Topic: Attention for Beginner! - page 2. (Read 265 times)

We have so many good wallets options that are recommendable and you can choose any of them based on you budget or preference. You can go for hardware wallet or lightweight wallet like Electrum but don't settle for trust wallets because it's everything that's wrong with an ideal  bitcoin wallets. Let's ignore the fact that it has multiple coins storage capacity as that's not the problem but the problem is that,

• It claims to be a non custodial wallet but you don't have full control, nothing associated with Binance gives you full control.
• it's a closed source wallet
• Doesn't support multi/change of address

Those are some of the reason why you shouldn't use trust wallet and not because it has multiple coins options.


From my understanding, the OP is trying to advice against wasting our time with altcoins and his way of saying it is that wallets that has multiple coins options encourage you to invest in altcoins and it's best to ignore them completely and use only wallets that support just Bitcoin.

Best wallets depend on their budget to buy a good hardware wallet or to don't have a budget for it, then have to choose free open source non custodial wallet to use. Then their best choices will be what devices they have (Desktop, Laptop, mobile devices - iOS or Android).

• They can choose a wallet from there: Choose your wallet

If they don't have budget for hardware wallet, they can use Electrum wallet, Bitcoin Core for bitcoin and if they are careful, they can set up a multisig wallet, cold storage wallet rather than a single signature wallet with Electrum.

• Creating a multisig wallet
• Creating a cold storage wallet

That would be a good threshold. If a newbie simply wants to test the blockchain with 20$ or so, then a sw wallet should be more than enough (even an App wallet, and even (don't blame at me) a custodial wallet, for educational purpose only). But as his portfolio grows m, the newbie should move asap to non-custodial and, when he accumulates more than 5x the price of a hw, invest in one.

About the altcoins, I agree that BTC is the best crypto to start with, but there are good alts too to discover as uou navigate the crypto space (obviously starting with, but not limited to, ETH).

For newbies the best advice is to buy a hardware wallet and that's it. If they have little money, there is no need to buy a hardware wallet that might cost them more than what they have in bitcoin. But as soon as they accumulate $500 or more they should think about buying one and transferring their satoshis there. As beginners I don't see the point in exploring other options, for privacy and security.

Well thats a nice advise to newbies but isnt that bias when you say that it will make your life unlucky and unhappy when you have altcoins? I dont think so, well at least on my case and some other who can balance being a bitcoin and altcoin enthusiast person. Maybe you are right on some tokens but not all, as you can see we have some great history or proven profits with altcoins that cant match by bitcoin holdings so you cant simply judge it just like that only my opinion.

I agree with you about storing Bitcoin in a wallet that is widely used and trusted. It all just depends on the user's habits in operating the wallet. if it is a transaction that is quite frequent, many people will choose the one that is most comfortable to operate.
but I don't really agree with your statement regarding altcoins. I love Bitcoin and it is good advice for beginners starting all their activities. Whether it's trading or investing, Bitcoin will always be recommended. but not all Altcoins are bad and don't make you happy. It all depends on our ability to manage and minimize risks.

First advice about using any wallet is that you should use a non-custodian, open source and airgapped wallet. The reason why the airgapped system is mostly advice is because even if you have a non-custodian and open source wallet once you expose it to the internet the risk of you losing your funds still remains, although this wouldn’t be from a developers perspective now but your own use case.


Not all, some of them on that child board are mostly too old and not much of an upgrade has taken place and that gives one a little problem. There are many wallets that have proven themselves worthy of use this days and they do not have a child board their example is the BlueWallet, Unstoppable wallet and Also passport (a hardware wallet). Many forum user have recommended them but they aren’t there just yet on the board that doesn’t mean they are good wallets. 


I would say it is matter of choice, bitcoin is the absolute coin but if you have your funds to gamble on Alticoins it is upto you. But when making your decision for wallet do not store bitcoin on all this multi coin wallet’s because most of them do not support features like bumping of fees, coin control or have the ability of switching addresses (HD wallets). This features are essentially part of a good bitcoin wallet. So stick to a bitcoin only wallet for bitcoin and use the multi coin wallet for alticoin except maybe it is an hardware wallet that supports all and you’re ready to have two of it

I'm not sure if this is really a wise advice. What do you mean we have to make sure we're installing only the wallets listed under the Wallet software child board? Is that child board even vetting crypto wallets and decide that only the best will make it on the list? BlueWallet, for example, is highly recommended and it's not on that child board.

And what do you mean "don't install wallet with many coins"? Do you realize that Mycelium, for example, which is listed on that child board, is a multi-coin wallet?

Choose your wallets but avoid online accounts, close source, custodial wallets.

Reminder: do not keep your money in online accounts

Choose your wallet that matches your OS, device.
Recommended wallets
[LIST] Open source hardware wallets
[GUIDE] How to Safely Download and Verify Electrum
WARNING when using mobile device wallets (Android, iOS)
The paranoid user's security guide for using Electrum safely.
Security checklist

Choosing a wallet to use is a first important step, a next important step is backup your wallet because at the end, you will need backups to recover your wallet or to import it on a new device.
How to back up a seed phrase

This is attention for beginners who are new in Bitcoin and want to create a new wallet (software) on a PC or Laptop.

You are right If you come here, because here, we have a lot of community that can help you if have a problem with your Bitcoin wallet.
But, before continuing, you have to make sure to install the wallet listed in Child Boards. Don't install anything wallet outside the forum. Because this forum create 2009 and trusted, and On that Child Boards you can find wallet where listed from 2012, which means, that wallet is old and many people use that and trusted.

Just install wallet in what you need, If you have bitcoin, just install a wallet only Bitcoin aplication, don't install wallet with many coins inside like trust wallet, don't do that!. that is suck. just waste you time and memory. there's no point in keeping shit coins on your wallet, instead, it will make your life unlucky, believe me, altcoins make your life unhappy.