never use Electrum wallet before and I've never install to see what it looks like, I began my crypto journey with Copay bitcoin wallet and I love it, the only reason why a bitcoin project can be bad is not giving user their private keys or Mnemonic seed, meaning if anything happens they won't be able to recover their bitcoin
staff
Activity: 3290
Merit: 4114
December 17, 2020, 08:44:59 PM
#17
Glad to see you all answered and gave your views for my question. I have downloaded Elektrum for android as you recommend. I haven't bought anything for me to keep in my Electrum wallet. The next step may be the security of the wallet I use. I got a good current source of reading from the official bitcoin.org site. Thank you very much.

Just remember, that if you are using that android phone as a regular device, and downloading apps from the app store you should be wary of storing any wallet on that device. Many apps on the app store have ridiculous permissions that they require, and Google can't verify that every single app isn't malicious. So, with the correct amount of permissions, and a malicious piece of code your wallet could be susceptible to an attack. The risk is the same on a computer, except for people are more likely to download unknown apps on their phones, because in modern times phones are used as a primary device.

Its preferred to have a dedicated device to host your wallet, and if you don't require regular access, then a offline wallet might be the better option. If you require regular access, then you might want to consider a hardware wallet. Despite the cost, they do have some extra security protocols which help with the less technically minded.
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