Topic: Are lightweight wallets less secure then traditional wallets? (Read 352 times)
Well base on my own experience light weight wallets not all good but for me i only use electrum wallet and never had any problem about this wallet the good thing here its more trusted wallet than the other light weight wallet.. Just like other said it will be still depends of the bitcoin users how they can secure their wallet.. but not only this you should also choose most trusted wallet and choose a wallet that you can copy backup your private keys and 12 word seeds .. If you have them and save them you can recover that backup to gain access your wallet again in other wallet. .
September 21, 2017, 11:59:51 AM
I don't like bitcoin core because you have to download the whole blockchain. There is also armory if you are into security and cold storage its probably your best wallet. Depending on your needs, if looking for a wallet that is really lightweight try using electrum.
September 21, 2017, 09:28:27 AM
Providing you're using wallets where you keep full ownership of the keys, trust the developer and source code, trust the compiled download, and have a secure computer, running a full node is only really sensible if you actually want to be part of the network (i.e. you're on 24/7). no real gain otherwise.
September 21, 2017, 02:27:55 AM
No no one knows about my bitcoin holding even I don’t want to share my bitcoin holding details but I am happy to explain about bitcoin and blockchain technology not about my earning.
September 21, 2017, 02:16:56 AM
I honestly do not see any practical disadvantage to using a lightweight wallet for a person with a slow internet connection. So I was wondering, are they less secure then traditional wallet? Are the vulnerable to a specific attack as compared to a traditional wallet?
Wallet security in terms of double spending attacks is mostly theoretical, because there's very little if any actual double spending attacks (with confirmed transactions), but it's always better to be prepared than be sorry later. Generally, the more transactions and bitcoins you receive, the higher would be the risk to encounter a double spending attack, so if you are dealing with small amounts and receive transactions only occasionally, lightweight client would work well. Its the services and businesses that process many transactions per day who absolutely must use full nodes for their client to avoid any risks. But if you can afford to run a full node, than you really should, even if you are just hodling, because you will help strengthen the network, thus adding more to its value.
September 21, 2017, 01:59:52 AM
I honestly do not see any practical disadvantage to using a lightweight wallet for a person with a slow internet connection. So I was wondering, are they less secure then traditional wallet? Are the vulnerable to a specific attack as compared to a traditional wallet?
I think this depends on how the person use the bitcoins.
I prefer exchanges to save my bitcoins. I know that it is less safe but I use it to my loans so I need it some of it weekly. If I will be just saving my bitcoins, I will be using a wallet like Electrum and MyCellum.
Biotin wallet is more secure and it is also very much better than traditional wallet, because you cannot use your local currency in other parts of the world until you exchange it.
September 02, 2017, 05:55:00 PM
I honestly do not see any practical disadvantage to using a lightweight wallet for a person with a slow internet connection. So I was wondering, are they less secure then traditional wallet? Are the vulnerable to a specific attack as compared to a traditional wallet?
I think this depends on how the person use the bitcoins.
I prefer exchanges to save my bitcoins. I know that it is less safe but I use it to my loans so I need it some of it weekly. If I will be just saving my bitcoins, I will be using a wallet like Electrum and MyCellum.
September 02, 2017, 05:52:33 PM
No, they aren't less secure. I have been using core, but at some point it became a pain to use. Even if I remembered to turn it on once a day it needed 10 min to synchronize before I was able to send a transaction, but it gets better. One time my PC froze and I had to reset it and the whole database of core got corrupt and it took days to download. No more! Electrum is much better.
I believe you can't say lightweight wallets (probably he means SPV wallets) are as safe as full node clients.
With a lightweight wallet, you are ultimately trusting that the SPV servers are legit and not connecting to some sort of compromising third party spying on your transactions and whatnot.
With a full node, you are protected against any of that because you do do the validation yourself, which is what you want to do and the whole point of crypto (which is why big blocks are stupid btw)
Other than that, it depends on how safe you can keep your computer.
September 02, 2017, 05:42:05 PM
I honestly do not see any practical disadvantage to using a lightweight wallet for a person with a slow internet connection. So I was wondering, are they less secure then traditional wallet? Are the vulnerable to a specific attack as compared to a traditional wallet?
Security depends on the person, each portfolio has different characteristics.
For people who forget the password, or do not know how to store the private key, maybe the appropriate wallet is online
For companies, I believe the appropriate wallet is the "Multi-signature"
For a person who runs the node of bitcoin and like to be a part, downloading the blockchain is a good
September 02, 2017, 03:49:27 PM
I could be wrong, but I believe their security is about the same. The most secure would be paper wallet. Just be careful of which wallet you're getting, because some programs could be malicious. Do some research and decide if that wallet is best for you before putting money in it.
September 02, 2017, 03:35:23 PM
No, they aren't less secure. I have been using core, but at some point it became a pain to use. Even if I remembered to turn it on once a day it needed 10 min to synchronize before I was able to send a transaction, but it gets better. One time my PC froze and I had to reset it and the whole database of core got corrupt and it took days to download. No more! Electrum is much better.
September 02, 2017, 03:26:28 PM
I honestly do not see any practical disadvantage to using a lightweight wallet for a person with a slow internet connection. So I was wondering, are they less secure then traditional wallet? Are the vulnerable to a specific attack as compared to a traditional wallet?
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